2025-09-1674200181600_PutnamRetirementAdvantageMaturityFund_ClassA


Putnam Retirement Advantage Maturity Fund
Class A [POMGX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.
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	$43	0.42%

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

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

2	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.09%.

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

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage Maturity Fund returned 6.62%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	6.62	4.06	4.41
Class A (with sales charge)	2.35	3.21	3.67
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
Russell 3000 Index	15.84	14.11	14.15
S&P Target Date To Retirement Income Index	7.00	4.25	4.64

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, 2025)


Total Net Assets	$41,010,267
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	58%

HOW HAS THE FUND CHANGED?

Effective November 1, 2024 (the “Effective Date”), Putnam Investments Limited (“PIL”), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited (“FTIML”), a wholly-owned subsidiary of Franklin Resources, Inc. (the “Merger”). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. (“Franklin Advisers”) and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund’s Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or
funddocuments@putnam.com.


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

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.


Putnam Retirement Advantage Maturity Fund
Class C [PLFGX]
Annual Shareholder Report \| August 31, 2025

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	$121	1.18%

*	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.

2	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.53%.

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

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage Maturity Fund returned 5.88%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	5.88	3.30	3.65
Class C (with sales charge)	4.88	3.30	3.65
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
Russell 3000 Index	15.84	14.11	14.15
S&P Target Date To Retirement Income Index	7.00	4.25	4.64

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.

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

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, 2025)


Total Net Assets	$41,010,267
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	58%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage Maturity Fund
Class R [PAKYX]
Annual Shareholder Report \| August 31, 2025

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	$85	0.82%

*	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.

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

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

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage Maturity Fund returned 6.22%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	6.22	3.65	3.99
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
Russell 3000 Index	15.84	14.11	14.15
S&P Target Date To Retirement Income Index	7.00	4.25	4.64

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, 2025)


Total Net Assets	$41,010,267
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	58%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage Maturity Fund
Class R3 [PAHMX]
Annual Shareholder Report \| August 31, 2025

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	$59	0.57%

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

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

2	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.21)%.

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

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage Maturity Fund returned 6.47%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	6.47	3.90	4.26
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
Russell 3000 Index	15.84	14.11	14.15
S&P Target Date To Retirement Income Index	7.00	4.25	4.64

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, 2025)


Total Net Assets	$41,010,267
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	58%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage Maturity Fund
Class R4 [PAHNX]
Annual Shareholder Report \| August 31, 2025

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	$33	0.32%

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

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

2	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.36)%.

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

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage Maturity Fund returned 6.70%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	6.70	4.16	4.50
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
Russell 3000 Index	15.84	14.11	14.15
S&P Target Date To Retirement Income Index	7.00	4.25	4.64

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, 2025)


Total Net Assets	$41,010,267
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	58%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage Maturity Fund
Class R5 [PAHOX]
Annual Shareholder Report \| August 31, 2025

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	$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.

2	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.60)%.

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage Maturity Fund returned 6.91%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	6.91	4.31	4.66
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
Russell 3000 Index	15.84	14.11	14.15
S&P Target Date To Retirement Income Index	7.00	4.25	4.64

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, 2025)


Total Net Assets	$41,010,267
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	58%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage Maturity Fund
Class R6 [PADLX]
Annual Shareholder Report \| August 31, 2025

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	$7	0.07%

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

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

2	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.28)%.

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

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage Maturity Fund returned 7.10%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	7.10	4.44	4.79
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
Russell 3000 Index	15.84	14.11	14.15
S&P Target Date To Retirement Income Index	7.00	4.25	4.64

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, 2025)


Total Net Assets	$41,010,267
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	58%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage Maturity Fund
Class Y [PAETX]
Annual Shareholder Report \| August 31, 2025

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	$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.

2	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.35)%.

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

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage Maturity Fund returned 6.90%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	6.90	4.31	4.66
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
Russell 3000 Index	15.84	14.11	14.15
S&P Target Date To Retirement Income Index	7.00	4.25	4.64

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, 2025)


Total Net Assets	$41,010,267
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	58%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2030 Fund
Class A [PDLTX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.
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	$28	0.27%

*	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, 2025, Class A shares of Putnam Retirement Advantage 2030 Fund returned 7.84%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	7.84	6.84	6.98
Class A (with sales charge)	1.64	5.58	5.87
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2030 Index	8.90	7.23	7.04

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, 2025)


Total Net Assets	$38,846,788
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	56%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2030 Fund
Class C [PDLKX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class C shares of Putnam Retirement Advantage 2030 Fund returned 7.01%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	7.01	6.05	6.19
Class C (with sales charge)	6.01	6.05	6.19
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2030 Index	8.90	7.23	7.04

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

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

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, 2025)


Total Net Assets	$38,846,788
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	56%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2030 Fund
Class R [PDKAX]
Annual Shareholder Report \| August 31, 2025

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	$69	0.67%

*	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, 2025, Class R shares of Putnam Retirement Advantage 2030 Fund returned 7.42%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	7.42	6.43	6.56
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2030 Index	8.90	7.23	7.04

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, 2025)


Total Net Assets	$38,846,788
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	56%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2030 Fund
Class R3 [PAFOX]
Annual Shareholder Report \| August 31, 2025

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	$44	0.42%

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

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

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

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2030 Fund returned 7.67%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	7.67	6.69	6.83
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2030 Index	8.90	7.23	7.04

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, 2025)


Total Net Assets	$38,846,788
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	56%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2030 Fund
Class R4 [PAFQX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class R4 shares of Putnam Retirement Advantage 2030 Fund returned 8.05%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	8.05	6.96	7.09
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2030 Index	8.90	7.23	7.04

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, 2025)


Total Net Assets	$38,846,788
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	56%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2030 Fund
Class R5 [PAFVX]
Annual Shareholder Report \| August 31, 2025

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	$2	0.02%

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

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

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2030 Fund returned 8.17%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	8.17	7.12	7.25
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2030 Index	8.90	7.23	7.04

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, 2025)


Total Net Assets	$38,846,788
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	56%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2030 Fund
Class R6 [PDIZX]
Annual Shareholder Report \| August 31, 2025

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	$(8)	-0.08%

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

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

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

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2030 Fund returned 8.28%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	8.28	7.22	7.35
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2030 Index	8.90	7.23	7.04

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, 2025)


Total Net Assets	$38,846,788
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	56%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2030 Fund
Class Y [PDGKX]
Annual Shareholder Report \| August 31, 2025

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	$2	0.02%

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

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

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

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2030 Fund returned 8.23%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	8.23	7.12	7.25
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2030 Index	8.90	7.23	7.04

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, 2025)


Total Net Assets	$38,846,788
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	56%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2035 Fund
Class A [PDFLX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.
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	0.26%

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

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

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

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2035 Fund returned 10.30%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% 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

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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	10.30	9.08	8.98
Class A (with sales charge)	3.95	7.80	7.84
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2035 Index	10.13	8.54	8.11

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, 2025)


Total Net Assets	$45,446,662
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	32%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2035 Fund
Class C [PDAWX]
Annual Shareholder Report \| August 31, 2025

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	1.02%

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

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

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

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2035 Fund returned 9.43%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	9.43	8.28	8.18
Class C (with sales charge)	8.43	8.28	8.18
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2035 Index	10.13	8.54	8.11

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

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

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, 2025)


Total Net Assets	$45,446,662
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	32%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2035 Fund
Class R [PDAKX]
Annual Shareholder Report \| August 31, 2025

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	0.67%

*	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, 2025, Class R shares of Putnam Retirement Advantage 2035 Fund returned 9.80%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	9.80	8.65	8.54
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2035 Index	10.13	8.54	8.11

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, 2025)


Total Net Assets	$45,446,662
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	32%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2035 Fund
Class R3 [PAFWX]
Annual Shareholder Report \| August 31, 2025

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	0.41%

*	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, 2025, Class R3 shares of Putnam Retirement Advantage 2035 Fund returned 10.04%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	10.04	8.91	8.81
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2035 Index	10.13	8.54	8.11

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, 2025)


Total Net Assets	$45,446,662
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	32%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2035 Fund
Class R4 [PAFUX]
Annual Shareholder Report \| August 31, 2025

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	$17	0.16%

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

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

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

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2035 Fund returned 10.43%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	10.43	9.19	9.07
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2035 Index	10.13	8.54	8.11

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, 2025)


Total Net Assets	$45,446,662
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	32%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2035 Fund
Class R5 [PAFYX]
Annual Shareholder Report \| August 31, 2025

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	$2	0.02%

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

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

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2035 Fund returned 10.54%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	10.54	9.35	9.23
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2035 Index	10.13	8.54	8.11

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, 2025)


Total Net Assets	$45,446,662
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	32%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2035 Fund
Class R6 [PCDLX]
Annual Shareholder Report \| August 31, 2025

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	$(9)	-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, 2025, Class R6 shares of Putnam Retirement Advantage 2035 Fund returned 10.65%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	10.65	9.46	9.35
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2035 Index	10.13	8.54	8.11

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, 2025)


Total Net Assets	$45,446,662
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	32%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2035 Fund
Class Y [POWYX]
Annual Shareholder Report \| August 31, 2025

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	$1	0.01%

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

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

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

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2035 Fund returned 10.58%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	10.58	9.36	9.24
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2035 Index	10.13	8.54	8.11

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, 2025)


Total Net Assets	$45,446,662
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	32%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2040 Fund
Class A [PCCLX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.
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	0.22%

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

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

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

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2040 Fund returned 11.89%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% 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

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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	11.89	10.39	10.11
Class A (with sales charge)	5.45	9.09	8.96
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2040 Index	11.25	9.67	8.92

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, 2025)


Total Net Assets	$38,655,513
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	39%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2040 Fund
Class C [PBBZX]
Annual Shareholder Report \| August 31, 2025

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	0.97%

*	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, 2025, Class C shares of Putnam Retirement Advantage 2040 Fund returned 10.96%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	10.96	9.56	9.28
Class C (with sales charge)	9.96	9.56	9.28
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2040 Index	11.25	9.67	8.92

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

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

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, 2025)


Total Net Assets	$38,655,513
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	39%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2040 Fund
Class R [PBAOX]
Annual Shareholder Report \| August 31, 2025

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	0.62%

*	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, 2025, Class R shares of Putnam Retirement Advantage 2040 Fund returned 11.45%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	11.45	9.95	9.67
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2040 Index	11.25	9.67	8.92

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, 2025)


Total Net Assets	$38,655,513
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	39%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2040 Fund
Class R3 [PAGKX]
Annual Shareholder Report \| August 31, 2025

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	0.37%

*	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, 2025, Class R3 shares of Putnam Retirement Advantage 2040 Fund returned 11.70%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	11.70	10.22	9.94
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2040 Index	11.25	9.67	8.92

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, 2025)


Total Net Assets	$38,655,513
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	39%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2040 Fund
Class R4 [PAGJX]
Annual Shareholder Report \| August 31, 2025

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	$13	0.12%

*	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, 2025, Class R4 shares of Putnam Retirement Advantage 2040 Fund returned 11.93%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	11.93	10.48	10.19
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2040 Index	11.25	9.67	8.92

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, 2025)


Total Net Assets	$38,655,513
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	39%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2040 Fund
Class R5 [PAGOX]
Annual Shareholder Report \| August 31, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$(3)	-0.03%

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

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

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2040 Fund returned 12.10%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	12.10	10.64	10.35
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2040 Index	11.25	9.67	8.92

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, 2025)


Total Net Assets	$38,655,513
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	39%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2040 Fund
Class R6 [PBAMX]
Annual Shareholder Report \| August 31, 2025

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	$(14)	-0.13%

*	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, 2025, Class R6 shares of Putnam Retirement Advantage 2040 Fund returned 12.32%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	12.32	10.77	10.48
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2040 Index	11.25	9.67	8.92

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, 2025)


Total Net Assets	$38,655,513
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	39%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2040 Fund
Class Y [PALZX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class Y shares of Putnam Retirement Advantage 2040 Fund returned 12.08%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% 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

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	12.08	10.64	10.35
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2040 Index	11.25	9.67	8.92

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, 2025)


Total Net Assets	$38,655,513
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	39%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2045 Fund
Class A [PALGX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.
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	0.19%

*	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, 2025, Class A shares of Putnam Retirement Advantage 2045 Fund returned 12.95%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	12.95	11.19	10.81
Class A (with sales charge)	6.45	9.88	9.66
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2045 Index	12.16	10.55	9.60

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, 2025)


Total Net Assets	$26,850,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2045 Fund
Class C [PAFPX]
Annual Shareholder Report \| August 31, 2025

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	$100	0.94%

*	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, 2025, Class C shares of Putnam Retirement Advantage 2045 Fund returned 12.06%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	12.06	10.37	9.99
Class C (with sales charge)	11.06	10.37	9.99
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2045 Index	12.16	10.55	9.60

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

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

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, 2025)


Total Net Assets	$26,850,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2045 Fund
Class R [PAFZX]
Annual Shareholder Report \| August 31, 2025

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	$63	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, 2025, Class R shares of Putnam Retirement Advantage 2045 Fund returned 12.41%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	12.41	10.76	10.38
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2045 Index	12.16	10.55	9.60

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, 2025)


Total Net Assets	$26,850,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2045 Fund
Class R3 [PAGQX]
Annual Shareholder Report \| August 31, 2025

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	$36	0.34%

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

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

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

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2045 Fund returned 12.69%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	12.69	11.03	10.65
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2045 Index	12.16	10.55	9.60

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, 2025)


Total Net Assets	$26,850,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2045 Fund
Class R4 [PAGUX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class R4 shares of Putnam Retirement Advantage 2045 Fund returned 12.99%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	12.99	11.30	10.91
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2045 Index	12.16	10.55	9.60

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, 2025)


Total Net Assets	$26,850,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2045 Fund
Class R5 [PAGWX]
Annual Shareholder Report \| August 31, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$(6)	-0.06%

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

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

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2045 Fund returned 13.18%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	13.18	11.47	11.08
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2045 Index	12.16	10.55	9.60

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, 2025)


Total Net Assets	$26,850,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2045 Fund
Class R6 [PAFMX]
Annual Shareholder Report \| August 31, 2025

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	$(17)	-0.16%

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

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

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

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2045 Fund returned 13.29%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	13.29	11.58	11.20
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2045 Index	12.16	10.55	9.60

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, 2025)


Total Net Assets	$26,850,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2045 Fund
Class Y [PAFJX]
Annual Shareholder Report \| August 31, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$(6)	-0.06%

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

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

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

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2045 Fund returned 13.13%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	13.13	11.46	11.08
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2045 Index	12.16	10.55	9.60

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, 2025)


Total Net Assets	$26,850,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2050 Fund
Class A [PAEZX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.
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	$19	0.18%

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

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

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

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2050 Fund returned 13.57%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	13.57	11.86	11.49
Class A (with sales charge)	7.04	10.54	10.34
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2050 Index	12.60	11.04	10.06

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, 2025)


Total Net Assets	$25,807,493
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	28%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2050 Fund
Class C [PAENX]
Annual Shareholder Report \| August 31, 2025

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	$99	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, 2025, Class C shares of Putnam Retirement Advantage 2050 Fund returned 12.66%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	12.66	11.02	10.66
Class C (with sales charge)	11.66	11.02	10.66
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2050 Index	12.60	11.04	10.06

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

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

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, 2025)


Total Net Assets	$25,807,493
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	28%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2050 Fund
Class R [PAEQX]
Annual Shareholder Report \| August 31, 2025

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	$62	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, 2025, Class R shares of Putnam Retirement Advantage 2050 Fund returned 13.12%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	13.12	11.41	11.05
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2050 Index	12.60	11.04	10.06

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, 2025)


Total Net Assets	$25,807,493
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	28%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2050 Fund
Class R3 [PAGZX]
Annual Shareholder Report \| August 31, 2025

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	$35	0.33%

*	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, 2025, Class R3 shares of Putnam Retirement Advantage 2050 Fund returned 13.37%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	13.37	11.68	11.32
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2050 Index	12.60	11.04	10.06

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, 2025)


Total Net Assets	$25,807,493
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	28%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2050 Fund
Class R4 [PAHAX]
Annual Shareholder Report \| August 31, 2025

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	$9	0.08%

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

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

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

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2050 Fund returned 13.68%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	13.68	11.96	11.59
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2050 Index	12.60	11.04	10.06

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, 2025)


Total Net Assets	$25,807,493
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	28%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2050 Fund
Class R5 [PAHDX]
Annual Shareholder Report \| August 31, 2025

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

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


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

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

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

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2050 Fund returned 13.77%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	13.77	12.12	11.74
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2050 Index	12.60	11.04	10.06

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, 2025)


Total Net Assets	$25,807,493
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	28%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2050 Fund
Class R6 [PAEKX]
Annual Shareholder Report \| August 31, 2025

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	$(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, 2025, Class R6 shares of Putnam Retirement Advantage 2050 Fund returned 13.89%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	13.89	12.23	11.86
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2050 Index	12.60	11.04	10.06

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, 2025)


Total Net Assets	$25,807,493
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	28%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2050 Fund
Class Y [PHPDX]
Annual Shareholder Report \| August 31, 2025

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

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


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

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

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

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

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2050 Fund returned 13.77%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	13.77	12.12	11.74
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2050 Index	12.60	11.04	10.06

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, 2025)


Total Net Assets	$25,807,493
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	28%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2055 Fund
Class A [PADYX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.
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	0.19%

*	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, 2025, Class A shares of Putnam Retirement Advantage 2055 Fund returned 14.17%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	14.17	12.50	12.11
Class A (with sales charge)	7.61	11.17	10.95
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2055 Index	12.99	11.21	10.13

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, 2025)


Total Net Assets	$17,620,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	45%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2055 Fund
Class C [PACWX]
Annual Shareholder Report \| August 31, 2025

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	$100	0.94%

*	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, 2025, Class C shares of Putnam Retirement Advantage 2055 Fund returned 13.26%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	13.26	11.67	11.29
Class C (with sales charge)	12.26	11.67	11.29
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2055 Index	12.99	11.21	10.13

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

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

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, 2025)


Total Net Assets	$17,620,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	45%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2055 Fund
Class R [PACSX]
Annual Shareholder Report \| August 31, 2025

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	$63	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, 2025, Class R shares of Putnam Retirement Advantage 2055 Fund returned 13.67%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	13.67	12.05	11.66
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2055 Index	12.99	11.21	10.13

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, 2025)


Total Net Assets	$17,620,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	45%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2055 Fund
Class R3 [PAHEX]
Annual Shareholder Report \| August 31, 2025

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	$36	0.34%

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

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

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

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2055 Fund returned 14.01%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	14.01	12.33	11.95
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2055 Index	12.99	11.21	10.13

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, 2025)


Total Net Assets	$17,620,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	45%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2055 Fund
Class R4 [PAHFX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class R4 shares of Putnam Retirement Advantage 2055 Fund returned 14.28%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	14.28	12.61	12.21
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2055 Index	12.99	11.21	10.13

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, 2025)


Total Net Assets	$17,620,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	45%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2055 Fund
Class R5 [PAHGX]
Annual Shareholder Report \| August 31, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$6)	-0.06%

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

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

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2055 Fund returned 14.40%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	14.40	12.77	12.37
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2055 Index	12.99	11.21	10.13

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, 2025)


Total Net Assets	$17,620,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	45%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2055 Fund
Class R6 [PACJX]
Annual Shareholder Report \| August 31, 2025

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	$(17)	-0.16%

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

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

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

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2055 Fund returned 14.51%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	14.51	12.88	12.49
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2055 Index	12.99	11.21	10.13

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, 2025)


Total Net Assets	$17,620,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	45%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2055 Fund
Class Y [PAAWX]
Annual Shareholder Report \| August 31, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$(6)	-0.06%

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

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

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

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2055 Fund returned 14.41%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	14.41	12.77	12.38
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2055 Index	12.99	11.21	10.13

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, 2025)


Total Net Assets	$17,620,748
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	45%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2060 Fund
Class A [PAAVX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.
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	$21	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, 2025, Class A shares of Putnam Retirement Advantage 2060 Fund returned 14.71%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	14.71	13.04	12.65
Class A (with sales charge)	8.11	11.71	11.48
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2060 Index	13.07	11.30	10.32

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, 2025)


Total Net Assets	$13,283,781
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	31%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2060 Fund
Class C [PAAPX]
Annual Shareholder Report \| August 31, 2025

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	0.95%

*	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, 2025, Class C shares of Putnam Retirement Advantage 2060 Fund returned 13.87%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	13.87	12.20	11.81
Class C (with sales charge)	12.87	12.20	11.81
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2060 Index	13.07	11.30	10.32

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

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

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, 2025)


Total Net Assets	$13,283,781
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	31%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2060 Fund
Class R [PAAMX]
Annual Shareholder Report \| August 31, 2025

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	0.60%

*	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, 2025, Class R shares of Putnam Retirement Advantage 2060 Fund returned 14.27%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	14.27	12.59	12.19
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2060 Index	13.07	11.30	10.32

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, 2025)


Total Net Assets	$13,283,781
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	31%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2060 Fund
Class R3 [PAHJX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class R3 shares of Putnam Retirement Advantage 2060 Fund returned 14.55%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	14.55	12.87	12.47
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2060 Index	13.07	11.30	10.32

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, 2025)


Total Net Assets	$13,283,781
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	31%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2060 Fund
Class R4 [PAHKX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class R4 shares of Putnam Retirement Advantage 2060 Fund returned 14.85%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	14.85	13.14	12.73
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2060 Index	13.07	11.30	10.32

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, 2025)


Total Net Assets	$13,283,781
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	31%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2060 Fund
Class R5 [PAHLX]
Annual Shareholder Report \| August 31, 2025

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	$(5)	-0.05%

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

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

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2060 Fund returned 14.99%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	14.99	13.31	12.90
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2060 Index	13.07	11.30	10.32

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, 2025)


Total Net Assets	$13,283,781
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	31%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2060 Fund
Class R6 [PAAKX]
Annual Shareholder Report \| August 31, 2025

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	$(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, 2025, Class R6 shares of Putnam Retirement Advantage 2060 Fund returned 15.09%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	15.09	13.42	13.02
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2060 Index	13.07	11.30	10.32

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, 2025)


Total Net Assets	$13,283,781
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	31%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2060 Fund
Class Y [PAKJX]
Annual Shareholder Report \| August 31, 2025

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	$(5)	-0.05%

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

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

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

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2060 Fund returned 14.97%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% 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 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	14.97	13.31	12.90
Russell 3000 Index	15.84	14.11	14.15
Bloomberg U.S. Aggregate Index	3.14	-0.68	0.57
S&P Target Date To 2060 Index	13.07	11.30	10.32

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, 2025)


Total Net Assets	$13,283,781
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	31%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2065 Fund
Class A [PCJZX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.
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	$19	0.18%

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

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

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

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2065 Fund returned 15.14%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% 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 12/29/2020 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	Since Inception (12/29/2020)
Class A	15.14	12.16
Class A (with sales charge)	8.52	10.74
Russell 3000 Index	15.84	12.91
Bloomberg U.S. Aggregate Index	3.14	-0.82
S&P Target Date To 2065+ Index	13.38	10.05

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, 2025)


Total Net Assets	$3,291,842
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	48%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2065 Fund
Class C [PCKBX]
Annual Shareholder Report \| August 31, 2025

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	$101	0.94%

*	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, 2025, Class C shares of Putnam Retirement Advantage 2065 Fund returned 14.29%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% 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 12/29/2020 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	Since Inception (12/29/2020)
Class C	14.29	11.32
Class C (with sales charge)	13.29	11.32
Russell 3000 Index	15.84	12.91
Bloomberg U.S. Aggregate Index	3.14	-0.82
S&P Target Date To 2065+ Index	13.38	10.05

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

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

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, 2025)


Total Net Assets	$3,291,842
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	48%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2065 Fund
Class R [PCKFX]
Annual Shareholder Report \| August 31, 2025

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	$63	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, 2025, Class R shares of Putnam Retirement Advantage 2065 Fund returned 14.69%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% 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 12/29/2020 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	Since Inception (12/29/2020)
Class R	14.69	11.71
Russell 3000 Index	15.84	12.91
Bloomberg U.S. Aggregate Index	3.14	-0.82
S&P Target Date To 2065+ Index	13.38	10.05

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, 2025)


Total Net Assets	$3,291,842
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	48%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2065 Fund
Class R3 [PCKGX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class R3 shares of Putnam Retirement Advantage 2065 Fund returned 14.88%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% 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 12/29/2020 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	Since Inception (12/29/2020)
Class R3	14.88	11.99
Russell 3000 Index	15.84	12.91
Bloomberg U.S. Aggregate Index	3.14	-0.82
S&P Target Date To 2065+ Index	13.38	10.05

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, 2025)


Total Net Assets	$3,291,842
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	48%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2065 Fund
Class R4 [PCKHX]
Annual Shareholder Report \| August 31, 2025

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, 2025, Class R4 shares of Putnam Retirement Advantage 2065 Fund returned 15.29%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% 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 12/29/2020 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	Since Inception (12/29/2020)
Class R4	15.29	12.28
Russell 3000 Index	15.84	12.91
Bloomberg U.S. Aggregate Index	3.14	-0.82
S&P Target Date To 2065+ Index	13.38	10.05

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, 2025)


Total Net Assets	$3,291,842
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	48%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2065 Fund
Class R5 [PCKIX]
Annual Shareholder Report \| August 31, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$(6)	-0.06%

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

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

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

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2065 Fund returned 15.37%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% 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 12/29/2020 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	Since Inception (12/29/2020)
Class R5	15.37	12.44
Russell 3000 Index	15.84	12.91
Bloomberg U.S. Aggregate Index	3.14	-0.82
S&P Target Date To 2065+ Index	13.38	10.05

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, 2025)


Total Net Assets	$3,291,842
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	48%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2065 Fund
Class R6 [PCKJX]
Annual Shareholder Report \| August 31, 2025

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	$(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, 2025, Class R6 shares of Putnam Retirement Advantage 2065 Fund returned 15.50%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% 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 12/29/2020 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	Since Inception (12/29/2020)
Class R6	15.50	12.54
Russell 3000 Index	15.84	12.91
Bloomberg U.S. Aggregate Index	3.14	-0.82
S&P Target Date To 2065+ Index	13.38	10.05

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, 2025)


Total Net Assets	$3,291,842
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	48%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2065 Fund
Class Y [PCKEX]
Annual Shareholder Report \| August 31, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$(8)	-0.07%

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

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

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

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2065 Fund returned 15.47%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% 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 12/29/2020 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	1 Year	Since Inception (12/29/2020)
Class Y	15.47	12.45
Russell 3000 Index	15.84	12.91
Bloomberg U.S. Aggregate Index	3.14	-0.82
S&P Target Date To 2065+ Index	13.38	10.05

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, 2025)


Total Net Assets	$3,291,842
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	48%

HOW HAS THE FUND CHANGED?

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.


	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


Putnam Retirement Advantage 2070 Fund
Class A [PAJFX]
Annual Shareholder Report \| August 31, 2025

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.
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.

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	$20	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.

2	Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher.

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

For the period August 1, 2025, to August 31, 2025, Class A shares of Putnam Retirement Advantage 2070 Fund returned 4.00%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% 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 8/1/2025 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	Since Inception (8/1/2025)
Class A	4.00
Russell 3000 Index	4.02
Bloomberg U.S. Aggregate Index	0.38
S&P Target Date To 2065+ Index	3.83

Returns for less than one year have not been annualized.

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, 2025)


Total Net Assets	$1,060,896
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	0%


Putnam Retirement Advantage 2070 Fund
Class C [PAJHX]
Annual Shareholder Report \| August 31, 2025

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	$98	0.96%

*	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.

2	Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher.

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

For the period August 1, 2025, to August 31, 2025, Class C shares of Putnam Retirement Advantage 2070 Fund returned 4.00%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% 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 8/1/2025 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	Since Inception (8/1/2025)
Class C	4.00
Russell 3000 Index	4.02
Bloomberg U.S. Aggregate Index	0.38
S&P Target Date To 2065+ Index	3.83

Returns for less than one year have not been annualized.

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

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

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, 2025)


Total Net Assets	$1,060,896
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	0%


Putnam Retirement Advantage 2070 Fund
Class R [PAJIX]
Annual Shareholder Report \| August 31, 2025

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	$63	0.62%

*	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.

2	Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher.

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

For the period August 1, 2025, to August 31, 2025, Class R shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% 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 8/1/2025 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	Since Inception (8/1/2025)
Class R	4.10
Russell 3000 Index	4.02
Bloomberg U.S. Aggregate Index	0.38
S&P Target Date To 2065+ Index	3.83

Returns for less than one year have not been annualized.

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, 2025)


Total Net Assets	$1,060,896
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	0%


Putnam Retirement Advantage 2070 Fund
Class R3 [PAJJX]
Annual Shareholder Report \| August 31, 2025

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	$40	0.39%

*	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.

2	Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher.

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

For the period August 1, 2025, to August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% 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 8/1/2025 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	Since Inception (8/1/2025)
Class R3	4.10
Russell 3000 Index	4.02
Bloomberg U.S. Aggregate Index	0.38
S&P Target Date To 2065+ Index	3.83

Returns for less than one year have not been annualized.

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, 2025)


Total Net Assets	$1,060,896
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	0%


Putnam Retirement Advantage 2070 Fund
Class R4 [PAJKX]
Annual Shareholder Report \| August 31, 2025

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	$14	0.14%

*	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.

2	Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher.

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

For the period August 1, 2025, to August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% 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 8/1/2025 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	Since Inception (8/1/2025)
Class R4	4.10
Russell 3000 Index	4.02
Bloomberg U.S. Aggregate Index	0.38
S&P Target Date To 2065+ Index	3.83

Returns for less than one year have not been annualized.

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, 2025)


Total Net Assets	$1,060,896
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	0%


Putnam Retirement Advantage 2070 Fund
Class R5 [PAJLX]
Annual Shareholder Report \| August 31, 2025

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	$(1)	-0.01%

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

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

2	Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher.

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

For the period August 1, 2025, to August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% 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 8/1/2025 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	Since Inception (8/1/2025)
Class R5	4.10
Russell 3000 Index	4.02
Bloomberg U.S. Aggregate Index	0.38
S&P Target Date To 2065+ Index	3.83

Returns for less than one year have not been annualized.

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, 2025)


Total Net Assets	$1,060,896
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	0%


Putnam Retirement Advantage 2070 Fund
Class R6 [PAJMX]
Annual Shareholder Report \| August 31, 2025

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	$(11)	-0.11%

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

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

2	Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher.

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

For the period August 1, 2025, to August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% 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 8/1/2025 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	Since Inception (8/1/2025)
Class R6	4.10
Russell 3000 Index	4.02
Bloomberg U.S. Aggregate Index	0.38
S&P Target Date To 2065+ Index	3.83

Returns for less than one year have not been annualized.

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, 2025)


Total Net Assets	$1,060,896
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	0%


Putnam Retirement Advantage 2070 Fund
Class Y [PAJNX]
Annual Shareholder Report \| August 31, 2025

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	$(1)	-0.01%

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

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

2	Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher.

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

For the period August 1, 2025, to August 31, 2025, Class Y shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% 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 8/1/2025 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025


	Since Inception (8/1/2025)
Class Y	4.10
Russell 3000 Index	4.02
Bloomberg U.S. Aggregate Index	0.38
S&P Target Date To 2065+ Index	3.83

Returns for less than one year have not been annualized.

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, 2025)


Total Net Assets	$1,060,896
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	0%

(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 Gregory G. McGreevey 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 Gregory G. McGreevey and Manoj P. Singh as the Audit Committee’s financial experts. Gregory G. McGreevey 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, 2024 and August 31, 2025 (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 $192,328 in August 31, 2024 and $188,984 in August 31, 2025.

(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, 2024 and $0 in August 31, 2025.

(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 $65,914 in August 31, 2024 and $98,180 in August 31, 2025. 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.

(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, 2024 and $0 in August 31, 2025.

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 $1,030,797 in August 31, 2024 and $489,647 in August 31, 2025.

(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

Highlights

Putnam

Retirement

Advantage

Maturity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.62

$9.63

$9.50

$11.26

$10.49

Income

from

investment

operations

Net

investment

income

(loss)

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

0.47

0.38

0.14

0.03

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

0.21

1.00

0.22

(1.31)

0.95

Total

from

investment

operations

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

0.68

1.38

0.36

(1.28)

0.94

Less

distributions

from:

Net

investment

income

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

(0.46)

(0.38)

(0.14)

(0.32)

(0.16)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.46)

(0.39)

(0.23)

(0.48)

(0.17)

Net

asset

value,

end

year

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

$10.84

$10.62

$9.63

$9.50

$11.26

Total

return

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

6.62%

14.72%

3.83%

(11.91)%

9.06%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.24%

1.51%

1.63%

1.61%

2.46%

Expenses

net

waiver

and

payments

affiliates

......

0.42%

0.41%

0.57%

0.60%

Net

investment

income

(loss)

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

4.44%

3.75%

1.51%

0.25%

(0.06)%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$6,008

$718

$640

$441

$565

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

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

Putnam

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.44

$9.47

$9.37

$11.19

$10.49

Income

from

investment

operations

Net

investment

income

(loss)

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

0.39

0.30

0.06

(0.06)

0.05

Net

realized

and

unrealized

gains

(losses)

...........

0.21

0.99

0.22

(1.29)

0.81

Total

from

investment

operations

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

0.60

1.29

0.28

(1.35)

0.86

Less

distributions

from:

Net

investment

income

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

(0.38)

(0.31)

(0.09)

(0.31)

(0.15)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.38)

(0.32)

(0.18)

(0.47)

(0.16)

Net

asset

value,

end

year

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

$10.66

$10.44

$9.47

$9.37

$11.19

Total

return

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

5.88%

13.90%

3.06%

(12.59)%

8.25%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

3.00%

2.26%

2.38%

2.36%

3.21%

Expenses

net

waiver

and

payments

affiliates

......

1.18%

1.16%

1.32%

1.35%

Net

investment

income

(loss)

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

3.67%

3.00%

0.63%

(0.56)%

0.49%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$34

$11

$10

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

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

Putnam

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.52

$9.54

$9.43

$11.22

$10.49

Income

from

investment

operations

Net

investment

income

(loss)

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

0.42

0.33

0.09

(0.02)

0.09

Net

realized

and

unrealized

gains

(losses)

...........

0.22

1.00

0.23

(1.29)

0.81

Total

from

investment

operations

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

0.64

1.33

0.32

(1.31)

0.90

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.34)

(0.12)

(0.32)

(0.16)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.42)

(0.35)

(0.21)

(0.48)

(0.17)

Net

asset

value,

end

year

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

$10.74

$10.52

$9.54

$9.43

$11.22

Total

return

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

6.22%

14.32%

3.37%

(12.26)%

8.60%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.64%

1.91%

2.03%

2.01%

2.86%

Expenses

net

waiver

and

payments

affiliates

......

0.82%

0.81%

0.97%

1.00%

Net

investment

income

(loss)

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

4.03%

3.35%

0.98%

(0.21)%

0.84%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$13

$11

$10

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

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

Putnam

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.58

$9.59

$9.47

$11.24

$10.49

Income

from

investment

operations

Net

investment

income

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

0.45

0.36

0.12

—

0.12

Net

realized

and

unrealized

gains

(losses)

...........

0.21

1.01

0.22

(1.29)

0.80

Total

from

investment

operations

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

0.66

1.37

0.34

(1.29)

0.92

Less

distributions

from:

Net

investment

income

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

(0.44)

(0.37)

(0.13)

(0.32)

(0.16)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.44)

(0.38)

(0.22)

(0.48)

(0.17)

Net

asset

value,

end

year

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

$10.80

$10.58

$9.59

$9.47

$11.24

Total

return

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

6.47%

14.63%

3.63%

(12.03)%

8.84%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.39%

1.66%

1.78%

1.76%

2.61%

Expenses

net

waiver

and

payments

affiliates

......

0.57%

0.56%

0.72%

0.75%

Net

investment

income

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

4.29%

3.60%

1.23%

0.04%

1.09%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$11

$10

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

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

Putnam

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.64

$9.64

$9.51

$11.26

$10.49

Income

from

investment

operations

Net

investment

income

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

0.48

0.37

0.15

0.02

0.14

Net

realized

and

unrealized

gains

(losses)

...........

0.21

1.03

0.22

(1.29)

0.80

Total

from

investment

operations

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

0.69

1.40

0.37

(1.27)

0.94

Less

distributions

from:

Net

investment

income

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

(0.47)

(0.39)

(0.15)

(0.32)

(0.16)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.47)

(0.40)

(0.24)

(0.48)

(0.17)

Net

asset

value,

end

year

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

$10.86

$10.64

$9.64

$9.51

$11.26

Total

return

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

6.70%

14.92%

3.94%

(11.81)%

9.08%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.14%

1.41%

1.53%

1.51%

2.36%

Expenses

net

waiver

and

payments

affiliates

......

0.32%

0.31%

0.47%

0.50%

Net

investment

income

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

4.54%

3.72%

1.55%

0.18%

1.34%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$15

$14

$29

$22

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

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

Putnam

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.67

$9.67

$9.53

$11.28

$10.49

Income

from

investment

operations

Net

investment

income

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

0.50

0.40

0.15

0.05

0.16

Net

realized

and

unrealized

gains

(losses)

...........

0.21

1.02

0.24

(1.32)

0.81

Total

from

investment

operations

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

0.71

1.42

0.39

(1.27)

0.97

Less

distributions

from:

Net

investment

income

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

(0.48)

(0.41)

(0.16)

(0.32)

(0.17)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.48)

(0.42)

(0.25)

(0.48)

(0.18)

Net

asset

value,

end

year

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

$10.90

$10.67

$9.67

$9.53

$11.28

Total

return

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

6.91%

15.04%

4.14%

(11.77)%

9.29%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.99%

1.26%

1.38%

1.36%

2.21%

Expenses

net

waiver

and

payments

affiliates

......

0.17%

0.16%

0.32%

0.35%

Net

investment

income

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

4.68%

4.00%

1.63%

0.44%

1.49%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$12

$11

$10

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

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

Putnam

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.69

$9.69

$9.56

$11.29

$10.49

Income

from

investment

operations

Net

investment

income

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

0.51

0.41

0.16

0.06

0.20

Net

realized

and

unrealized

gains

(losses)

...........

0.23

1.02

0.23

(1.31)

0.78

Total

from

investment

operations

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

0.74

1.43

0.39

(1.25)

0.98

Less

distributions

from:

Net

investment

income

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

(0.50)

(0.42)

(0.17)

(0.32)

(0.17)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.50)

(0.43)

(0.26)

(0.48)

(0.18)

Net

asset

value,

end

year

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

$10.93

$10.69

$9.69

$9.56

$11.29

Total

return

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

7.10%

15.14%

4.12%

(11.57)%

9.42%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.89%

1.16%

1.28%

1.26%

2.11%

Expenses

net

waiver

and

payments

affiliates

......

0.07%

0.06%

0.22%

0.25%

Net

investment

income

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

4.78%

4.10%

1.73%

0.58%

1.86%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$34,882

$15,790

$11,980

$12,192

$11,041

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

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

Putnam

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.67

$9.67

$9.53

$11.28

$10.49

Income

from

investment

operations

Net

investment

income

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

0.50

0.40

0.16

0.05

0.16

Net

realized

and

unrealized

gains

(losses)

...........

0.21

1.02

0.23

(1.32)

0.81

Total

from

investment

operations

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

0.71

1.42

0.39

(1.27)

0.97

Less

distributions

from:

Net

investment

income

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

(0.48)

(0.41)

(0.16)

(0.32)

(0.17)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.48)

(0.42)

(0.25)

(0.48)

(0.18)

Net

asset

value,

end

year

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

$10.90

$10.67

$9.67

$9.53

$11.28

Total

return

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

6.90%

15.04%

4.14%

(11.77)%

9.29%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.99%

1.26%

1.38%

1.36%

2.21%

Expenses

net

waiver

and

payments

affiliates

......

0.17%

0.16%

0.32%

0.35%

Net

investment

income

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

4.68%

4.00%

1.63%

0.43%

1.49%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$35

$27

$24

$22

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

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,

2025

Putnam

Retirement

Advantage

Maturity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

99.8%

Domestic

Hybrid

93.9%

Putnam

Multi-Asset

Income

Fund

Class

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

3,482,041

38,511,374

Liquidity

Funds

5.9%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

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

2,407,489

Total

Investments

Underlying

Funds

(Cost

39,533,746

)

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

40,918,863

Total

Investments

(Cost

39,533,746

)

99.8

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

$40,918,863

Other

Assets,

less

Liabilities

0.2

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

91,404

Net

Assets

100.0%

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

$41,010,267

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

Putnam

Retirement

Advantage

2030

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.82

$9.43

$9.53

$12.29

$10.55

Income

from

investment

operations

Net

investment

income

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

0.40

0.26

0.18

0.11

0.10

Net

realized

and

unrealized

gains

(losses)

...........

0.41

1.43

0.38

(1.52)

1.77

Total

from

investment

operations

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

0.81

1.69

0.56

(1.41)

1.87

Less

distributions

from:

Net

investment

income

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

(0.44)

(0.22)

(0.14)

(0.57)

(0.12)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.48)

(0.30)

(0.66)

(1.35)

(0.13)

Net

asset

value,

end

year

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

$11.15

$10.82

$9.43

$9.53

$12.29

Total

return

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

7.84%

18.22%

6.36%

(12.89)%

17.86%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.10%

1.45%

1.65%

1.64%

2.38%

Expenses

net

waiver

and

payments

affiliates

......

0.27%

0.26%

0.25%

0.28%

Net

investment

income

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

3.72%

2.58%

1.90%

1.07%

0.83%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$5,352

$1,834

$951

$513

$195

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

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

Putnam

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.70

$9.34

$9.45

$12.23

$10.55

Income

from

investment

operations

Net

investment

income

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

0.31

0.19

0.10

0.05

0.02

Net

realized

and

unrealized

gains

(losses)

...........

0.42

1.41

0.39

(1.52)

1.76

Total

from

investment

operations

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

0.73

1.60

0.49

(1.47)

1.78

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.16)

(0.08)

(0.53)

(0.09)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.46)

(0.24)

(0.60)

(1.31)

(0.10)

Net

asset

value,

end

year

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

$10.97

$10.70

$9.34

$9.45

$12.23

Total

return

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

7.01%

17.34%

5.58%

(13.50)%

16.99%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.53%

2.20%

2.40%

2.39%

3.13%

Expenses

net

waiver

and

payments

affiliates

......

1.03%

1.01%

1.00%

1.03%

Net

investment

income

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

2.96%

1.91%

1.11%

0.49%

0.16%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$108

$87

$115

$57

$27

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

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

Putnam

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.84

$9.44

$9.53

$12.26

$10.55

Income

from

investment

operations

Net

investment

income

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

0.36

0.22

0.14

0.10

0.08

Net

realized

and

unrealized

gains

(losses)

...........

0.41

1.43

0.38

(1.55)

1.74

Total

from

investment

operations

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

0.77

1.65

0.52

(1.45)

1.82

Less

distributions

from:

Net

investment

income

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

(0.39)

(0.17)

(0.09)

(0.50)

(0.10)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.43)

(0.25)

(0.61)

(1.28)

(0.11)

Net

asset

value,

end

year

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

$11.18

$10.84

$9.44

$9.53

$12.26

Total

return

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

7.42%

17.75%

5.92%

(13.20)%

17.42%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.66%

1.85%

2.05%

2.04%

2.78%

Expenses

net

waiver

and

payments

affiliates

......

0.67%

0.66%

0.65%

0.68%

Net

investment

income

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

3.31%

2.25%

1.50%

0.90%

0.71%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$13

$11

$10

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

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

Putnam

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.86

$9.46

$9.54

$12.28

$10.55

Income

from

investment

operations

Net

investment

income

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

0.38

0.25

0.16

0.12

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.42

1.43

0.39

(1.55)

1.74

Total

from

investment

operations

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

0.80

1.68

0.55

(1.43)

1.85

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.20)

(0.11)

(0.53)

(0.11)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.46)

(0.28)

(0.63)

(1.31)

(0.12)

Net

asset

value,

end

year

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

$11.20

$10.86

$9.46

$9.54

$12.28

Total

return

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

7.67%

17.99%

6.30%

(13.03)%

17.70%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.41%

1.60%

1.80%

1.79%

2.53%

Expenses

net

waiver

and

payments

affiliates

......

0.42%

0.41%

0.40%

0.43%

Net

investment

income

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

3.56%

2.50%

1.75%

1.15%

0.96%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$13

$11

$10

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

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

Putnam

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.97

$9.47

$9.56

$12.30

$10.55

Income

from

investment

operations

Net

investment

income

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

0.42

0.28

0.19

0.11

0.14

Net

realized

and

unrealized

gains

(losses)

...........

0.43

1.43

0.38

(1.51)

1.74

Total

from

investment

operations

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

0.85

1.71

0.57

(1.40)

1.88

Less

distributions

from:

Net

investment

income

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

(0.45)

(0.13)

(0.14)

(0.56)

(0.12)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.49)

(0.21)

(0.66)

(1.34)

(0.13)

Net

asset

value,

end

year

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

$11.33

$10.97

$9.47

$9.56

$12.30

Total

return

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

8.05%

18.21%

6.54%

(12.79)%

17.98%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.09%

1.35%

1.55%

1.54%

2.28%

Expenses

net

waiver

and

payments

affiliates

......

0.17%

0.16%

0.15%

0.18%

Net

investment

income

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

3.81%

2.74%

2.02%

1.15%

1.21%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$21

$19

$15

$101

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

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

Putnam

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.89

$9.48

$9.57

$12.31

$10.55

Income

from

investment

operations

Net

investment

income

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

0.43

0.29

0.20

0.17

0.15

Net

realized

and

unrealized

gains

(losses)

...........

0.42

1.43

0.38

(1.55)

1.74

Total

from

investment

operations

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

0.85

1.72

0.58

(1.38)

1.89

Less

distributions

from:

Net

investment

income

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

(0.46)

(0.23)

(0.15)

(0.58)

(0.12)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.50)

(0.31)

(0.67)

(1.36)

(0.13)

Net

asset

value,

end

year

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

$11.24

$10.89

$9.48

$9.57

$12.31

Total

return

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

8.17%

18.51%

6.64%

(12.64)%

18.13%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.01%

1.20%

1.40%

1.39%

2.13%

Expenses

net

waiver

and

payments

affiliates

......

0.02%

0.01%

—%

0.03%

Net

investment

income

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

3.96%

2.89%

2.15%

1.55%

1.36%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$13

$11

$10

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

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

Putnam

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.89

$9.49

$9.57

$12.31

$10.55

Income

from

investment

operations

Net

investment

income

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

0.44

0.30

0.21

0.16

Net

realized

and

unrealized

gains

(losses)

...........

0.42

1.42

0.39

(1.53)

1.74

Total

from

investment

operations

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

0.86

1.72

0.60

(1.37)

1.90

Less

distributions

from:

Net

investment

income

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

(0.47)

(0.24)

(0.16)

(0.59)

(0.13)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.51)

(0.32)

(0.68)

(1.37)

(0.14)

Net

asset

value,

end

year

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

$11.24

$10.89

$9.49

$9.57

$12.31

Total

return

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

8.28%

18.50%

6.86%

(12.56)%

18.17%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.76%

1.10%

1.30%

1.29%

2.03%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.08)%

(0.09)%

(0.10)%

(0.07)%

Net

investment

income

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

4.07%

2.96%

2.25%

1.49%

1.38%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$32,590

$27,502

$13,477

$11,594

$11,404

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

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.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$10.88

$9.48

$9.57

$12.31

$10.55

Income

from

investment

operations

Net

investment

income

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

0.43

0.29

0.20

0.17

0.15

Net

realized

and

unrealized

gains

(losses)

...........

0.43

1.42

0.38

(1.55)

1.74

Total

from

investment

operations

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

0.86

1.71

0.58

(1.38)

1.89

Less

distributions

from:

Net

investment

income

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

(0.47)

(0.23)

(0.15)

(0.58)

(0.12)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.51)

(0.31)

(0.67)

(1.36)

(0.13)

Net

asset

value,

end

year

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

$11.23

$10.88

$9.48

$9.57

$12.31

Total

return

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

8.23%

18.41%

6.65%

(12.64)%

18.13%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.51%

1.20%

1.40%

1.39%

2.13%

Expenses

net

waiver

and

payments

affiliates

......

0.02%

0.01%

—%

0.03%

Net

investment

income

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

3.97%

2.76%

2.14%

1.54%

1.35%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$737

$838

$14

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

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,

2025

Putnam

Retirement

Advantage

2030

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

100.0%

Domestic

Hybrid

94.1%

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Class

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

529,188

9,070,283

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

Class

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

1,843,102

20,642,745

Putnam

Multi-Asset

Income

Fund

Class

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

619,733

6,854,245

36,567,273

Liquidity

Funds

5.9%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

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

2,279,591

Total

Investments

Underlying

Funds

(Cost

37,851,812

)

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

38,846,864

Total

Investments

(Cost

37,851,812

)

100.0

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

$38,846,864

Other

Assets,

less

Liabilities

(0.0)

†

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

(76)

Net

Assets

100.0%

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

$38,846,788

†

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

Putnam

Retirement

Advantage

2035

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.24

$9.61

$9.54

$12.64

$10.56

Income

from

investment

operations

Net

investment

income

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

0.37

0.21

0.14

0.12

0.05

Net

realized

and

unrealized

gains

(losses)

...........

0.73

1.85

0.66

(1.61)

2.22

Total

from

investment

operations

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

1.10

2.06

0.80

(1.49)

2.27

Less

distributions

from:

Net

investment

income

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

(0.64)

(0.30)

(0.04)

(0.66)

(0.10)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.69)

(0.43)

(0.73)

(1.61)

(0.19)

Net

asset

value,

end

year

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

$11.65

$11.24

$9.61

$9.54

$12.64

Total

return

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

10.30%

22.10%

9.21%

(13.69)%

21.67%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.09%

1.44%

1.59%

1.63%

2.30%

Expenses

net

waiver

and

payments

affiliates

......

0.26%

0.25%

0.22%

0.23%

0.22%

Net

investment

income

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

3.36%

2.00%

1.49%

1.16%

0.45%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$7,187

$3,518

$1,566

$720

$449

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

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

Putnam

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

174

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.17

$9.55

$9.51

$12.58

$10.56

Income

from

investment

operations

Net

investment

income

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

0.29

0.04

0.08

0.03

0.01

Net

realized

and

unrealized

gains

(losses)

...........

0.71

1.93

0.65

(1.60)

2.17

Total

from

investment

operations

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

1.00

1.97

0.73

(1.57)

2.18

Less

distributions

from:

Net

investment

income

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

(0.61)

(0.22)

—

(0.55)

(0.07)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.66)

(0.35)

(0.69)

(1.50)

(0.16)

Net

asset

value,

end

year

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

$11.51

$11.17

$9.55

$9.51

$12.58

Total

return

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

9.43%

21.13%

8.45%

(14.26)%

20.77%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.84%

2.19%

2.34%

2.38%

3.05%

Expenses

net

waiver

and

payments

affiliates

......

1.02%

1.00%

0.97%

0.98%

0.97%

Net

investment

income

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

2.61%

0.41%

0.87%

0.32%

0.12%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$22

$143

$11

$26

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

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

Putnam

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.24

$9.60

$9.53

$12.61

$10.56

Income

from

investment

operations

Net

investment

income

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

0.33

0.18

0.11

0.10

0.05

Net

realized

and

unrealized

gains

(losses)

...........

0.72

1.85

0.65

(1.63)

2.17

Total

from

investment

operations

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

1.05

2.03

0.76

(1.53)

2.22

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.26)

—

(0.60)

(0.08)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.63)

(0.39)

(0.69)

(1.55)

(0.17)

Net

asset

value,

end

year

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

$11.66

$11.24

$9.60

$9.53

$12.61

Total

return

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

9.80%

21.67%

8.75%

(14.00)%

21.19%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.49%

1.84%

1.99%

2.03%

2.70%

Expenses

net

waiver

and

payments

affiliates

......

0.67%

0.65%

0.62%

0.63%

0.62%

Net

investment

income

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

2.96%

1.72%

1.19%

0.92%

0.47%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$14

$11

$10

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

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

Putnam

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.27

$9.63

$9.54

$12.63

$10.56

Income

from

investment

operations

Net

investment

income

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

0.36

0.20

0.13

0.08

Net

realized

and

unrealized

gains

(losses)

...........

0.71

1.85

0.67

(1.64)

2.17

Total

from

investment

operations

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

1.07

2.05

0.80

(1.51)

2.25

Less

distributions

from:

Net

investment

income

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

(0.60)

(0.28)

(0.02)

(0.63)

(0.09)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.65)

(0.41)

(0.71)

(1.58)

(0.18)

Net

asset

value,

end

year

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

$11.69

$11.27

$9.63

$9.54

$12.63

Total

return

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

10.04%

21.88%

9.15%

(13.84)%

21.48%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.24%

1.59%

1.74%

1.78%

2.45%

Expenses

net

waiver

and

payments

affiliates

......

0.41%

0.40%

0.37%

0.38%

0.37%

Net

investment

income

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

3.21%

1.97%

1.44%

1.17%

0.72%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$14

$11

$10

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

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

Putnam

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.27

$9.63

$9.56

$12.65

$10.56

Income

from

investment

operations

Net

investment

income

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

0.39

0.22

0.15

0.13

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.72

1.86

0.66

(1.61)

2.17

Total

from

investment

operations

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

1.11

2.08

0.81

(1.48)

2.28

Less

distributions

from:

Net

investment

income

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

(0.63)

(0.31)

(0.05)

(0.66)

(0.10)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.68)

(0.44)

(0.74)

(1.61)

(0.19)

Net

asset

value,

end

year

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

$11.70

$11.27

$9.63

$9.56

$12.65

Total

return

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

10.43%

22.20%

9.29%

(13.59)%

21.77%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.99%

1.34%

1.49%

1.53%

2.20%

Expenses

net

waiver

and

payments

affiliates

......

0.16%

0.15%

0.12%

0.13%

0.12%

Net

investment

income

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

3.46%

2.16%

1.66%

1.23%

0.97%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$58

$49

$32

$21

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

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

Putnam

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.30

$9.65

$9.57

$12.66

$10.56

Income

from

investment

operations

Net

investment

income

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

0.40

0.24

0.17

0.13

Net

realized

and

unrealized

gains

(losses)

...........

0.73

1.86

0.66

(1.64)

2.16

Total

from

investment

operations

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

1.13

2.10

0.83

(1.47)

2.29

Less

distributions

from:

Net

investment

income

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

(0.65)

(0.32)

(0.06)

(0.67)

(0.10)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.70)

(0.45)

(0.75)

(1.62)

(0.19)

Net

asset

value,

end

year

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

$11.73

$11.30

$9.65

$9.57

$12.66

Total

return

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

10.54%

22.39%

9.50%

(13.44)%

21.92%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.84%

1.19%

1.34%

1.38%

2.05%

Expenses

net

waiver

and

payments

affiliates

......

0.02%

—%

(0.03)%

(0.02)%

(0.03)%

Net

investment

income

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

3.60%

2.37%

1.84%

1.57%

1.12%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$15

$14

$12

$11

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

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.

Amount

rounds

less

than

$0.01

per

share.

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

Putnam

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.31

$9.66

$9.58

$12.67

$10.56

Income

from

investment

operations

Net

investment

income

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

0.41

0.25

0.18

0.14

Net

realized

and

unrealized

gains

(losses)

...........

0.73

1.86

0.66

(1.63)

2.17

Total

from

investment

operations

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

1.14

2.11

0.84

(1.45)

2.31

Less

distributions

from:

Net

investment

income

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

(0.66)

(0.33)

(0.07)

(0.69)

(0.11)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.71)

(0.46)

(0.76)

(1.64)

(0.20)

Net

asset

value,

end

year

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

$11.74

$11.31

$9.66

$9.58

$12.67

Total

return

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

10.65%

22.49%

9.61%

(13.34)%

22.06%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.74%

1.09%

1.24%

1.28%

1.95%

Expenses

net

waiver

and

payments

affiliates

.....

(0.09)%

(0.10)%

(0.13)%

(0.12)%

(0.13)%

Net

investment

income

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

3.71%

2.45%

1.93%

1.68%

1.18%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$38,064

$23,724

$14,440

$12,199

$12,118

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

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.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.30

$9.65

$9.57

$12.66

$10.56

Income

from

investment

operations

Net

investment

income

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

0.40

0.23

0.17

0.12

Net

realized

and

unrealized

gains

(losses)

...........

0.73

1.87

0.66

(1.63)

2.17

Total

from

investment

operations

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

1.13

2.10

0.83

(1.46)

2.29

Less

distributions

from:

Net

investment

income

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

(0.65)

(0.32)

(0.06)

(0.68)

(0.10)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.70)

(0.45)

(0.75)

(1.63)

(0.19)

Net

asset

value,

end

year

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

$11.73

$11.30

$9.65

$9.57

$12.66

Total

return

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

10.58%

22.39%

9.50%

(13.43)%

21.92%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.84%

1.19%

1.34%

1.38%

2.05%

Expenses

net

waiver

and

payments

affiliates

......

0.01%

—%

(0.03)%

(0.02)%

(0.03)%

Net

investment

income

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

3.61%

2.21%

1.84%

1.57%

1.06%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$73

$49

$19

$18

$20

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

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.

Amount

rounds

less

than

$0.01

per

share.

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,

2025

Putnam

Retirement

Advantage

2035

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

100.0%

Domestic

Hybrid

95.4%

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Class

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

2,364,026

40,519,404

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

Class

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

120,823

1,353,220

Putnam

Multi-Asset

Income

Fund

Class

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

135,311

1,496,536

43,369,160

Liquidity

Funds

4.6%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

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

2,071,459

Total

Investments

Underlying

Funds

(Cost

43,599,370

)

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

45,440,619

Total

Investments

(Cost

43,599,370

)

100.0

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

$45,440,619

Other

Assets,

less

Liabilities

0.0

†

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

6,043

Net

Assets

100.0%

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

$45,446,662

†

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

Putnam

Retirement

Advantage

2040

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.42

$9.51

$9.66

$12.91

$10.55

Income

from

investment

operations

Net

investment

income

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

0.31

0.24

0.09

0.08

Net

realized

and

unrealized

gains

(losses)

...........

0.97

2.00

0.83

(1.71)

2.47

Total

from

investment

operations

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

1.28

2.24

0.92

(1.62)

2.55

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.25)

(0.10)

(0.67)

(0.10)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.78)

(0.33)

(1.07)

(1.63)

(0.19)

Net

asset

value,

end

year

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

$11.92

$11.42

$9.51

$9.66

$12.91

Total

return

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

11.89%

24.09%

10.90%

(14.47)%

24.45%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.14%

1.60%

1.97%

2.07%

2.91%

Expenses

net

waiver

and

payments

affiliates

......

0.22%

0.20%

0.18%

0.19%

0.18%

Net

investment

income

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

2.70%

2.35%

0.96%

0.83%

0.65%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$5,556

$1,161

$485

$171

$70

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

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

Putnam

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.38

$9.48

$9.62

$12.86

$10.55

Income

from

investment

operations

Net

investment

income

(loss)

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

0.22

0.11

0.02

0.07

(0.02)

Net

realized

and

unrealized

gains

(losses)

...........

0.96

2.05

0.84

(1.77)

2.48

Total

from

investment

operations

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

1.18

2.16

0.86

(1.70)

2.46

Less

distributions

from:

Net

investment

income

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

(0.53)

(0.18)

(0.03)

(0.58)

(0.06)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.73)

(0.26)

(1.00)

(1.54)

(0.15)

Net

asset

value,

end

year

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

$11.83

$11.38

$9.48

$9.62

$12.86

Total

return

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

10.96%

23.14%

10.12%

(15.12)%

23.60%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.90%

2.35%

2.72%

2.82%

3.66%

Expenses

net

waiver

and

payments

affiliates

......

0.97%

0.95%

0.93%

0.94%

0.93%

Net

investment

income

(loss)

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

1.95%

1.10%

0.26%

0.60%

(0.15)%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$53

$74

$26

$15

$14

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

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

Putnam

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.43

$9.50

$9.64

$12.89

$10.55

Income

from

investment

operations

Net

investment

income

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

0.26

0.19

0.07

0.12

0.03

Net

realized

and

unrealized

gains

(losses)

...........

0.97

2.02

0.82

(1.79)

2.48

Total

from

investment

operations

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

1.23

2.21

0.89

(1.67)

2.51

Less

distributions

from:

Net

investment

income

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

(0.52)

(0.20)

(0.06)

(0.62)

(0.08)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.72)

(0.28)

(1.03)

(1.58)

(0.17)

Net

asset

value,

end

year

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

$11.94

$11.43

$9.50

$9.64

$12.89

Total

return

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

11.45%

23.65%

10.45%

(14.87)%

24.03%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.55%

2.00%

2.37%

2.47%

3.31%

Expenses

net

waiver

and

payments

affiliates

......

0.62%

0.60%

0.58%

0.59%

0.58%

Net

investment

income

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

2.30%

1.88%

0.79%

1.10%

0.26%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$15

$14

$12

$11

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

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

Putnam

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.45

$9.52

$9.66

$12.90

$10.55

Income

from

investment

operations

Net

investment

income

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

0.29

0.22

0.10

0.15

0.06

Net

realized

and

unrealized

gains

(losses)

...........

0.97

2.01

0.81

(1.78)

2.47

Total

from

investment

operations

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

1.26

2.23

0.91

(1.63)

2.53

Less

distributions

from:

Net

investment

income

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

(0.55)

(0.22)

(0.08)

(0.65)

(0.09)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.75)

(0.30)

(1.05)

(1.61)

(0.18)

Net

asset

value,

end

year

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

$11.96

$11.45

$9.52

$9.66

$12.90

Total

return

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

11.70%

23.88%

10.75%

(14.56)%

24.22%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.30%

1.75%

2.12%

2.22%

3.06%

Expenses

net

waiver

and

payments

affiliates

......

0.37%

0.35%

0.33%

0.34%

0.33%

Net

investment

income

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

2.55%

2.13%

1.04%

1.35%

0.51%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$15

$12

$11

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

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

Putnam

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.46

$9.52

$9.67

$12.93

$10.55

Income

from

investment

operations

Net

investment

income

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

0.32

0.24

0.11

0.09

Net

realized

and

unrealized

gains

(losses)

...........

0.97

2.02

0.82

(1.71)

2.47

Total

from

investment

operations

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

1.29

2.26

0.93

(1.62)

2.56

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.24)

(0.11)

(0.68)

(0.09)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.78)

(0.32)

(1.08)

(1.64)

(0.18)

Net

asset

value,

end

year

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

$11.97

$11.46

$9.52

$9.67

$12.93

Total

return

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

11.93%

24.30%

11.02%

(14.46)%

24.60%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.05%

1.50%

1.87%

1.97%

2.81%

Expenses

net

waiver

and

payments

affiliates

......

0.12%

0.10%

0.08%

0.09%

0.08%

Net

investment

income

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

2.80%

2.35%

1.23%

0.91%

0.75%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$76

$58

$41

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

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

Putnam

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.48

$9.54

$9.68

$12.94

$10.55

Income

from

investment

operations

Net

investment

income

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

0.33

0.26

0.13

0.19

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.98

2.02

0.82

(1.79)

2.47

Total

from

investment

operations

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

1.31

2.28

0.95

(1.60)

2.58

Less

distributions

from:

Net

investment

income

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

(0.60)

(0.26)

(0.12)

(0.70)

(0.10)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.80)

(0.34)

(1.09)

(1.66)

(0.19)

Net

asset

value,

end

year

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

$11.99

$11.48

$9.54

$9.68

$12.94

Total

return

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

12.10%

24.40%

11.21%

(14.32)%

24.76%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.90%

1.35%

1.72%

1.82%

2.66%

Expenses

net

waiver

and

payments

affiliates

.....

(0.03)%

(0.05)%

(0.07)%

(0.06)%

(0.07)%

Net

investment

income

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

2.95%

2.53%

1.44%

1.75%

0.90%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$15

$12

$11

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

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

and

asset

allocation

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

Putnam

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.49

$9.55

$9.69

$12.95

$10.55

Income

from

investment

operations

Net

investment

income

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

0.35

0.26

0.14

0.21

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.98

2.03

0.82

(1.80)

2.48

Total

from

investment

operations

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

1.33

2.29

0.96

(1.59)

2.59

Less

distributions

from:

Net

investment

income

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

(0.61)

(0.27)

(0.13)

(0.71)

(0.10)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.81)

(0.35)

(1.10)

(1.67)

(0.19)

Net

asset

value,

end

year

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

$12.01

$11.49

$9.55

$9.69

$12.95

Total

return

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

12.32%

24.48%

11.33%

(14.21)%

24.89%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.80%

1.25%

1.62%

1.72%

2.56%

Expenses

net

waiver

and

payments

affiliates

.....

(0.13)%

(0.15)%

(0.17)%

(0.16)%

(0.17)%

Net

investment

income

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

3.05%

2.54%

1.49%

1.92%

0.98%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$32,843

$22,074

$9,900

$6,909

$7,183

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

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

and

asset

allocation

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

Putnam

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.48

$9.54

$9.68

$12.94

$10.55

Income

from

investment

operations

Net

investment

income

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

0.33

0.25

0.11

0.19

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.97

2.03

0.84

(1.79)

2.47

Total

from

investment

operations

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

1.30

2.28

0.95

(1.60)

2.58

Less

distributions

from:

Net

investment

income

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

(0.60)

(0.26)

(0.12)

(0.70)

(0.10)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.80)

(0.34)

(1.09)

(1.66)

(0.19)

Net

asset

value,

end

year

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

$11.98

$11.48

$9.54

$9.68

$12.94

Total

return

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

12.08%

24.44%

11.21%

(14.32)%

24.76%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.90%

1.35%

1.72%

1.82%

2.66%

Expenses

net

waiver

and

payments

affiliates

.....

(0.03)%

(0.05)%

(0.07)%

(0.06)%

(0.07)%

Net

investment

income

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

2.95%

2.45%

1.18%

1.75%

0.90%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$82

$38

$28

$11

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

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

and

asset

allocation

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,

2025

Putnam

Retirement

Advantage

2040

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

100.0%

Domestic

Hybrid

96.6%

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Class

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

1,110,879

19,040,470

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

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

827,730

18,301,119

37,341,589

Liquidity

Funds

3.4%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

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

1,300,177

Total

Investments

Underlying

Funds

(Cost

37,255,955

)

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

38,641,766

Total

Investments

(Cost

37,255,955

)

100.0

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

$38,641,766

Other

Assets,

less

Liabilities

0.0

†

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

13,747

Net

Assets

100.0%

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

$38,655,513

†

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

Putnam

Retirement

Advantage

2045

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.85

$9.69

$9.68

$13.14

$10.55

Income

from

investment

operations

Net

investment

income

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

0.23

0.19

0.08

0.12

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.24

2.23

0.96

(1.81)

2.64

Total

from

investment

operations

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

1.47

2.42

1.04

(1.69)

2.73

Less

distributions

from:

Net

investment

income

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

(0.55)

(0.26)

(0.11)

(0.70)

(0.10)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.62)

(0.26)

(1.03)

(1.77)

(0.14)

Net

asset

value,

end

year

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

$12.70

$11.85

$9.69

$9.68

$13.14

Total

return

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

12.95%

25.39%

12.05%

(15.04)%

26.05%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.33%

1.69%

1.94%

2.00%

2.79%

Expenses

net

waiver

and

payments

affiliates

......

0.19%

0.17%

0.15%

0.17%

Net

investment

income

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

1.93%

1.78%

0.90%

1.14%

0.76%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$3,309

$1,156

$549

$385

$204

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

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

Putnam

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.80

$9.66

$9.65

$13.09

$10.55

Income

from

investment

operations

Net

investment

income

(loss)

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

0.14

0.01

0.09

(0.05)

Net

realized

and

unrealized

gains

(losses)

...........

1.24

2.33

0.95

(1.86)

2.69

Total

from

investment

operations

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

1.38

2.34

0.96

(1.77)

2.64

Less

distributions

from:

Net

investment

income

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

(0.48)

(0.20)

(0.03)

(0.60)

(0.06)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.55)

(0.20)

(0.95)

(1.67)

(0.10)

Net

asset

value,

end

year

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

$12.63

$11.80

$9.66

$9.65

$13.09

Total

return

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

12.06%

24.51%

11.14%

(15.63)%

25.17%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.08%

2.44%

2.69%

2.75%

3.54%

Expenses

net

waiver

and

payments

affiliates

......

0.94%

0.92%

0.90%

0.92%

Net

investment

income

(loss)

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

1.17%

0.13%

0.77%

(0.42)%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$38

$140

$28

$21

$24

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

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

Putnam

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.87

$9.69

$9.67

$13.12

$10.55

Income

from

investment

operations

Net

investment

income

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

0.18

0.05

0.13

0.03

Net

realized

and

unrealized

gains

(losses)

...........

1.23

2.34

0.95

(1.87)

2.66

Total

from

investment

operations

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

1.41

2.39

1.00

(1.74)

2.69

Less

distributions

from:

Net

investment

income

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

(0.54)

(0.21)

(0.06)

(0.64)

(0.08)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.61)

(0.21)

(0.98)

(1.71)

(0.12)

Net

asset

value,

end

year

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

$12.67

$11.87

$9.69

$9.67

$13.12

Total

return

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

12.41%

25.08%

11.59%

(15.41)%

25.59%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.73%

2.09%

2.34%

2.40%

3.19%

Expenses

net

waiver

and

payments

affiliates

......

0.59%

0.57%

0.55%

0.57%

Net

investment

income

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

1.52%

0.47%

0.54%

1.13%

0.22%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$172

$150

$12

$11

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

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

Putnam

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.89

$9.71

$9.69

$13.14

$10.55

Income

from

investment

operations

Net

investment

income

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

0.21

0.23

0.07

0.15

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.23

2.19

0.95

(1.86)

2.66

Total

from

investment

operations

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

1.44

2.42

1.02

(1.71)

2.72

Less

distributions

from:

Net

investment

income

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

(0.52)

(0.24)

(0.08)

(0.67)

(0.09)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.59)

(0.24)

(1.00)

(1.74)

(0.13)

Net

asset

value,

end

year

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

$12.74

$11.89

$9.71

$9.69

$13.14

Total

return

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

12.69%

25.31%

11.88%

(15.16)%

25.88%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.48%

1.84%

2.09%

2.15%

2.94%

Expenses

net

waiver

and

payments

affiliates

......

0.34%

0.32%

0.30%

0.32%

Net

investment

income

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

1.78%

2.18%

0.79%

1.38%

0.47%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$16

$15

$12

$11

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

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

Putnam

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.90

$9.71

$13.16

$10.55

Income

from

investment

operations

Net

investment

income

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

0.24

0.26

0.11

0.05

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.24

2.19

0.93

(1.73)

2.65

Total

from

investment

operations

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

1.48

2.45

1.04

(1.68)

2.74

Less

distributions

from:

Net

investment

income

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

(0.55)

(0.26)

(0.12)

(0.70)

(0.09)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.62)

(0.26)

(1.04)

(1.77)

(0.13)

Net

asset

value,

end

year

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

$12.76

$11.90

$9.71

$13.16

Total

return

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

12.99%

25.70%

12.05%

(14.92)%

26.17%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.23%

1.59%

1.84%

1.90%

2.69%

Expenses

net

waiver

and

payments

affiliates

......

0.09%

0.07%

0.05%

0.07%

Net

investment

income

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

2.02%

2.48%

1.21%

0.47%

0.72%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$80

$72

$74

$79

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

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

Putnam

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.92

$9.73

$9.72

$13.17

$10.55

Income

from

investment

operations

Net

investment

income

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

0.26

0.27

0.11

0.20

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.24

2.20

0.94

(1.86)

2.66

Total

from

investment

operations

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

1.50

2.47

1.05

(1.66)

2.76

Less

distributions

from:

Net

investment

income

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

(0.57)

(0.28)

(0.12)

(0.72)

(0.10)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.64)

(0.28)

(1.04)

(1.79)

(0.14)

Net

asset

value,

end

year

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

$12.78

$11.92

$9.73

$9.72

$13.17

Total

return

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

13.18%

25.83%

12.23%

(14.77)%

26.32%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.08%

1.44%

1.69%

1.75%

2.54%

Expenses

net

waiver

and

payments

affiliates

.....

(0.06)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

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

2.18%

2.58%

1.19%

1.77%

0.87%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$16

$15

$12

$11

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

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.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.93

$9.73

$9.72

$13.18

$10.55

Income

from

investment

operations

Net

investment

income

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

0.27

0.28

0.12

0.21

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.24

2.20

0.94

(1.86)

2.66

Total

from

investment

operations

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

1.51

2.48

1.06

(1.65)

2.77

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.28)

(0.13)

(0.74)

(0.10)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.65)

(0.28)

(1.05)

(1.81)

(0.14)

Net

asset

value,

end

year

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

$12.79

$11.93

$9.73

$9.72

$13.18

Total

return

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

13.29%

26.04%

12.36%

(14.76)%

26.46%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.98%

1.34%

1.59%

1.65%

2.44%

Expenses

net

waiver

and

payments

affiliates

.....

(0.16)%

(0.18)%

(0.20)%

(0.18)%

Net

investment

income

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

2.27%

2.64%

1.31%

1.91%

0.95%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$23,008

$15,302

$9,338

$7,846

$7,504

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

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.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.92

$9.73

$9.71

$13.17

$10.55

Income

from

investment

operations

Net

investment

income

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

0.26

0.27

—

0.20

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.23

2.20

1.06

(1.87)

2.66

Total

from

investment

operations

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

1.49

2.47

1.06

(1.67)

2.76

Less

distributions

from:

Net

investment

income

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

(0.57)

(0.28)

(0.12)

(0.72)

(0.10)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.64)

(0.28)

(1.04)

(1.79)

(0.14)

Net

asset

value,

end

year

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

$12.77

$11.92

$9.73

$9.71

$13.17

Total

return

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

13.13%

25.87%

12.35%

(14.85)%

26.32%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.08%

1.44%

1.69%

1.75%

2.54%

Expenses

net

waiver

and

payments

affiliates

e,f

.....

(0.06)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

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

2.17%

2.54%

0.01%

1.77%

0.86%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$212

$143

$95

$11

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

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.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2025

Putnam

Retirement

Advantage

2045

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

100.0%

Domestic

Hybrid

97.5%

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Class

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

105,980

1,816,496

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

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

1,101,056

24,344,356

26,160,852

Liquidity

Funds

2.5%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

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

680,709

Total

Investments

Underlying

Funds

(Cost

24,480,020

)

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

26,841,561

Total

Investments

(Cost

24,480,020

)

100.0

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

$26,841,561

Other

Assets,

less

Liabilities

0.0

†

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

9,187

Net

Assets

100.0%

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

$26,850,748

†

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

Putnam

Retirement

Advantage

2050

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.68

$9.70

$9.54

$13.23

$10.60

Income

from

investment

operations

Net

investment

income

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

0.20

0.16

0.06

0.04

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.31

2.33

1.04

(1.74)

2.80

Total

from

investment

operations

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

1.51

2.49

1.10

(1.70)

2.86

Less

distributions

from:

Net

investment

income

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

(0.50)

(0.26)

(0.07)

(0.73)

(0.09)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.64)

(0.51)

(0.94)

(1.99)

(0.23)

Net

asset

value,

end

year

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

$12.55

$11.68

$9.70

$9.54

$13.23

Total

return

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

13.57%

26.60%

12.96%

(15.35)%

27.38%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.32%

2.00%

2.58%

2.84%

4.17%

Expenses

net

waiver

and

payments

affiliates

......

0.18%

0.17%

0.15%

0.17%

Net

investment

income

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

1.72%

1.51%

0.66%

0.38%

0.53%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$1,702

$780

$329

$160

$19

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

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

Putnam

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

174

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.63

$9.67

$9.50

$13.17

$10.60

Income

from

investment

operations

Net

investment

income

(loss)

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

0.11

0.01

0.06

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.30

2.29

1.03

(1.84)

2.79

Total

from

investment

operations

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

1.41

2.40

1.04

(1.78)

2.78

Less

distributions

from:

Net

investment

income

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

(0.46)

(0.19)

—

(0.63)

(0.07)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.60)

(0.44)

(0.87)

(1.89)

(0.21)

Net

asset

value,

end

year

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

$12.44

$11.63

$9.67

$9.50

$13.17

Total

return

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

12.66%

25.60%

12.17%

(16.00)%

26.51%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.07%

2.75%

3.33%

3.59%

4.92%

Expenses

net

waiver

and

payments

affiliates

......

0.93%

0.92%

0.90%

0.92%

Net

investment

income

(loss)

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

0.97%

1.03%

0.13%

0.58%

(0.12)%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$55

$25

$13

$11

$13

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

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

Putnam

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.69

$9.71

$9.52

$13.20

$10.60

Income

from

investment

operations

Net

investment

income

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

0.15

0.16

0.05

0.10

0.03

Net

realized

and

unrealized

gains

(losses)

...........

1.32

2.28

1.03

(1.85)

2.79

Total

from

investment

operations

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

1.47

2.44

1.08

(1.75)

2.82

Less

distributions

from:

Net

investment

income

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

(0.45)

(0.21)

(0.02)

(0.67)

(0.08)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.59)

(0.46)

(0.89)

(1.93)

(0.22)

Net

asset

value,

end

year

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

$12.57

$11.69

$9.71

$9.52

$13.20

Total

return

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

13.12%

26.00%

12.60%

(15.74)%

26.94%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.72%

2.40%

2.98%

3.24%

4.57%

Expenses

net

waiver

and

payments

affiliates

......

0.58%

0.57%

0.55%

0.57%

Net

investment

income

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

1.32%

1.50%

0.49%

0.93%

0.23%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$17

$15

$12

$11

$13

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

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

Putnam

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.71

$9.72

$9.54

$13.22

$10.60

Income

from

investment

operations

Net

investment

income

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

0.18

0.07

0.13

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.32

2.30

1.02

(1.85)

2.79

Total

from

investment

operations

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

1.50

2.48

1.09

(1.72)

2.85

Less

distributions

from:

Net

investment

income

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

(0.48)

(0.24)

(0.04)

(0.70)

(0.09)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.62)

(0.49)

(0.91)

(1.96)

(0.23)

Net

asset

value,

end

year

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

$12.59

$11.71

$9.72

$9.54

$13.22

Total

return

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

13.37%

26.37%

12.78%

(15.49)%

27.23%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.47%

2.15%

2.73%

2.99%

4.32%

Expenses

net

waiver

and

payments

affiliates

......

0.33%

0.32%

0.30%

0.32%

Net

investment

income

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

1.57%

1.75%

0.74%

1.18%

0.48%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$16

$15

$12

$11

$13

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

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

Putnam

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.72

$9.73

$9.55

$13.24

$10.60

Income

from

investment

operations

Net

investment

income

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

0.21

0.19

0.08

0.10

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.32

2.31

1.05

(1.80)

2.79

Total

from

investment

operations

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

1.53

2.50

1.13

(1.70)

2.88

Less

distributions

from:

Net

investment

income

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

(0.51)

(0.26)

(0.08)

(0.73)

(0.10)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.65)

(0.51)

(0.95)

(1.99)

(0.24)

Net

asset

value,

end

year

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

$12.60

$11.72

$9.73

$9.55

$13.24

Total

return

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

13.68%

26.67%

13.17%

(15.34)%

27.51%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.22%

1.90%

2.48%

2.74%

4.07%

Expenses

net

waiver

and

payments

affiliates

......

0.08%

0.07%

0.05%

0.07%

Net

investment

income

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

1.81%

1.83%

0.87%

0.94%

0.73%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$60

$71

$42

$28

$13

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

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

Putnam

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.75

$9.75

$9.56

$13.25

$10.60

Income

from

investment

operations

Net

investment

income

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

0.23

0.11

0.17

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.31

2.29

1.03

(1.85)

2.79

Total

from

investment

operations

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

1.54

2.52

1.14

(1.68)

2.89

Less

distributions

from:

Net

investment

income

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

(0.52)

(0.27)

(0.08)

(0.75)

(0.10)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.66)

(0.52)

(0.95)

(2.01)

(0.24)

Net

asset

value,

end

year

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

$12.63

$11.75

$9.75

$9.56

$13.25

Total

return

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

13.77%

26.87%

13.36%

(15.19)%

27.68%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.07%

1.75%

2.33%

2.59%

3.92%

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%

0.88%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$17

$16

$12

$11

$13

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

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.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.76

$9.76

$9.57

$13.26

$10.60

Income

from

investment

operations

Net

investment

income

b,c

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

0.24

0.22

0.11

0.19

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.32

2.31

1.04

(1.86)

2.79

Total

from

investment

operations

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

1.56

2.53

1.15

(1.67)

2.90

Less

distributions

from:

Net

investment

income

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

(0.54)

(0.28)

(0.09)

(0.76)

(0.10)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.68)

(0.53)

(0.96)

(2.02)

(0.24)

Net

asset

value,

end

year

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

$12.64

$11.76

$9.76

$9.57

$13.26

Total

return

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

13.89%

26.95%

13.48%

(15.08)%

27.81%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.97%

1.65%

2.23%

2.49%

3.82%

Expenses

net

waiver

and

payments

affiliates

.....

(0.17)%

(0.18)%

(0.20)%

(0.18)%

Net

investment

income

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

2.07%

2.03%

1.21%

1.73%

0.94%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$23,793

$16,361

$5,676

$4,165

$3,930

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

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.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$11.75

$9.75

$9.56

$13.25

$10.60

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

0.11

0.17

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.31

2.29

1.03

(1.85)

2.79

Total

from

investment

operations

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

1.54

2.52

1.14

(1.68)

2.89

Less

distributions

from:

Net

investment

income

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

(0.53)

(0.27)

(0.08)

(0.75)

(0.10)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.67)

(0.52)

(0.95)

(2.01)

(0.24)

Net

asset

value,

end

year

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

$12.62

$11.75

$9.75

$9.56

$13.25

Total

return

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

13.77%

26.86%

13.37%

(15.19)%

27.68%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.07%

1.75%

2.33%

2.59%

3.92%

Expenses

net

waiver

and

payments

affiliates

.....

(0.07)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

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

1.97%

2.15%

1.14%

1.57%

0.88%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$148

$17

$13

$12

$13

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

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.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2025

Putnam

Retirement

Advantage

2050

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

99.9%

Domestic

Hybrid

98.8%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

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

210,447

3,428,178

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

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

998,839

22,084,327

25,512,505

Liquidity

Funds

1.1%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

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

273,936

Total

Investments

Underlying

Funds

(Cost

23,985,821

)

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

25,786,441

Total

Investments

(Cost

23,985,821

)

99.9

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

$25,786,441

Other

Assets,

less

Liabilities

0.1

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

21,052

Net

Assets

100.0%

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

$25,807,493

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

Putnam

Retirement

Advantage

2055

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$12.29

$10.09

$9.66

$13.43

$10.63

Income

from

investment

operations

Net

investment

income

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

0.19

0.11

0.07

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.46

2.56

1.19

(1.83)

2.96

Total

from

investment

operations

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

1.65

2.67

1.26

(1.77)

3.02

Less

distributions

from:

Net

investment

income

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

(0.49)

(0.22)

(0.06)

(0.75)

(0.10)

Net

realized

gains

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

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(0.70)

(0.47)

(0.83)

(2.00)

(0.22)

Net

asset

value,

end

year

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

$13.24

$12.29

$10.09

$9.66

$13.43

Total

return

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

14.17%

27.33%

14.28%

(15.71)%

28.67%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.60%

2.48%

3.27%

3.71%

6.11%

Expenses

net

waiver

and

payments

affiliates

......

0.19%

0.18%

0.16%

0.17%

0.18%

Net

investment

income

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

1.50%

0.95%

0.69%

0.59%

0.53%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$2,533

$649

$261

$171

$37

Portfolio

turnover

rate

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

45%

21%

37%

25%

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

Putnam

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$12.18

$10.03

$9.63

$13.37

$10.63

Income

from

investment

operations

Net

investment

income

(loss)

b,c

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

0.09

(0.06)

—

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.45

2.64

1.17

(1.85)

2.94

Total

from

investment

operations

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

1.54

2.58

1.17

(1.85)

2.93

Less

distributions

from:

Net

investment

income

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

(0.41)

(0.18)

—

(0.64)

(0.07)

Net

realized

gains

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

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(0.62)

(0.43)

(0.77)

(1.89)

(0.19)

Net

asset

value,

end

year

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

$13.10

$12.18

$10.03

$9.63

$13.37

Total

return

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

13.26%

26.51%

13.29%

(16.28)%

27.78%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.35%

3.23%

4.02%

4.46%

6.86%

Expenses

net

waiver

and

payments

affiliates

......

0.94%

0.93%

0.91%

0.92%

0.93%

Net

investment

income

(loss)

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

0.75%

(0.50)%

—%

0.03%

(0.11)%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$108

$113

$15

$18

$13

Portfolio

turnover

rate

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

45%

21%

37%

25%

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.

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

Putnam

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$12.30

$10.09

$9.65

$13.40

$10.63

Income

from

investment

operations

Net

investment

income

b,c

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

0.14

0.11

0.04

0.08

0.03

Net

realized

and

unrealized

gains

(losses)

...........

1.46

2.53

1.17

(1.90)

2.94

Total

from

investment

operations

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

1.60

2.64

1.21

(1.82)

2.97

Less

distributions

from:

Net

investment

income

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

(0.44)

(0.18)

—

(0.68)

(0.08)

Net

realized

gains

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

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(0.65)

(0.43)

(0.77)

(1.93)

(0.20)

Net

asset

value,

end

year

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

$13.25

$12.30

$10.09

$9.65

$13.40

Total

return

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

13.67%

26.91%

13.75%

(16.02)%

28.21%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.00%

2.88%

3.67%

4.11%

6.51%

Expenses

net

waiver

and

payments

affiliates

......

0.59%

0.58%

0.56%

0.57%

0.58%

Net

investment

income

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

1.10%

0.99%

0.40%

0.71%

0.23%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$17

$16

$12

$11

$13

Portfolio

turnover

rate

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

45%

21%

37%

25%

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

Putnam

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$12.32

$10.11

$9.67

$13.42

$10.63

Income

from

investment

operations

Net

investment

income

b,c

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

0.17

0.14

0.06

0.11

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.47

2.52

1.18

(1.89)

2.94

Total

from

investment

operations

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

1.64

2.66

1.24

(1.78)

3.00

Less

distributions

from:

Net

investment

income

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

(0.47)

(0.20)

(0.03)

(0.72)

(0.09)

Net

realized

gains

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

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(0.68)

(0.45)

(0.80)

(1.97)

(0.21)

Net

asset

value,

end

year

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

$13.28

$12.32

$10.11

$9.67

$13.42

Total

return

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

14.01%

27.14%

14.04%

(15.78)%

28.50%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.75%

2.63%

3.42%

3.86%

6.26%

Expenses

net

waiver

and

payments

affiliates

......

0.34%

0.33%

0.31%

0.32%

0.33%

Net

investment

income

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

1.35%

1.24%

0.65%

0.95%

0.48%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$17

$16

$12

$11

$13

Portfolio

turnover

rate

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

45%

21%

37%

25%

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

Putnam

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$12.34

$10.12

$9.68

$13.44

$10.63

Income

from

investment

operations

Net

investment

income

b,c

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

0.20

0.15

0.08

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.47

2.54

1.19

(1.84)

2.94

Total

from

investment

operations

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

1.67

2.69

1.27

(1.76)

3.03

Less

distributions

from:

Net

investment

income

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

(0.50)

(0.22)

(0.06)

(0.75)

(0.10)

Net

realized

gains

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

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(0.71)

(0.47)

(0.83)

(2.00)

(0.22)

Net

asset

value,

end

year

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

$13.30

$12.34

$10.12

$9.68

$13.44

Total

return

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

14.28%

27.48%

14.39%

(15.62)%

28.79%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.50%

2.38%

3.17%

3.61%

6.01%

Expenses

net

waiver

and

payments

affiliates

......

0.09%

0.08%

0.06%

0.07%

0.08%

Net

investment

income

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

1.60%

1.39%

0.86%

0.73%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$47

$38

$26

$30

$13

Portfolio

turnover

rate

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

45%

21%

37%

25%

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

Putnam

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$12.36

$10.13

$9.69

$13.45

$10.63

Income

from

investment

operations

Net

investment

income

b,c

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

0.22

0.18

0.10

0.15

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.47

2.54

1.18

(1.89)

2.93

Total

from

investment

operations

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

1.69

2.72

1.28

(1.74)

3.04

Less

distributions

from:

Net

investment

income

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

(0.52)

(0.24)

(0.07)

(0.77)

(0.10)

Net

realized

gains

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

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(0.73)

(0.49)

(0.84)

(2.02)

(0.22)

Net

asset

value,

end

year

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

$13.32

$12.36

$10.13

$9.69

$13.45

Total

return

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

14.40%

27.76%

14.51%

(15.48)%

28.94%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.35%

2.23%

3.02%

3.46%

5.86%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.06)%

(0.07)%

(0.09)%

(0.08)%

(0.07)%

Net

investment

income

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

1.75%

1.64%

1.05%

1.35%

0.88%

Supplemental

data

Net

assets,

end

year

(000’s)

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

$17

$16

$12

$11

$13

Portfolio

turnover

rate

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

45%

21%

37%

25%

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.

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

Putnam

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$12.37

$10.14

$9.70

$13.46

$10.63

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

0.18

0.12

0.15

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.47

2.55

1.17

(1.88)

2.95

Total

from

investment

operations

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

1.70

2.73

1.29

(1.73)

3.06

Less

distributions

from:

Net

investment

income

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

(0.53)

(0.25)

(0.08)

(0.78)

(0.11)

Net

realized

gains

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

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(0.74)

(0.50)

(0.85)

(2.03)

(0.23)

Net

asset

value,

end

year

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

$13.33

$12.37

$10.14

$9.70

$13.46

Total

return

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

14.51%

27.84%

14.62%

(15.37)%

29.08%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.25%

2.13%

2.92%

3.36%

5.76%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.16)%

(0.17)%

(0.19)%

(0.18)%

(0.17)%

Net

investment

income

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

1.85%

1.61%

1.26%

1.38%

0.91%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$14,743

$8,788

$3,551

$2,899

$2,274

Portfolio

turnover

rate

............................

45%

21%

37%

25%

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.

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

Putnam

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.36

$10.13

$9.69

$13.45

$10.63

Income

from

investment

operations

Net

investment

income

b,c

........................

0.22

0.18

0.10

0.15

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.47

2.54

1.18

(1.89)

2.94

Total

from

investment

operations

....................

1.69

2.72

1.28

(1.74)

3.04

Less

distributions

from:

Net

investment

income

..........................

(0.52)

(0.24)

(0.07)

(0.77)

(0.10)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.73)

(0.49)

(0.84)

(2.02)

(0.22)

Net

asset

value,

end

year

.......................

$13.32

$12.36

$10.13

$9.69

$13.45

Total

return

....................................

14.41%

27.76%

14.51%

(15.48)%

28.94%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.35%

2.23%

3.02%

3.46%

5.86%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.06)%

(0.07)%

(0.09)%

(0.08)%

(0.07)%

Net

investment

income

...........................

1.75%

1.63%

1.04%

1.35%

0.88%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$140

$18

$14

$11

$13

Portfolio

turnover

rate

............................

45%

21%

37%

25%

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.

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,

2025

Putnam

Retirement

Advantage

2055

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

99.9%

Domestic

Hybrid

99.4%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

.......................

396,275

6,455,324

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

500,594

11,068,141

17,523,465

Liquidity

Funds

0.5%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

.......................

82,523

Total

Investments

Underlying

Funds

(Cost

16,530,312

)

.......................

17,605,988

Total

Investments

(Cost

16,530,312

)

99.9

....................................

$17,605,988

Other

Assets,

less

Liabilities

0.1

.............................................

14,760

Net

Assets

100.0%

...........................................................

$17,620,748

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

Putnam

Retirement

Advantage

2060

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.13

$10.25

$9.48

$13.66

$10.66

Income

from

investment

operations

Net

investment

income

b,c

........................

0.15

0.10

0.04

0.08

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.55

2.62

1.31

(1.83)

3.07

Total

from

investment

operations

....................

1.70

2.72

1.35

(1.75)

3.13

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.18)

(0.03)

(0.75)

(0.10)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.60)

(0.84)

(0.58)

(2.43)

(0.13)

Net

asset

value,

end

year

.......................

$13.23

$12.13

$10.25

$9.48

$13.66

Total

return

...................................

14.71%

28.16%

15.26%

(15.91)%

29.56%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.90%

3.22%

5.29%

7.94%

13.14%

Expenses

net

waiver

and

payments

affiliates

......

0.20%

0.19%

0.17%

0.18%

Net

investment

income

...........................

1.23%

0.88%

0.42%

0.75%

0.50%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$2,238

$625

$372

$118

$71

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

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

Putnam

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.93

$10.15

$9.44

$13.59

$10.66

Income

from

investment

operations

Net

investment

income

(loss)

....................

0.06

0.02

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.53

2.58

1.24

(1.85)

3.04

Total

from

investment

operations

....................

1.59

2.60

1.26

(1.83)

3.03

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.16)

—

(0.64)

(0.07)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.53)

(0.82)

(0.55)

(2.32)

(0.10)

Net

asset

value,

end

year

.......................

$12.99

$11.93

$10.15

$9.44

$13.59

Total

return

...................................

13.87%

27.21%

14.32%

(16.48)%

28.59%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.66%

3.97%

6.04%

8.69%

13.89%

Expenses

net

waiver

and

payments

affiliates

......

0.95%

0.94%

0.92%

0.93%

Net

investment

income

(loss)

......................

0.48%

0.17%

0.16%

0.17%

(0.11)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$105

$71

$13

$11

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

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

Putnam

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.09

$10.21

$9.46

$13.62

$10.66

Income

from

investment

operations

Net

investment

income

........................

0.10

0.06

0.05

0.06

0.03

Net

realized

and

unrealized

gains

(losses)

...........

1.55

2.61

1.25

(1.85)

3.04

Total

from

investment

operations

....................

1.65

2.67

1.30

(1.79)

3.07

Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.13)

—

(0.69)

(0.08)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.56)

(0.79)

(0.55)

(2.37)

(0.11)

Net

asset

value,

end

year

.......................

$13.18

$12.09

$10.21

$9.46

$13.62

Total

return

....................................

14.27%

27.70%

14.73%

(16.22)%

29.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.31%

3.62%

5.69%

8.34%

13.54%

Expenses

net

waiver

and

payments

affiliates

......

0.60%

0.59%

0.57%

0.58%

Net

investment

income

...........................

0.83%

0.55%

0.53%

0.23%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$24

$16

$12

$11

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

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

Putnam

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.14

$10.25

$9.48

$13.64

$10.66

Income

from

investment

operations

Net

investment

income

........................

0.13

0.09

0.07

0.09

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.56

2.62

1.26

(1.85)

3.04

Total

from

investment

operations

....................

1.69

2.71

1.33

(1.76)

3.10

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.16)

(0.01)

(0.72)

(0.09)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.60)

(0.82)

(0.56)

(2.40)

(0.12)

Net

asset

value,

end

year

.......................

$13.23

$12.14

$10.25

$9.48

$13.64

Total

return

....................................

14.55%

27.98%

14.99%

(15.97)%

29.29%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.06%

3.37%

5.44%

8.09%

13.29%

Expenses

net

waiver

and

payments

affiliates

......

0.35%

0.34%

0.32%

0.33%

Net

investment

income

...........................

1.08%

0.80%

0.78%

0.48%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$17

$16

$12

$11

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

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

Putnam

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.15

$10.26

$9.49

$13.66

$10.66

Income

from

investment

operations

Net

investment

income

........................

0.17

0.11

0.08

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.60

2.62

1.28

(1.83)

3.04

Total

from

investment

operations

....................

1.77

2.73

1.36

(1.74)

3.13

Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.18)

(0.04)

(0.75)

(0.10)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.28)

(0.84)

(0.59)

(2.43)

(0.13)

Net

asset

value,

end

year

.......................

$13.64

$12.15

$10.26

$9.49

$13.66

Total

return

....................................

14.85%

28.26%

15.36%

(15.81)%

29.58%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.81%

3.12%

5.19%

7.84%

13.04%

Expenses

net

waiver

and

payments

affiliates

......

0.10%

0.09%

0.07%

0.08%

Net

investment

income

...........................

1.33%

0.99%

0.83%

0.80%

0.73%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$32

$24

$27

$20

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

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

Putnam

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.18

$10.28

$9.50

$13.67

$10.66

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.13

0.11

0.13

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.56

2.63

1.27

(1.85)

3.03

Total

from

investment

operations

....................

1.74

2.76

1.38

(1.72)

3.14

Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.20)

(0.05)

(0.77)

(0.10)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.61)

(0.86)

(0.60)

(2.45)

(0.13)

Net

asset

value,

end

year

.......................

$13.31

$12.18

$10.28

$9.50

$13.67

Total

return

....................................

14.99%

28.48%

15.56%

(15.67)%

29.73%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.66%

2.97%

5.04%

7.69%

12.89%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.05)%

(0.06)%

(0.08)%

(0.07)%

Net

investment

income

...........................

1.48%

1.20%

1.18%

0.88%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$18

$16

$13

$11

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

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

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver..

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.19

$10.28

$9.51

$13.68

$10.66

Income

from

investment

operations

Net

investment

income

........................

0.19

0.12

0.11

0.13

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.56

2.66

1.27

(1.84)

3.05

Total

from

investment

operations

....................

1.75

2.78

1.38

(1.71)

3.16

Less

distributions

from:

Net

investment

income

..........................

(0.48)

(0.21)

(0.06)

(0.78)

(0.11)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.64)

(0.87)

(0.61)

(2.46)

(0.14)

Net

asset

value,

end

year

.......................

$13.30

$12.19

$10.28

$9.51

$13.68

Total

return

....................................

15.09%

28.70%

15.57%

(15.55)%

29.87%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.56%

2.87%

4.94%

7.59%

12.79%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.15)%

(0.16)%

(0.18)%

(0.17)%

Net

investment

income

...........................

1.58%

1.13%

1.16%

0.91%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$10,818

$6,620

$2,051

$1,050

$748

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

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

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.18

$10.28

$9.51

$13.67

$10.66

Income

from

investment

operations

Net

investment

income

........................

0.18

0.13

0.11

0.13

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.56

2.63

1.26

(1.84)

3.03

Total

from

investment

operations

....................

1.74

2.76

1.37

(1.71)

3.14

Less

distributions

from:

Net

investment

income

..........................

(0.47)

(0.20)

(0.05)

(0.77)

(0.10)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.63)

(0.86)

(0.60)

(2.45)

(0.13)

Net

asset

value,

end

year

.......................

$13.29

$12.18

$10.28

$9.51

$13.67

Total

return

....................................

14.97%

28.49%

15.44%

(15.58)%

29.74%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.66%

2.97%

5.04%

7.69%

12.89%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.05)%

(0.06)%

(0.08)%

(0.07)%

Net

investment

income

...........................

1.48%

1.21%

1.17%

1.18%

0.89%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$32

$24

$18

$14

$16

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

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

expenses

the

Underlying

Funds

which

the

Fund

invests

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2025

Putnam

Retirement

Advantage

2060

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

100.0%

Domestic

Hybrid

99.5%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

.......................

497,945

8,111,516

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

231,056

5,108,645

13,220,161

Liquidity

Funds

0.5%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

.......................

64,409

Total

Investments

Underlying

Funds

(Cost

12,197,913

)

.......................

13,284,570

Total

Investments

(Cost

12,197,913

)

100.0

...................................

$13,284,570

Other

Assets,

less

Liabilities

(0.0)

†

...........................................

(789)

Net

Assets

100.0%

...........................................................

$13,283,781

†

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

Putnam

Retirement

Advantage

2065

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.62

$10.36

$9.43

$11.88

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

....................

0.13

0.05

0.03

0.08

(0.02)

Net

realized

and

unrealized

gains

(losses)

...........

1.69

2.80

1.36

(1.86)

1.90

Total

from

investment

operations

....................

1.82

2.85

1.39

(1.78)

1.88

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.14)

(0.02)

(0.67)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.70)

(0.59)

(0.46)

(0.67)

—

Net

asset

value,

end

year

.......................

$13.74

$12.62

$10.36

$9.43

$11.88

Total

return

...................................

15.14%

28.63%

15.57%

(15.94)%

18.80%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

5.83%

11.66%

28.68%

70.55%

99.45%

Expenses

net

waiver

and

payments

affiliates

......

0.18%

0.20%

0.18%

0.12%

Net

investment

income

(loss)

......................

1.02%

0.47%

0.32%

0.79%

(0.12)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$1,004

$645

$234

$42

$21

Portfolio

turnover

rate

............................

48%

33%

13%

10%

For

the

period

December

30,

2020

(commencement

operations)

August

31,

2021.

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

Putnam

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.45

$10.26

$9.40

$11.82

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

....................

0.03

(0.02)

—

0.01

(0.07)

Net

realized

and

unrealized

gains

(losses)

...........

1.67

2.76

1.30

(1.86)

1.89

Total

from

investment

operations

....................

1.70

2.74

1.30

(1.85)

1.82

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.10)

—

(0.57)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.63)

(0.55)

(0.44)

(0.57)

—

Net

asset

value,

end

year

.......................

$13.52

$12.45

$10.26

$9.40

$11.82

Total

return

....................................

14.29%

27.72%

14.54%

(16.50)%

18.20%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

6.59%

12.41%

29.43%

71.30%

99.96%

Expenses

net

waiver

and

payments

affiliates

......

0.94%

0.95%

0.93%

0.63%

Net

investment

income

(loss)

......................

0.27%

(0.18)%

(0.03)%

0.06%

(0.63)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$84

$67

$32

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

For

the

period

December

30,

2020

(commencement

operations)

August

31,

2021.

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

Putnam

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.57

$10.33

$9.42

$11.85

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

....................

0.08

0.04

0.05

(0.04)

Net

realized

and

unrealized

gains

(losses)

...........

1.68

2.76

1.31

(1.87)

1.89

Total

from

investment

operations

....................

1.76

2.80

1.35

(1.82)

1.85

Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.11)

—

(0.61)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.65)

(0.56)

(0.44)

(0.61)

—

Net

asset

value,

end

year

.......................

$13.68

$12.57

$10.33

$9.42

$11.85

Total

return

...................................

14.69%

28.10%

15.06%

(16.26)%

18.50%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

6.24%

12.06%

29.08%

70.95%

99.72%

Expenses

net

waiver

and

payments

affiliates

......

0.59%

0.60%

0.58%

0.39%

Net

investment

income

(loss)

......................

0.62%

0.38%

0.41%

0.47%

(0.39)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$23

$19

$11

$10

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

For

the

period

December

30,

2020

(commencement

operations)

August

31,

2021.

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

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

Putnam

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.66

$10.38

$9.44

$11.87

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

....................

0.03

0.07

0.06

0.08

(0.02)

Net

realized

and

unrealized

gains

(losses)

...........

1.77

2.78

1.32

(1.87)

1.89

Total

from

investment

operations

....................

1.80

2.85

1.38

(1.79)

1.87

Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.12)

—

(0.64)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.68)

(0.57)

(0.44)

(0.64)

—

Net

asset

value,

end

year

.......................

$13.78

$12.66

$10.38

$9.44

$11.87

Total

return

....................................

14.88%

28.47%

15.37%

(16.03)%

18.70%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

5.99%

11.81%

28.83%

70.70%

99.55%

Expenses

net

waiver

and

payments

affiliates

......

0.34%

0.35%

0.33%

0.22%

Net

investment

income

(loss)

......................

1.29%

0.59%

0.66%

0.72%

(0.22)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$16

$15

$11

$10

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

For

the

period

December

30,

2020

(commencement

operations)

August

31,

2021.

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

Putnam

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.66

$10.38

$9.46

$11.89

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

....................

0.14

0.09

0.08

0.06

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.70

2.79

1.32

(1.82)

1.90

Total

from

investment

operations

....................

1.84

2.88

1.40

(1.76)

1.89

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.15)

(0.04)

(0.67)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.70)

(0.60)

(0.48)

(0.67)

—

Net

asset

value,

end

year

.......................

$13.80

$12.66

$10.38

$9.46

$11.89

Total

return

...................................

15.29%

28.81%

15.55%

(15.79)%

18.90%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

5.74%

11.56%

28.58%

70.45%

99.39%

Expenses

net

waiver

and

payments

affiliates

......

0.09%

0.10%

0.08%

0.06%

Net

investment

income

(loss)

......................

1.12%

0.81%

0.86%

0.54%

(0.06)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$85

$75

$57

$34

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

For

the

period

December

30,

2020

(commencement

operations)

August

31,

2021.

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

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

Putnam

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.70

$10.40

$9.47

$11.90

$10.00

Income

from

investment

operations

Net

investment

income

c,d

........................

0.16

0.11

0.10

0.12

0.01

Net

realized

and

unrealized

gains

(losses)

...........

1.70

2.80

1.31

(1.87)

1.89

Total

from

investment

operations

....................

1.86

2.91

1.41

(1.75)

1.90

Less

distributions

from:

Net

investment

income

..........................

(0.47)

(0.16)

(0.04)

(0.68)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.73)

(0.61)

(0.48)

(0.68)

—

Net

asset

value,

end

year

.......................

$13.83

$12.70

$10.40

$9.47

$11.90

Total

return

...................................

15.37%

29.08%

15.71%

(15.66)%

19.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

5.58%

11.41%

28.43%

70.30%

99.29%

Expenses

net

waiver

and

payments

affiliates

g,h

.....

(0.06)%

(0.05)%

(0.07)%

(0.04)%

Net

investment

income

...........................

1.27%

0.99%

1.06%

1.11%

0.04%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$17

$15

$12

$10

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

For

the

period

December

30,

2020

(commencement

operations)

August

31,

2021.

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

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

and

asset

allocation

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

Putnam

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.70

$10.40

$9.47

$11.91

$10.00

Income

from

investment

operations

Net

investment

income

c,d

........................

0.17

0.12

0.08

0.06

0.01

Net

realized

and

unrealized

gains

(losses)

...........

1.70

2.80

1.34

(1.80)

1.90

Total

from

investment

operations

....................

1.87

2.92

1.42

(1.74)

1.91

Less

distributions

from:

Net

investment

income

..........................

(0.48)

(0.17)

(0.05)

(0.70)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.74)

(0.62)

(0.49)

(0.70)

—

Net

asset

value,

end

year

.......................

$13.83

$12.70

$10.40

$9.47

$11.91

Total

return

...................................

15.50%

29.20%

15.83%

(15.65)%

19.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

5.48%

11.31%

28.33%

70.20%

99.22%

Expenses

net

waiver

and

payments

affiliates

g,h

.....

(0.17)%

(0.15)%

(0.17)%

(0.11)%

Net

investment

income

...........................

1.37%

1.05%

0.81%

0.60%

0.11%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$2,011

$275

$141

$36

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

For

the

period

December

30,

2020

(commencement

operations)

August

31,

2021.

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

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

and

asset

allocation

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

Putnam

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.69

$10.40

$9.46

$11.90

$10.00

Income

from

investment

operations

Net

investment

income

c,d

........................

0.16

0.15

0.10

0.12

—

Net

realized

and

unrealized

gains

(losses)

...........

1.71

2.75

1.32

(1.87)

1.90

Total

from

investment

operations

....................

1.87

2.90

1.42

(1.75)

1.90

Less

distributions

from:

Net

investment

income

..........................

(0.47)

(0.16)

(0.04)

(0.69)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.73)

(0.61)

(0.48)

(0.69)

—

Net

asset

value,

end

year

.......................

$13.83

$12.69

$10.40

$9.46

$11.90

Total

return

....................................

15.47%

28.97%

15.83%

(15.73)%

19.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

5.58%

11.41%

28.43%

70.30%

99.29%

Expenses

net

waiver

and

payments

affiliates

h,i

......

(0.07)%

(0.05)%

(0.07)%

(0.04)%

Net

investment

income

...........................

1.27%

1.37%

1.04%

1.11%

0.04%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$52

$17

$25

$22

$27

Portfolio

turnover

rate

............................

48%

33%

13%

10%

For

the

period

December

30,

2020

(commencement

operations)

August

31,

2021.

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

and

asset

allocation

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,

2025

Putnam

Retirement

Advantage

2065

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

100.1%

Domestic

Hybrid

99.8%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

.......................

158,190

2,576,919

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

31,963

706,700

3,283,619

Liquidity

Funds

0.3%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

.......................

11,167

Total

Investments

Underlying

Funds

(Cost

3,046,277

)

........................

3,294,786

Total

Investments

(Cost

3,046,277

)

100.1

....................................

$3,294,786

Other

Assets,

less

Liabilities

(

0.1

)

...........................................

(2,944)

Net

Assets

100.0%

...........................................................

$3,291,842

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

Putnam

Retirement

Advantage

2070

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

(loss)

c,d

............................................................................

(—)

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.40

Total

from

investment

operations

......................................................................

0.40

Net

asset

value,

end

year

.........................................................................

$10.40

Total

return

......................................................................................

4.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

27.18%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.20%

Net

investment

(loss)

..............................................................................

(0.24)%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$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.

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

Putnam

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

(loss)

c,d

............................................................................

(0.01)

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41

Total

from

investment

operations

......................................................................

0.40

Net

asset

value,

end

year

.........................................................................

$10.40

Total

return

.....................................................................................

4.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

28.16%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.96%

Net

investment

(loss)

..............................................................................

(0.92)%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$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.

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

Putnam

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

(loss)

c,d

............................................................................

(—)

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41

Total

from

investment

operations

......................................................................

0.41

Net

asset

value,

end

year

.........................................................................

$10.41

Total

return

......................................................................................

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

27.82%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.62%

Net

investment

(loss)

..............................................................................

(0.58)%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$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

Putnam

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

(loss)

c,d

............................................................................

(—)

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41

Total

from

investment

operations

......................................................................

0.41

Net

asset

value,

end

year

.........................................................................

$10.41

Total

return

......................................................................................

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

27.58%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.39%

Net

investment

(loss)

..............................................................................

(0.35)%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$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

Putnam

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

(loss)

c,d

............................................................................

(—)

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41

Total

from

investment

operations

......................................................................

0.41

Net

asset

value,

end

year

.........................................................................

$10.41

Total

return

......................................................................................

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

27.34%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.14%

Net

investment

(loss)

..............................................................................

(0.11)%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$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

Putnam

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

c,d

..........................................................................

—

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41

Total

from

investment

operations

......................................................................

0.41

Net

asset

value,

end

year

.........................................................................

$10.41

Total

return

......................................................................................

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

27.19%

Expenses

net

waiver

and

payments

affiliates

........................................................

(0.01)%

Net

investment

income

.............................................................................

0.05%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$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

Putnam

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

c,d

..........................................................................

—

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41

Total

from

investment

operations

......................................................................

0.41

Net

asset

value,

end

year

.........................................................................

$10.41

Total

return

......................................................................................

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

27.10%

Expenses

net

waiver

and

payments

affiliates

........................................................

(0.11)%

Net

investment

income

.............................................................................

0.14%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$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.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

c,d

..........................................................................

—

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41

Total

from

investment

operations

......................................................................

0.41

Net

asset

value,

end

year

.........................................................................

$10.41

Total

return

......................................................................................

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

27.19%

Expenses

net

waiver

and

payments

affiliates

........................................................

(0.01)%

Net

investment

income

.............................................................................

0.05%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$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

Schedule

Investments,

August

31,

2025

Putnam

Retirement

Advantage

2070

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

100.0%

Domestic

Hybrid

99.5%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

.......................

50,879

828,824

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

10,262

226,890

1,055,714

Liquidity

Funds

0.5%

a,b

Putnam

Short

Term

Investment

Fund

Class

4.566

.......................

5,117

Total

Investments

Underlying

Funds

(Cost

1,019,696

)

........................

1,060,831

Total

Investments

(Cost

1,019,696

)

100.0

....................................

$1,060,831

Other

Assets,

less

Liabilities

0.0

†

............................................

Net

Assets

100.0%

...........................................................

$1,060,896

†

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

Statements

Assets

and

Liabilities

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Assets:

Investments

securities:

Cost

Non-controlled

affiliates

(Note

3f)

.....

$39,533,746

$37,851,812

$43,599,370

$37,255,955

Value

Non-controlled

affiliates

(Note

3f)

.....

40,918,863

38,846,864

45,440,619

38,641,766

Cash

.................................

51,889

1,382

1,584

15,327

Receivables:

Investment

securities

sold

................

5,266

734

392

8,062

Capital

sold

.....................

32,422

7,841

28,244

19,237

Affiliates

.............................

134,456

50,600

54,404

21,178

Prepaid

expenses

.......................

51,205

39,807

39,769

Total

assets

.......................

41,194,101

38,947,228

45,565,012

38,745,339

Liabilities:

Payables:

Investment

securities

purchased

...........

31,419

14,713

24,440

30,239

Capital

redeemed

................

4,448

567

3,187

8,346

Management

fees

......................

—

32,813

37,163

—

Distribution

fees

.......................

1,538

1,254

1,564

1,716

Transfer

agent

fees

.....................

3,005

4,086

4,791

3,863

Reports

shareholders

fees

.............

6,850

12,527

12,356

14,834

Professional

fees

......................

36,176

31,572

31,942

27,920

Reorganization

expenses

................

61,273

—

Accrued

expenses

and

other

liabilities

........

39,125

2,908

2,907

2,908

Total

liabilities

......................

183,834

100,440

118,350

89,826

Net

assets,

value

..............

$41,010,267

$38,846,788

$45,446,662

$38,655,513

Net

assets

consist

of:

Paid-in

capital

..........................

$39,542,120

$36,462,411

$41,505,242

$34,775,160

Total

distributable

earnings

(losses)

..........

1,468,147

2,384,377

3,941,420

3,880,353

Net

assets,

value

..............

$41,010,267

$38,846,788

$45,446,662

$38,655,513

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Class

Net

assets,

value

....................

$6,007,919

$5,351,550

$7,187,321

$5,556,238

outstanding

.....................

554,190

479,895

616,751

466,059

Net

asset

value

per

a,b

...............

$10.84

$11.15

$11.65

$11.92

Maximum

offering

price

per

(net

asset

value

per

96.00%,

94.25%,

94.25%

and

94.25%,

respectively)

...................

$11.29

$11.83

$12.36

$12.65

Class

Net

assets,

value

....................

$34,262

$107,798

$21,652

$52,957

outstanding

.....................

3,214

9,831

1,881

4,476

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$10.66

$10.97

$11.51

$11.83

Class

Net

assets,

value

....................

$12,941

$13,107

$14,307

$15,210

outstanding

.....................

1,205

1,172

1,227

1,274

Net

asset

value

and

maximum

offering

price

per

...............................

$10.74

$11.18

$11.66

$11.94

Class

R3:

Net

assets,

value

....................

$11,369

$13,238

$14,447

$15,208

outstanding

.....................

1,053

1,182

1,235

1,272

Net

asset

value

and

maximum

offering

price

per

...............................

$10.80

$11.20

$11.69

$11.96

Class

R4:

Net

assets,

value

....................

$15,129

$20,900

$57,928

$75,676

outstanding

.....................

1,393

1,845

4,950

6,321

Net

asset

value

and

maximum

offering

price

per

...............................

$10.86

$11.33

$11.70

$11.97

Class

R5:

Net

assets,

value

....................

$11,528

$13,450

$14,684

$15,452

outstanding

.....................

1,058

1,197

1,251

1,288

Net

asset

value

and

maximum

offering

price

per

...............................

$10.90

$11.24

$11.73

$11.99

Class

R6:

Net

assets,

value

....................

$34,881,999

$32,589,721

$38,063,745

$32,842,867

outstanding

.....................

3,191,605

2,899,409

3,242,091

2,735,241

Net

asset

value

and

maximum

offering

price

per

...............................

$10.93

$11.24

$11.74

$12.01

Class

Net

assets,

value

....................

$35,120

$737,024

$72,578

$81,905

outstanding

.....................

3,221

65,653

6,189

6,836

Net

asset

value

and

maximum

offering

price

per

...............................

$10.90

$11.23

$11.73

$11.98

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,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Assets:

Investments

securities:

Cost

Controlled

affiliates

(Note

3f)

.........

$—

$7,366,901

Cost

Non-controlled

affiliates

(Note

3f)

.....

24,480,020

23,985,821

16,530,312

4,831,012

Value

Controlled

affiliates

(Note

3f)

........

—

8,111,516

Value

Non-controlled

affiliates

(Note

3f)

.....

26,841,561

25,786,441

17,605,988

5,173,054

Cash

.................................

3,241

739

—

Receivables:

Investment

securities

sold

................

251

315

28,522

Capital

sold

.....................

13,647

11,782

14,925

6,852

Affiliates

.............................

48,556

41,741

44,898

29,652

Prepaid

expenses

.......................

40,137

40,756

40,250

40,401

Total

assets

.......................

26,947,393

25,881,774

17,734,583

13,361,486

Liabilities:

Payables:

Investment

securities

purchased

...........

26,031

12,059

14,926

6,792

Capital

redeemed

................

357

28,652

3,777

Management

fees

......................

18,921

17,591

—

1,951

Distribution

fees

.......................

824

400

861

538

Transfer

agent

fees

.....................

2,691

2,094

1,862

1,381

Reports

shareholders

fees

.............

15,593

16,266

16,159

19,983

Professional

fees

......................

29,320

22,962

20,483

18,981

Funds

advanced

custodian

..............

—

27,984

21,395

Accrued

expenses

and

other

liabilities

........

2,908

2,907

Total

liabilities

......................

96,645

74,281

113,835

77,705

Net

assets,

value

..............

$26,850,748

$25,807,493

$17,620,748

$13,283,781

Net

assets

consist

of:

Paid-in

capital

..........................

$22,972,336

$22,551,879

$15,335,720

$11,382,866

Total

distributable

earnings

(losses)

..........

3,878,412

3,255,614

2,285,028

1,900,915

Net

assets,

value

..............

$26,850,748

$25,807,493

$17,620,748

$13,283,781

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Class

Net

assets,

value

....................

$3,308,541

$1,701,731

$2,532,879

$2,238,131

outstanding

.....................

260,511

135,630

191,271

169,184

Net

asset

value

per

a,b

...............

$12.70

$12.55

$13.24

$13.23

Maximum

offering

price

per

(net

asset

value

per

94.25%

)

...............

$13.47

$13.32

$14.05

$14.04

Class

Net

assets,

value

....................

$38,444

$55,062

$107,828

$105,027

outstanding

.....................

3,045

4,425

8,229

8,085

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$12.63

$12.44

$13.10

$12.99

Class

Net

assets,

value

....................

$171,846

$17,069

$16,743

$23,999

outstanding

.....................

13,561

1,358

1,264

1,821

Net

asset

value

and

maximum

offering

price

per

...............................

$12.67

$12.57

$13.25

$13.18

Class

R3:

Net

assets,

value

....................

$16,040

$16,477

$16,912

$17,426

outstanding

.....................

1,259

1,308

1,273

1,317

Net

asset

value

and

maximum

offering

price

per

...............................

$12.74

$12.59

$13.28

$13.23

Class

R4:

Net

assets,

value

....................

$79,565

$59,618

$46,705

$31,624

outstanding

.....................

6,235

4,732

3,512

2,318

Net

asset

value

and

maximum

offering

price

per

...............................

$12.76

$12.60

$13.30

$13.64

Class

R5:

Net

assets,

value

....................

$16,298

$16,742

$17,183

$17,754

outstanding

.....................

1,275

1,325

1,290

1,334

Net

asset

value

and

maximum

offering

price

per

...............................

$12.78

$12.63

$13.32

$13.31

Class

R6:

Net

assets,

value

....................

$23,008,004

$23,792,551

$14,742,974

$10,817,849

outstanding

.....................

1,798,731

1,882,027

1,105,717

813,399

Net

asset

value

and

maximum

offering

price

per

...............................

$12.79

$12.64

$13.33

$13.30

Class

Net

assets,

value

....................

$212,010

$148,243

$139,524

$31,971

outstanding

.....................

16,599

11,746

10,475

2,405

Net

asset

value

and

maximum

offering

price

per

...............................

$12.77

$12.62

$13.32

$13.29

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,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Assets:

Investments

securities:

Cost

Non-controlled

affiliates

(Note

3f)

.......................................

$3,046,277

$1,019,696

Value

Non-controlled

affiliates

(Note

3f)

.......................................

3,294,786

1,060,831

Cash

...................................................................

5,829

—

Receivables:

Investment

securities

sold

..................................................

430

—

Capital

sold

.......................................................

5,984

—

Affiliates

...............................................................

23,982

50,628

Prepaid

expenses

.........................................................

13,703

—

Offering

costs

............................................................

—

111,675

Total

assets

.........................................................

3,344,714

1,223,134

Liabilities:

Payables:

Investment

securities

purchased

.............................................

6,089

—

Capital

redeemed

..................................................

419

—

Distribution

fees

.........................................................

343

Transfer

agent

fees

.......................................................

373

Reports

shareholders

fees

...............................................

23,134

—

Professional

fees

........................................................

19,606

17,912

Trustees'

fees

and

expenses

................................................

—

Offering

costs

............................................................

—

120,954

Organization

costs

.........................................................

—

22,500

Accrued

expenses

and

other

liabilities

..........................................

2,908

820

Total

liabilities

........................................................

52,872

162,238

Net

assets,

value

................................................

$3,291,842

$1,060,896

Net

assets

consist

of:

Paid-in

capital

............................................................

$2,859,287

$1,019,678

Total

distributable

earnings

(losses)

............................................

432,555

41,218

Net

assets,

value

................................................

$3,291,842

$1,060,896

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Class

Net

assets,

value

......................................................

$1,004,140

$30,110

outstanding

.......................................................

73,099

2,896

Net

asset

value

per

a,b

.................................................

$13.74

$10.40

Maximum

offering

price

per

(net

asset

value

per

94.25%

)

...............

$14.58

$11.03

Class

Net

assets,

value

......................................................

$83,892

$10,404

outstanding

.......................................................

6,205

1,000

Net

asset

value

and

maximum

offering

price

per

a,b

...........................

$13.52

$10.40

Class

Net

assets,

value

......................................................

$22,599

$10,406

outstanding

.......................................................

1,652

1,000

Net

asset

value

and

maximum

offering

price

per

............................

$13.68

$10.41

Class

R3:

Net

assets,

value

......................................................

$16,081

$10,408

outstanding

.......................................................

1,167

1,000

Net

asset

value

and

maximum

offering

price

per

............................

$13.78

$10.41

Class

R4:

Net

assets,

value

......................................................

$85,323

$10,410

outstanding

.......................................................

6,184

1,000

Net

asset

value

and

maximum

offering

price

per

............................

$13.80

$10.41

Class

R5:

Net

assets,

value

......................................................

$17,374

$10,412

outstanding

.......................................................

1,256

1,000

Net

asset

value

and

maximum

offering

price

per

............................

$13.83

$10.41

Class

R6:

Net

assets,

value

......................................................

$2,010,602

$968,334

outstanding

.......................................................

145,366

93,000

Net

asset

value

and

maximum

offering

price

per

............................

$13.83

$10.41

Class

Net

assets,

value

......................................................

$51,831

$10,412

outstanding

.......................................................

3,749

1,000

Net

asset

value

and

maximum

offering

price

per

............................

$13.83

$10.41

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

Operations

for

the

year

ended

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

..........

$1,066,597

$1,449,697

$1,390,885

$946,886

Expenses:

Management

fees

(Note

)

................

79,023

138,206

149,724

129,621

Distribution

fees:

(Note

)

Class

.............................

4,330

7,217

13,584

6,198

Class

.............................

152

2,116

1,586

1,506

Class

.............................

Class

............................

Transfer

agent

fees:

(Note

)

Class

.............................

2,143

3,619

6,823

3,105

Class

.............................

265

199

189

Class

.............................

Class

............................

Class

............................

148

192

Class

............................

Class

............................

5,016

8,149

8,192

7,424

Class

.............................

943

104

Reports

shareholders

fees

...............

15,424

16,133

16,063

16,756

Registration

and

filing

fees

.................

66,483

67,989

67,230

67,630

Professional

fees

........................

164,490

32,921

33,391

29,204

Trustees'

fees

and

expenses

...............

206

371

417

349

Reorganization

expenses

..................

77,045

—

Other

.................................

7,200

7,166

7,113

7,141

Total

expenses

......................

421,766

285,333

304,748

269,624

Expenses

waived/paid

affiliates

(Note

and

3g)

...........................

(399,853)

(301,605)

(316,682)

(300,699)

Net

expenses

......................

21,913

(16,272)

(11,934)

(31,075)

Net

investment

income

.............

1,044,684

1,465,969

1,402,819

977,961

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

1,137,345

1,716,738

1,286,306

1,781,750

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

.........

—

1,220,593

2,745,806

2,452,238

Net

realized

gain

(loss)

...............

1,137,345

2,937,331

4,032,112

4,233,988

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

(447,815)

(1,450,613)

(1,226,741)

(1,278,270)

Net

realized

and

unrealized

gain

(loss)

.........

689,530

1,486,718

2,805,371

2,955,718

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$1,734,214

$2,952,687

$4,208,190

$3,933,679

Putnam

Target

Date

Funds

Financial

Statements

Operations

(continued)

for

the

year

ended

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Investment

income:

Dividends:

Controlled

affiliates

(Note

3f)

..............

$—

$77,395

Non-controlled

affiliates

(Note

3f)

..........

471,827

414,370

239,889

69,383

Total

investment

income

................

471,827

414,370

239,889

146,778

Expenses:

Management

fees

(Note

)

................

91,510

91,674

61,015

45,184

Distribution

fees:

(Note

)

Class

.............................

4,202

2,691

2,931

2,675

Class

.............................

1,574

397

1,212

838

Class

.............................

799

Class

............................

Transfer

agent

fees:

(Note

)

Class

.............................

2,106

1,350

1,470

1,340

Class

.............................

197

152

105

Class

.............................

441

Class

............................

Class

............................

203

198

114

Class

............................

Class

............................

5,030

5,155

3,202

2,261

Class

.............................

225

Reports

shareholders

fees

...............

17,052

17,268

17,309

18,509

Registration

and

filing

fees

.................

66,833

66,686

67,063

66,715

Professional

fees

........................

30,363

23,973

21,340

19,736

Trustees'

fees

and

expenses

...............

243

221

160

113

Other

.................................

7,100

7,114

7,106

7,085

Total

expenses

......................

227,976

217,060

183,363

164,926

Expenses

waived/paid

affiliates

(Note

and

3g)

...........................

(254,786)

(248,996)

(200,416)

(175,396)

Net

expenses

......................

(26,810)

(31,936)

(17,053)

(10,470)

Net

investment

income

.............

498,637

446,306

256,942

157,248

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

—

1,719

13,230

8,334

Controlled

affiliates

(Note

3f)

............

—

498,728

Non-controlled

affiliates

(Note

3f)

.........

1,022,579

997,684

1,041,718

183,806

Capital

gain

distributions

from

Underlying

Funds:

Controlled

affiliates

(Note

3f)

............

—

370,647

Non-controlled

affiliates

(Note

3f)

.........

1,551,381

1,530,942

947,661

245,338

Net

realized

gain

(loss)

...............

2,573,960

2,530,345

2,002,609

1,306,853

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Controlled

affiliates

(Note

3f)

............

—

96,685

Non-controlled

affiliates

(Note

3f)

.........

(59,966)

12,960

(184,700)

56,881

Net

change

unrealized

appreciation

(depreciation)

......................

(59,966)

12,960

(184,700)

153,566

Net

realized

and

unrealized

gain

(loss)

.........

2,513,994

2,543,305

1,817,909

1,460,419

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$3,012,631

$2,989,611

$2,074,851

$1,617,667

Putnam

Target

Date

Funds

Financial

Statements

Operations

(continued)

for

the

year

ended

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

100

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

............................................

$26,996

$18

Expenses:

Management

fees

(Note

)

..................................................

10,197

358

Distribution

fees:

(Note

)

Class

...............................................................

1,868

Class

...............................................................

861

Class

...............................................................

102

Class

..............................................................

Transfer

agent

fees:

(Note

)

Class

...............................................................

937

Class

...............................................................

108

Class

...............................................................

Class

..............................................................

Class

..............................................................

212

Class

..............................................................

Class

..............................................................

313

Class

...............................................................

Reports

shareholders

fees

.................................................

18,399

742

Registration

and

filing

fees

...................................................

66,870

—

Professional

fees

..........................................................

19,670

17,912

Trustees'

fees

and

expenses

.................................................

Organization

costs

.........................................................

—

22,500

Amortization

offering

costs

(Note

)

.........................................

—

9,279

Other

...................................................................

7,065

Total

expenses

........................................................

126,827

50,921

Expenses

waived/paid

affiliates

(Note

and

3g)

.............................

(126,488)

(50,986)

Net

expenses

........................................................

339

(65)

Net

investment

income

...............................................

26,657

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

162,300

—

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

...........................................

118,033

—

Net

realized

gain

(loss)

.................................................

280,333

—

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

73,616

41,135

Net

realized

and

unrealized

gain

(loss)

...........................................

353,949

41,135

Net

increase

(decrease)

net

assets

resulting

from

operations

.........................

$380,606

$41,218

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

101

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$1,044,684

$564,740

$1,465,969

$523,016

Net

realized

gain

(loss)

............

1,137,345

(397,245)

2,937,331

(291,147)

Net

change

unrealized

appreciation

(depreciation)

.................

(447,815)

1,937,910

(1,450,613)

3,006,009

Net

increase

(decrease)

net

assets

resulting

from

operations

1,734,214

2,105,405

2,952,687

3,237,878

Distributions

shareholders:

Class

........................

(84,568)

(26,560)

(86,597)

(33,164)

Class

........................

(494)

(336)

(10,372)

(3,039)

Class

........................

(446)

(375)

(508)

(284)

Class

.......................

(468)

(402)

(541)

(312)

Class

.......................

(650)

(1,180)

(850)

(321)

Class

.......................

(513)

(443)

(600)

(358)

Class

.......................

(949,718)

(562,444)

(1,511,257)

(477,978)

Class

........................

(1,296)

(1,065)

(37,467)

(479)

Total

distributions

shareholders

.....

(1,038,153)

(592,805)

(1,648,192)

(515,935)

Capital

transactions:

(Note

)

Class

........................

5,149,501

10,972

3,270,312

703,038

Class

........................

22,683

144

16,162

(41,920)

Class

........................

1,666

159

(67)

284

Class

.......................

170

312

Class

.......................

454

(18,066)

1,489

1,556

Class

.......................

186

358

Class

.......................

18,538,495

2,374,459

4,055,920

11,528,012

Class

........................

6,984

810

(119,415)

799,550

Total

capital

transactions

.......

23,719,803

2,368,834

7,224,411

12,991,190

Net

increase

(decrease)

net

assets

.....................

24,415,864

3,881,434

8,528,906

15,713,133

Net

assets:

Beginning

year

..................

16,594,403

12,712,969

30,317,882

14,604,749

End

year

......................

$41,010,267

$16,594,403

$38,846,788

$30,317,882

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

102

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$1,402,819

$438,241

$977,961

$348,442

Net

realized

gain

(loss)

............

4,032,112

(47,878)

4,233,988

148,443

Net

change

unrealized

appreciation

(depreciation)

.................

(1,226,741)

3,501,725

(1,278,270)

2,682,338

Net

increase

(decrease)

net

assets

resulting

from

operations

4,208,190

3,892,088

3,933,679

3,179,223

Distributions

shareholders:

Class

........................

(296,139)

(82,446)

(104,306)

(30,509)

Class

........................

(10,071)

(412)

(5,465)

(741)

Class

........................

(768)

(454)

(915)

(335)

Class

.......................

(807)

(484)

(957)

(366)

Class

.......................

(3,226)

(1,536)

(4,376)

(1,963)

Class

.......................

(871)

(532)

(1,025)

(414)

Class

.......................

(1,972,814)

(638,262)

(2,100,056)

(378,406)

Class

........................

(3,007)

(890)

(6,116)

(990)

Total

distributions

shareholders

.....

(2,287,703)

(725,016)

(2,223,216)

(413,724)

Capital

transactions:

(Note

)

Class

........................

3,337,827

1,603,209

4,065,715

491,688

Class

........................

(124,973)

125,939

(34,781)

40,617

Class

........................

454

164

335

Class

.......................

484

366

Class

.......................

7,073

10,641

(3,689)

5,146

Class

.......................

532

414

Class

.......................

12,761,095

6,489,357

9,410,030

9,625,887

Class

........................

20,917

24,464

40,654

4,010

Total

capital

transactions

.......

16,001,954

8,255,080

13,478,121

10,168,463

Net

increase

(decrease)

net

assets

.....................

17,922,441

11,422,152

15,188,584

12,933,962

Net

assets:

Beginning

year

..................

27,524,221

16,102,069

23,466,929

10,532,967

End

year

......................

$45,446,662

$27,524,221

$38,655,513

$23,466,929

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

103

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$498,637

$311,099

$446,306

$163,658

Net

realized

gain

(loss)

............

2,573,960

15,392

2,530,345

(18,514)

Net

change

unrealized

appreciation

(depreciation)

.................

(59,966)

2,547,003

12,960

1,899,768

Net

increase

(decrease)

net

assets

resulting

from

operations

3,012,631

2,873,494

2,989,611

2,044,912

Distributions

shareholders:

Class

........................

(62,630)

(15,721)

(50,317)

(21,708)

Class

........................

(7,318)

(628)

(1,913)

(617)

Class

........................

(7,971)

(262)

(761)

(574)

Class

.......................

(746)

(291)

(803)

(606)

Class

.......................

(3,705)

(1,990)

(4,174)

(2,399)

Class

.......................

(814)

(341)

(874)

(659)

Class

.......................

(995,616)

(275,903)

(1,106,055)

(311,383)

Class

........................

(9,219)

(2,715)

(2,897)

(716)

Total

distributions

shareholders

.....

(1,088,019)

(297,851)

(1,167,794)

(338,662)

Capital

transactions:

(Note

)

Class

........................

1,928,789

428,415

803,394

331,670

Class

........................

(112,688)

94,515

26,873

8,648

Class

........................

10,629

133,718

753

574

Class

.......................

291

606

Class

.......................

2,275

(18,614)

(15,258)

18,455

Class

.......................

341

659

Class

.......................

6,048,260

3,633,802

5,744,563

9,122,164

Class

........................

55,363

25,158

125,842

716

Total

capital

transactions

.......

7,932,648

4,297,626

6,686,179

9,483,492

Net

increase

(decrease)

net

assets

.....................

9,857,260

6,873,269

8,507,996

11,189,742

Net

assets:

Beginning

year

..................

16,993,488

10,120,219

17,299,497

6,109,755

End

year

......................

$26,850,748

$16,993,488

$25,807,493

$17,299,497

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

104

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$256,942

$82,987

$157,248

$40,632

Net

realized

gain

(loss)

............

2,002,609

24,318

1,306,853

44,491

Net

change

unrealized

appreciation

(depreciation)

.................

(184,700)

1,293,213

153,566

909,276

Net

increase

(decrease)

net

assets

resulting

from

operations

2,074,851

1,400,518

1,617,667

994,399

Distributions

shareholders:

Class

........................

(39,025)

(13,304)

(32,859)

(33,558)

Class

........................

(5,921)

(1,027)

(3,067)

(3,127)

Class

........................

(826)

(517)

(843)

(967)

Class

.......................

(870)

(549)

(793)

(999)

Class

.......................

(2,296)

(1,205)

(587)

(2,241)

Class

.......................

(942)

(602)

(823)

(1,056)

Class

.......................

(726,124)

(189,492)

(423,925)

(196,200)

Class

........................

(1,070)

(666)

(1,343)

(1,619)

Total

distributions

shareholders

.....

(777,074)

(207,362)

(464,240)

(239,767)

Capital

transactions:

(Note

)

Class

........................

1,679,485

291,363

1,428,960

162,846

Class

........................

(15,190)

80,741

25,241

48,886

Class

........................

517

5,816

1,324

Class

.......................

549

999

Class

.......................

5,222

6,465

4,617

(8,958)

Class

.......................

602

1,056

Class

.......................

4,890,879

4,175,145

3,247,855

3,930,989

Class

........................

109,982

1,120

5,071

2,491

Total

capital

transactions

.......

6,670,437

4,556,502

4,717,585

4,139,633

Net

increase

(decrease)

net

assets

.....................

7,968,214

5,749,658

5,871,012

4,894,265

Net

assets:

Beginning

year

..................

9,652,534

3,902,876

7,412,769

2,518,504

End

year

......................

$17,620,748

$9,652,534

$13,283,781

$7,412,769

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

105

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

..............................

$26,657

$4,971

$83

Net

realized

gain

(loss)

..............................

280,333

22,405

—

Net

change

unrealized

appreciation

(depreciation)

........

73,616

175,322

41,135

Net

increase

(decrease)

net

assets

resulting

from

operations

...................................

380,606

202,698

41,218

Distributions

shareholders:

Class

..........................................

(33,198)

(14,449)

—

Class

..........................................

(3,955)

(2,052)

—

Class

..........................................

(1,058)

(801)

—

Class

.........................................

(792)

(625)

—

Class

.........................................

(4,265)

(3,811)

—

Class

.........................................

(859)

(673)

—

Class

.........................................

(53,979)

(8,313)

—

Class

..........................................

(1,041)

(1,426)

—

Total

distributions

shareholders

.......................

(99,147)

(32,150)

—

Capital

transactions:

(Note

)

Class

..........................................

205,011

322,421

29,678

Class

..........................................

3,215

25,647

10,000

Class

..........................................

572

4,301

10,000

Class

.........................................

174,556

625

10,000

Class

.........................................

(383)

908

10,000

Class

.........................................

153

674

10,000

Class

.........................................

1,472,371

91,545

930,000

Class

..........................................

26,461

(11,711)

10,000

Total

capital

transactions

.........................

1,881,956

434,410

1,019,678

Net

increase

(decrease)

net

assets

................

2,163,415

604,958

1,060,896

Net

assets:

Beginning

year

....................................

1,128,427

523,469

—

End

year

........................................

$3,291,842

$1,128,427

$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

August

2025,

the

Trust

began

offering

the

Putnam

Retirement

Advantage

2070

Fund.

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.

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,

2025, 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).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the

Fund

invests.

Putnam

Target

Date

Funds

Notes

Financial

Statements

107

franklintempleton.com

Annual

Report

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.

Organization

and

Offering

Costs

Organization

costs

were

expensed

incurred.

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,

2025,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Amount

Class

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

reorganizatio

(Note

.............

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

Year

ended

August

31,

2024

sold

...................................

122

$1,257

69,440

$710,098

issued

reinvestment

distributions

..........

2,652

26,560

3,419

33,164

redeemed

...............................

(1,659)

(16,845)

(4,150)

(40,224)

Net

increase

(decrease)

..........................

1,115

$10,972

68,709

$703,038

Class

Year

ended

August

31,

2025

sold

...................................

6,800

$71,728

19,905

$213,924

issued

reinvestment

distributions

..........

958

9,834

issued

reorganizatio

(Note

.............

7,738

81,640

—

redeemed

..............................

(12,378)

(130,784)

(19,156)

(207,596)

Net

increase

(decrease)

..........................

2,169

$22,683

1,707

$16,162

Year

ended

August

31,

2024

sold

...................................

—

$—

999

$9,859

issued

reinvestment

distributions

..........

144

315

3,039

redeemed

..............................

—

(5,543)

(54,818)

Net

increase

(decrease)

..........................

$144

(4,229)

$(41,920)

Class

Year

ended

August

31,

2025

sold

...................................

155

$1,658

130

$1,387

issued

reinvestment

distributions

..........

—

issued

reorganizatio

(Note

.............

1,224

13,012

—

redeemed

...............................

(1,224)

(13,012)

(130)

(1,454)

Net

increase

(decrease)

..........................

156

$1,666

—

$(67)

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

159

284

Net

increase

(decrease)

..........................

$159

$284

Class

Putnam

Target

Date

Funds

Notes

Financial

Statements

109

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Amount

Class

Year

ended

August

31,

2025

sold

...................................

—

$10

—

issued

reorganizatio

(Note

.............

1,073

11,468

—

redeemed

...............................

(1,073)

(11,468)

—

Net

increase

(decrease)

..........................

—

$10

—

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

170

312

Net

increase

(decrease)

..........................

$170

$312

Class

Year

ended

August

31,

2025

sold

...................................

221

$2,353

119

$1,307

issued

reinvestment

distributions

..........

151

275

issued

reorganizatio

(Note

.............

1,085

11,664

—

redeemed

...............................

(1,276)

(13,714)

(8)

(93)

Net

increase

(decrease)

..........................

$454

137

$1,489

Year

ended

August

31,

2024

sold

...................................

247

$2,447

130

$1,300

issued

reinvestment

distributions

..........

936

321

redeemed

...............................

(2,049)

(21,449)

(7)

(65)

Net

increase

(decrease)

..........................

(1,707)

$(18,066)

156

$1,556

Class

Year

ended

August

31,

2025

sold

...................................

—

$10

—

issued

reorganizatio

(Note

.............

1,077

11,620

—

redeemed

...............................

(1,077)

(11,620)

—

Net

increase

(decrease)

..........................

—

$10

—

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

186

358

Net

increase

(decrease)

..........................

$186

$358

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

110

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Amount

Class

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

reorganizatio

(Note

.............

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

Year

ended

August

31,

2024

sold

...................................

608,156

$6,122,070

1,377,329

$14,235,293

issued

reinvestment

distributions

..........

55,764

562,444

49,074

477,978

redeemed

...............................

(423,525)

(4,310,055)

(322,707)

(3,185,259)

Net

increase

(decrease)

..........................

240,395

$2,374,459

1,103,696

$11,528,012

Class

Year

ended

August

31,

2025

sold

...................................

572

$6,202

10,567

$116,824

issued

reinvestment

distributions

..........

782

3,534

36,861

issued

reorganizatio

(Note

.............

1,652

17,822

—

redeemed

...............................

(1,652)

(17,822)

(25,454)

(273,100)

Net

increase

(decrease)

..........................

646

$6,984

(11,353)

$(119,415)

Year

ended

August

31,

2024

sold

...................................

—

$—

75,655

$800,756

issued

reinvestment

distributions

..........

810

479

redeemed

...............................

—

(165)

(1,685)

Net

increase

(decrease)

..........................

$810

75,539

$799,550

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

164,000

$1,746,817

88,028

$875,905

issued

reinvestment

distributions

..........

8,404

82,446

3,104

30,509

redeemed

...............................

(22,339)

(226,054)

(40,512)

(414,726)

Net

increase

(decrease)

..........................

150,065

$1,603,209

50,620

$491,688

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

111

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Amount

Class

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)

Year

ended

August

31,

2024

sold

...................................

11,758

$127,220

3,918

$41,926

issued

reinvestment

distributions

..........

412

741

redeemed

..............................

(160)

(1,693)

(221)

(2,050)

Net

increase

(decrease)

..........................

11,640

$125,939

3,772

$40,617

Class

Year

ended

August

31,

2025

sold

...................................

—

$164

Net

increase

(decrease)

..........................

—

$164

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

454

335

Net

increase

(decrease)

..........................

$454

$335

Class

Year

ended

August

31,

2025

sold

...................................

—

$14

Net

increase

(decrease)

..........................

—

$14

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

484

366

Net

increase

(decrease)

..........................

$484

$366

Class

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)

Year

ended

August

31,

2024

sold

...................................

1,166

$11,957

540

$5,543

issued

reinvestment

distributions

..........

156

1,536

199

1,963

redeemed

...............................

(264)

(2,852)

(243)

(2,360)

Net

increase

(decrease)

..........................

1,058

$10,641

496

$5,146

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

112

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Amount

Class

Year

ended

August

31,

2025

sold

...................................

—

$14

Net

increase

(decrease)

..........................

—

$14

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

532

414

Net

increase

(decrease)

..........................

$532

$414

Class

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

Year

ended

August

31,

2024

sold

...................................

972,491

$10,254,415

1,057,289

$11,498,075

issued

reinvestment

distributions

..........

64,864

638,262

38,339

378,406

redeemed

...............................

(434,239)

(4,403,320)

(211,762)

(2,250,594)

Net

increase

(decrease)

..........................

603,116

$6,489,357

883,866

$9,625,887

Class

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

Year

ended

August

31,

2024

sold

...................................

2,206

$23,574

290

$3,020

issued

reinvestment

distributions

..........

890

100

990

Net

increase

(decrease)

..........................

2,296

$24,464

390

$4,010

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

113

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

42,223

$445,014

39,402

$401,511

issued

reinvestment

distributions

..........

1,555

15,721

2,102

20,788

redeemed

...............................

(2,988)

(32,320)

(8,622)

(90,629)

Net

increase

(decrease)

..........................

40,790

$428,415

32,882

$331,670

Class

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

Year

ended

August

31,

2024

sold

...................................

10,054

$106,582

751

$8,056

issued

reinvestment

distributions

..........

628

617

redeemed

..............................

(1,131)

(12,695)

(2)

(25)

Net

increase

(decrease)

..........................

8,985

$94,515

811

$8,648

Class

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

Year

ended

August

31,

2024

sold

...................................

11,412

$133,486

—

$—

issued

reinvestment

distributions

..........

262

574

redeemed

...............................

(3)

(30)

—

Net

increase

(decrease)

..........................

11,435

$133,718

$574

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

114

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Amount

Class

Year

ended

August

31,

2025

sold

...................................

—

$10

—

$—

redeemed

...............................

—

Net

increase

(decrease)

..........................

—

$10

—

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

291

606

Net

increase

(decrease)

..........................

$291

$606

Class

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)

Year

ended

August

31,

2024

sold

...................................

195

$2,038

1,780

$18,704

issued

reinvestment

distributions

..........

196

1,990

242

2,399

redeemed

...............................

(1,958)

(22,642)

(247)

(2,648)

Net

increase

(decrease)

..........................

(1,567)

$(18,614)

1,775

$18,455

Class

Year

ended

August

31,

2025

sold

...................................

—

$10

—

$—

redeemed

...............................

—

Net

increase

(decrease)

..........................

—

$10

—

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

341

659

Net

increase

(decrease)

..........................

$341

$659

Class

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

Year

ended

August

31,

2024

sold

...................................

497,531

$5,484,467

906,623

$10,164,843

issued

reinvestment

distributions

..........

27,183

275,903

31,326

311,383

redeemed

...............................

(201,089)

(2,126,568)

(128,081)

(1,354,062)

Net

increase

(decrease)

..........................

323,625

$3,633,802

809,868

$9,122,164

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

115

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

1,928

$22,443

—

$—

issued

reinvestment

distributions

..........

268

2,715

716

Net

increase

(decrease)

..........................

2,196

$25,158

$716

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

29,586

$321,428

19,074

$209,327

issued

reinvestment

distributions

..........

1,285

13,304

3,303

33,558

redeemed

...............................

(3,940)

(43,369)

(7,214)

(80,039)

Net

increase

(decrease)

..........................

26,931

$291,363

15,163

$162,846

Class

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

Year

ended

August

31,

2024

sold

...................................

9,572

$102,051

4,396

$45,784

issued

reinvestment

distributions

..........

100

1,027

311

3,127

redeemed

..............................

(1,907)

(22,337)

(2)

(25)

Net

increase

(decrease)

..........................

7,765

$80,741

4,705

$48,886

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

116

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Amount

Class

Year

ended

August

31,

2025

sold

...................................

—

$19

476

$5,776

issued

reinvestment

distributions

..........

—

102

redeemed

...............................

—

(5)

(62)

Net

increase

(decrease)

..........................

—

$19

480

$5,816

Year

ended

August

31,

2024

sold

...................................

—

$—

$360

issued

reinvestment

distributions

..........

517

967

redeemed

...............................

—

(3)

Net

increase

(decrease)

..........................

$517

126

$1,324

Class

Year

ended

August

31,

2025

sold

...................................

—

$20

—

$12

Net

increase

(decrease)

..........................

—

$20

—

$12

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

549

999

Net

increase

(decrease)

..........................

$549

$999

Class

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

Year

ended

August

31,

2024

sold

...................................

673

$7,429

707

$7,743

issued

reinvestment

distributions

..........

116

1,205

220

2,241

redeemed

...............................

(206)

(2,169)

(1,617)

(18,942)

Net

increase

(decrease)

..........................

583

$6,465

(690)

$(8,958)

Class

Year

ended

August

31,

2025

sold

...................................

—

$20

—

$13

Net

increase

(decrease)

..........................

—

$20

—

$13

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

602

104

1,056

Net

increase

(decrease)

..........................

$602

104

$1,056

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

117

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

414,430

$4,787,004

366,418

$4,196,278

issued

reinvestment

distributions

..........

18,238

189,492

19,273

196,200

redeemed

...............................

(72,482)

(801,351)

(41,891)

(461,489)

Net

increase

(decrease)

..........................

360,186

$4,175,145

343,800

$3,930,989

Class

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

Year

ended

August

31,

2024

sold

...................................

$479

364

$3,984

issued

reinvestment

distributions

..........

666

159

1,619

redeemed

...............................

(2)

(25)

(272)

(3,112)

Net

increase

(decrease)

..........................

106

$1,120

251

$2,491

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

31,146

$354,025

—

$—

issued

reinvestment

distributions

..........

1,371

14,449

—

redeemed

...............................

(3,977)

(46,053)

—

Net

increase

(decrease)

..........................

28,540

$322,421

—

$—

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

118

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

2,153

$23,902

—

$—

issued

reinvestment

distributions

..........

196

2,052

—

redeemed

..............................

(28)

(307)

—

Net

increase

(decrease)

..........................

2,321

$25,647

—

$—

Class

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

Year

ended

August

31,

2024

sold

...................................

337

$3,500

—

$—

issued

reinvestment

distributions

..........

801

—

Net

increase

(decrease)

..........................

413

$4,301

—

$—

Class

Year

ended

August

31,

2025

sold

...................................

—

$478

1,000

$10,000

redeemed

...............................

—

174,078

—

Net

increase

(decrease)

..........................

—

$174,556

1,000

$10,000

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

625

—

Net

increase

(decrease)

..........................

$625

—

$—

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

119

franklintempleton.com

Annual

Report

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

2,906

$32,464

—

$—

issued

reinvestment

distributions

..........

361

3,811

—

redeemed

...............................

(2,861)

(35,367)

—

Net

increase

(decrease)

..........................

406

$908

—

$—

Class

Year

ended

August

31,

2025

sold

...................................

$999

1,000

$10,000

redeemed

...............................

—

(846)

—

Net

increase

(decrease)

..........................

$153

1,000

$10,000

Year

ended

August

31,

2024

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

674

—

Net

increase

(decrease)

..........................

$674

—

$—

Class

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

Year

ended

August

31,

2024

sold

...................................

20,085

$227,711

—

$—

issued

reinvestment

distributions

..........

786

8,313

—

redeemed

...............................

(12,746)

(144,479)

—

Net

increase

(decrease)

..........................

8,125

$91,545

—

$—

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

120

franklintempleton.com

Annual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

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

Putnam

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:

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Amount

Class

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

Year

ended

August

31,

2024

sold

...................................

173

$1,975

—

$—

issued

reinvestment

distributions

..........

135

1,425

—

redeemed

...............................

(1,392)

(15,111)

—

Net

increase

(decrease)

..........................

(1,084)

$(11,711)

—

$—

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

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Gross

effective

investment

management

fee

rate

........

0.360%

0.380%

0.390%

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.

Effective

November

2024,

under

subadvisory

agreement,

FTIML

provides

subadvisory

services

the

Funds.

The

subadvisory

fee

paid

Advisers

based

the

average

net

assets

managed

FTIML,

and

not

additional

expense

the

Funds.

Prior

November

2024,

PIL

provided

subadvisory

services

the

Funds.

Effective

November

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

FTIML.

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.

Putnam

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Gross

effective

investment

management

fee

rate

........

0.400%

0.410%

0.420%

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Putnam

Retirement

Advantage

2065

Fund

Gross

effective

investment

management

fee

rate

........

0.430%

0.440%

0.455%

Putnam

Retirement

Advantage

2070

Fund

Gross

effective

investment

management

fee

rate

........

0.450%

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Maximum

Approved

Maximum

Approved

Class

.......................................

0.35%

0.25%

0.35%

0.25%

Class

.......................................

1.00%

Class

.......................................

1.00%

0.50%

1.00%

0.50%

Class

......................................

0.35%

0.25%

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:

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Maximum

Approved

Maximum

Approved

Class

.......................................

0.35%

0.25%

0.35%

0.25%

Class

.......................................

1.00%

Class

.......................................

1.00%

0.50%

1.00%

0.50%

Class

......................................

0.35%

0.25%

0.35%

0.25%

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Maximum

Approved

Maximum

Approved

Class

.......................................

0.35%

0.25%

0.35%

0.25%

Class

.......................................

1.00%

Class

.......................................

1.00%

0.50%

1.00%

0.50%

Class

......................................

0.35%

0.25%

0.35%

0.25%

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Maximum

Approved

Maximum

Approved

Class

.......................................

0.35%

0.25%

0.35%

0.25%

Class

.......................................

1.00%

Class

.......................................

1.00%

0.50%

1.00%

0.50%

Class

......................................

0.35%

0.25%

0.35%

0.25%

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Maximum

Approved

Maximum

Approved

Class

.......................................

0.35%

0.25%

0.35%

0.25%

Class

.......................................

1.00%

Class

.......................................

1.00%

0.50%

1.00%

0.50%

Class

......................................

0.35%

0.25%

0.35%

0.25%

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$37

$2,879

$4,447

$6,108

CDSC

retained

...........................

$—

$46

$130

Transactions

with

Affiliates

(continued)

Distribution

Fees

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

123

franklintempleton.com

Annual

Report

Transfer

Agent

Fees

PSERV,

affiliate

Advisers,

provides

investor

servicing

agent

functions

each

Fund

and

receives

fees

for

investor

servicing

the

following

Class

specific

rates.

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$2,311

$2,350

$1,531

$2,919

CDSC

retained

...........................

$15

$23

$24

$18

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$1,791

$—

CDSC

retained

...........................

$—

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

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%

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

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)

Sales

Charges/Underwriting

Agreements

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

124

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,

the

acquired

fund

fee

and

expense

waiver

may

exceed

the

contractually

capped

net

expense

ratio

class,

resulting

negative

net

expense

ratio

for

that

class.

When

there

significant

concentration

shareholder

investments

classes

with

negative

net

expense

ratios,

this

may

result

negative

total

expenses,

disclosed

the

Statements

Operations.

Investments

Underlying

Funds

for

the

period

ended

August

31,

2025,

were

follows:

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

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%

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Putnam

Retirement

Advantage

Maturity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Multi-Asset

Income

Fund,

Class

............

$15,624,033

$34,062,445

$(12,564,994)

$1,137,345

$252,545

$38,511,374

3,482,041

$1,004,744

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

972,681

3,613,026

(2,178,218)

—

2,407,489

61,853

Total

Affiliated

Securities

...

$16,596,714

$37,675,471

$(14,743,212)

$1,137,345

$252,545

$40,918,863

$1,066,597

Transactions

with

Affiliates

(continued)

Transfer

Agent

Fees

(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

Investment

Income

Putnam

Retirement

Advantage

2030

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

.....................

$11,236,177

$7,473,942

$(9,337,294)

$767,535

$(1,070,077)

$9,070,283

529,188

$1,332,367

Putnam

Dynamic

Asset

Allocation

Conservative

Fund,

Class

................

12,889,169

14,909,690

(7,547,965)

714,827

(322,976)

20,642,745

1,843,102

964,846

Putnam

Multi-Asset

Income

Fund,

Class

............

4,520,195

4,684,334

(2,527,100)

234,376

(57,560)

6,854,245

619,733

275,432

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

1,671,133

1,468,261

(859,803)

—

2,279,591

97,645

Total

Non-Controlled

Affiliates

$30,316,674

$28,536,227

$(20,272,162)

$1,716,738

$(1,450,613)

$38,846,864

$2,670,290

Total

Affiliated

Securities

...

$30,316,674

$28,536,227

$(20,272,162)

$1,716,738

$(1,450,613)

$38,846,864

$2,670,290

Putnam

Retirement

Advantage

2035

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

.....................

$24,930,396

$25,657,933

$(10,104,383)

$1,209,796

$(1,174,338)

$40,519,404

2,364,026

$3,922,883

Putnam

Dynamic

Asset

Allocation

Conservative

Fund,

Class

................

137,544

1,372,521

(194,794)

1,017

36,932

1,353,220

120,823

28,868

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

1,047,318

268,825

(1,257,881)

70,036

(128,298)

—

70,177

Putnam

Multi-Asset

Income

Fund,

Class

............

220,172

1,460,198

(228,254)

5,457

38,963

1,496,536

135,311

34,527

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

1,187,578

1,342,816

(458,935)

—

2,071,459

80,236

Total

Non-Controlled

Affiliates

$27,523,008

$30,102,293

$(12,244,247)

$1,286,306

$(1,226,741)

$45,440,619

$4,136,691

Total

Affiliated

Securities

...

$27,523,008

$30,102,293

$(12,244,247)

$1,286,306

$(1,226,741)

$45,440,619

$4,136,691

Putnam

Retirement

Advantage

2040

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

.....................

$9,481,850

$13,999,398

$(4,538,066)

$552,119

$(454,831)

$19,040,470

1,110,879

$1,609,448

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

13,218,778

12,535,586

(7,859,437)

1,229,631

(823,439)

18,301,119

827,730

1,739,152

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

126

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Putnam

Retirement

Advantage

2040

Fund

(continued)

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

763,424

874,090

(337,337)

—

1,300,177

50,524

Total

Non-Controlled

Affiliates

$23,464,052

$27,409,074

$(12,734,840)

$1,781,750

$(1,278,270)

$38,641,766

$3,399,124

Total

Affiliated

Securities

...

$23,464,052

$27,409,074

$(12,734,840)

$1,781,750

$(1,278,270)

$38,641,766

$3,399,124

Putnam

Retirement

Advantage

2045

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

.....................

$509,826

$1,586,013

$(328,318)

$13,717

$35,258

$1,816,496

105,980

$101,934

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

16,094,458

13,491,473

(6,155,213)

1,008,862

(95,224)

24,344,356

1,101,056

1,894,543

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

386,387

474,717

(180,395)

—

680,709

26,731

Total

Non-Controlled

Affiliates

$16,990,671

$15,552,203

$(6,663,926)

$1,022,579

$(59,966)

$26,841,561

$2,023,208

Total

Affiliated

Securities

...

$16,990,671

$15,552,203

$(6,663,926)

$1,022,579

$(59,966)

$26,841,561

$2,023,208

Putnam

Retirement

Advantage

2050

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

$2,982,730

$1,812,232

$(1,580,067)

$293,938

$(80,655)

$3,428,178

210,447

$263,305

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

14,174,961

11,063,530

(3,951,525)

703,746

93,615

22,084,327

998,839

1,671,795

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

139,162

242,130

(107,356)

—

273,936

10,212

Total

Non-Controlled

Affiliates

$17,296,853

$13,117,892

$(5,638,948)

$997,684

$12,960

$25,786,441

$1,945,312

Total

Affiliated

Securities

...

$17,296,853

$13,117,892

$(5,638,948)

$997,684

$12,960

$25,786,441

$1,945,312

Putnam

Retirement

Advantage

2055

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

$4,012,870

$4,901,966

$(2,888,473)

$510,745

$(81,784)

$6,455,324

396,275

$418,173

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

5,589,497

8,509,201

(3,458,614)

530,973

(102,916)

11,068,141

500,594

766,082

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

48,834

85,828

(52,139)

—

82,523

3,295

Total

Non-Controlled

Affiliates

$9,651,201

$13,496,995

$(6,399,226)

$1,041,718

$(184,700)

$17,605,988

$1,187,550

Total

Affiliated

Securities

...

$9,651,201

$13,496,995

$(6,399,226)

$1,041,718

$(184,700)

$17,605,988

$1,187,550

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

127

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Putnam

Retirement

Advantage

2060

Fund

Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

$4,800,734

$4,803,331

$(2,087,962)

$498,728

$96,685

$8,111,516

497,945

$448,042

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

$2,573,970

$3,317,100

$(1,023,112)

$183,806

$56,881

$5,108,645

231,056

$312,351

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

37,290

69,168

(42,049)

—

64,409

2,370

Total

Affiliated

Securities

...

$7,411,994

$8,189,599

$(3,153,123)

$682,534

$153,566

$13,284,570

$762,763

Putnam

Retirement

Advantage

2065

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

$881,427

$2,323,936

$(828,231)

$138,482

$61,305

$2,576,919

158,190

$107,656

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

242,185

659,596

(231,210)

23,818

12,311

706,700

31,963

36,888

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

5,116

26,361

(20,310)

—

11,167

485

Total

Non-Controlled

Affiliates

$1,128,728

$3,009,893

$(1,079,751)

$162,300

$73,616

$3,294,786

$145,029

Total

Affiliated

Securities

...

$1,128,728

$3,009,893

$(1,079,751)

$162,300

$73,616

$3,294,786

$145,029

Putnam

Retirement

Advantage

2070

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

$—

$795,348

$—

$33,476

$828,824

50,879

$—

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

—

219,231

—

7,659

226,890

10,262

—

Putnam

Short

Term

Investment

Fund,

Class

4.566%

......

—

5,117

—

5,117

Total

Non-Controlled

Affiliates

$—

$1,019,696

$—

$41,135

$1,060,831

$18

Total

Affiliated

Securities

...

$—

$1,019,696

$—

$41,135

$1,060,831

$18

Dividend

income

includes

capital

gain

distributions

received,

any,

from

underlying

funds,

and

are

presented

corresponding

line

item

the

Statements

Operations.

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

128

franklintempleton.com

Annual

Report

Waiver

and

Expense

Reimbursements

Advisers

has

contractually

agreed

waive

fees

and/or

reimburse

expenses

each

class

each

Fund

through

least

December

30,

2028,

amount

sufficient

result

total

annual

fund

operating

expenses

for

the

following

class

the

Funds'

(excluding

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.

Advisers

has

also

contractually

agreed

waive

fees

and/or

reimburse

expenses

each

fund

through

least December

30,

2028, in

amount

equal

the

Funds'

acquired

fund

fees

and

expenses.

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

August

31,

2025,

the

capital

loss

carryforwards

were

follows:

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%

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Capital

loss

carryforwards

not

subject

expiration:

Long

term

.............................

22,748

62,378

74,457

56,282

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Capital

loss

carryforwards

not

subject

expiration:

Long

term

.............................

52,868

17,155

5,404

6,209

*Includes

$23,440

from

the

merged

Putnam

Retirement

Advantage

2025

Fund

which

may

carried

over

offset

future

capital

gains,

subject

certain

limitations.

Transactions

with

Affiliates

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

129

franklintempleton.com

Annual

Report

During

the

year

ended August

31,

2025,

the

utilized

capital

loss

carryforwards

were

follows:

The

tax

character

distributions

paid

during

the

years

ended

August

31,

2025

and

2024,

was

follows:

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Capital

loss

utilized

carryforwards

....

$191,629

$7,063

$6,537

Putnam

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2060

Fund

Capital

loss

utilized

carryforwards

....

$4,064

$1,915

$300

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

2025

2024

2025

2024

Distributions

paid

from:

Ordinary

income

........................

$1,038,153

$573,898

$1,515,634

$391,639

Long

term

capital

gain

....................

—

18,907

132,558

124,296

$1,038,153

$592,805

$1,648,192

$515,935

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

2025

2024

2025

2024

Distributions

paid

from:

Ordinary

income

........................

$2,148,089

$519,660

$1,669,517

$320,157

Long

term

capital

gain

....................

139,614

205,356

553,699

93,567

$2,287,703

$725,016

$2,223,216

$413,724

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

2025

2024

2025

2024

Distributions

paid

from:

Ordinary

income

........................

$978,606

$297,851

$929,058

$178,488

Long

term

capital

gain

....................

109,413

—

238,736

160,174

$1,088,019

$297,851

$1,167,794

$338,662

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

2025

2024

2025

2024

Distributions

paid

from:

Ordinary

income

........................

$552,252

$103,087

$345,602

$56,017

Long

term

capital

gain

....................

224,822

104,275

118,638

183,750

$777,074

$207,362

$464,240

$239,767

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

130

franklintempleton.com

Annual

Report

August

31,

2025,

the

cost

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

follows:

Putnam

Retirement

Advantage

2065

Fund

2025

2024

Distributions

paid

from:

Ordinary

income

........................

$62,904

$7,540

Long

term

capital

gain

....................

36,243

24,610

$99,147

$32,150

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Cost

investments

.......................

$39,789,366

$38,008,903

$44,185,167

$37,363,853

Unrealized

appreciation

.....................

$1,385,117

$995,052

$1,841,249

$1,385,811

Unrealized

depreciation

.....................

(255,620)

(157,091)

(585,797)

(107,898)

Net

unrealized

appreciation

(depreciation)

.......

$1,129,497

$837,961

$1,255,452

$1,277,913

Distributable

earnings:

Undistributed

ordinary

income

................

$83,576

$943,345

$2,000,617

$393,660

Undistributed

long

term

capital

gains

...........

277,822

665,447

759,807

2,265,061

Total

distributable

earnings

..................

$361,398

$1,608,792

$2,760,424

$2,658,721

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Cost

investments

.......................

$24,728,915

$24,110,131

$16,554,351

$12,224,024

Unrealized

appreciation

.....................

$2,361,541

$1,800,620

$1,075,676

$1,086,657

Unrealized

depreciation

.....................

(248,895)

(124,310)

(24,039)

(26,111)

Net

unrealized

appreciation

(depreciation)

.......

$2,112,646

$1,676,310

$1,051,637

$1,060,546

Distributable

earnings:

Undistributed

ordinary

income

................

$70,644

$27,642

$14,423

$8,472

Undistributed

long

term

capital

gains

...........

1,747,989

1,584,973

1,230,526

838,104

Total

distributable

earnings

..................

$1,818,633

$1,612,615

$1,244,949

$846,576

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

131

franklintempleton.com

Annual

Report

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

wash

sales,

non-deductible

expenses

and

regulated

investment

companies.

The

Funds,

except

for

Putnam

Retirement

Advantage

2070

Fund,

utilized

tax

accounting

practice

treat

portion

the

proceeds

from

capital

redeemed

distribution

from realized

capital

gains.

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

year

ended

August

31,

2025,

were

follows:

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Cost

investments

.......................

$3,048,024

$1,019,696

Unrealized

appreciation

.....................

$248,509

$41,135

Unrealized

depreciation

.....................

(1,747)

—

Net

unrealized

appreciation

(depreciation)

.......

$246,762

$41,135

Distributable

earnings:

Undistributed

ordinary

income

................

$598

$83

Undistributed

long

term

capital

gains

...........

185,197

—

Total

distributable

earnings

..................

$185,795

$83

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Purchases

..............................

$16,567,774

$28,109,475

$29,660,062

$27,038,241

Sales

..................................

$12,852,902

$19,807,133

$11,943,721

$12,549,894

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Purchases

..............................

$15,349,581

$13,022,869

$13,472,871

$8,184,580

Sales

..................................

$6,600,303

$6,115,211

$6,343,511

$3,166,933

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Purchases

..............................

$3,001,546

$1,014,579

Sales

..................................

$1,072,881

$—

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

132

franklintempleton.com

Annual

Report

Reorganization

July

25,

2025,

Putnam

Retirement

Advantage

Maturity

Fund

(Surviving

Fund)

acquired

100%

Putnam

Retirement

Advantage

2025

Fund's

(Acquired

Fund)

net

assets,

primarily

made

investment

securities,

which

included

$700,360

unrealized

appreciation,

through

tax-free

exchange

1,835,780

the

Surviving

Fund

(valued

$19,840,014).

Immediately

after

the

completion

the

reorganization,

the

combined

net

assets

the

Surviving

Fund

were

$44,338,276.

The

primary

purpose

the

reorganization,

contemplated

the

Acquired

Fund’s

prospectus,

was

combine

two

funds

with

similar

investment

objectives

and

strategies

into

single

fund.

Additionally,

the

time

the

merger

was

completed,

the

Acquired

Fund’s

target

allocations

among

asset

classes

and

underlying

funds

were

aligned

with

those

the

Surviving

Fund.

The

estimated

cost

the

reorganization

was

$154,089

which

the

Surviving

Fund

and

the

Acquired

Fund

each

paid

50%.

The

allocated

portion

the

Surviving

Fund's

reorganization

expenses

are

included

with

other

expenses

the

Statement

Operations.

Assuming

the

reorganization

had

been

completed

September

2024,

the

Surviving

Fund's

pro

forma

results

operations,

would

have

been

follows:

Subsequent

the

reorganization,

the

Surviving

Fund

has

been

managed

single

entity.

Accordingly,

impracticable

identify

the

amounts

revenue

and

earnings

attributable

the

Acquired

Fund’s

assets

after

the

completion

the

reorganization.

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,

2025,

all

the Funds'

investments

financial

instruments

carried

fair

value

were

valued

using

Level 1

inputs.

For

detailed

categories,

see

the

accompanying

Schedules

Investments.

Operating

Segments

The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures.

The

update

limited

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

results

operations.

Period

Net

Investment

Income

Net

Realized

and

Unrealized

Gain

(Loss)

Net

Increase

(Decrease)

Net

Assets

from

Operations

For

the

period

September

2024

through

August

31,

2025

.........

$1,778,673

$2,506,836

$4,285,509

Putnam

Target

Date

Funds

Notes

Financial

Statements

133

franklintempleton.com

Annual

Report

Each

Fund

operates

single

operating

segment,

which

investment

portfolio.

The

portfolio

managers

assigned

the

Fund

within the

Funds'

Investment

manager

serve

the

Chief

Operating

Decision

Maker

(“CODM”)

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

accordance

with each

Fund’s

investment

strategy.

Internal

reporting

provided

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

loss,

and

significant

expenses,

refer

the

Statements

Assets

and

Liabilities

and

the

Statements

Operations,

along

with

the

notes

the

financial

statements.

The

Schedules

Investments

provides

details

the

Funds'

investments

that

generate

returns

such

interest,

dividends,

and

realized

and

unrealized

gains

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

the

Financial

Highlights.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

the financial

statements

and

determined

that

events

have

occurred

that

require

disclosure.

Operating

Segments

(continued)

Putnam

Target

Date

Funds

Report

Independent

Registered

Public

Accounting

Firm

134

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,

2025,

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

the

table

below

(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,

2025,

the

results

each

their

operations,

the

changes

each

their

net

assets,

and

each

the

financial

highlights

for

each

the

periods

indicated

the

table

below,

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

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.

Fund

Statement

operations

Statement

changes

net

assets

Financial

Highlights

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

For

the

year

ended

August

31,

2025

For

the

years

ended

August

31,

2025

and

2024

For

the

years

ended

August

31,

2025,

2024,

2023,

2022,

and

2021

Putnam

Retirement

Advantage

2065

Fund

For

the

year

ended

August

31,

2025

For

the

years

ended

August

31,

2025

and

2024

For

the

years

ended

August

31,

2025,

2024,

2023,

2022,

and

the

period

December

30,

2020

(commencement

operations)

August

31,

2021

Putnam

Retirement

Advantage

2070

Fund

For

the

period

August

2025

(commencement

operations)

August

31,

2025

Putnam

Target

Date

Funds

Report

Independent

Registered

Public

Accounting

Firm

135

franklintempleton.com

Annual

Report

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

August

31,

2025

correspondence

with

the

transfer

agent.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Boston,

Massachusetts

October

20,

2025

have

served

the

auditor

one

investment

companies

the

Putnam

Funds

family

funds

since

least

1957.

have

not

been

able

determine

the

specific

year

began

serving

auditor.

Putnam

Target

Date

Funds

Tax

Information

(unaudited)

136

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,

2025:

Pursuant

to:

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$115,000

$382,558

$379,614

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$104,170

$125,478

$146,282

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$154,410

$196,137

$216,989

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

$10,558

Pursuant

to:

Putnam

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$791,699

$273,413

$355,736

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$145,405

$100,016

$101,368

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$230,938

$166,416

$169,135

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

$4,181

—

Pursuant

to:

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Putnam

Retirement

Advantage

2065

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$379,822

$197,638

$72,243

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$65,045

$43,866

$8,602

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$107,658

$72,041

$14,082

Putnam

Target

Date

Funds

137

franklintempleton.com

Annual

Report

BOARD

APPROVAL

MANAGEMENT

AND

SUBADVISORY

AGREEMENTS

(unaudited)

Putnam

Retirement

Advantage

Funds

Trustee

approval

management

contracts

Consideration

your

fund’s

management

and

sub-advisory

contracts

their

meeting

June

27,

2025,

the

Board

Trustees

(“Board”)

Putnam

Retirement

Advantage

2030

Fund

(the

“2030

Fund”),

Putnam

Retirement

Advantage

2035

Fund

(the

“2035

Fund”),

Putnam

Retirement

Advantage

2040

Fund

(the

“2040

Fund”),

Putnam

Retirement

Advantage

2045

Fund

(the

“2045

Fund”),

Putnam

Retirement

Advantage

2050

Fund

(the

“2050

Fund”),

Putnam

Retirement

Advantage

2055

Fund

(the

“2055

Fund”),

Putnam

Retirement

Advantage

2060

Fund

(the

“2060

Fund”),

Putnam

Retirement

Advantage

2065

Fund

(the

“2065

Fund”),

and

Putnam

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,

and

2065

Fund,

the

“Existing

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

Resources,

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

138

franklintempleton.com

Annual

Report

addition,

their

meeting

May

16,

2025,

the

Board,

including

all

Independent

Trustees,

approved

management

contract

with

the

Advisor

for

the

proposed

new

Putnam

Retirement

Advantage

2070

Fund

(the

“2070

Fund”)

and

subadvisory

agreements

between

the

Advisor

and

the

Subadvisors

for

the

2070

Fund.

With

respect

the

2070

Fund,

the

Board

took

into

consideration

the

review

and

consideration

the

Contract

Committee

the

Board

the

Existing

Funds’

Management

Contracts

and

information.

Accordingly,

the

considerations

and

conclusions

set

forth

below

applicable

the

Management

Contracts

also

generally

apply

the

management

contract

and

subadvisory

agreements

for

the

2070

Fund,

necessary

and

appropriate

the

context.

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

describing

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

2025,

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

2025

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

the

Existing

Funds’

Management

Contracts,

effective

July

2025.

considering

the

continuance

the

Management

Contracts

for

the

Existing

Funds

and

the

approval

the

Management

Contracts

for

the

2070

Fund,

the

Board

took

into

account

number

factors,

including:

That

the

fee

schedule

effect

for

your

fund

represented

(or,

the

case

the

2070

Fund,

would

represent)

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

(or,

the

case

the

2070

Fund,

would

represent)

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;

Potential

benefits

shareholders

the

funds

that

could

result

from

the

alignment

certain

fund

features

and

shareholder

Putnam

Target

Date

Funds

139

franklintempleton.com

Annual

Report

benefits

with

those

other

funds

sponsored

the

Advisor

and

its

affiliates

and

access

broader

array

investment

opportunities;

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

the

other

funds

are

the

result

many

years

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

connection

with

formal

contract

reviews

well

throughout

the

year

and

that

the

Trustees’

conclusions

may

based,

part,

their

consideration

fee

arrangements

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

repositioned

funds,

the

current

fee

arrangements

under

the

vast

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

(or,

the

case

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

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

Putnam

Retirement

Advantage

Fund

(except

the

Maturity

Fund)

set

each

fiscal

year

based

defined

fee

schedule

which

the

management

fee

rate

declines

the

Putnam

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

(and,

the

case

the

2070

Fund,

the

projected

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

and

waive

fees

and/or

reimburse

expenses

your

fund

the

extent

that

expenses

specified

classes

(excluding

payments

under

the

fund’s

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

acquired

fund

fees

and

expenses

and

extraordinary

expenses)

would

exceed

specified

annual

rate

the

fund’s

average

net

assets

attributable

the

class

(0.55%

for

Class

shares,

Class

shares,

Class

and

Class

shares,

0.70%

for

Class

shares,

Class

and

Class

and

0.45%

for

Class

shares)

through

least

December

30,

2028.

During

its

fiscal

year

ending

2024,

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

2070

Fund’s

Management

Contracts

and

the

continuance

the

Existing

Funds’

Management

Contracts.

Putnam

Target

Date

Funds

140

franklintempleton.com

Annual

Report

The

Trustees

reviewed

comparative

fee

and

expense

information

for

custom

group

competitive

funds

selected

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”).

This

comparative

information

included,

for

the

Existing

Funds,

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,

2024.

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,

2024

reflected

the

most

recent

fiscal

year-end

data

available

Broadridge’s

database

that

time.

(Total

expenses

reflect

the

fees

and

expenses

borne

directly

the

Putnam

Retirement

Advantage

Funds

and

the

competitive

funds

included

the

custom

Lipper

peer

groups,

well

the

underlying

funds’

net

fees

and

expenses.)

connection

with

their

review

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

the

services

provided

and

the

profits

realized

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

revenues,

expenses

and

profitability

the

Advisor

and

its

affiliates

relating

the

investment

management,

investor

servicing

and

distribution

services

provided

the

funds,

applicable.

this

regard,

the

Trustees

also

reviewed

analysis

the

revenues,

expenses

and

profitability

the

Advisor

and

its

affiliates,

allocated

fund-by-fund

basis,

with

respect

(as

applicable)

the

funds’

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

2024

for

each

the

applicable

agreements

separately

and

for

the

agreements

taken

together

combined

basis.

was

noted

that,

because

the

2070

Fund

was

not

yet

operational,

the

Trustees

were

not

able

consider

the

profitability

the

Advisor

and

its

affiliates

with

respect

the

2070

Fund.

The

Trustees

concluded

that,

current

asset

levels,

the

fee

schedules

place

for

each

the

funds,

including

the

fee

schedule

for

your

fund,

represented

(or,

the

case

the

2070

Fund,

would

represent)

reasonable

compensation

for

the

services

being

provided

and

represented

(or,

the

case

the

2070

Fund,

would

represent)

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

clients

similar

asset

categories,

including

other

1940

Act

funds

advised

the

Advisor

but

overseen

board

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

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,

for

products

that

are

managed

the

same

portfolio

team

similar

asset

category

those

the

funds,

comparisons

the

Quintile

Effective

Management

Fees

Total

Expenses

2030

Fund

3rd

2nd

2035

Fund

3rd

2nd

2040

Fund

3rd

2nd

2045

Fund

3rd

2nd

2050

Fund

3rd

2nd

2055

Fund

3rd

2nd

2060

Fund

3rd

2nd

2065

Fund

2nd

1st

Maturity

Fund

2nd

3rd

Putnam

Target

Date

Funds

141

franklintempleton.com

Annual

Report

fees

charged

other

clients,

category,

with

fees

charged

the

funds,

well

detailed

assessment

the

differences

the

services

provided

these

clients

compared

the

services

provided

the

funds.

The

Trustees

observed

that

the

differences

fee

rates

between

these

clients

and

the

funds

are

means

uniform

when

examined

individual

asset

classes,

suggesting

that

differences

the

pricing

investment

management

services

these

types

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

separate

marketplaces,

the

characteristics

different

clients,

the

particulars

different

fee

structures,

factors

unique

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

different

clients.

The

Trustees

considered

the

fact

that

many

cases

fee

rates

across

different

asset

classes

are

higher

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

the

funds

and

those

that

provides

its

other

clients.

The

Trustees

did

not

rely

these

fee

comparisons

any

significant

extent

concluding

that

the

management

fees

paid

your

fund

are

reasonable.

Investment

performance

The

quality

the

investment

process

provided

the

Advisor

represented

major

factor

the

Trustees’

evaluation

the

quality

services

provided

the

Advisor

under

your

fund’s

Management

Contracts.

was

noted

that,

because

the

2070

Fund

was

not

yet

operational,

the

Trustees

were

not

able

consider

the

2070

Fund’s

performance

before

their

initial

approval

the

2070

Fund’s

management

contract

and

subadvisory

agreements.

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

senior

investment

management

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

high-quality

investment

process

—

based

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

2024

against

constructive

yet

complex

investing

environment.

The

S&P

500

was

25%

2024,

but

significant

concentration

returns

among

large

cap

and

technology

stocks

and

periods

volatility

posed

challenges

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

slightly

over

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

year-end

2023

4.25%

year-end

2024,

with

three

cuts

the

latter

part

the

year,

while

also

trying

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

4.6%

from

3.9%

year-end

2023.

Corporate

earnings

and

employment

figures

continued

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

asset-weighted

basis,

ranked

the

27th

percentile

their

peers

determined

Lipper

Inc.

(“Lipper”)

and,

asset-weighted

basis,

outperformed

their

benchmarks

3.0%

gross

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds’

aggregate

performance

over

longer-term

periods

continued

strong,

with

the

funds,

asset-weighted

basis,

ranking

the

20th,

22nd

and

20th

percentiles

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

the

aggregate,

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

2024,

which

represented

increase

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

the

end

2024,

which

was

also

year-

over-year

increase

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

the

Advisor

regarding

the

factors

contributing

the

underperformance

and,

where

relevant,

actions

being

taken

improve

the

performance

these

particular

funds.

The

Trustees

indicated

their

intention

continue

monitor

the

performance

those

funds.

Putnam

Target

Date

Funds

142

franklintempleton.com

Annual

Report

For

purposes

the

Trustees’

evaluation

the

funds’

investment

performance,

the

Trustees

generally

focus

competitive

industry

ranking

each

fund’s

total

net

return

over

one-year,

three-year

and

five-year

period.

For

number

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

available,

the

Trustees

evaluated

performance

based

their

total

gross

and

net

returns

and

comparisons

those

returns

the

returns

selected

investment

benchmarks.

For

each

the

Existing

Funds

(except

for

the

2065

Fund,

which

commenced

operations

December

20,

2020),

the

Trustees

considered

information

about

the

fund’s

total

return

and

its

performance

relative

its

benchmark

over

the

one-year,

three-

year,

and

five-year

periods

ended

December

31,

2024.

The

class

shares’

return,

net

fees

and

expenses,

for

each

the

2030

Fund,

2035

Fund,

2040

Fund,

2045

Fund,

2050

Fund,

2055

Fund,

and

2060

Fund

was

positive

and

exceeded

the

return

its

benchmark

over

the

one-year,

three-year,

and

five-year

periods

ended

December

31,

2024.

The

class

shares’

return,

net

fees

and

expenses,

for

the

2065

Fund

was

positive

and

exceeded

the

return

its

benchmark

over

the

one-year

and

three-year

periods

ended

December

31,

2024.

The

class

shares’

return,

net

fees

and

expenses,

for

the

Maturity

Fund

was

positive

and

exceeded

the

return

its

benchmark

over

the

one-year

and

three-year

periods

ended

December

31,

2024,

and

was

positive

and

matched

the

return

its

benchmark

over

the

five-year

period

ended

December

31,

2024.

(When

considering

performance

information,

shareholders

should

mindful

that

past

performance

not

guarantee

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

2024

strengthen

its

investment

teams

providing

services

the

funds.

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

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

and

sub-advisory

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 29, 2025

By:	/s/ Jeffrey White
	Jeffrey White
	Principal Financial Officer

Date:	October 29, 2025