Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
PSRF-Q3PH
1
Schedules
of
Investments
(unaudited)
Putnam
Sustainable
Retirement
Maturity
Fund
2
Putnam
Sustainable
Retirement
2025
Fund
3
Putnam
Sustainable
Retirement
2030
Fund
4
Putnam
Sustainable
Retirement
2035
Fund
5
Putnam
Sustainable
Retirement
2040
Fund
6
Putnam
Sustainable
Retirement
2045
Fund
7
Putnam
Sustainable
Retirement
2050
Fund
8
Putnam
Sustainable
Retirement
2055
Fund
9
Putnam
Sustainable
Retirement
2060
Fund
10
Putnam
Sustainable
Retirement
2065
Fund
11
Notes
to
Schedules
of
Investments
12
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
Maturity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.8%
Domestic
Equity
21.2%
a
Putnam
Sustainable
Future
ETF
........................................
679,994
$
15,355,964
a
Putnam
Sustainable
Leaders
ETF
.......................................
978,297
29,878,267
45,234,231
Domestic
Fixed
Income
74.2%
a
Putnam
ESG
Core
Bond
ETF
..........................................
2,255,518
110,164,687
a
Putnam
ESG
High
Yield
ETF
...........................................
706,233
35,856,014
a
Putnam
ESG
Ultra
Short
ETF
..........................................
238,933
12,099,567
158,120,268
Foreign
Equity
4.4%
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
370,117
9,265,398
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
203,137,475
)
...............................................................
212,619,897
a
a
a
a
Short
Term
Investments
0.2%
a
Money
Market
Funds
0.2%
a,b
Putnam
Government
Money
Market
Fund,
Class
G
,
4.43
%
....................
338,634
338,634
Total
Money
Market
Funds
(Cost
$
338,634
)
.....................................
338,634
Total
Short
Term
Investments
(Cost
$
338,634
)
..................................
338,634
a
Total
Investments
(Cost
$
203,476,109
)
100.0
%
..................................
$212,958,531
Other
Assets,
less
Liabilities
0.0
%
†
............................................
75,352
Net
Assets
100.0%
...........................................................
$213,033,883
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2025
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.9%
Domestic
Equity
21.9%
a
Putnam
Sustainable
Future
ETF
........................................
1,227,166
$
27,712,476
a
Putnam
Sustainable
Leaders
ETF
.......................................
1,773,218
54,156,028
81,868,504
Domestic
Fixed
Income
73.3%
a
Putnam
ESG
Core
Bond
ETF
..........................................
3,824,958
186,819,746
a
Putnam
ESG
High
Yield
ETF
...........................................
1,159,692
58,878,491
a
Putnam
ESG
Ultra
Short
ETF
..........................................
535,474
27,116,404
272,814,641
Foreign
Equity
4.7%
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
703,921
17,621,747
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
368,535,047
)
...............................................................
372,304,892
a
a
a
a
Short
Term
Investments
0.2%
a
Money
Market
Funds
0.2%
a,b
Putnam
Government
Money
Market
Fund,
Class
G
,
4.43
%
....................
831,200
831,200
Total
Money
Market
Funds
(Cost
$
831,200
)
.....................................
831,200
Total
Short
Term
Investments
(Cost
$
831,200
)
..................................
831,200
a
Total
Investments
(Cost
$
369,366,247
)
100.1
%
..................................
$373,136,092
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(551,405)
Net
Assets
100.0%
...........................................................
$372,584,687
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2030
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.5%
Domestic
Equity
29.6%
a
Putnam
Sustainable
Future
ETF
........................................
1,628,256
$
36,770,091
a
Putnam
Sustainable
Leaders
ETF
.......................................
2,355,928
71,952,633
108,722,724
Domestic
Fixed
Income
63.3%
a
Putnam
ESG
Core
Bond
ETF
..........................................
3,680,328
179,755,684
a
Putnam
ESG
High
Yield
ETF
...........................................
495,360
25,149,824
a
Putnam
ESG
Ultra
Short
ETF
..........................................
537,983
27,243,459
232,148,967
Foreign
Equity
6.6%
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
956,809
23,952,470
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$353,307,207)
...............................................................
364,824,161
a
a
a
a
Short
Term
Investments
0.3%
a
Money
Market
Funds
0.3%
a,b
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
....................
1,209,569
1,209,569
Total
Money
Market
Funds
(Cost
$1,209,569)
...................................
1,209,569
Total
Short
Term
Investments
(Cost
$1,209,569)
.................................
1,209,569
a
Total
Investments
(Cost
$354,516,776)
99.8%
...................................
$366,033,730
Other
Assets,
less
Liabilities
0.2%
.............................................
716,611
Net
Assets
100.0%
...........................................................
$366,750,341
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2035
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.7%
Domestic
Equity
46.3%
a
Putnam
Sustainable
Future
ETF
........................................
2,227,993
$
50,313,652
a
Putnam
Sustainable
Leaders
ETF
.......................................
3,218,271
98,289,536
148,603,188
Domestic
Fixed
Income
43.4%
a
Putnam
ESG
Core
Bond
ETF
..........................................
2,109,085
103,012,562
a
Putnam
ESG
High
Yield
ETF
...........................................
320,992
16,297,021
a
Putnam
ESG
Ultra
Short
ETF
..........................................
402,914
20,403,565
139,713,148
Foreign
Equity
10.0%
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
1,278,028
31,993,770
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$302,749,361)
...............................................................
320,310,106
a
a
a
a
Short
Term
Investments
0.1%
a
Money
Market
Funds
0.1%
a,b
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
....................
208,705
208,705
Total
Money
Market
Funds
(Cost
$208,705)
.....................................
208,705
Total
Short
Term
Investments
(Cost
$208,705)
..................................
208,705
a
Total
Investments
(Cost
$302,958,066)
99.8%
...................................
$320,518,811
Other
Assets,
less
Liabilities
0.2%
.............................................
849,742
Net
Assets
100.0%
...........................................................
$321,368,553
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2040
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.9%
Domestic
Equity
52.3%
a
Putnam
Sustainable
Future
ETF
........................................
2,620,343
$
59,173,896
a
Putnam
Sustainable
Leaders
ETF
.......................................
3,793,965
115,871,864
175,045,760
Domestic
Fixed
Income
31.3%
a
Putnam
ESG
Core
Bond
ETF
..........................................
1,464,757
71,542,101
a
Putnam
ESG
High
Yield
ETF
...........................................
311,783
15,829,472
a
Putnam
ESG
Ultra
Short
ETF
..........................................
339,512
17,192,888
104,564,461
Foreign
Equity
15.3%
a
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.......................
381,385
8,353,819
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
1,708,716
42,775,484
51,129,303
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
306,617,450
)
...............................................................
330,739,524
a
a
a
a
Short
Term
Investments
0.3%
a
Money
Market
Funds
0.3%
a,b
Putnam
Government
Money
Market
Fund,
Class
G
,
4.43
%
....................
957,242
957,242
Total
Money
Market
Funds
(Cost
$
957,242
)
.....................................
957,242
Total
Short
Term
Investments
(Cost
$
957,242
)
..................................
957,242
a
Total
Investments
(Cost
$
307,574,692
)
99.2
%
...................................
$331,696,766
Other
Assets,
less
Liabilities
0.8
%
.............................................
2,851,109
Net
Assets
100.0%
...........................................................
$334,547,875
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2045
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.4%
Domestic
Equity
56.7%
a
Putnam
Sustainable
Future
ETF
........................................
2,278,799
$
51,460,978
a
Putnam
Sustainable
Leaders
ETF
.......................................
3,317,593
101,322,940
152,783,918
Domestic
Fixed
Income
22.8%
a
Putnam
ESG
Core
Bond
ETF
..........................................
734,767
35,887,710
a
Putnam
ESG
High
Yield
ETF
...........................................
257,323
13,064,495
a
Putnam
ESG
Ultra
Short
ETF
..........................................
246,419
12,478,658
61,430,863
Foreign
Equity
19.9%
a
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.......................
584,051
12,792,995
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
1,624,777
40,674,180
53,467,175
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
249,433,382
)
...............................................................
267,681,956
a
a
a
a
Short
Term
Investments
0.4%
a
Money
Market
Funds
0.4%
a,b
Putnam
Government
Money
Market
Fund,
Class
G
,
4.43
%
....................
970,421
970,421
Total
Money
Market
Funds
(Cost
$
970,421
)
.....................................
970,421
Total
Short
Term
Investments
(Cost
$
970,421
)
..................................
970,421
a
Total
Investments
(Cost
$
250,403,803
)
99.8
%
...................................
$268,652,377
Other
Assets,
less
Liabilities
0.2
%
.............................................
616,623
Net
Assets
100.0%
...........................................................
$269,269,000
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2050
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.6%
Domestic
Equity
60.6%
a
Putnam
Sustainable
Future
ETF
........................................
1,844,973
$
41,664,103
a
Putnam
Sustainable
Leaders
ETF
.......................................
2,667,778
81,476,875
123,140,978
Domestic
Fixed
Income
17.4%
a
Putnam
ESG
Core
Bond
ETF
..........................................
438,933
21,438,498
a
Putnam
ESG
High
Yield
ETF
...........................................
166,602
8,458,517
a
Putnam
ESG
Ultra
Short
ETF
..........................................
109,552
5,547,713
35,444,728
Foreign
Equity
21.6%
a
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.......................
487,295
10,673,661
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
1,325,477
33,181,593
43,855,254
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
186,635,005
)
...............................................................
202,440,960
a
a
a
a
Short
Term
Investments
0.4%
a
Money
Market
Funds
0.4%
a,b
Putnam
Government
Money
Market
Fund,
Class
G
,
4.43
%
....................
722,249
722,249
Total
Money
Market
Funds
(Cost
$
722,249
)
.....................................
722,249
Total
Short
Term
Investments
(Cost
$
722,249
)
..................................
722,249
a
Total
Investments
(Cost
$
187,357,254
)
100.0
%
..................................
$203,163,209
Other
Assets,
less
Liabilities
0.0
%
†
............................................
151,844
Net
Assets
100.0%
...........................................................
$203,315,053
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2055
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.6%
Domestic
Equity
64.4%
a
Putnam
Sustainable
Future
ETF
........................................
1,263,963
$
28,543,444
a
Putnam
Sustainable
Leaders
ETF
.......................................
1,824,441
55,720,435
84,263,879
Domestic
Fixed
Income
12.3%
a
Putnam
ESG
Core
Bond
ETF
..........................................
207,917
10,155,145
a
Putnam
ESG
High
Yield
ETF
...........................................
79,137
4,017,849
a
Putnam
ESG
Ultra
Short
ETF
..........................................
38,835
1,966,604
16,139,598
Foreign
Equity
22.9%
a
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.......................
336,536
7,371,451
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
902,952
22,604,230
29,975,681
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
121,700,690
)
...............................................................
130,379,158
a
a
a
a
Short
Term
Investments
0.3%
a
Money
Market
Funds
0.3%
a,b
Putnam
Government
Money
Market
Fund,
Class
G
,
4.43
%
....................
364,670
364,670
Total
Money
Market
Funds
(Cost
$
364,670
)
.....................................
364,670
Total
Short
Term
Investments
(Cost
$
364,670
)
..................................
364,670
a
Total
Investments
(Cost
$
122,065,360
)
99.9
%
...................................
$130,743,828
Other
Assets,
less
Liabilities
0.1
%
.............................................
177,018
Net
Assets
100.0%
...........................................................
$130,920,846
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2060
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.6%
Domestic
Equity
67.9%
a
Putnam
Sustainable
Future
ETF
........................................
579,730
$
13,091,753
a
Putnam
Sustainable
Leaders
ETF
.......................................
836,915
25,560,305
38,652,058
Domestic
Fixed
Income
7.6%
a
Putnam
ESG
Core
Bond
ETF
..........................................
55,581
2,714,704
a
Putnam
ESG
High
Yield
ETF
...........................................
21,073
1,069,893
a
Putnam
ESG
Ultra
Short
ETF
..........................................
11,316
573,042
4,357,639
Foreign
Equity
24.1%
a
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.......................
153,264
3,357,079
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
413,836
10,359,846
13,716,925
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
55,318,642
)
................................................................
56,726,622
a
a
a
a
Short
Term
Investments
0.0%
†
a
Money
Market
Funds
0.0%
†
a,b
Putnam
Government
Money
Market
Fund,
Class
G
,
4.43
%
....................
17,315
17,315
Total
Money
Market
Funds
(Cost
$
17,315
)
......................................
17,315
Total
Short
Term
Investments
(Cost
$
17,315
)
...................................
17,315
a
Total
Investments
(Cost
$
55,335,957
)
99.6
%
....................................
$56,743,937
Other
Assets,
less
Liabilities
0.4
%
.............................................
196,369
Net
Assets
100.0%
...........................................................
$56,940,306
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Sustainable
Retirement
2065
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.8%
Domestic
Equity
70.4%
a
Putnam
Sustainable
Future
ETF
........................................
9,684
$
218,689
a
Putnam
Sustainable
Leaders
ETF
.......................................
14,110
430,935
649,624
Domestic
Fixed
Income
4.4%
a
Putnam
ESG
Core
Bond
ETF
..........................................
526
25,691
a
Putnam
ESG
High
Yield
ETF
...........................................
198
10,052
a
Putnam
ESG
Ultra
Short
ETF
..........................................
98
4,963
40,706
Foreign
Equity
25.0%
a
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.......................
2,567
56,227
a
Putnam
PanAgora
ESG
International
Equity
ETF
............................
6,966
174,385
230,612
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
825,085
)
920,942
a
a
a
a
Short
Term
Investments
0.2%
a
Money
Market
Funds
0.2%
a,b
Putnam
Government
Money
Market
Fund,
Class
G
,
4.43
%
....................
1,556
1,556
Total
Money
Market
Funds
(Cost
$
1,556
)
.......................................
1,556
Total
Short
Term
Investments
(Cost
$
1,556
)
....................................
1,556
a
Total
Investments
(Cost
$
826,641
)
100.0
%
......................................
$922,498
Other
Assets,
less
Liabilities
0.0
%
†
............................................
120
Net
Assets
100.0%
...........................................................
$922,618
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
12
Quarterly
Schedules
of
Investments
1.
Organization
Putnam
Target
Date
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty
separate
funds, ten of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance in
Financial
Accounting
Standards Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to, ASC
946.
Certain
or
all
Funds
invest
primarily
in
mutual
funds
(Underlying
Funds)
and
exchange
traded
funds
(ETFs),
including
affiliated
funds
managed
by
Franklin
Templeton
(FT
Underlying
Funds).
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports,
in
which
each
Fund
invests, is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
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
to
determine
fair
value. 
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day.
ETFs
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
FT
Underlying
Funds
Certain
or
all
Funds
invest
in
FT
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
an
affiliate
of
Advisers.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
in
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
13
Quarterly
Schedules
of
Investments
Investments
in
FT
Underlying
Funds
for
the period ended April
30,
2025,
were
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Sustainable
Retirement
Maturity
Fund
Non-Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
$
106,237,756
$
13,592,934
$
(9,252,368)
$
(109,893)
$
(303,742)
$
110,164,687
2,255,518
$
3,523,540
Putnam
ESG
High
Yield
ETF
...
34,495,683
4,398,702
(2,786,406)
78,597
(330,562)
35,856,014
706,233
1,701,417
Putnam
ESG
Ultra
Short
ETF
..
11,553,852
1,783,270
(1,244,235)
9,251
(2,571)
12,099,567
238,933
451,448
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
565,957
21,091,719
(21,319,042)
—
—
338,634
338,634
18,182
Putnam
PanAgora
ESG
International
Equity
ETF
......
8,766,157
1,946,935
(1,885,012)
292,663
144,655
9,265,398
370,117
411,053
a
Putnam
Sustainable
Future
ETF
.
14,306,283
3,257,610
(1,153,850)
318,343
(1,372,422)
15,355,964
679,994
4,658
Putnam
Sustainable
Leaders
ETF
28,380,335
5,741,989
(2,544,271)
807,564
(2,507,350)
29,878,267
978,297
114,001
Total
Affiliated
Securities
....
$204,306,023
$51,813,159
$(40,185,184)
$1,396,525
$(4,371,992)
$212,958,531
$6,224,299
Putnam
Sustainable
Retirement
2025
Fund
Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
$
145,652,037
$
60,224,142
$
(18,220,671)
$
(279,120)
$
(556,642)
$
186,819,746
3,824,958
$
5,595,471
Putnam
ESG
High
Yield
ETF
...
39,404,208
21,569,715
(1,583,300)
41,162
(553,294)
58,878,491
1,159,692
2,418,858
Total
Controlled
Affiliates
....
$185,056,245
$81,793,857
$(19,803,971)
$(237,958)
$(1,109,936)
$245,698,237
$8,014,329
Non-Controlled
Affiliates
Putnam
ESG
Ultra
Short
ETF
..
15,638,284
13,094,884
(1,652,566)
10,535
25,267
27,116,404
535,474
706,850
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
983,482
38,225,304
(38,377,586)
—
—
831,200
831,200
35,855
Putnam
PanAgora
ESG
International
Equity
ETF
......
12,672,793
6,910,622
(2,812,453)
436,900
413,885
17,621,747
703,921
732,462
a
Putnam
Sustainable
Future
ETF
.
20,676,096
11,097,687
(1,997,974)
501,069
(2,564,402)
27,712,476
1,227,166
8,122
Putnam
Sustainable
Leaders
ETF
41,028,435
30,917,265
(13,179,678)
3,044,517
(7,654,511)
54,156,028
1,773,218
218,319
Total
Non-Controlled
Affiliates
$90,999,090
$100,245,762
$(58,020,257)
$3,993,021
$(9,779,761)
$127,437,855
$1,701,608
Total
Affiliated
Securities
....
$276,055,335
$182,039,619
$(77,824,228)
$3,755,063
$(10,889,697)
$373,136,092
$9,715,937
Putnam
Sustainable
Retirement
2030
Fund
Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
144,531,226
49,715,968
(13,697,302)
(222,933)
(571,275)
179,755,684
3,680,328
5,359,142
Total
Controlled
Affiliates
....
$144,531,226
$49,715,968
$(13,697,302)
$(222,933)
$(571,275)
$179,755,684
$5,359,142
Non-Controlled
Affiliates
Putnam
ESG
High
Yield
ETF
...
19,415,922
6,414,867
(480,124)
15,050
(215,891)
25,149,824
495,360
1,091,655
Putnam
ESG
Ultra
Short
ETF
..
15,800,913
12,554,244
(1,149,572)
7,996
29,878
27,243,459
537,983
683,316
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
1,001,688
37,492,849
(37,284,968)
—
—
1,209,569
1,209,569
36,447
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Sustainable
Retirement
2030
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
PanAgora
ESG
International
Equity
ETF
......
$
19,546,207
$
8,373,241
$
(5,166,796)
$
825,200
$
374,618
$
23,952,470
956,809
$
1,013,850
a
Putnam
Sustainable
Future
ETF
.
31,372,319
11,139,963
(3,100,352)
856,026
(3,497,865)
36,770,091
1,628,256
11,272
Putnam
Sustainable
Leaders
ETF
62,659,445
29,950,506
(15,258,979)
3,916,672
(9,315,011)
71,952,633
2,355,928
299,587
Total
Non-Controlled
Affiliates
$149,796,494
$105,925,670
$(62,440,791)
$5,620,944
$(12,624,271)
$186,278,046
$3,136,127
Total
Affiliated
Securities
....
$294,327,720
$155,641,638
$(76,138,093)
$5,398,011
$(13,195,546)
$366,033,730
$8,495,269
Putnam
Sustainable
Retirement
2035
Fund
Non-Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
94,610,077
25,548,928
(16,593,692)
(232,665)
(320,086)
103,012,562
2,109,085
3,313,865
Putnam
ESG
High
Yield
ETF
...
13,953,990
3,521,822
(1,051,037)
26,560
(154,314)
16,297,021
320,992
749,187
Putnam
ESG
Ultra
Short
ETF
..
11,612,801
9,883,126
(1,128,045)
7,989
27,694
20,403,565
402,914
483,254
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
1,334,167
34,518,243
(35,643,705)
—
—
208,705
208,705
35,244
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
577,272
106,853
(692,619)
64,801
(56,307)
—
—
9,589
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
28,238,415
9,571,201
(7,341,581)
1,130,976
394,759
31,993,770
1,278,028
1,434,777
a
Putnam
Sustainable
Future
ETF
.
44,710,097
13,552,126
(4,165,948)
1,039,376
(4,821,999)
50,313,652
2,227,993
15,798
Putnam
Sustainable
Leaders
ETF
89,570,797
33,565,297
(17,782,547)
4,627,171
(11,691,182)
98,289,536
3,218,271
412,372
Total
Affiliated
Securities
....
$284,607,616
$130,267,596
$(84,399,174)
$6,664,208
$(16,621,435)
$320,518,811
$6,454,086
Putnam
Sustainable
Retirement
2040
Fund
Non-Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
61,801,383
20,108,024
(10,055,597)
(150,748)
(160,961)
71,542,101
1,464,757
2,228,783
Putnam
ESG
High
Yield
ETF
...
13,037,094
3,850,012
(928,129)
22,905
(152,410)
15,829,472
311,783
721,649
Putnam
ESG
Ultra
Short
ETF
..
8,118,922
9,988,595
(950,814)
5,662
30,523
17,192,888
339,512
347,380
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
885,998
30,639,178
(30,567,934)
—
—
957,242
957,242
35,397
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
6,056,815
3,307,723
(1,054,426)
108,657
(64,950)
8,353,819
381,385
230,933
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
34,704,061
13,450,310
(7,540,089)
1,203,914
957,288
42,775,484
1,708,716
1,847,752
a
Putnam
Sustainable
Future
ETF
.
48,274,151
17,621,175
(2,184,646)
546,570
(5,083,354)
59,173,896
2,620,343
17,781
Putnam
Sustainable
Leaders
ETF
98,020,479
40,194,789
(13,743,870)
3,285,382
(11,884,916)
115,871,864
3,793,965
466,111
Total
Affiliated
Securities
....
$270,898,903
$139,159,806
$(67,025,505)
$5,022,342
$(16,358,780)
$331,696,766
$5,895,786
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Sustainable
Retirement
2045
Fund
Controlled
Affiliates
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
$
8,444,285
$
5,840,614
$
(1,604,426)
$
156,594
$
(44,072)
$
12,792,995
584,051
$
326,610
a
Total
Controlled
Affiliates
....
$8,444,285
$5,840,614
$(1,604,426)
$156,594
$(44,072)
$12,792,995
$326,610
Non-Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
33,764,825
10,654,235
(8,315,308)
(125,789)
(90,253)
35,887,710
734,767
1,169,715
Putnam
ESG
High
Yield
ETF
...
10,740,740
3,386,770
(955,792)
24,450
(131,673)
13,064,495
257,323
598,752
Putnam
ESG
Ultra
Short
ETF
..
4,373,611
8,509,582
(434,565)
1,682
28,348
12,478,658
246,419
196,993
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
852,079
28,612,594
(28,494,252)
—
—
970,421
970,421
29,336
Putnam
PanAgora
ESG
International
Equity
ETF
......
32,489,876
13,704,388
(7,512,738)
1,161,862
830,792
40,674,180
1,624,777
1,752,579
a
Putnam
Sustainable
Future
ETF
.
41,989,566
16,623,847
(3,216,320)
742,267
(4,678,382)
51,460,978
2,278,799
15,761
Putnam
Sustainable
Leaders
ETF
86,033,881
36,402,774
(13,654,552)
3,340,348
(10,799,511)
101,322,940
3,317,593
411,559
Total
Non-Controlled
Affiliates
$210,244,578
$117,894,190
$(62,583,527)
$5,144,820
$(14,840,679)
$255,859,382
$4,174,695
Total
Affiliated
Securities
....
$218,688,863
$123,734,804
$(64,187,953)
$5,301,414
$(14,884,751)
$268,652,377
$4,501,305
Putnam
Sustainable
Retirement
2050
Fund
Non-Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
20,851,416
6,120,698
(5,399,484)
(67,689)
(66,443)
21,438,498
438,933
710,222
Putnam
ESG
High
Yield
ETF
...
6,903,572
2,127,020
(503,230)
13,280
(82,125)
8,458,517
166,602
384,920
Putnam
ESG
Ultra
Short
ETF
..
852,408
4,719,952
(41,292)
153
16,492
5,547,713
109,552
42,624
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
525,003
18,717,443
(18,520,197)
—
—
722,249
722,249
22,087
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
7,168,848
4,781,283
(1,364,834)
131,199
(42,835)
10,673,661
487,295
277,044
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
26,678,192
10,629,284
(5,753,298)
871,756
755,659
33,181,593
1,325,477
1,446,573
a
Putnam
Sustainable
Future
ETF
.
34,419,018
12,587,095
(2,166,890)
557,120
(3,732,240)
41,664,103
1,844,973
12,815
Putnam
Sustainable
Leaders
ETF
70,404,940
27,269,525
(10,312,463)
2,627,219
(8,512,346)
81,476,875
2,667,778
333,667
Total
Affiliated
Securities
....
$167,803,397
$86,952,300
$(44,061,688)
$4,133,038
$(11,663,838)
$203,163,209
$3,229,952
Putnam
Sustainable
Retirement
2055
Fund
Non-Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
8,800,522
3,618,539
(2,199,778)
(25,796)
(38,342)
10,155,145
207,917
319,380
Putnam
ESG
High
Yield
ETF
...
2,913,630
1,260,933
(120,616)
3,402
(39,500)
4,017,849
79,137
173,420
Putnam
ESG
Ultra
Short
ETF
..
208,826
1,873,746
(122,847)
495
6,384
1,966,604
38,835
9,664
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
488,972
12,866,454
(12,990,756)
—
—
364,670
364,670
14,326
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
4,583,110
3,842,898
(1,124,249)
103,115
(33,423)
7,371,451
336,536
184,258
a
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Sustainable
Retirement
2055
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
PanAgora
ESG
International
Equity
ETF
......
$
16,946,293
$
8,407,534
$
(3,855,887)
$
595,533
$
510,757
$
22,604,230
902,952
$
951,930
a
Putnam
Sustainable
Future
ETF
.
21,827,562
10,050,379
(1,131,395)
279,791
(2,482,893)
28,543,444
1,263,963
8,471
Putnam
Sustainable
Leaders
ETF
44,487,849
20,437,904
(5,184,528)
1,281,531
(5,302,321)
55,720,435
1,824,441
214,338
Total
Affiliated
Securities
....
$100,256,764
$62,358,387
$(26,730,056)
$2,238,071
$(7,379,338)
$130,743,828
$1,875,787
Putnam
Sustainable
Retirement
2060
Fund
Non-Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
2,086,456
1,300,787
(659,313)
8,876
(22,102)
2,714,704
55,581
81,005
Putnam
ESG
High
Yield
ETF
...
677,210
478,337
(75,436)
2,351
(12,569)
1,069,893
21,073
43,702
Putnam
ESG
Ultra
Short
ETF
..
87,943
568,516
(85,274)
252
1,605
573,042
11,316
4,191
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
126,641
6,057,791
(6,167,117)
—
—
17,315
17,315
5,487
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
1,937,200
2,088,143
(702,370)
69,705
(35,599)
3,357,079
153,264
82,678
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
7,084,712
5,035,195
(2,283,762)
326,923
196,778
10,359,846
413,836
425,569
a
Putnam
Sustainable
Future
ETF
.
9,094,627
6,212,273
(1,165,968)
307,328
(1,356,507)
13,091,753
579,730
3,777
Putnam
Sustainable
Leaders
ETF
18,583,701
12,254,050
(3,400,204)
953,326
(2,830,568)
25,560,305
836,915
92,970
Total
Affiliated
Securities
....
$39,678,490
$33,995,092
$(14,539,444)
$1,668,761
$(4,058,962)
$56,743,937
$739,379
Putnam
Sustainable
Retirement
2065
Fund
Non-Controlled
Affiliates
Putnam
ESG
Core
Bond
ETF
..
31,729
4,521
(10,372)
126
(313)
25,691
526
920
Putnam
ESG
High
Yield
ETF
...
10,474
1,644
(2,000)
59
(125)
10,052
198
497
Putnam
ESG
Ultra
Short
ETF
..
1,923
3,634
(606)
2
10
4,963
98
71
Putnam
Government
Money
Market
Fund,
Class
G,
4.43%
.......
4,175
51,282
(53,901)
—
—
1,556
1,556
86
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
47,518
23,808
(15,663)
1,412
(848)
56,227
2,567
1,539
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
174,047
45,678
(53,164)
7,400
424
174,385
6,966
7,989
a
Putnam
Sustainable
Future
ETF
.
224,712
45,264
(36,298)
10,270
(25,259)
218,689
9,684
72
Putnam
Sustainable
Leaders
ETF
458,380
81,575
(84,738)
26,389
(50,671)
430,935
14,110
1,794
Total
Affiliated
Securities
....
$952,958
$257,406
$(256,742)
$45,658
$(76,782)
$922,498
$12,968
a
Dividend
income
includes
capital
gain
distributions
received,
if
any,
from
underlying
funds.
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
17
Quarterly
Schedules
of
Investments
4. Fair
Value
Measurements
The Funds
follow
a
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
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
April
30,
2025,
all
of
the Funds'
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 1
inputs.
For
detailed
categories,
see
the
accompanying
Schedules
of
Investments.
Abbreviations
Selected
Portfolio
ETF
Exchange-Traded
Fund
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.