# EDGAR Filing Document

**Accession Number:** 0001295293
**File Stem:** 0001193125-25-312724
**Filing Date:** 2025-12
**Character Count:** 44616
**Document Hash:** 6a39c2708fea45a3f2bdca4487a7e1f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-312724.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001193125-25-312724

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam Target Date Funds
- **CENTRAL INDEX KEY:** 0001295293

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286900
- **FILM NUMBER:** 251558997

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Putnam RetirementReady Funds
- **DATE OF NAME CHANGE:** 20040624

As filed with the Securities and Exchange Commission on

December 9, 2025

Securities Act File No. 333-286900

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-14** 

**REGISTRATION STATEMENTUNDER THE SECURITIES ACT OF 1933** 

Pre-Effective Amendment No. ☐

Post-Effective Amendment No. 1

(Check appropriate box or boxes)

**PUTNAM TARGET DATE FUNDS** 

(Exact Name of Registrant as Specified in Declaration of Trust)

100 Federal Street, Boston, Massachusetts 02110

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code

(617) 292-1000

**ALEXANDER V. KYMN**, Vice President

**PUTNAM TARGET DATE FUNDS** 

100 Federal Street

Boston, Massachusetts 02110

(Name and address of agent for service)

Copy to:

**BRYAN CHEGWIDDEN**, Esquire

ROPES & GRAY LLP

1211 Avenue of the Americas

New York, New York 10036

and

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**JAMES E. THOMAS**, Esquire

ROPES & GRAY LLP

800 Boylston Street

Boston, Massachusetts 02199

Title of Securities Being Registered:

It is proposed that this filing will become effective immediately.

The Combined Information Statement/Prospectus and Statement of Additional Information as filed by the Registrant pursuant to Rule 497 under the Securities Act of 1933 with the Commission on June 10, 2025 (File No.: 333-286900) constitute Part A and Part B of this Post-Effective Amendment No. 1, respectively, and are incorporated herein by reference. This Post-Effective Amendment No. 1 is being filed for the sole purpose of adding to Part C of the Registration Statement dated May 1, 2025 as filed by the Registrant on Form N-14 (File No.: 333-286900), the final tax opinions as exhibits to Part C of the Registration Statement.

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**PUTNAM TARGET DATE FUNDS** 

**Putnam Sustainable Retirement Maturity Fund** 

**PART C** 

**OTHER INFORMATION** 

**Item 15.** **Indemnification**

Reference is made to Article VIII, sections 1 through 3, of the Registrant's Amended and Restated Agreement and Declaration of Trust, which is incorporated by reference to Post-Effective Amendment No. 16 to the Registrant's Registration Statement on Form N-1A under the Investment Company Act of 1940, as amended (File No. 811-21598). In addition, the Registrant maintains a trustees and officers liability insurance policy under which the Registrant and its trustees and officers are named insureds. Certain service providers to the Registrant also have contractually agreed to indemnify and hold harmless the trustees against liability arising in connection with the service provider's performance of services under the relevant agreement.

The Massachusetts business trusts comprising The Putnam Funds (each, a "Trust") have also agreed to contractually indemnify each Trustee. The agreement between the Trusts and each Trustee, in addition to delineating certain procedural aspects relating to indemnification and advancement of expenses to the fullest extent permitted by the Registrant's Amended and Restated Agreement and Declaration of Trust and Amended and Restated Bylaws and the laws of The Commonwealth of Massachusetts, the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as now or hereafter in force, provides that each Trust severally shall indemnify and hold harmless the Trustee against any and all expenses actually and reasonably incurred by the Trustee in any proceeding arising out of or in connection with the Trustee's service to the Trust, unless the Trustee has been adjudicated in a final adjudication on the merits to have engaged in certain disabling conduct.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Registrant's organizational instruments or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and, therefore, is unenforceable.

**Item 16.** **Exhibits**

(1) Amended and Restated Agreement and Declaration of Trust dated March 
21, 2014 -- [Incorporated by reference to Post-Effective Amendment No. 16 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2014.](http://www.sec.gov/Archives/edgar/data/1295293/000092881614001736/b_rrex99a.htm)

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| | |
|:---|:---|
| (1)(a) | Amendment No. 1 to Amended and Restated Agreement and Declaration of Trust dated November 22, 2019 -- [Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on December 30, 2019.](http://www.sec.gov/Archives/edgar/data/1295293/000092881619002056/b_retireadvex99a2.htm)  |

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(2) Amended and Restated Bylaws dated as of February 
23, 2023 -- [Incorporated by reference to Post-Effective Amendment No. 58 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 22, 2023.](http://www.sec.gov/Archives/edgar/data/1295293/000092881623001566/a_nf04mod2.htm)

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(4) Form of Agreement and Plan of Reorganization – [Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/b_sustretireex4.htm)

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| | |
|:---|:---|
| (5)(a) | Portions of Agreement and Declaration of Trust Relating to Shareholders' Rights -- [Incorporated by reference to Post-Effective Amendment No. 16 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2014.](http://www.sec.gov/Archives/edgar/data/1295293/000092881614001736/a_portionsofdec.htm)  |

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| | |
|:---|:---|
| (5)(b) | Portions of Bylaws Relating to Shareholders' Rights -- [Incorporated by reference to Post-Effective Amendment No. 58 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 22, 2023.](http://www.sec.gov/Archives/edgar/data/1295293/000092881623001566/a_nf04amod2.htm)  |

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| | |
|:---|:---|
| (6)(a) | Assignment and Assumption Agreement between Franklin Advisers, Inc. ("FAV") and Putnam Investment Management, LLC ("PIM") dated July 15, 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624001996/b_srfex99d1.htm)  |

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|:---|:---|
| (6)(b) | Management Contract with PIM dated January 1, 2024; Schedule A amended as of April 10, 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624001996/c_srfex99d2.htm)  |

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|:---|:---|
| (6)(c) | Sub-Advisory Agreement between FAV and Franklin Templeton Investment Management Limited ("FTIML") dated November 1, 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624001996/d_favftmilmod.htm)  |

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|:---|:---|
| (6)(d) | Subadvisory Agreement between FAV and PIM dated July 15, 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624001996/e_favpimmod.htm)  |

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|:---|:---|
| (7)(a) | Amended and Restated Distributor's Contract with Franklin Distributors, LLC dated August 2, 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624001996/f_srfex99e1.htm)  |

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| | |
|:---|:---|
| (7)(b)(i) | Form of Dealer Sales Contract dated March 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/868648/000092881624001677/a_nf19mod3.htm)  |

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| | |
|:---|:---|
| (7)(b)(ii) | Schedule of Dealer Sales Contracts conforming in all material respects to the Form of Dealer Sales Contract filed as Exhibit (e)(2)(i) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended.  |

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| | |
|:---|:---|
| (7)(c)(i) | Form of Financial Institution Sales Contract dated March 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/868648/000092881624001677/a_nf54mod3.htm)  |

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| | |
|:---|:---|
| (7)(b)(ii) | Schedule of Financial Institution Sales Contracts conforming in all material respects to the Form of Financial Institution Sales Contract filed as Exhibit (e)(3)(i) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended.  |

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| | |
|:---|:---|
| (7)(c) | Form of Selling Agreement -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624001996/g_ftsellmod.htm)  |

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(8) Trustee Retirement Plan dated October 4, 1996, as amended July 
21, 2000 -- [Incorporated by reference to Post-Effective Amendment No. 1 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on February 3, 2005.](http://www.sec.gov/Archives/edgar/data/1295293/000092881605000197/trp1.txt)

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|:---|:---|
| (9)(a) | Global Custody Agreement dated March 1, 2020, as amended, between Putnam New York Tax Exempt Income Fund and J.P. Morgan Chase Bank, N.A. – [Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/c_sustretireex9a.htm)  |

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|:---|:---|
| (9)(b) | Eighth Joinder to Global Custody Agreement dated March 1, 2020, as amended, between Putnam Target Dates Funds and J.P. Morgan Chase Bank, N.A., dated May 6, 2024 –[Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/d_sustretireex9b.htm)  |

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|:---|:---|
| (10)(a) | Class A Distribution Plan and Agreement dated June 11, 2004 -- [Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on September 21, 2004.](http://www.sec.gov/Archives/edgar/data/1295293/000092881604000924/exnnm12.txt)  |

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|:---|:---|
| (10)(b) | Class B Distribution Plan and Agreement dated June 11, 2004 -- [Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on September 21, 2004.](http://www.sec.gov/Archives/edgar/data/1295293/000092881604000924/exnnm13.txt)  |

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|:---|:---|
| (10)(c) | Class C Distribution Plan and Agreement dated June 11, 2004 -- [Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on September 21, 2004.](http://www.sec.gov/Archives/edgar/data/1295293/000092881604000924/exnnm14.txt)  |

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|:---|:---|
| (10)(d) | Class M Distribution Plan and Agreement dated June 11, 2004 -- [Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on September 21, 2004.](http://www.sec.gov/Archives/edgar/data/1295293/000092881604000924/exnnm15.txt)  |

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|:---|:---|
| (10)(e) | Class R Distribution Plan and Agreement dated June 11, 2004 -- [Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on September 21, 2004.](http://www.sec.gov/Archives/edgar/data/1295293/000092881604000924/exnnm16.txt)  |

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|:---|:---|
| (10)(f) | Class R3 Distribution Plan and Agreement dated May 15, 2020 -- [Incorporated by reference to Post-Effective Amendment No. 48 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 24, 2021.](http://www.sec.gov/Archives/edgar/data/1295293/000092881621001260/d_ex99m6.htm)  |

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|:---|:---|
| (10)(g)(i) | Form of Dealer Service Agreement dated March 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/868648/000092881624001677/a_nf52mod1.htm)  |

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|:---|:---|
| (10)(g)(ii) | Schedule of Dealer Service Agreements conforming in all material respects to the Form of Dealer Service Agreement filed as Exhibit (m)(7)(i) but which have not been filed as exhibits to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended.  |

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|:---|:---|
| (10)(h)(i) | Form of Financial Institution Service Agreement dated March 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/868648/000092881624001677/a_nf53mod1.htm)  |

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|:---|:---|
| (10)(h)(ii) | Schedule of Financial Institution Service Agreements conforming in all material respects to the Form of Financial Institution Service Agreement filed as Exhibit (m)(8)(i) but which have not been filed as exhibits to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended.  |

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(11) Opinion and consent of Ropes 
& Gray LLP regarding Putnam Sustainable Retirement Maturity Fund – [Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/e_sustretireex11a.htm)

(12)(a) [Opinion of Ropes & Gray LLP with respect to tax matters in connection with the reorganization of Putnam Retirement Advantage 2025 Fund into Putnam Retirement Advantage Maturity Fund – Filed herewith.](d81502dex9912a.htm)

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(12)(b) [Opinion of Ropes & Gray LLP with respect to tax matters in connection with the reorganization of Putnam Sustainable Retirement 2025 Fund into Putnam Sustainable Retirement Maturity Fund – Filed herewith.](d81502dex9912b.htm)

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|:---|:---|
| (13)(a) | Amended & Restated Investor Servicing Agreement – Open-End Funds with PIM and Putnam Investor Services, Inc. dated July 1, 2013; Appendix A amended as of April 4, 2023 -- [Incorporated by reference to Post-Effective Amendment No. 58 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 22, 2023.](http://www.sec.gov/Archives/edgar/data/1295293/000092881623001566/a_invservmod7.htm)  |

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|:---|:---|
| (13)(b) | Letter of Indemnity with PIM dated December 18, 2003 -- [Incorporated by reference to the Registrant's (Securities Act Reg. No. 333-117134) Initial Registration Statement filed on July 2, 2004.](http://www.sec.gov/Archives/edgar/data/1295293/000092881604000545/li1.txt)  |

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|:---|:---|
| (13)(c) | Liability Insurance Allocation Agreement dated December 18, 2003 -- [Incorporated by reference to the Registrant's (Securities Act Reg. No. 333-117134) Initial Registration Statement filed on July 2, 2004.](http://www.sec.gov/Archives/edgar/data/1295293/000092881604000545/lia1.txt)  |

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|:---|:---|
| (13)(d) | Master Sub-Accounting Services Agreement between PIM and State Street Bank and Trust Company dated January 1, 2007; Appendix A amended as of December 30, 2020 -- [Incorporated by reference to Post-Effective Amendment No. 46 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on December 29, 2020.](http://www.sec.gov/Archives/edgar/data/1295293/000092881620001526/e_retireadvexh4.htm)  |

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|:---|:---|
| (13)(f) | Amendment to Master Sub-Accounting Services Agreement between PIM and State Street Bank and Trust Company dated August 1, 2013 -- [Incorporated by reference to Post-Effective Amendment No. 14 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 27, 2013.](http://www.sec.gov/Archives/edgar/data/1295293/000092881613001870/a_nf77stixmod1.htm)  |

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|:---|:---|
| (13)(g) | Amendment to Master Sub-Accounting Services Agreement between PIM and State Street Bank and Trust Company dated June 25, 2021 -- [Incorporated by reference to Post-Effective Amendment No. 48 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 24, 2021.](http://www.sec.gov/Archives/edgar/data/1295293/000092881621001260/a_nf77sitxmod2.htm)  |

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(13)(h) Amended and Restated Master Interfund Lending Agreement with the Trusts party thereto and PIM dated November 22, 2024. -- Incorporated by reference to Post-Effective Amendment No. 61 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on December 26, 2024.

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|:---|:---|
| (13)(i)(i) | Form of Indemnification Agreement -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624001996/h_srfex99h8i.htm)  |

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|:---|:---|
| (13)(i)(ii) | Schedule of Indemnification Agreements conforming in all material respects to the Form of Indemnification Agreement filed as Exhibit (h)(8)(i) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624001996/i_srfex99h8ii.htm)  |

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|:---|:---|
| (13)(j) | Expense Limitation Agreement with PIM and FAV dated July 1, 2024 -- [Incorporated by reference to Post-Effective Amendment No. 60 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on November 26, 2024.](http://www.sec.gov/Archives/edgar/data/868648/000092881624001677/a_exlmtpifamod1.htm)  |

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|:---|:---|
| (13)(k) | Subcontract for Fund Administrative Services between FAV and Franklin Templeton Services, LLC dated July 15, 2024. -- [Incorporated by reference to Post-Effective Amendment No. 61 to the Registrant's (Securities Act Reg. No. 333-117134) Registration Statement filed on December 26, 2024.](http://www.sec.gov/Archives/edgar/data/1295293/000092881624002111/c_rafex99h10.htm)  |

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|:---|:---|
| (13)(l) | Fund Services Agreement between Franklin Templeton Services, LLC ("FTS") and JPMorgan Chase Bank, N.A., dated January 22, 2020 –[Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/f_sustretireex13l.htm)  |

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|:---|:---|
| (13)(m) | Seventh Amendment to Fund Services Agreement dated January 22, 2020 between FTS and JPMorgan, dated June 20, 2024 – [Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/g_sustretireex13m.htm)  |

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|:---|:---|
| (14)(a) | Consent of PricewaterhouseCoopers, LLP, Independent Registered Public Accounting Firm to Putnam Sustainable Retirement Maturity Fund – [Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/h_sustretireex14a.htm)  |

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|:---|:---|
| (14)(b) | Consent of PricewaterhouseCoopers, LLP, Independent Registered Public Accounting Firm to Putnam Sustainable Retirement 2025 Fund – [Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/i_sustretireex14b.htm)  |

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(15) Not applicable.

(16) Power of Attorney – [Incorporated by reference to Registrant's (333-286900) Registration Statement on Form N-14 filed via EDGAR on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/1295293/000092881625000585/j_sustretireex16.htm)

(17) Not applicable.

**Item 17.** **Undertakings**

(1) The undersigned Registrant agrees that, prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act of 1933, as amended (the "1933 Act"), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus filed under paragraph (1) above will be filed as a part of an amendment to this registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial *bona fide* offering of them.

(3) The undersigned Registrant agrees to file an opinion of counsel supporting the tax consequences of the proposed reorganization as an amendment to this registration statement within a reasonable time after receipt of such opinion.

**NOTICE** 

A copy of the Amended and Restated Agreement and Declaration of Trust of Putnam Target Date Funds is on file with the Secretary of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the relevant series of the Registrant.

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**Signatures** 

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed on behalf of the Registrant, in the City of Boston and The Commonwealth of Massachusetts on the 8th day of December, 2025.

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| | |
|:---|:---|
|  | **PUTNAM TARGET DATE FUNDS** |
| By: | <u>/s/ Jonathan S. Horwitz</u> |
|  | Jonathan S. Horwitz |
|  | Executive Vice President, Principal Executive |
|  | Officer and Compliance Liaison |

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As required by the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

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| | |
|:---|:---|
| Signature | Title |
| Barbara M. Baumann\* | Chair, Board of Trustees |
| Robert L. Reynolds\* | President and Trustee |
| Jonathan S. Horwitz\* | Executive Vice President, Principal Executive |
|  | Officer and Compliance Liaison |
| Michael J. Higgins\* | Vice President, Treasurer, and Clerk |
| Jeffrey W. White\* | Vice President, Principal Financial Officer, |
|  | Principal Accounting Officer and Assistant |
|  | Treasurer |
| Liaquat Ahamed\* | Trustee |
| Katinka Domotorffy\* | Trustee |
| Catharine Bond Hill\* | Trustee |
| Gregory G. McGreevey\* | Trustee |
| Jennifer Williams Murphy\* | Trustee |
| Marie Pillai\* | Trustee |
| George Putnam III\* | Trustee |
| Manoj P. Singh\* | Trustee |
| Mona K. Sutphen\* | Trustee |
| Jane E. Trust\* | Trustee |
|  | \* By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact<br> pursuant to Power of Attorney filed herewith |
|  | December 8, 2025 |

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Title** |

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| | |
|:---|:---|
| (12)(a) | Opinion of Ropes & Gray LLP with respect to tax matters in connection with the reorganization of Putnam Retirement Advantage 2025 Fund into Putnam Retirement Advantage Maturity Fund. |
| (12)(b) | Opinion of Ropes & Gray LLP with respect to tax matters in connection with the reorganization of Putnam Sustainable Retirement 2025 Fund into Putnam Sustainable Retirement Maturity Fund. |

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## Ex-99.(12)(A)

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| | |
|:---|:---|
| ![LOGO](g81502dsp10a.jpg) | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM<br>|

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July 18, 2025

Putnam Retirement Advantage 2025 Fund

100 Federal Street

Boston, MA 02110

Putnam Retirement Advantage Maturity Fund

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated July 22, 2025 by and among Putnam Target Date Funds (the "Trust), a Massachusetts business trust, on behalf of its series, Putnam Retirement Advantage Maturity Fund ("Acquiring Fund"), the Trust, on behalf of its series, Putnam Retirement Advantage 2025 Fund ("Acquired Fund," together with Acquiring Fund, the "Funds"), and solely for purposes of Section 5 thereto, Franklin Advisers, Inc. The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Merger Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Merger Shares received by Acquired Fund will be distributed by Acquired Fund to its shareholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(g) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is a series of the Trust, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each shareholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

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|:---|:---|:---|
| ![LOGO](g81502dsp11.jpg) |  |  |
|  | - 2 - | July 18, 2025 |

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Acquiring Fund is a series of the Trust. Shares of Acquiring Fund are redeemable at net asset value at each shareholder's option. Acquiring Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Code.

For purposes of this opinion, we have considered the Agreement, the prospectus dated December 30, 2024, as amended from time to time, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a) of
the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer of
Acquired Fund's assets to Acquiring Fund in exchange for Merger Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Merger Shares by Acquired Fund to its shareholders in liquidation,
except for (A) any gain or loss recognized on (1) "section 1256 contracts" as defined in Section 1256(b) of the Code or (2) stock in a "passive foreign investment company" as defined in Section 1297(a) of
the Code, and (B) any other gain or loss that may be required to be recognized (1) as a result of the closing of the tax year of Acquired Fund, (2) upon the termination of a position, or (3) upon the transfer of an asset
regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code;

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| | | |
|:---|:---|:---|
| ![LOGO](g81502dsp11.jpg) |  |  |
|  | - 3 - | July 18, 2025 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund shareholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Merger Shares in the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Merger Shares an Acquired Fund shareholder
receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund shareholder's holding period for the Merger
Shares received in the Reorganization will be determined by including the period during which such shareholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided that the
shareholder held those Acquired Fund shares as capital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Merger Shares and the assumption by Acquiring Fund of the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer, increased by any gain or decreased by any loss required to be recognized as described in (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired Fund
asset transferred to Acquiring Fund in the Reorganization, other than certain assets with respect to which gain or loss is required to be recognized as described in (ii) above, will include the period during which such asset was held or treated
for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

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|:---|:---|:---|
| ![LOGO](g81502dsp11.jpg) |  |  |
|  | - 4 - | July 18, 2025 |

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No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

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| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

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## Ex-99.(12)(B)

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|:---|:---|
| ![LOGO](g81502dsp10a.jpg) | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM<br>|

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July 18, 2025

Putnam Sustainable Retirement 2025 Fund

100 Federal Street

Boston, MA 02110

Putnam Sustainable Retirement Maturity Fund

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated July 22, 2025 by and among Putnam Target Date Funds (the "Trust), a Massachusetts business trust, on behalf of its series, Putnam Sustainable Retirement Maturity Fund ("Acquiring Fund"), the Trust, on behalf of its series, Putnam Sustainable Retirement 2025 Fund ("Acquired Fund," together with Acquiring Fund, the "Funds"), and solely for purposes of Section 5 thereto, Franklin Advisers, Inc. The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Merger Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Merger Shares received by Acquired Fund will be distributed by Acquired Fund to its shareholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(g) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is a series of the Trust, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each shareholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

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|:---|:---|:---|
| ![LOGO](g81502dsp11.jpg) |  |  |
|  | - 2 - | July 18, 2025 |

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Acquiring Fund is a series of the Trust. Shares of Acquiring Fund are redeemable at net asset value at each shareholder's option. Acquiring Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Code.

For purposes of this opinion, we have considered the Agreement, the prospectus dated November 30, 2024, as amended from time to time, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a) of
the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer of
Acquired Fund's assets to Acquiring Fund in exchange for Merger Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Merger Shares by Acquired Fund to its shareholders in liquidation,
except for (A) any gain or loss recognized on (1) "section 1256 contracts" as defined in Section 1256(b) of the Code or (2) stock in a "passive foreign investment company" as defined in
Section 1297(a) of the Code, and (B) any other gain or loss that may be required to be recognized (1) as a result of the closing of the tax year of Acquired Fund, (2) upon the termination of a position, or (3) upon the
transfer of an asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code;

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| | | |
|:---|:---|:---|
| ![LOGO](g81502dsp11.jpg) |  |  |
|  | - 3 - | July 18, 2025 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund shareholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Merger Shares in the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Merger Shares an Acquired Fund shareholder
receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund shareholder's holding period for the Merger
Shares received in the Reorganization will be determined by including the period during which such shareholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided that the
shareholder held those Acquired Fund shares as capital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Merger Shares and the assumption by Acquiring Fund of the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer, increased by any gain or decreased by any loss required to be recognized as described in (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired Fund
asset transferred to Acquiring Fund in the Reorganization, other than certain assets with respect to which gain or loss is required to be recognized as described in (ii) above, will include the period during which such asset was held or treated
for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

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| | | |
|:---|:---|:---|
| ![LOGO](g81502dsp11.jpg) |  |  |
|  | - 4 - | July 18, 2025 |

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No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

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| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

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