2026-03-1874200181600_PutnamRetirementAdvantageMaturityFund_ClassA


Putnam Retirement Advantage Maturity Fund
Class A [POMGX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$17	0.33%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$44,771,116
Total Number of Portfolio Holdings	2
Portfolio Turnover Rate	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage Maturity Fund
Class C [PLFGX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$55	1.07%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$44,771,116
Total Number of Portfolio Holdings	2
Portfolio Turnover Rate	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage Maturity Fund
Class R [PAKYX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$37	0.72%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$44,771,116
Total Number of Portfolio Holdings	2
Portfolio Turnover Rate	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage Maturity Fund
Class R3 [PAHMX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$23	0.45%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$44,771,116
Total Number of Portfolio Holdings	2
Portfolio Turnover Rate	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage Maturity Fund
Class R4 [PAHNX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$12	0.23%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$44,771,116
Total Number of Portfolio Holdings	2
Portfolio Turnover Rate	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage Maturity Fund
Class R5 [PAHOX]
Semi-Annual Shareholder Report \| February 28, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class R5¹	$4	0.08%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$44,771,116
Total Number of Portfolio Holdings	2
Portfolio Turnover Rate	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage Maturity Fund
Class R6 [PADLX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$(1)	-0.02%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$44,771,116
Total Number of Portfolio Holdings	2
Portfolio Turnover Rate	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage Maturity Fund
Class Y [PAETX]
Semi-Annual Shareholder Report \| February 28, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class Y¹	$4	0.08%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$44,771,116
Total Number of Portfolio Holdings	2
Portfolio Turnover Rate	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2030 Fund
Class A [PDLTX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$14	0.27%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$46,994,801
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2030 Fund
Class C [PDLKX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$52	1.03%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$46,994,801
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2030 Fund
Class R [PDKAX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$34	0.66%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$46,994,801
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2030 Fund
Class R3 [PAFOX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$21	0.41%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$46,994,801
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2030 Fund
Class R4 [PAFQX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$8	0.16%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$46,994,801
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2030 Fund
Class R5 [PAFVX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$1	0.02%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$46,994,801
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2030 Fund
Class R6 [PDIZX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$(4)	-0.08%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$46,994,801
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2030 Fund
Class Y [PDGKX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	0.02%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$46,994,801
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2035 Fund
Class A [PDFLX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$14	0.28%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$52,979,950
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2035 Fund
Class C [PDAWX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$53	1.03%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$52,979,950
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2035 Fund
Class R [PDAKX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$35	0.68%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$52,979,950
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2035 Fund
Class R3 [PAFWX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$22	0.43%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$52,979,950
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2035 Fund
Class R4 [PAFUX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	0.17%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$52,979,950
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2035 Fund
Class R5 [PAFYX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	0.03%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$52,979,950
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2035 Fund
Class R6 [PCDLX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$(4)	-0.07%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$52,979,950
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2035 Fund
Class Y [POWYX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	0.03%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$52,979,950
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2040 Fund
Class A [PCCLX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$12	0.24%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$45,033,603
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2040 Fund
Class C [PBBZX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$50	0.98%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$45,033,603
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2040 Fund
Class R [PBAOX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$33	0.64%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$45,033,603
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2040 Fund
Class R3 [PAGKX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$20	0.38%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$45,033,603
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2040 Fund
Class R4 [PAGJX]
Semi-Annual Shareholder Report \| February 28, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class R4¹	$7	0.14%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$45,033,603
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2040 Fund
Class R5 [PAGOX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$(1)	-0.02%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$45,033,603
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2040 Fund
Class R6 [PBAMX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$(6)	-0.12%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$45,033,603
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2040 Fund
Class Y [PALZX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.02%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$45,033,603
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2045 Fund
Class A [PALGX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$10	0.20%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$32,323,024
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2045 Fund
Class C [PAFPX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$49	0.95%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$32,323,024
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2045 Fund
Class R [PAFZX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$31	0.59%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$32,323,024
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2045 Fund
Class R3 [PAGQX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$18	0.35%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$32,323,024
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2045 Fund
Class R4 [PAGUX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$5	0.09%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$32,323,024
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2045 Fund
Class R5 [PAGWX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.05%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$32,323,024
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2045 Fund
Class R6 [PAFMX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.15%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$32,323,024
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2045 Fund
Class Y [PAFJX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.06%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$32,323,024
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	11%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2050 Fund
Class A [PAEZX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$10	0.19%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$31,256,992
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2050 Fund
Class C [PAENX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$49	0.94%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$31,256,992
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2050 Fund
Class R [PAEQX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$30	0.58%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$31,256,992
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2050 Fund
Class R3 [PAGZX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$17	0.33%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$31,256,992
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2050 Fund
Class R4 [PAHAX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$5	0.09%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$31,256,992
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2050 Fund
Class R5 [PAHDX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.06%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$31,256,992
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2050 Fund
Class R6 [PAEKX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.16%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$31,256,992
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2050 Fund
Class Y [PHPDX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.05%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$31,256,992
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2055 Fund
Class A [PADYX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$10	0.19%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$22,842,432
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2055 Fund
Class C [PACWX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$48	0.93%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$22,842,432
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2055 Fund
Class R [PACSX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$30	0.58%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$22,842,432
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2055 Fund
Class R3 [PAHEX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$18	0.34%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$22,842,432
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2055 Fund
Class R4 [PAHFX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$4	0.08%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$22,842,432
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2055 Fund
Class R5 [PAHGX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.06%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$22,842,432
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2055 Fund
Class R6 [PACJX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.16%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$22,842,432
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2055 Fund
Class Y [PAAWX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.06%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$22,842,432
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2060 Fund
Class A [PAAVX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$10	0.20%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$17,225,525
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2060 Fund
Class C [PAAPX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$49	0.95%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$17,225,525
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2060 Fund
Class R [PAAMX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$31	0.59%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$17,225,525
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2060 Fund
Class R3 [PAHJX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$18	0.35%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$17,225,525
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2060 Fund
Class R4 [PAHKX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$4	0.08%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$17,225,525
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2060 Fund
Class R5 [PAHLX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.06%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$17,225,525
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2060 Fund
Class R6 [PAAKX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.16%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$17,225,525
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2060 Fund
Class Y [PAKJX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.05%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$17,225,525
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	10%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2065 Fund
Class A [PCJZX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$10	0.20%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$4,269,352
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2065 Fund
Class C [PCKBX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$49	0.95%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$4,269,352
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2065 Fund
Class R [PCKFX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$31	0.60%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$4,269,352
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2065 Fund
Class R3 [PCKGX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$18	0.35%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$4,269,352
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2065 Fund
Class R4 [PCKHX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$5	0.10%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$4,269,352
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2065 Fund
Class R5 [PCKIX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.05%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$4,269,352
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2065 Fund
Class R6 [PCKJX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.15%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$4,269,352
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2065 Fund
Class Y [PCKEX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.05%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$4,269,352
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2070 Fund
Class A [PAJFX]
Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period September 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$10	0.20%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$1,441,247
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	4%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2070 Fund
Class C [PAJHX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$49	0.95%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$1,441,247
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	4%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2070 Fund
Class R [PAJIX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$31	0.60%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$1,441,247
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	4%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2070 Fund
Class R3 [PAJJX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$18	0.35%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$1,441,247
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	4%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2070 Fund
Class R4 [PAJKX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$5	0.09%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$1,441,247
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	4%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2070 Fund
Class R5 [PAJLX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.05%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$1,441,247
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	4%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2070 Fund
Class R6 [PAJMX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.15%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$1,441,247
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	4%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)


Putnam Retirement Advantage 2070 Fund
Class Y [PAJNX]
Semi-Annual Shareholder Report \| February 28, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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)	-0.05%

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

†	Annualized.

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

KEY FUND STATISTICS (as of February 28, 2026)


Total Net Assets	$1,441,247
Total Number of Portfolio Holdings	3
Portfolio Turnover Rate	4%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)

Portfolio Composition^* (% of Total Investments)

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

Maturity

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.84

$10.62

$9.63

$9.50

$11.26

$10.49

Income

from

investment

operations

Net

investment

income

(loss)

........

0.20

0.47

0.38

0.14

0.03

(0.01)

Net

realized

and

unrealized

gains

(losses)

0.48

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

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

(0.22)

(0.46)

(0.38)

(0.14)

(0.32)

(0.16)

Net

realized

gains

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

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.30)

(0.46)

(0.39)

(0.23)

(0.48)

(0.17)

Net

asset

value,

end

period

..........

$11.22

$10.84

$10.62

$9.63

$9.50

$11.26

Total

return

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

6.35%

6.62%

14.72%

3.83%

(11.91)%

9.06%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.38%

2.24%

1.51%

1.63%

1.61%

2.46%

Expenses

net

waiver

and

payments

affiliates

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

0.33%

0.42%

0.41%

0.57%

0.60%

Net

investment

income

(loss)

..........

3.58%

4.44%

3.75%

1.51%

0.25%

(0.06)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$6,080

$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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.66

$10.44

$9.47

$9.37

$11.19

$10.49

Income

from

investment

operations

Net

investment

income

(loss)

........

0.15

0.39

0.30

0.06

(0.06)

0.05

Net

realized

and

unrealized

gains

(losses)

0.47

0.21

0.99

0.22

(1.29)

0.81

Total

from

investment

operations

........

0.62

0.60

1.29

0.28

(1.35)

0.86

Less

distributions

from:

Net

investment

income

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

(0.18)

(0.38)

(0.31)

(0.09)

(0.31)

(0.15)

Net

realized

gains

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

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.26)

(0.38)

(0.32)

(0.18)

(0.47)

(0.16)

Net

asset

value,

end

period

..........

$11.02

$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

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

2.08%

3.00%

2.26%

2.38%

2.36%

3.21%

Expenses

net

waiver

and

payments

affiliates

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

1.07%

1.18%

1.16%

1.32%

1.35%

Net

investment

income

(loss)

..........

2.76%

3.67%

3.00%

0.63%

(0.56)%

0.49%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$12

$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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.74

$10.52

$9.54

$9.43

$11.22

$10.49

Income

from

investment

operations

Net

investment

income

(loss)

........

0.17

0.42

0.33

0.09

(0.02)

0.09

Net

realized

and

unrealized

gains

(losses)

0.48

0.22

1.00

0.23

(1.29)

0.81

Total

from

investment

operations

........

0.65

0.64

1.33

0.32

(1.31)

0.90

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.42)

(0.34)

(0.12)

(0.32)

(0.16)

Net

realized

gains

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

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.28)

(0.42)

(0.35)

(0.21)

(0.48)

(0.17)

Net

asset

value,

end

period

..........

$11.11

$10.74

$10.52

$9.54

$9.43

$11.22

Total

return

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

6.11%

6.22%

14.32%

3.37%

(12.26)%

8.60%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.76%

2.64%

1.91%

2.03%

2.01%

2.86%

Expenses

net

waiver

and

payments

affiliates

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

0.72%

0.82%

0.81%

0.97%

1.00%

Net

investment

income

(loss)

..........

3.21%

4.03%

3.35%

0.98%

(0.21)%

0.84%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$12

$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.

Total

return

not

annualized

for

periods

less

than

one

year,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.80

$10.58

$9.59

$9.47

$11.24

$10.49

Income

from

investment

operations

Net

investment

income

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

0.22

0.45

0.36

0.12

—

0.12

Net

realized

and

unrealized

gains

(losses)

0.45

0.21

1.01

0.22

(1.29)

0.80

Total

from

investment

operations

........

0.67

0.66

1.37

0.34

(1.29)

0.92

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.44)

(0.37)

(0.13)

(0.32)

(0.16)

Net

realized

gains

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

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.29)

(0.44)

(0.38)

(0.22)

(0.48)

(0.17)

Net

asset

value,

end

period

..........

$11.18

$10.80

$10.58

$9.59

$9.47

$11.24

Total

return

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

6.27%

6.47%

14.63%

3.63%

(12.03)%

8.84%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.46%

2.39%

1.66%

1.78%

1.76%

2.61%

Expenses

net

waiver

and

payments

affiliates

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

0.45%

0.57%

0.56%

0.72%

0.75%

Net

investment

income

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

3.95%

4.29%

3.60%

1.23%

0.04%

1.09%

Supplemental

data

Net

assets,

end

period

(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.

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.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.86

$10.64

$9.64

$9.51

$11.26

$10.49

Income

from

investment

operations

Net

investment

income

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

0.21

0.48

0.37

0.15

0.02

0.14

Net

realized

and

unrealized

gains

(losses)

0.48

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

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

(0.23)

(0.47)

(0.39)

(0.15)

(0.32)

(0.16)

Net

realized

gains

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

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.31)

(0.47)

(0.40)

(0.24)

(0.48)

(0.17)

Net

asset

value,

end

period

..........

$11.24

$10.86

$10.64

$9.64

$9.51

$11.26

Total

return

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

6.40%

6.70%

14.92%

3.94%

(11.81)%

9.08%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.31%

2.14%

1.41%

1.53%

1.51%

2.36%

Expenses

net

waiver

and

payments

affiliates

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

0.23%

0.32%

0.31%

0.47%

0.50%

Net

investment

income

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

3.88%

4.54%

3.72%

1.55%

0.18%

1.34%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$30

$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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.90

$10.67

$9.67

$9.53

$11.28

$10.49

Income

from

investment

operations

Net

investment

income

b,c

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

0.21

0.50

0.40

0.15

0.05

0.16

Net

realized

and

unrealized

gains

(losses)

0.47

0.21

1.02

0.24

(1.32)

0.81

Total

from

investment

operations

........

0.68

0.71

1.42

0.39

(1.27)

0.97

Less

distributions

from:

Net

investment

income

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

(0.23)

(0.48)

(0.41)

(0.16)

(0.32)

(0.17)

Net

realized

gains

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

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.31)

(0.48)

(0.42)

(0.25)

(0.48)

(0.18)

Net

asset

value,

end

period

..........

$11.27

$10.90

$10.67

$9.67

$9.53

$11.28

Total

return

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

6.35%

6.91%

15.04%

4.14%

(11.77)%

9.29%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.13%

1.99%

1.26%

1.38%

1.36%

2.21%

Expenses

net

waiver

and

payments

affiliates

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

0.08%

0.17%

0.16%

0.32%

0.35%

Net

investment

income

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

3.85%

4.68%

4.00%

1.63%

0.44%

1.49%

Supplemental

data

Net

assets,

end

period

(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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.93

$10.69

$9.69

$9.56

$11.29

$10.49

Income

from

investment

operations

Net

investment

income

b,c

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

0.22

0.51

0.41

0.16

0.06

0.20

Net

realized

and

unrealized

gains

(losses)

0.48

0.23

1.02

0.23

(1.31)

0.78

Total

from

investment

operations

........

0.70

0.74

1.43

0.39

(1.25)

0.98

Less

distributions

from:

Net

investment

income

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

(0.24)

(0.50)

(0.42)

(0.17)

(0.32)

(0.17)

Net

realized

gains

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

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.32)

(0.50)

(0.43)

(0.26)

(0.48)

(0.18)

Net

asset

value,

end

period

..........

$11.31

$10.93

$10.69

$9.69

$9.56

$11.29

Total

return

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

6.48%

7.10%

15.14%

4.12%

(11.57)%

9.42%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.04%

1.89%

1.16%

1.28%

1.26%

2.11%

Expenses

net

waiver

and

payments

affiliates

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

(0.02)%

0.07%

0.06%

0.22%

0.25%

Net

investment

income

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

3.95%

4.78%

4.10%

1.73%

0.58%

1.86%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$38,526

$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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.90

$10.67

$9.67

$9.53

$11.28

$10.49

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

0.50

0.40

0.16

0.05

0.16

Net

realized

and

unrealized

gains

(losses)

0.46

0.21

1.02

0.23

(1.32)

0.81

Total

from

investment

operations

........

0.69

0.71

1.42

0.39

(1.27)

0.97

Less

distributions

from:

Net

investment

income

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

(0.23)

(0.48)

(0.41)

(0.16)

(0.32)

(0.17)

Net

realized

gains

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

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.31)

(0.48)

(0.42)

(0.25)

(0.48)

(0.18)

Net

asset

value,

end

period

..........

$11.28

$10.90

$10.67

$9.67

$9.53

$11.28

Total

return

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

6.45%

6.90%

15.04%

4.14%

(11.77)%

9.29%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.12%

1.99%

1.26%

1.38%

1.36%

2.21%

Expenses

net

waiver

and

payments

affiliates

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

0.08%

0.17%

0.16%

0.32%

0.35%

Net

investment

income

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

4.08%

4.68%

4.00%

1.63%

0.43%

1.49%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$87

$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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

Maturity

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

94.2%

Domestic

Hybrid

94.2%

Putnam

Multi-Asset

Income

Fund

Class

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

3,643,714

42,194,210

Total

Investments

Underlying

Funds

(Cost

39,326,016

)

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

42,194,210

Short

Term

Investments

5.9%

Management

Investment

Companies

5.9%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

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

2,658,955

Total

Management

Investment

Companies

(Cost

2,658,955

)

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

2,658,955

Total

Short

Term

Investments

(Cost

2,658,955

)

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

2,658,955

Total

Investments

(Cost

41,984,971

)

100.1

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

$44,853,165

Other

Assets,

less

Liabilities

(

0.1

)

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

(82,049)

Net

Assets

100.0%

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

$44,771,116

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.15

$10.82

$9.43

$9.53

$12.29

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.20

0.40

0.26

0.18

0.11

0.10

Net

realized

and

unrealized

gains

(losses)

0.45

0.41

1.43

0.38

(1.52)

1.77

Total

from

investment

operations

........

0.65

0.81

1.69

0.56

(1.41)

1.87

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.44)

(0.22)

(0.14)

(0.57)

(0.12)

Net

realized

gains

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

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.80)

(0.48)

(0.30)

(0.66)

(1.35)

(0.13)

Net

asset

value,

end

period

..........

$11.00

$11.15

$10.82

$9.43

$9.53

$12.29

Total

return

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

5.97%

7.84%

18.22%

6.36%

(12.89)%

17.86%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.07%

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

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

3.57%

3.72%

2.58%

1.90%

1.07%

0.83%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$5,680

$5,352

$1,834

$951

$513

$195

Portfolio

turnover

rate

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

20%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$10.97

$10.70

$9.34

$9.45

$12.23

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.15

0.31

0.19

0.10

0.05

0.02

Net

realized

and

unrealized

gains

(losses)

0.44

0.42

1.41

0.39

(1.52)

1.76

Total

from

investment

operations

........

0.59

0.73

1.60

0.49

(1.47)

1.78

Less

distributions

from:

Net

investment

income

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

(0.13)

(0.42)

(0.16)

(0.08)

(0.53)

(0.09)

Net

realized

gains

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

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.35)

(0.46)

(0.24)

(0.60)

(1.31)

(0.10)

Net

asset

value,

end

period

..........

$11.21

$10.97

$10.70

$9.34

$9.45

$12.23

Total

return

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

5.53%

7.01%

17.34%

5.58%

(13.50)%

16.99%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.81%

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

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

2.63%

2.96%

1.91%

1.11%

0.49%

0.16%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$37

$108

$87

$115

$57

$27

Portfolio

turnover

rate

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

20%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.18

$10.84

$9.44

$9.53

$12.26

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.17

0.36

0.22

0.14

0.10

0.08

Net

realized

and

unrealized

gains

(losses)

0.45

0.41

1.43

0.38

(1.55)

1.74

Total

from

investment

operations

........

0.62

0.77

1.65

0.52

(1.45)

1.82

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.39)

(0.17)

(0.09)

(0.50)

(0.10)

Net

realized

gains

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

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.80)

(0.43)

(0.25)

(0.61)

(1.28)

(0.11)

Net

asset

value,

end

period

..........

$11.00

$11.18

$10.84

$9.44

$9.53

$12.26

Total

return

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

5.68%

7.42%

17.75%

5.92%

(13.20)%

17.42%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.49%

1.66%

1.85%

2.05%

2.04%

2.78%

Expenses

net

waiver

and

payments

affiliates

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

0.66%

0.67%

0.66%

0.65%

0.68%

Net

investment

income

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

3.11%

3.31%

2.25%

1.50%

0.90%

0.71%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$52

$13

$11

$10

$12

Portfolio

turnover

rate

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

20%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.20

$10.86

$9.46

$9.54

$12.28

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.22

0.38

0.25

0.16

0.12

0.11

Net

realized

and

unrealized

gains

(losses)

0.41

0.42

1.43

0.39

(1.55)

1.74

Total

from

investment

operations

........

0.63

0.80

1.68

0.55

(1.43)

1.85

Less

distributions

from:

Net

investment

income

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

(0.59)

(0.42)

(0.20)

(0.11)

(0.53)

(0.11)

Net

realized

gains

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

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.81)

(0.46)

(0.28)

(0.63)

(1.31)

(0.12)

Net

asset

value,

end

period

..........

$11.02

$11.20

$10.86

$9.46

$9.54

$12.28

Total

return

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

5.82%

7.67%

17.99%

6.30%

(13.03)%

17.70%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.23%

1.41%

1.60%

1.80%

1.79%

2.53%

Expenses

net

waiver

and

payments

affiliates

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

0.41%

0.42%

0.41%

0.40%

0.43%

Net

investment

income

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

3.96%

3.56%

2.50%

1.75%

1.15%

0.96%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$168

$13

$11

$10

$12

Portfolio

turnover

rate

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

20%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.33

$10.97

$9.47

$9.56

$12.30

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.22

0.42

0.28

0.19

0.11

0.14

Net

realized

and

unrealized

gains

(losses)

0.44

0.43

1.43

0.38

(1.51)

1.74

Total

from

investment

operations

........

0.66

0.85

1.71

0.57

(1.40)

1.88

Less

distributions

from:

Net

investment

income

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

(0.60)

(0.45)

(0.13)

(0.14)

(0.56)

(0.12)

Net

realized

gains

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

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.82)

(0.49)

(0.21)

(0.66)

(1.34)

(0.13)

Net

asset

value,

end

period

..........

$11.17

$11.33

$10.97

$9.47

$9.56

$12.30

Total

return

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

5.99%

8.05%

18.21%

6.54%

(12.79)%

17.98%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.96%

1.09%

1.35%

1.55%

1.54%

2.28%

Expenses

net

waiver

and

payments

affiliates

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

0.16%

0.17%

0.16%

0.15%

0.18%

Net

investment

income

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

3.99%

3.81%

2.74%

2.02%

1.15%

1.21%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$199

$21

$19

$15

$101

$12

Portfolio

turnover

rate

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

20%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.24

$10.89

$9.48

$9.57

$12.31

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

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

........

0.65

0.85

1.72

0.58

(1.38)

1.89

Less

distributions

from:

Net

investment

income

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

(0.59)

(0.46)

(0.23)

(0.15)

(0.58)

(0.12)

Net

realized

gains

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

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.81)

(0.50)

(0.31)

(0.67)

(1.36)

(0.13)

Net

asset

value,

end

period

..........

$11.08

$11.24

$10.89

$9.48

$9.57

$12.31

Total

return

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

5.98%

8.17%

18.51%

6.64%

(12.64)%

18.13%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.82%

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

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

4.05%

3.96%

2.89%

2.15%

1.55%

1.36%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$13

$11

$10

$12

Portfolio

turnover

rate

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

20%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.24

$10.89

$9.49

$9.57

$12.31

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

0.44

0.30

0.21

0.16

Net

realized

and

unrealized

gains

(losses)

0.43

0.42

1.42

0.39

(1.53)

1.74

Total

from

investment

operations

........

0.66

0.86

1.72

0.60

(1.37)

1.90

Less

distributions

from:

Net

investment

income

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

(0.60)

(0.47)

(0.24)

(0.16)

(0.59)

(0.13)

Net

realized

gains

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

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.82)

(0.51)

(0.32)

(0.68)

(1.37)

(0.14)

Net

asset

value,

end

period

..........

$11.08

$11.24

$10.89

$9.49

$9.57

$12.31

Total

return

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

6.07%

8.28%

18.50%

6.86%

(12.56)%

18.17%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.73%

0.76%

1.10%

1.30%

1.29%

2.03%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.08)%

(0.09)%

(0.10)%

(0.07)%

Net

investment

income

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

4.05%

4.07%

2.96%

2.25%

1.49%

1.38%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$40,376

$32,590

$27,502

$13,477

$11,594

$11,404

Portfolio

turnover

rate

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

20%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.23

$10.88

$9.48

$9.57

$12.31

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.21

0.43

0.29

0.20

0.17

0.15

Net

realized

and

unrealized

gains

(losses)

0.45

0.43

1.42

0.38

(1.55)

1.74

Total

from

investment

operations

........

0.66

0.86

1.71

0.58

(1.38)

1.89

Less

distributions

from:

Net

investment

income

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

(0.59)

(0.47)

(0.23)

(0.15)

(0.58)

(0.12)

Net

realized

gains

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

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.81)

(0.51)

(0.31)

(0.67)

(1.36)

(0.13)

Net

asset

value,

end

period

..........

$11.08

$11.23

$10.88

$9.48

$9.57

$12.31

Total

return

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

6.02%

8.23%

18.41%

6.65%

(12.64)%

18.13%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.82%

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

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

3.80%

3.97%

2.76%

2.14%

1.54%

1.35%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$470

$737

$838

$14

$12

Portfolio

turnover

rate

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

20%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Rounds

less

than

0.01%.

Putnam

Target

Date

Funds

Schedule

Investments

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2030

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Value

Investments

Underlying

Funds

94.1%

Asset

Allocation

74.9%

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Class

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

438,933

7,628,653

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

Class

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

2,403,986

27,573,722

35,202,375

Domestic

Hybrid

19.2%

Putnam

Multi-Asset

Income

Fund

Class

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

778,372

9,013,546

Total

Investments

Underlying

Funds

(Cost

42,346,039

)

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

44,215,921

Short

Term

Investments

5.9%

Management

Investment

Companies

5.9%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

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

2,782,667

Total

Management

Investment

Companies

(Cost

2,782,667

)

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

2,782,667

Total

Short

Term

Investments

(Cost

2,782,667

)

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

2,782,667

Total

Investments

(Cost

45,128,706

)

100.0

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

$46,998,588

Other

Assets,

less

Liabilities

(0.0)

†

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

(3,787)

Net

Assets

100.0%

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

$46,994,801

†

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.65

$11.24

$9.61

$9.54

$12.64

$10.56

Income

from

investment

operations

Net

investment

income

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

0.19

0.37

0.21

0.14

0.12

0.05

Net

realized

and

unrealized

gains

(losses)

0.60

0.73

1.85

0.66

(1.61)

2.22

Total

from

investment

operations

........

0.79

1.10

2.06

0.80

(1.49)

2.27

Less

distributions

from:

Net

investment

income

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

(0.89)

(0.64)

(0.30)

(0.04)

(0.66)

(0.10)

Net

realized

gains

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

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(1.08)

(0.69)

(0.43)

(0.73)

(1.61)

(0.19)

Net

asset

value,

end

period

..........

$11.36

$11.65

$11.24

$9.61

$9.54

$12.64

Total

return

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

6.99%

10.30%

22.10%

9.21%

(13.69)%

21.67%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.04%

1.09%

1.44%

1.59%

1.63%

2.30%

Expenses

net

waiver

and

payments

affiliates

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

0.28%

0.26%

0.25%

0.22%

0.23%

0.22%

Net

investment

income

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

3.32%

3.36%

2.00%

1.49%

1.16%

0.45%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$8,048

$7,187

$3,518

$1,566

$720

$449

Portfolio

turnover

rate

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

12%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

174

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.51

$11.17

$9.55

$9.51

$12.58

$10.56

Income

from

investment

operations

Net

investment

income

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

0.15

0.29

0.04

0.08

0.03

0.01

Net

realized

and

unrealized

gains

(losses)

0.59

0.71

1.93

0.65

(1.60)

2.17

Total

from

investment

operations

........

0.74

1.00

1.97

0.73

(1.57)

2.18

Less

distributions

from:

Net

investment

income

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

(0.27)

(0.61)

(0.22)

—

(0.55)

(0.07)

Net

realized

gains

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

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.46)

(0.66)

(0.35)

(0.69)

(1.50)

(0.16)

Net

asset

value,

end

period

..........

$11.79

$11.51

$11.17

$9.55

$9.51

$12.58

Total

return

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

6.54%

9.43%

21.13%

8.45%

(14.26)%

20.77%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.78%

1.84%

2.19%

2.34%

2.38%

3.05%

Expenses

net

waiver

and

payments

affiliates

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

1.03%

1.02%

1.00%

0.97%

0.98%

0.97%

Net

investment

income

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

2.57%

2.61%

0.41%

0.87%

0.32%

0.12%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$23

$22

$143

$11

$26

$12

Portfolio

turnover

rate

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

12%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.66

$11.24

$9.60

$9.53

$12.61

$10.56

Income

from

investment

operations

Net

investment

income

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

0.14

0.33

0.18

0.11

0.10

0.05

Net

realized

and

unrealized

gains

(losses)

0.63

0.72

1.85

0.65

(1.63)

2.17

Total

from

investment

operations

........

0.77

1.05

2.03

0.76

(1.53)

2.22

Less

distributions

from:

Net

investment

income

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

(0.90)

(0.58)

(0.26)

—

(0.60)

(0.08)

Net

realized

gains

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

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(1.09)

(0.63)

(0.39)

(0.69)

(1.55)

(0.17)

Net

asset

value,

end

period

..........

$11.34

$11.66

$11.24

$9.60

$9.53

$12.61

Total

return

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

6.77%

9.80%

21.67%

8.75%

(14.00)%

21.19%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.45%

1.49%

1.84%

1.99%

2.03%

2.70%

Expenses

net

waiver

and

payments

affiliates

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

0.68%

0.67%

0.65%

0.62%

0.63%

0.62%

Net

investment

income

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

2.32%

2.96%

1.72%

1.19%

0.92%

0.47%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$189

$14

$11

$10

$12

Portfolio

turnover

rate

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

12%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.69

$11.27

$9.63

$9.54

$12.63

$10.56

Income

from

investment

operations

Net

investment

income

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

0.23

0.36

0.20

0.13

0.08

Net

realized

and

unrealized

gains

(losses)

0.55

0.71

1.85

0.67

(1.64)

2.17

Total

from

investment

operations

........

0.78

1.07

2.05

0.80

(1.51)

2.25

Less

distributions

from:

Net

investment

income

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

(0.90)

(0.60)

(0.28)

(0.02)

(0.63)

(0.09)

Net

realized

gains

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

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(1.09)

(0.65)

(0.41)

(0.71)

(1.58)

(0.18)

Net

asset

value,

end

period

..........

$11.38

$11.69

$11.27

$9.63

$9.54

$12.63

Total

return

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

6.88%

10.04%

21.88%

9.15%

(13.84)%

21.48%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.21%

1.24%

1.59%

1.74%

1.78%

2.45%

Expenses

net

waiver

and

payments

affiliates

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

0.43%

0.41%

0.40%

0.37%

0.38%

0.37%

Net

investment

income

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

3.96%

3.21%

1.97%

1.44%

1.17%

0.72%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$54

$14

$11

$10

$12

Portfolio

turnover

rate

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

12%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.70

$11.27

$9.63

$9.56

$12.65

$10.56

Income

from

investment

operations

Net

investment

income

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

0.17

0.39

0.22

0.15

0.13

0.11

Net

realized

and

unrealized

gains

(losses)

0.63

0.72

1.86

0.66

(1.61)

2.17

Total

from

investment

operations

........

0.80

1.11

2.08

0.81

(1.48)

2.28

Less

distributions

from:

Net

investment

income

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

(0.92)

(0.63)

(0.31)

(0.05)

(0.66)

(0.10)

Net

realized

gains

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

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(1.11)

(0.68)

(0.44)

(0.74)

(1.61)

(0.19)

Net

asset

value,

end

period

..........

$11.39

$11.70

$11.27

$9.63

$9.56

$12.65

Total

return

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

7.04%

10.43%

22.20%

9.29%

(13.59)%

21.77%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.94%

0.99%

1.34%

1.49%

1.53%

2.20%

Expenses

net

waiver

and

payments

affiliates

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

0.17%

0.16%

0.15%

0.12%

0.13%

0.12%

Net

investment

income

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

2.94%

3.46%

2.16%

1.66%

1.23%

0.97%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$404

$58

$49

$32

$21

$12

Portfolio

turnover

rate

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

12%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.73

$11.30

$9.65

$9.57

$12.66

$10.56

Income

from

investment

operations

Net

investment

income

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

0.22

0.40

0.24

0.17

0.13

Net

realized

and

unrealized

gains

(losses)

0.60

0.73

1.86

0.66

(1.64)

2.16

Total

from

investment

operations

........

0.82

1.13

2.10

0.83

(1.47)

2.29

Less

distributions

from:

Net

investment

income

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

(0.92)

(0.65)

(0.32)

(0.06)

(0.67)

(0.10)

Net

realized

gains

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

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(1.11)

(0.70)

(0.45)

(0.75)

(1.62)

(0.19)

Net

asset

value,

end

period

..........

$11.44

$11.73

$11.30

$9.65

$9.57

$12.66

Total

return

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

7.16%

10.54%

22.39%

9.50%

(13.44)%

21.92%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.78%

0.84%

1.19%

1.34%

1.38%

2.05%

Expenses

net

waiver

and

payments

affiliates

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

0.03%

0.02%

—%

(0.03)%

(0.02)%

(0.03)%

Net

investment

income

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

3.68%

3.60%

2.37%

1.84%

1.57%

1.12%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$14

$15

$14

$12

$11

$12

Portfolio

turnover

rate

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

12%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.74

$11.31

$9.66

$9.58

$12.67

$10.56

Income

from

investment

operations

Net

investment

income

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

0.21

0.41

0.25

0.18

0.14

Net

realized

and

unrealized

gains

(losses)

0.61

0.73

1.86

0.66

(1.63)

2.17

Total

from

investment

operations

........

0.82

1.14

2.11

0.84

(1.45)

2.31

Less

distributions

from:

Net

investment

income

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

(0.93)

(0.66)

(0.33)

(0.07)

(0.69)

(0.11)

Net

realized

gains

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

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(1.12)

(0.71)

(0.46)

(0.76)

(1.64)

(0.20)

Net

asset

value,

end

period

..........

$11.44

$11.74

$11.31

$9.66

$9.58

$12.67

Total

return

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

7.16%

10.65%

22.49%

9.61%

(13.34)%

22.06%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.69%

0.74%

1.09%

1.24%

1.28%

1.95%

Expenses

net

waiver

and

payments

affiliates

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

(0.07)%

(0.09)%

(0.10)%

(0.13)%

(0.12)%

(0.13)%

Net

investment

income

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

3.64%

3.71%

2.45%

1.93%

1.68%

1.18%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$44,048

$38,064

$23,724

$14,440

$12,199

$12,118

Portfolio

turnover

rate

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

12%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.73

$11.30

$9.65

$9.57

$12.66

$10.56

Income

from

investment

operations

Net

investment

income

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

0.17

0.40

0.23

0.17

0.12

Net

realized

and

unrealized

gains

(losses)

0.64

0.73

1.87

0.66

(1.63)

2.17

Total

from

investment

operations

........

0.81

1.13

2.10

0.83

(1.46)

2.29

Less

distributions

from:

Net

investment

income

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

(0.92)

(0.65)

(0.32)

(0.06)

(0.68)

(0.10)

Net

realized

gains

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

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(1.11)

(0.70)

(0.45)

(0.75)

(1.63)

(0.19)

Net

asset

value,

end

period

..........

$11.43

$11.73

$11.30

$9.65

$9.57

$12.66

Total

return

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

7.09%

10.58%

22.39%

9.50%

(13.43)%

21.92%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.78%

0.84%

1.19%

1.34%

1.38%

2.05%

Expenses

net

waiver

and

payments

affiliates

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

0.03%

0.01%

—%

(0.03)%

(0.02)%

(0.03)%

Net

investment

income

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

2.95%

3.61%

2.21%

1.84%

1.57%

1.06%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$201

$73

$49

$19

$18

$20

Portfolio

turnover

rate

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

12%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2035

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

95.3%

Asset

Allocation

90.1%

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Class

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

2,598,515

45,162,197

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

Class

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

225,727

2,589,083

47,751,280

Domestic

Hybrid

5.2%

Putnam

Multi-Asset

Income

Fund

Class

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

238,451

2,761,257

Total

Investments

Underlying

Funds

(Cost

48,663,061

)

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

50,512,537

Short

Term

Investments

4.6%

Management

Investment

Companies

4.6%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

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

2,449,362

Total

Management

Investment

Companies

(Cost

2,449,362

)

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

2,449,362

Total

Short

Term

Investments

(Cost

2,449,362

)

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

2,449,362

Total

Investments

(Cost

51,112,423

)

99.9

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

$52,961,899

Other

Assets,

less

Liabilities

0.1

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

18,051

Net

Assets

100.0%

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

$52,979,950

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.92

$11.42

$9.51

$9.66

$12.91

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.21

0.31

0.24

0.09

0.08

Net

realized

and

unrealized

gains

(losses)

0.73

0.97

2.00

0.83

(1.71)

2.47

Total

from

investment

operations

........

0.94

1.28

2.24

0.92

(1.62)

2.55

Less

distributions

from:

Net

investment

income

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

(0.53)

(0.58)

(0.25)

(0.10)

(0.67)

(0.10)

Net

realized

gains

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

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(1.28)

(0.78)

(0.33)

(1.07)

(1.63)

(0.19)

Net

asset

value,

end

period

..........

$11.58

$11.92

$11.42

$9.51

$9.66

$12.91

Total

return

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

8.13%

11.89%

24.09%

10.90%

(14.47)%

24.45%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.08%

1.14%

1.60%

1.97%

2.07%

2.91%

Expenses

net

waiver

and

payments

affiliates

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

0.24%

0.22%

0.20%

0.18%

0.19%

0.18%

Net

investment

income

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

3.51%

2.70%

2.35%

0.96%

0.83%

0.65%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$6,246

$5,556

$1,161

$485

$171

$70

Portfolio

turnover

rate

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

11%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.83

$11.38

$9.48

$9.62

$12.86

$10.55

Income

from

investment

operations

Net

investment

income

(loss)

b,c

........

0.17

0.22

0.11

0.02

0.07

(0.02)

Net

realized

and

unrealized

gains

(losses)

0.72

0.96

2.05

0.84

(1.77)

2.48

Total

from

investment

operations

........

0.89

1.18

2.16

0.86

(1.70)

2.46

Less

distributions

from:

Net

investment

income

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

(0.22)

(0.53)

(0.18)

(0.03)

(0.58)

(0.06)

Net

realized

gains

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

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.97)

(0.73)

(0.26)

(1.00)

(1.54)

(0.15)

Net

asset

value,

end

period

..........

$11.75

$11.83

$11.38

$9.48

$9.62

$12.86

Total

return

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

7.71%

10.96%

23.14%

10.12%

(15.12)%

23.60%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.83%

1.90%

2.35%

2.72%

2.82%

3.66%

Expenses

net

waiver

and

payments

affiliates

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

0.98%

0.97%

0.95%

0.93%

0.94%

0.93%

Net

investment

income

(loss)

..........

2.78%

1.95%

1.10%

0.26%

0.60%

(0.15)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$59

$53

$74

$26

$15

$14

Portfolio

turnover

rate

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

11%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.94

$11.43

$9.50

$9.64

$12.89

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.16

0.26

0.19

0.07

0.12

0.03

Net

realized

and

unrealized

gains

(losses)

0.75

0.97

2.02

0.82

(1.79)

2.48

Total

from

investment

operations

........

0.91

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

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

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(1.27)

(0.72)

(0.28)

(1.03)

(1.58)

(0.17)

Net

asset

value,

end

period

..........

$11.58

$11.94

$11.43

$9.50

$9.64

$12.89

Total

return

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

7.84%

11.45%

23.65%

10.45%

(14.87)%

24.03%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.49%

1.55%

2.00%

2.37%

2.47%

3.31%

Expenses

net

waiver

and

payments

affiliates

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

0.64%

0.62%

0.60%

0.58%

0.59%

0.58%

Net

investment

income

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

2.74%

2.30%

1.88%

0.79%

1.10%

0.26%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$121

$15

$14

$12

$11

$12

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.96

$11.45

$9.52

$9.66

$12.90

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.30

0.29

0.22

0.10

0.15

0.06

Net

realized

and

unrealized

gains

(losses)

0.62

0.97

2.01

0.81

(1.78)

2.47

Total

from

investment

operations

........

0.92

1.26

2.23

0.91

(1.63)

2.53

Less

distributions

from:

Net

investment

income

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

(0.54)

(0.55)

(0.22)

(0.08)

(0.65)

(0.09)

Net

realized

gains

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

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(1.29)

(0.75)

(0.30)

(1.05)

(1.61)

(0.18)

Net

asset

value,

end

period

..........

$11.59

$11.96

$11.45

$9.52

$9.66

$12.90

Total

return

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

7.97%

11.70%

23.88%

10.75%

(14.56)%

24.22%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.21%

1.30%

1.75%

2.12%

2.22%

3.06%

Expenses

net

waiver

and

payments

affiliates

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

0.38%

0.37%

0.35%

0.33%

0.34%

0.33%

Net

investment

income

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

5.22%

2.55%

2.13%

1.04%

1.35%

0.51%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$75

$15

$12

$11

$12

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.97

$11.46

$9.52

$9.67

$12.93

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.21

0.32

0.24

0.11

0.09

Net

realized

and

unrealized

gains

(losses)

0.74

0.97

2.02

0.82

(1.71)

2.47

Total

from

investment

operations

........

0.95

1.29

2.26

0.93

(1.62)

2.56

Less

distributions

from:

Net

investment

income

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

(0.53)

(0.58)

(0.24)

(0.11)

(0.68)

(0.09)

Net

realized

gains

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

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(1.28)

(0.78)

(0.32)

(1.08)

(1.64)

(0.18)

Net

asset

value,

end

period

..........

$11.64

$11.97

$11.46

$9.52

$9.67

$12.93

Total

return

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

8.18%

11.93%

24.30%

11.02%

(14.46)%

24.60%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.97%

1.05%

1.50%

1.87%

1.97%

2.81%

Expenses

net

waiver

and

payments

affiliates

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

0.14%

0.12%

0.10%

0.08%

0.09%

0.08%

Net

investment

income

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

3.59%

2.80%

2.35%

1.23%

0.91%

0.75%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$85

$76

$58

$41

$12

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Putnam

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.99

$11.48

$9.54

$9.68

$12.94

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

0.33

0.26

0.13

0.19

0.11

Net

realized

and

unrealized

gains

(losses)

0.73

0.98

2.02

0.82

(1.79)

2.47

Total

from

investment

operations

........

0.96

1.31

2.28

0.95

(1.60)

2.58

Less

distributions

from:

Net

investment

income

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

(0.54)

(0.60)

(0.26)

(0.12)

(0.70)

(0.10)

Net

realized

gains

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

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(1.29)

(0.80)

(0.34)

(1.09)

(1.66)

(0.19)

Net

asset

value,

end

period

..........

$11.66

$11.99

$11.48

$9.54

$9.68

$12.94

Total

return

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

8.28%

12.10%

24.40%

11.21%

(14.32)%

24.76%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.83%

0.90%

1.35%

1.72%

1.82%

2.66%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.02)%

(0.03)%

(0.05)%

(0.07)%

(0.06)%

(0.07)%

Net

investment

income

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

3.89%

2.95%

2.53%

1.44%

1.75%

0.90%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$15

$12

$11

$12

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.01

$11.49

$9.55

$9.69

$12.95

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

0.35

0.26

0.14

0.21

0.11

Net

realized

and

unrealized

gains

(losses)

0.74

0.98

2.03

0.82

(1.80)

2.48

Total

from

investment

operations

........

0.97

1.33

2.29

0.96

(1.59)

2.59

Less

distributions

from:

Net

investment

income

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

(0.56)

(0.61)

(0.27)

(0.13)

(0.71)

(0.10)

Net

realized

gains

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

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(1.31)

(0.81)

(0.35)

(1.10)

(1.67)

(0.19)

Net

asset

value,

end

period

..........

$11.67

$12.01

$11.49

$9.55

$9.69

$12.95

Total

return

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

8.31%

12.32%

24.48%

11.33%

(14.21)%

24.89%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.74%

0.80%

1.25%

1.62%

1.72%

2.56%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.12)%

(0.13)%

(0.15)%

(0.17)%

(0.16)%

(0.17)%

Net

investment

income

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

3.85%

3.05%

2.54%

1.49%

1.92%

0.98%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$38,344

$32,843

$22,074

$9,900

$6,909

$7,183

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$11.98

$11.48

$9.54

$9.68

$12.94

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

0.33

0.25

0.11

0.19

0.11

Net

realized

and

unrealized

gains

(losses)

0.73

0.97

2.03

0.84

(1.79)

2.47

Total

from

investment

operations

........

0.96

1.30

2.28

0.95

(1.60)

2.58

Less

distributions

from:

Net

investment

income

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

(0.54)

(0.60)

(0.26)

(0.12)

(0.70)

(0.10)

Net

realized

gains

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

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(1.29)

(0.80)

(0.34)

(1.09)

(1.66)

(0.19)

Net

asset

value,

end

period

..........

$11.65

$11.98

$11.48

$9.54

$9.68

$12.94

Total

return

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

8.30%

12.08%

24.44%

11.21%

(14.32)%

24.76%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.83%

0.90%

1.35%

1.72%

1.82%

2.66%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.02)%

(0.03)%

(0.05)%

(0.07)%

(0.06)%

(0.07)%

Net

investment

income

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

3.77%

2.95%

2.45%

1.18%

1.75%

0.90%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$89

$82

$38

$28

$11

$12

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2040

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Value

Investments

Underlying

Funds

96.5%

Asset

Allocation

96.5%

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Class

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

1,394,599

24,238,132

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

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

849,446

19,239,963

43,478,095

Total

Investments

Underlying

Funds

(Cost

41,635,840

)

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

43,478,095

Short

Term

Investments

3.4%

Management

Investment

Companies

3.4%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

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

1,541,988

Total

Management

Investment

Companies

(Cost

1,541,988

)

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

1,541,988

Total

Short

Term

Investments

(Cost

1,541,988

)

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

1,541,988

Total

Investments

(Cost

43,177,828

)

99.9

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

$45,020,083

Other

Assets,

less

Liabilities

0.1

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

13,520

Net

Assets

100.0%

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

$45,033,603

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.70

$11.85

$9.69

$9.68

$13.14

$10.55

Income

from

investment

operations

Net

investment

income

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

0.24

0.23

0.19

0.08

0.12

0.09

Net

realized

and

unrealized

gains

(losses)

0.88

1.24

2.23

0.96

(1.81)

2.64

Total

from

investment

operations

........

1.12

1.47

2.42

1.04

(1.69)

2.73

Less

distributions

from:

Net

investment

income

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

(0.46)

(0.55)

(0.26)

(0.11)

(0.70)

(0.10)

Net

realized

gains

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

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(1.40)

(0.62)

(0.26)

(1.03)

(1.77)

(0.14)

Net

asset

value,

end

period

..........

$12.42

$12.70

$11.85

$9.69

$9.68

$13.14

Total

return

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

9.14%

12.95%

25.39%

12.05%

(15.04)%

26.05%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.20%

1.33%

1.69%

1.94%

2.00%

2.79%

Expenses

net

waiver

and

payments

affiliates

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

0.20%

0.19%

0.17%

0.15%

0.17%

Net

investment

income

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

3.77%

1.93%

1.78%

0.90%

1.14%

0.76%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$3,821

$3,309

$1,156

$549

$385

$204

Portfolio

turnover

rate

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

11%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.63

$11.80

$9.66

$9.65

$13.09

$10.55

Income

from

investment

operations

Net

investment

income

(loss)

........

0.20

0.14

0.01

0.09

(0.05)

Net

realized

and

unrealized

gains

(losses)

0.87

1.24

2.33

0.95

(1.86)

2.69

Total

from

investment

operations

........

1.07

1.38

2.34

0.96

(1.77)

2.64

Less

distributions

from:

Net

investment

income

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

(0.10)

(0.48)

(0.20)

(0.03)

(0.60)

(0.06)

Net

realized

gains

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

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(1.04)

(0.55)

(0.20)

(0.95)

(1.67)

(0.10)

Net

asset

value,

end

period

..........

$12.66

$12.63

$11.80

$9.66

$9.65

$13.09

Total

return

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

8.80%

12.06%

24.51%

11.14%

(15.63)%

25.17%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.95%

2.08%

2.44%

2.69%

2.75%

3.54%

Expenses

net

waiver

and

payments

affiliates

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

0.95%

0.94%

0.92%

0.90%

0.92%

Net

investment

income

(loss)

..........

3.19%

1.17%

0.13%

0.77%

(0.42)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$35

$38

$140

$28

$21

$24

Portfolio

turnover

rate

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

11%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.67

$11.87

$9.69

$9.67

$13.12

$10.55

Income

from

investment

operations

Net

investment

income

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

0.25

0.18

0.05

0.13

0.03

Net

realized

and

unrealized

gains

(losses)

0.84

1.23

2.34

0.95

(1.87)

2.66

Total

from

investment

operations

........

1.09

1.41

2.39

1.00

(1.74)

2.69

Less

distributions

from:

Net

investment

income

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

(0.44)

(0.54)

(0.21)

(0.06)

(0.64)

(0.08)

Net

realized

gains

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

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(1.38)

(0.61)

(0.21)

(0.98)

(1.71)

(0.12)

Net

asset

value,

end

period

..........

$12.38

$12.67

$11.87

$9.69

$9.67

$13.12

Total

return

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

8.93%

12.41%

25.08%

11.59%

(15.41)%

25.59%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.61%

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

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

4.04%

1.52%

0.47%

0.54%

1.13%

0.22%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$419

$172

$150

$12

$11

$13

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.74

$11.89

$9.71

$9.69

$13.14

$10.55

Income

from

investment

operations

Net

investment

income

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

0.24

0.21

0.23

0.07

0.15

0.06

Net

realized

and

unrealized

gains

(losses)

0.88

1.23

2.19

0.95

(1.86)

2.66

Total

from

investment

operations

........

1.12

1.44

2.42

1.02

(1.71)

2.72

Less

distributions

from:

Net

investment

income

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

(0.43)

(0.52)

(0.24)

(0.08)

(0.67)

(0.09)

Net

realized

gains

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

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(1.37)

(0.59)

(0.24)

(1.00)

(1.74)

(0.13)

Net

asset

value,

end

period

..........

$12.49

$12.74

$11.89

$9.71

$9.69

$13.14

Total

return

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

9.11%

12.69%

25.31%

11.88%

(15.16)%

25.88%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.34%

1.48%

1.84%

2.09%

2.15%

2.94%

Expenses

net

waiver

and

payments

affiliates

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

0.35%

0.34%

0.32%

0.30%

0.32%

Net

investment

income

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

3.73%

1.78%

2.18%

0.79%

1.38%

0.47%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$16

$15

$12

$11

$13

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.76

$11.90

$9.71

$13.16

$10.55

Income

from

investment

operations

Net

investment

income

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

0.19

0.24

0.26

0.11

0.05

0.09

Net

realized

and

unrealized

gains

(losses)

0.95

1.24

2.19

0.93

(1.73)

2.65

Total

from

investment

operations

........

1.14

1.48

2.45

1.04

(1.68)

2.74

Less

distributions

from:

Net

investment

income

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

(0.44)

(0.55)

(0.26)

(0.12)

(0.70)

(0.09)

Net

realized

gains

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

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(1.38)

(0.62)

(0.26)

(1.04)

(1.77)

(0.13)

Net

asset

value,

end

period

..........

$12.52

$12.76

$11.90

$9.71

$13.16

Total

return

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

9.18%

12.99%

25.70%

12.05%

(14.92)%

26.17%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.04%

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

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

2.87%

2.02%

2.48%

1.21%

0.47%

0.72%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$41

$80

$72

$74

$79

$13

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.78

$11.92

$9.73

$9.72

$13.17

$10.55

Income

from

investment

operations

Net

investment

income

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

0.27

0.26

0.27

0.11

0.20

0.10

Net

realized

and

unrealized

gains

(losses)

0.88

1.24

2.20

0.94

(1.86)

2.66

Total

from

investment

operations

........

1.15

1.50

2.47

1.05

(1.66)

2.76

Less

distributions

from:

Net

investment

income

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

(0.48)

(0.57)

(0.28)

(0.12)

(0.72)

(0.10)

Net

realized

gains

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

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(1.42)

(0.64)

(0.28)

(1.04)

(1.79)

(0.14)

Net

asset

value,

end

period

..........

$12.51

$12.78

$11.92

$9.73

$9.72

$13.17

Total

return

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

9.31%

13.18%

25.83%

12.23%

(14.77)%

26.32%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.95%

1.08%

1.44%

1.69%

1.75%

2.54%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.05)%

(0.06)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

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

4.14%

2.18%

2.58%

1.19%

1.77%

0.87%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$16

$15

$12

$11

$13

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.79

$11.93

$9.73

$9.72

$13.18

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.26

0.27

0.28

0.12

0.21

0.11

Net

realized

and

unrealized

gains

(losses)

0.89

1.24

2.20

0.94

(1.86)

2.66

Total

from

investment

operations

........

1.15

1.51

2.48

1.06

(1.65)

2.77

Less

distributions

from:

Net

investment

income

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

(0.49)

(0.58)

(0.28)

(0.13)

(0.74)

(0.10)

Net

realized

gains

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

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(1.43)

(0.65)

(0.28)

(1.05)

(1.81)

(0.14)

Net

asset

value,

end

period

..........

$12.51

$12.79

$11.93

$9.73

$9.72

$13.18

Total

return

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

9.30%

13.29%

26.04%

12.36%

(14.76)%

26.46%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.85%

0.98%

1.34%

1.59%

1.65%

2.44%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.15)%

(0.16)%

(0.18)%

(0.20)%

(0.18)%

Net

investment

income

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

4.12%

2.27%

2.64%

1.31%

1.91%

0.95%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$27,524

$23,008

$15,302

$9,338

$7,846

$7,504

Portfolio

turnover

rate

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

11%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.77

$11.92

$9.73

$9.71

$13.17

$10.55

Income

from

investment

operations

Net

investment

income

b,c

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

0.29

0.26

0.27

—

0.20

0.10

Net

realized

and

unrealized

gains

(losses)

0.87

1.23

2.20

1.06

(1.87)

2.66

Total

from

investment

operations

........

1.16

1.49

2.47

1.06

(1.67)

2.76

Less

distributions

from:

Net

investment

income

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

(0.49)

(0.57)

(0.28)

(0.12)

(0.72)

(0.10)

Net

realized

gains

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

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(1.43)

(0.64)

(0.28)

(1.04)

(1.79)

(0.14)

Net

asset

value,

end

period

..........

$12.50

$12.77

$11.92

$9.73

$9.71

$13.17

Total

return

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

9.35%

13.13%

25.87%

12.35%

(14.85)%

26.32%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.97%

1.08%

1.44%

1.69%

1.75%

2.54%

Expenses

net

waiver

and

payments

affiliates

g,h

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

(0.06)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

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

4.59%

2.17%

2.54%

0.01%

1.77%

0.86%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$451

$212

$143

$95

$11

$13

Portfolio

turnover

rate

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

11%

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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2045

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

97.2%

Asset

Allocation

97.2%

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Class

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

162,316

2,821,060

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

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

1,262,749

28,601,266

31,422,326

Total

Investments

Underlying

Funds

(Cost

29,075,285

)

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

31,422,326

Short

Term

Investments

2.7%

Management

Investment

Companies

2.7%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

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

877,570

Total

Management

Investment

Companies

(Cost

877,570

)

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

877,570

Total

Short

Term

Investments

(Cost

877,570

)

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

877,570

Total

Investments

(Cost

29,952,855

)

99.9

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

$32,299,896

Other

Assets,

less

Liabilities

0.1

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

23,128

Net

Assets

100.0%

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

$32,323,024

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.55

$11.68

$9.70

$9.54

$13.23

$10.60

Income

from

investment

operations

Net

investment

income

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

0.23

0.20

0.16

0.06

0.04

0.06

Net

realized

and

unrealized

gains

(losses)

0.93

1.31

2.33

1.04

(1.74)

2.80

Total

from

investment

operations

........

1.16

1.51

2.49

1.10

(1.70)

2.86

Less

distributions

from:

Net

investment

income

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

(0.41)

(0.50)

(0.26)

(0.07)

(0.73)

(0.09)

Net

realized

gains

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

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(1.20)

(0.64)

(0.51)

(0.94)

(1.99)

(0.23)

Net

asset

value,

end

period

..........

$12.51

$12.55

$11.68

$9.70

$9.54

$13.23

Total

return

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

9.51%

13.57%

26.60%

12.96%

(15.35)%

27.38%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.21%

1.32%

2.00%

2.58%

2.84%

4.17%

Expenses

net

waiver

and

payments

affiliates

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

0.19%

0.18%

0.17%

0.15%

0.17%

Net

investment

income

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

3.63%

1.72%

1.51%

0.66%

0.38%

0.53%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$2,057

$1,702

$780

$329

$160

$19

Portfolio

turnover

rate

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

10%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

174

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.44

$11.63

$9.67

$9.50

$13.17

$10.60

Income

from

investment

operations

Net

investment

income

(loss)

........

0.18

0.11

0.01

0.06

(0.01)

Net

realized

and

unrealized

gains

(losses)

0.94

1.30

2.29

1.03

(1.84)

2.79

Total

from

investment

operations

........

1.12

1.41

2.40

1.04

(1.78)

2.78

Less

distributions

from:

Net

investment

income

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

(0.34)

(0.46)

(0.19)

—

(0.63)

(0.07)

Net

realized

gains

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

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(1.13)

(0.60)

(0.44)

(0.87)

(1.89)

(0.21)

Net

asset

value,

end

period

..........

$12.43

$12.44

$11.63

$9.67

$9.50

$13.17

Total

return

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

9.19%

12.66%

25.60%

12.17%

(16.00)%

26.51%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.96%

2.07%

2.75%

3.33%

3.59%

4.92%

Expenses

net

waiver

and

payments

affiliates

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

0.94%

0.93%

0.92%

0.90%

0.92%

Net

investment

income

(loss)

..........

2.91%

0.97%

1.03%

0.13%

0.58%

(0.12)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$64

$55

$25

$13

$11

$13

Portfolio

turnover

rate

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

10%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.57

$11.69

$9.71

$9.52

$13.20

$10.60

Income

from

investment

operations

Net

investment

income

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

0.27

0.15

0.16

0.05

0.10

0.03

Net

realized

and

unrealized

gains

(losses)

0.87

1.32

2.28

1.03

(1.85)

2.79

Total

from

investment

operations

........

1.14

1.47

2.44

1.08

(1.75)

2.82

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.45)

(0.21)

(0.02)

(0.67)

(0.08)

Net

realized

gains

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

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(1.21)

(0.59)

(0.46)

(0.89)

(1.93)

(0.22)

Net

asset

value,

end

period

..........

$12.50

$12.57

$11.69

$9.71

$9.52

$13.20

Total

return

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

9.35%

13.12%

26.00%

12.60%

(15.74)%

26.94%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.65%

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

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

4.30%

1.32%

1.50%

0.49%

0.93%

0.23%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$683

$17

$15

$12

$11

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.59

$11.71

$9.72

$9.54

$13.22

$10.60

Income

from

investment

operations

Net

investment

income

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

0.28

0.18

0.07

0.13

0.06

Net

realized

and

unrealized

gains

(losses)

0.89

1.32

2.30

1.02

(1.85)

2.79

Total

from

investment

operations

........

1.17

1.50

2.48

1.09

(1.72)

2.85

Less

distributions

from:

Net

investment

income

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

(0.41)

(0.48)

(0.24)

(0.04)

(0.70)

(0.09)

Net

realized

gains

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

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(1.20)

(0.62)

(0.49)

(0.91)

(1.96)

(0.23)

Net

asset

value,

end

period

..........

$12.56

$12.59

$11.71

$9.72

$9.54

$13.22

Total

return

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

9.50%

13.37%

26.37%

12.78%

(15.49)%

27.23%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.34%

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

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

4.49%

1.57%

1.75%

0.74%

1.18%

0.48%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$26

$16

$15

$12

$11

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.60

$11.72

$9.73

$9.55

$13.24

$10.60

Income

from

investment

operations

Net

investment

income

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

0.23

0.21

0.19

0.08

0.10

0.09

Net

realized

and

unrealized

gains

(losses)

0.95

1.32

2.31

1.05

(1.80)

2.79

Total

from

investment

operations

........

1.18

1.53

2.50

1.13

(1.70)

2.88

Less

distributions

from:

Net

investment

income

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

(0.41)

(0.51)

(0.26)

(0.08)

(0.73)

(0.10)

Net

realized

gains

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

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(1.20)

(0.65)

(0.51)

(0.95)

(1.99)

(0.24)

Net

asset

value,

end

period

..........

$12.58

$12.60

$11.72

$9.73

$9.55

$13.24

Total

return

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

9.62%

13.68%

26.67%

13.17%

(15.34)%

27.51%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.09%

1.22%

1.90%

2.48%

2.74%

4.07%

Expenses

net

waiver

and

payments

affiliates

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

0.09%

0.08%

0.07%

0.05%

0.07%

Net

investment

income

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

3.68%

1.81%

1.83%

0.87%

0.94%

0.73%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$72

$60

$71

$42

$28

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.63

$11.75

$9.75

$9.56

$13.25

$10.60

Income

from

investment

operations

Net

investment

income

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

0.25

0.23

0.11

0.17

0.10

Net

realized

and

unrealized

gains

(losses)

0.94

1.31

2.29

1.03

(1.85)

2.79

Total

from

investment

operations

........

1.19

1.54

2.52

1.14

(1.68)

2.89

Less

distributions

from:

Net

investment

income

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

(0.43)

(0.52)

(0.27)

(0.08)

(0.75)

(0.10)

Net

realized

gains

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

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(1.22)

(0.66)

(0.52)

(0.95)

(2.01)

(0.24)

Net

asset

value,

end

period

..........

$12.60

$12.63

$11.75

$9.75

$9.56

$13.25

Total

return

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

9.68%

13.77%

26.87%

13.36%

(15.19)%

27.68%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.95%

1.07%

1.75%

2.33%

2.59%

3.92%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.06)%

(0.07)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

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

3.91%

1.97%

2.15%

1.14%

1.58%

0.88%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$17

$16

$12

$11

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.64

$11.76

$9.76

$9.57

$13.26

$10.60

Income

from

investment

operations

Net

investment

income

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

0.25

0.24

0.22

0.11

0.19

0.11

Net

realized

and

unrealized

gains

(losses)

0.95

1.32

2.31

1.04

(1.86)

2.79

Total

from

investment

operations

........

1.20

1.56

2.53

1.15

(1.67)

2.90

Less

distributions

from:

Net

investment

income

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

(0.44)

(0.54)

(0.28)

(0.09)

(0.76)

(0.10)

Net

realized

gains

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

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(1.23)

(0.68)

(0.53)

(0.96)

(2.02)

(0.24)

Net

asset

value,

end

period

..........

$12.61

$12.64

$11.76

$9.76

$9.57

$13.26

Total

return

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

9.78%

13.89%

26.95%

13.48%

(15.08)%

27.81%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.86%

0.97%

1.65%

2.23%

2.49%

3.82%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.16)%

(0.17)%

(0.18)%

(0.20)%

(0.18)%

Net

investment

income

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

3.98%

2.07%

2.03%

1.21%

1.73%

0.94%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$28,227

$23,793

$16,361

$5,676

$4,165

$3,930

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.62

$11.75

$9.75

$9.56

$13.25

$10.60

Income

from

investment

operations

Net

investment

income

b,c

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

0.31

0.23

0.11

0.17

0.10

Net

realized

and

unrealized

gains

(losses)

0.88

1.31

2.29

1.03

(1.85)

2.79

Total

from

investment

operations

........

1.19

1.54

2.52

1.14

(1.68)

2.89

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.53)

(0.27)

(0.08)

(0.75)

(0.10)

Net

realized

gains

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

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(1.21)

(0.67)

(0.52)

(0.95)

(2.01)

(0.24)

Net

asset

value,

end

period

..........

$12.60

$12.62

$11.75

$9.75

$9.56

$13.25

Total

return

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

9.71%

13.77%

26.86%

13.37%

(15.19)%

27.68%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.95%

1.07%

1.75%

2.33%

2.59%

3.92%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.05)%

(0.07)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

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

4.71%

1.97%

2.15%

1.14%

1.57%

0.88%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$110

$148

$17

$13

$12

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2050

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Value

Investments

Underlying

Funds

98.7%

Asset

Allocation

98.7%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

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

202,653

3,509,945

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

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

1,206,493

27,327,065

30,837,010

Total

Investments

Underlying

Funds

(Cost

28,750,945

)

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

30,837,010

Short

Term

Investments

1.2%

Management

Investment

Companies

1.2%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

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

389,064

Total

Management

Investment

Companies

(Cost

389,064

)

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

389,064

Total

Short

Term

Investments

(Cost

389,064

)

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

389,064

Total

Investments

(Cost

29,140,009

)

99.9

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

$31,226,074

Other

Assets,

less

Liabilities

0.1

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

30,918

Net

Assets

100.0%

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

$31,256,992

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.24

$12.29

$10.09

$9.66

$13.43

$10.63

Income

from

investment

operations

Net

investment

income

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

0.21

0.19

0.11

0.07

0.06

Net

realized

and

unrealized

gains

(losses)

1.05

1.46

2.56

1.19

(1.83)

2.96

Total

from

investment

operations

........

1.26

1.65

2.67

1.26

(1.77)

3.02

Less

distributions

from:

Net

investment

income

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

(0.38)

(0.49)

(0.22)

(0.06)

(0.75)

(0.10)

Net

realized

gains

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

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(1.25)

(0.70)

(0.47)

(0.83)

(2.00)

(0.22)

Net

asset

value,

end

period

..........

$13.25

$13.24

$12.29

$10.09

$9.66

$13.43

Total

return

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

9.81%

14.17%

27.33%

14.28%

(15.71)%

28.67%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.38%

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

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

3.16%

1.50%

0.95%

0.69%

0.59%

0.53%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$3,033

$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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.10

$12.18

$10.03

$9.63

$13.37

$10.63

Income

from

investment

operations

Net

investment

income

(loss)

........

0.17

0.09

(0.06)

—

(0.01)

Net

realized

and

unrealized

gains

(losses)

1.04

1.45

2.64

1.17

(1.85)

2.94

Total

from

investment

operations

........

1.21

1.54

2.58

1.17

(1.85)

2.93

Less

distributions

from:

Net

investment

income

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

(0.31)

(0.41)

(0.18)

—

(0.64)

(0.07)

Net

realized

gains

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

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(1.18)

(0.62)

(0.43)

(0.77)

(1.89)

(0.19)

Net

asset

value,

end

period

..........

$13.13

$13.10

$12.18

$10.03

$9.63

$13.37

Total

return

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

9.49%

13.26%

26.51%

13.29%

(16.28)%

27.78%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

2.11%

2.35%

3.23%

4.02%

4.46%

6.86%

Expenses

net

waiver

and

payments

affiliates

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

0.93%

0.94%

0.93%

0.91%

0.92%

0.93%

Net

investment

income

(loss)

..........

2.58%

0.75%

(0.50)%

—%

0.03%

(0.11)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$184

$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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.25

$12.30

$10.09

$9.65

$13.40

$10.63

Income

from

investment

operations

Net

investment

income

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

0.15

0.14

0.11

0.04

0.08

0.03

Net

realized

and

unrealized

gains

(losses)

1.08

1.46

2.53

1.17

(1.90)

2.94

Total

from

investment

operations

........

1.23

1.60

2.64

1.21

(1.82)

2.97

Less

distributions

from:

Net

investment

income

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

(0.38)

(0.44)

(0.18)

—

(0.68)

(0.08)

Net

realized

gains

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

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(1.25)

(0.65)

(0.43)

(0.77)

(1.93)

(0.20)

Net

asset

value,

end

period

..........

$13.23

$13.25

$12.30

$10.09

$9.65

$13.40

Total

return

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

9.58%

13.67%

26.91%

13.75%

(16.02)%

28.21%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.72%

2.00%

2.88%

3.67%

4.11%

6.51%

Expenses

net

waiver

and

payments

affiliates

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

0.58%

0.59%

0.58%

0.56%

0.57%

0.58%

Net

investment

income

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

2.23%

1.10%

0.99%

0.40%

0.71%

0.23%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$62

$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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.28

$12.32

$10.11

$9.67

$13.42

$10.63

Income

from

investment

operations

Net

investment

income

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

0.21

0.17

0.14

0.06

0.11

0.06

Net

realized

and

unrealized

gains

(losses)

1.05

1.47

2.52

1.18

(1.89)

2.94

Total

from

investment

operations

........

1.26

1.64

2.66

1.24

(1.78)

3.00

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.47)

(0.20)

(0.03)

(0.72)

(0.09)

Net

realized

gains

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

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(1.22)

(0.68)

(0.45)

(0.80)

(1.97)

(0.21)

Net

asset

value,

end

period

..........

$13.32

$13.28

$12.32

$10.11

$9.67

$13.42

Total

return

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

9.76%

14.01%

27.14%

14.04%

(15.78)%

28.50%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.50%

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

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

3.05%

1.35%

1.24%

0.65%

0.95%

0.48%

Supplemental

data

Net

assets,

end

period

(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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.30

$12.34

$10.12

$9.68

$13.44

$10.63

Income

from

investment

operations

Net

investment

income

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

0.38

0.20

0.15

0.08

0.09

Net

realized

and

unrealized

gains

(losses)

0.89

1.47

2.54

1.19

(1.84)

2.94

Total

from

investment

operations

........

1.27

1.67

2.69

1.27

(1.76)

3.03

Less

distributions

from:

Net

investment

income

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

(0.40)

(0.50)

(0.22)

(0.06)

(0.75)

(0.10)

Net

realized

gains

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

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(1.27)

(0.71)

(0.47)

(0.83)

(2.00)

(0.22)

Net

asset

value,

end

period

..........

$13.30

$12.34

$10.12

$9.68

$13.44

Total

return

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

9.87%

14.28%

27.48%

14.39%

(15.62)%

28.79%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.24%

1.50%

2.38%

3.17%

3.61%

6.01%

Expenses

net

waiver

and

payments

affiliates

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

0.08%

0.09%

0.08%

0.06%

0.07%

0.08%

Net

investment

income

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

5.79%

1.60%

1.39%

0.86%

0.73%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$315

$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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.32

$12.36

$10.13

$9.69

$13.45

$10.63

Income

from

investment

operations

Net

investment

income

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

0.23

0.22

0.18

0.10

0.15

0.11

Net

realized

and

unrealized

gains

(losses)

1.06

1.47

2.54

1.18

(1.89)

2.93

Total

from

investment

operations

........

1.29

1.69

2.72

1.28

(1.74)

3.04

Less

distributions

from:

Net

investment

income

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

(0.40)

(0.52)

(0.24)

(0.07)

(0.77)

(0.10)

Net

realized

gains

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

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(1.27)

(0.73)

(0.49)

(0.84)

(2.02)

(0.22)

Net

asset

value,

end

period

..........

$13.34

$13.32

$12.36

$10.13

$9.69

$13.45

Total

return

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

9.97%

14.40%

27.76%

14.51%

(15.48)%

28.94%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.12%

1.35%

2.23%

3.02%

3.46%

5.86%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.06)%

(0.07)%

(0.09)%

(0.08)%

(0.07)%

Net

investment

income

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

3.45%

1.75%

1.64%

1.05%

1.35%

0.88%

Supplemental

data

Net

assets,

end

period

(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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.33

$12.37

$10.14

$9.70

$13.46

$10.63

Income

from

investment

operations

Net

investment

income

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

0.24

0.23

0.18

0.12

0.15

0.11

Net

realized

and

unrealized

gains

(losses)

1.06

1.47

2.55

1.17

(1.88)

2.95

Total

from

investment

operations

........

1.30

1.70

2.73

1.29

(1.73)

3.06

Less

distributions

from:

Net

investment

income

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

(0.41)

(0.53)

(0.25)

(0.08)

(0.78)

(0.11)

Net

realized

gains

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

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(1.28)

(0.74)

(0.50)

(0.85)

(2.03)

(0.23)

Net

asset

value,

end

period

..........

$13.35

$13.33

$12.37

$10.14

$9.70

$13.46

Total

return

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

10.06%

14.51%

27.84%

14.62%

(15.37)%

29.08%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.03%

1.25%

2.13%

2.92%

3.36%

5.76%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.16)%

(0.17)%

(0.19)%

(0.18)%

(0.17)%

Net

investment

income

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

3.52%

1.85%

1.61%

1.26%

1.38%

0.91%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$19,063

$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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.32

$12.36

$10.13

$9.69

$13.45

$10.63

Income

from

investment

operations

Net

investment

income

b,c

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

0.23

0.22

0.18

0.10

0.15

0.10

Net

realized

and

unrealized

gains

(losses)

1.06

1.47

2.54

1.18

(1.89)

2.94

Total

from

investment

operations

........

1.29

1.69

2.72

1.28

(1.74)

3.04

Less

distributions

from:

Net

investment

income

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

(0.40)

(0.52)

(0.24)

(0.07)

(0.77)

(0.10)

Net

realized

gains

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

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

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

(1.27)

(0.73)

(0.49)

(0.84)

(2.02)

(0.22)

Net

asset

value,

end

period

..........

$13.34

$13.32

$12.36

$10.13

$9.69

$13.45

Total

return

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

10.01%

14.41%

27.76%

14.51%

(15.48)%

28.94%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.12%

1.35%

2.23%

3.02%

3.46%

5.86%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.06)%

(0.07)%

(0.09)%

(0.08)%

(0.07)%

Net

investment

income

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

3.36%

1.75%

1.63%

1.04%

1.35%

0.88%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$152

$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.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2055

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

99.4%

Asset

Allocation

99.4%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

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

449,465

7,784,739

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

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

659,089

14,928,363

22,713,102

Total

Investments

Underlying

Funds

(Cost

21,060,020

)

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

22,713,102

Short

Term

Investments

0.4%

Management

Investment

Companies

0.4%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

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

98,895

Total

Management

Investment

Companies

(Cost

98,895

)

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

98,895

Total

Short

Term

Investments

(Cost

98,895

)

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

98,895

Total

Investments

(Cost

21,158,915

)

99.8

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

$22,811,997

Other

Assets,

less

Liabilities

0.2

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

30,435

Net

Assets

100.0%

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

$22,842,432

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.23

$12.13

$10.25

$9.48

$13.66

$10.66

Income

from

investment

operations

Net

investment

income

b,c

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

0.18

0.15

0.10

0.04

0.08

0.06

Net

realized

and

unrealized

gains

(losses)

1.12

1.55

2.62

1.31

(1.83)

3.07

Total

from

investment

operations

........

1.30

1.70

2.72

1.35

(1.75)

3.13

Less

distributions

from:

Net

investment

income

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

(0.32)

(0.44)

(0.18)

(0.03)

(0.75)

(0.10)

Net

realized

gains

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

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

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

(1.15)

(0.60)

(0.84)

(0.58)

(2.43)

(0.13)

Net

asset

value,

end

period

..........

$13.38

$13.23

$12.13

$10.25

$9.48

$13.66

Total

return

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

10.09%

14.71%

28.16%

15.26%

(15.91)%

29.56%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.56%

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

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

2.62%

1.23%

0.88%

0.42%

0.75%

0.50%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$2,472

$2,238

$625

$372

$118

$71

Portfolio

turnover

rate

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

10%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$12.99

$11.93

$10.15

$9.44

$13.59

$10.66

Income

from

investment

operations

Net

investment

income

(loss)

b,c

........

0.09

0.06

0.02

(0.01)

Net

realized

and

unrealized

gains

(losses)

1.14

1.53

2.58

1.24

(1.85)

3.04

Total

from

investment

operations

........

1.23

1.59

2.60

1.26

(1.83)

3.03

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.37)

(0.16)

—

(0.64)

(0.07)

Net

realized

gains

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

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

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

(0.97)

(0.53)

(0.82)

(0.55)

(2.32)

(0.10)

Net

asset

value,

end

period

..........

$13.25

$12.99

$11.93

$10.15

$9.44

$13.59

Total

return

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

9.67%

13.87%

27.21%

14.32%

(16.48)%

28.59%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

2.27%

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)

..........

1.28%

0.48%

0.17%

0.16%

0.17%

(0.11)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$63

$105

$71

$13

$11

$13

Portfolio

turnover

rate

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

10%

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,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.18

$12.09

$10.21

$9.46

$13.62

$10.66

Income

from

investment

operations

Net

investment

income

b,c

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

0.29

0.10

0.06

0.05

0.06

0.03

Net

realized

and

unrealized

gains

(losses)

0.97

1.55

2.61

1.25

(1.85)

3.04

Total

from

investment

operations

........

1.26

1.65

2.67

1.30

(1.79)

3.07

Less

distributions

from:

Net

investment

income

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

(0.33)

(0.40)

(0.13)

—

(0.69)

(0.08)

Net

realized

gains

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

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

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

(1.16)

(0.56)

(0.79)

(0.55)

(2.37)

(0.11)

Net

asset

value,

end

period

..........

$13.28

$13.18

$12.09

$10.21

$9.46

$13.62

Total

return

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

9.85%

14.27%

27.70%

14.73%

(16.22)%

29.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.90%

2.31%

3.62%

5.69%

8.34%

13.54%

Expenses

net

waiver

and

payments

affiliates

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

0.59%

0.60%

0.59%

0.57%

0.58%

Net

investment

income

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

4.45%

0.83%

0.55%

0.53%

0.23%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$155

$24

$16

$12

$11

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.23

$12.14

$10.25

$9.48

$13.64

$10.66

Income

from

investment

operations

Net

investment

income

b,c

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

0.17

0.13

0.09

0.07

0.09

0.06

Net

realized

and

unrealized

gains

(losses)

1.11

1.56

2.62

1.26

(1.85)

3.04

Total

from

investment

operations

........

1.28

1.69

2.71

1.33

(1.76)

3.10

Less

distributions

from:

Net

investment

income

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

(0.29)

(0.44)

(0.16)

(0.01)

(0.72)

(0.09)

Net

realized

gains

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

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

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

(1.12)

(0.60)

(0.82)

(0.56)

(2.40)

(0.12)

Net

asset

value,

end

period

..........

$13.39

$13.23

$12.14

$10.25

$9.48

$13.64

Total

return

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

9.98%

14.55%

27.98%

14.99%

(15.97)%

29.29%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.71%

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

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

2.59%

1.08%

0.80%

0.78%

0.48%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$21

$17

$16

$12

$11

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.64

$12.15

$10.26

$9.49

$13.66

$10.66

Income

from

investment

operations

Net

investment

income

b,c

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

0.37

0.17

0.11

0.08

0.09

Net

realized

and

unrealized

gains

(losses)

0.97

1.60

2.62

1.28

(1.83)

3.04

Total

from

investment

operations

........

1.34

1.77

2.73

1.36

(1.74)

3.13

Less

distributions

from:

Net

investment

income

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

(0.34)

(0.12)

(0.18)

(0.04)

(0.75)

(0.10)

Net

realized

gains

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

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

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

(1.17)

(0.28)

(0.84)

(0.59)

(2.43)

(0.13)

Net

asset

value,

end

period

..........

$13.81

$13.64

$12.15

$10.26

$9.49

$13.66

Total

return

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

10.14%

14.85%

28.26%

15.36%

(15.81)%

29.58%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.41%

1.81%

3.12%

5.19%

7.84%

13.04%

Expenses

net

waiver

and

payments

affiliates

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

0.08%

0.10%

0.09%

0.07%

0.08%

Net

investment

income

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

5.45%

1.33%

0.99%

0.83%

0.80%

0.73%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$221

$32

$24

$27

$20

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.31

$12.18

$10.28

$9.50

$13.67

$10.66

Income

from

investment

operations

Net

investment

income

b,c

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

0.20

0.18

0.13

0.11

0.13

0.11

Net

realized

and

unrealized

gains

(losses)

1.13

1.56

2.63

1.27

(1.85)

3.03

Total

from

investment

operations

........

1.33

1.74

2.76

1.38

(1.72)

3.14

Less

distributions

from:

Net

investment

income

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

(0.34)

(0.45)

(0.20)

(0.05)

(0.77)

(0.10)

Net

realized

gains

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

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

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

(1.17)

(0.61)

(0.86)

(0.60)

(2.45)

(0.13)

Net

asset

value,

end

period

..........

$13.47

$13.31

$12.18

$10.28

$9.50

$13.67

Total

return

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

10.25%

14.99%

28.48%

15.56%

(15.67)%

29.73%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.31%

1.66%

2.97%

5.04%

7.69%

12.89%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.06)%

(0.05)%

(0.06)%

(0.08)%

(0.07)%

Net

investment

income

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

2.94%

1.48%

1.20%

1.18%

0.88%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$18

$16

$13

$11

$13

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.30

$12.19

$10.28

$9.51

$13.68

$10.66

Income

from

investment

operations

Net

investment

income

b,c

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

0.21

0.19

0.12

0.11

0.13

0.11

Net

realized

and

unrealized

gains

(losses)

1.12

1.56

2.66

1.27

(1.84)

3.05

Total

from

investment

operations

........

1.33

1.75

2.78

1.38

(1.71)

3.16

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.48)

(0.21)

(0.06)

(0.78)

(0.11)

Net

realized

gains

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

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

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

(1.18)

(0.64)

(0.87)

(0.61)

(2.46)

(0.14)

Net

asset

value,

end

period

..........

$13.45

$13.30

$12.19

$10.28

$9.51

$13.68

Total

return

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

10.28%

15.09%

28.70%

15.57%

(15.55)%

29.87%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.22%

1.56%

2.87%

4.94%

7.59%

12.79%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.16)%

(0.15)%

(0.16)%

(0.18)%

(0.17)%

Net

investment

income

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

3.04%

1.58%

1.13%

1.16%

0.91%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$14,248

$10,818

$6,620

$2,051

$1,050

$748

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

2060

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.29

$12.18

$10.28

$9.51

$13.67

$10.66

Income

from

investment

operations

Net

investment

income

b,c

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

0.17

0.18

0.13

0.11

0.13

0.11

Net

realized

and

unrealized

gains

(losses)

1.15

1.56

2.63

1.26

(1.84)

3.03

Total

from

investment

operations

........

1.32

1.74

2.76

1.37

(1.71)

3.14

Less

distributions

from:

Net

investment

income

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

(0.33)

(0.47)

(0.20)

(0.05)

(0.77)

(0.10)

Net

realized

gains

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

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

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

(1.16)

(0.63)

(0.86)

(0.60)

(2.45)

(0.13)

Net

asset

value,

end

period

..........

$13.45

$13.29

$12.18

$10.28

$9.51

$13.67

Total

return

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

10.25%

14.97%

28.49%

15.44%

(15.58)%

29.74%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.29%

1.66%

2.97%

5.04%

7.69%

12.89%

Expenses

net

waiver

and

payments

affiliates

f,g

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

(0.05)%

(0.06)%

(0.08)%

(0.07)%

Net

investment

income

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

2.58%

1.48%

1.21%

1.17%

1.18%

0.89%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$27

$32

$24

$18

$14

$16

Portfolio

turnover

rate

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

10%

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

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

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

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2060

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Value

Investments

Underlying

Funds

99.5%

Asset

Allocation

99.5%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

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

587,596

10,177,164

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

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

307,021

6,954,015

17,131,179

Total

Investments

Underlying

Funds

(Cost

15,635,157

)

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

17,131,179

Short

Term

Investments

0.4%

Management

Investment

Companies

0.4%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

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

68,426

Total

Management

Investment

Companies

(Cost

68,426

)

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

68,426

Total

Short

Term

Investments

(Cost

68,426

)

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

68,426

Total

Investments

(Cost

15,703,583

)

99.9

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

$17,199,605

Other

Assets,

less

Liabilities

0.1

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

25,920

Net

Assets

100.0%

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

$17,225,525

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.74

$12.62

$10.36

$9.43

$11.88

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

........

0.19

0.13

0.05

0.03

0.08

(0.02)

Net

realized

and

unrealized

gains

(losses)

1.19

1.69

2.80

1.36

(1.86)

1.90

Total

from

investment

operations

........

1.38

1.82

2.85

1.39

(1.78)

1.88

Less

distributions

from:

Net

investment

income

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

(0.29)

(0.44)

(0.14)

(0.02)

(0.67)

—

Net

realized

gains

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

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

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

(0.99)

(0.70)

(0.59)

(0.46)

(0.67)

—

Net

asset

value,

end

period

..........

$14.13

$13.74

$12.62

$10.36

$9.43

$11.88

Total

return

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

10.22%

15.14%

28.63%

15.57%

(15.94)%

18.80%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

3.42%

5.83%

11.66%

28.68%

70.55%

99.45%

Expenses

net

waiver

and

payments

affiliates

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

0.20%

0.18%

0.20%

0.18%

0.12%

Net

investment

income

(loss)

..........

2.65%

1.02%

0.47%

0.32%

0.79%

(0.12)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$842

$1,004

$645

$234

$42

$21

Portfolio

turnover

rate

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

24%

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.52

$12.45

$10.26

$9.40

$11.82

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

........

0.11

0.03

(0.02)

—

0.01

(0.07)

Net

realized

and

unrealized

gains

(losses)

1.20

1.67

2.76

1.30

(1.86)

1.89

Total

from

investment

operations

........

1.31

1.70

2.74

1.30

(1.85)

1.82

Less

distributions

from:

Net

investment

income

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

(0.18)

(0.37)

(0.10)

—

(0.57)

—

Net

realized

gains

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

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

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

(0.88)

(0.63)

(0.55)

(0.44)

(0.57)

—

Net

asset

value,

end

period

..........

$13.95

$13.52

$12.45

$10.26

$9.40

$11.82

Total

return

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

9.84%

14.29%

27.72%

14.54%

(16.50)%

18.20%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

4.18%

6.59%

12.41%

29.43%

71.30%

99.96%

Expenses

net

waiver

and

payments

affiliates

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

0.95%

0.94%

0.95%

0.93%

0.63%

Net

investment

income

(loss)

..........

1.53%

0.27%

(0.18)%

(0.03)%

0.06%

(0.63)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$100

$84

$67

$32

$12

Portfolio

turnover

rate

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

24%

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.68

$12.57

$10.33

$9.42

$11.85

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

........

0.13

0.08

0.04

0.05

(0.04)

Net

realized

and

unrealized

gains

(losses)

1.22

1.68

2.76

1.31

(1.87)

1.89

Total

from

investment

operations

........

1.35

1.76

2.80

1.35

(1.82)

1.85

Less

distributions

from:

Net

investment

income

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

(0.23)

(0.39)

(0.11)

—

(0.61)

—

Net

realized

gains

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

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

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

(0.93)

(0.65)

(0.56)

(0.44)

(0.61)

—

Net

asset

value,

end

period

..........

$14.10

$13.68

$12.57

$10.33

$9.42

$11.85

Total

return

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

10.04%

14.69%

28.10%

15.06%

(16.26)%

18.50%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

3.83%

6.24%

12.06%

29.08%

70.95%

99.72%

Expenses

net

waiver

and

payments

affiliates

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

0.60%

0.59%

0.60%

0.58%

0.39%

Net

investment

income

(loss)

..........

1.88%

0.62%

0.38%

0.41%

0.47%

(0.39)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$24

$23

$19

$11

$10

$12

Portfolio

turnover

rate

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

24%

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.78

$12.66

$10.38

$9.44

$11.87

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

........

0.15

0.03

0.07

0.06

0.08

(0.02)

Net

realized

and

unrealized

gains

(losses)

1.23

1.77

2.78

1.32

(1.87)

1.89

Total

from

investment

operations

........

1.38

1.80

2.85

1.38

(1.79)

1.87

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.42)

(0.12)

—

(0.64)

—

Net

realized

gains

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

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

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

(0.82)

(0.68)

(0.57)

(0.44)

(0.64)

—

Net

asset

value,

end

period

..........

$14.34

$13.78

$12.66

$10.38

$9.44

$11.87

Total

return

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

10.20%

14.88%

28.47%

15.37%

(16.03)%

18.70%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

3.59%

5.99%

11.81%

28.83%

70.70%

99.55%

Expenses

net

waiver

and

payments

affiliates

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

0.35%

0.34%

0.35%

0.33%

0.22%

Net

investment

income

(loss)

..........

2.17%

1.29%

0.59%

0.66%

0.72%

(0.22)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$22

$16

$15

$11

$10

$12

Portfolio

turnover

rate

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

24%

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.80

$12.66

$10.38

$9.46

$11.89

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

........

0.17

0.14

0.09

0.08

0.06

(0.01)

Net

realized

and

unrealized

gains

(losses)

1.22

1.70

2.79

1.32

(1.82)

1.90

Total

from

investment

operations

........

1.39

1.84

2.88

1.40

(1.76)

1.89

Less

distributions

from:

Net

investment

income

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

(0.29)

(0.44)

(0.15)

(0.04)

(0.67)

—

Net

realized

gains

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

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

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

(0.99)

(0.70)

(0.60)

(0.48)

(0.67)

—

Net

asset

value,

end

period

..........

$14.20

$13.80

$12.66

$10.38

$9.46

$11.89

Total

return

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

10.31%

15.29%

28.81%

15.55%

(15.79)%

18.90%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

3.32%

5.74%

11.56%

28.58%

70.45%

99.39%

Expenses

net

waiver

and

payments

affiliates

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

0.10%

0.09%

0.10%

0.08%

0.06%

Net

investment

income

(loss)

..........

2.39%

1.12%

0.81%

0.86%

0.54%

(0.06)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$107

$85

$75

$57

$34

$12

Portfolio

turnover

rate

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

24%

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.83

$12.70

$10.40

$9.47

$11.90

$10.00

Income

from

investment

operations

Net

investment

income

c,d

............

0.18

0.16

0.11

0.10

0.12

0.01

Net

realized

and

unrealized

gains

(losses)

1.23

1.70

2.80

1.31

(1.87)

1.89

Total

from

investment

operations

........

1.41

1.86

2.91

1.41

(1.75)

1.90

Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.47)

(0.16)

(0.04)

(0.68)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...................

(1.01)

(0.73)

(0.61)

(0.48)

(0.68)

—

Net

asset

value,

end

period

..........

$14.23

$13.83

$12.70

$10.40

$9.47

$11.90

Total

return

.......................

10.41%

15.37%

29.08%

15.71%

(15.66)%

19.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

3.18%

5.58%

11.41%

28.43%

70.30%

99.29%

Expenses

net

waiver

and

payments

affiliates

.........................

(0.05)%

(0.06)%

(0.05)%

(0.07)%

(0.04)%

Net

investment

income

...............

2.58%

1.27%

0.99%

1.06%

1.11%

0.04%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$19

$17

$15

$12

$10

$12

Portfolio

turnover

rate

................

24%

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.83

$12.70

$10.40

$9.47

$11.91

$10.00

Income

from

investment

operations

Net

investment

income

c,d

............

0.19

0.17

0.12

0.08

0.06

0.01

Net

realized

and

unrealized

gains

(losses)

1.22

1.70

2.80

1.34

(1.80)

1.90

Total

from

investment

operations

........

1.41

1.87

2.92

1.42

(1.74)

1.91

Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.48)

(0.17)

(0.05)

(0.70)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...................

(1.02)

(0.74)

(0.62)

(0.49)

(0.70)

—

Net

asset

value,

end

period

..........

$14.22

$13.83

$12.70

$10.40

$9.47

$11.91

Total

return

.......................

10.42%

15.50%

29.20%

15.83%

(15.65)%

19.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

3.09%

5.48%

11.31%

28.33%

70.20%

99.22%

Expenses

net

waiver

and

payments

affiliates

g,h

.........................

(0.15)%

(0.17)%

(0.15)%

(0.17)%

(0.11)%

Net

investment

income

...............

2.76%

1.37%

1.05%

0.81%

0.60%

0.11%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$3,094

$2,011

$275

$141

$36

$12

Portfolio

turnover

rate

................

24%

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

Year

Ended

August

31,

2021

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.83

$12.69

$10.40

$9.46

$11.90

$10.00

Income

from

investment

operations

Net

investment

income

c,d

............

0.18

0.16

0.15

0.10

0.12

—

Net

realized

and

unrealized

gains

(losses)

1.22

1.71

2.75

1.32

(1.87)

1.90

Total

from

investment

operations

........

1.40

1.87

2.90

1.42

(1.75)

1.90

Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.47)

(0.16)

(0.04)

(0.69)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...................

(1.01)

(0.73)

(0.61)

(0.48)

(0.69)

—

Net

asset

value,

end

period

..........

$14.22

$13.83

$12.69

$10.40

$9.46

$11.90

Total

return

........................

10.34%

15.47%

28.97%

15.83%

(15.73)%

19.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

..........................

3.18%

5.58%

11.41%

28.43%

70.30%

99.29%

Expenses

net

waiver

and

payments

affiliates

.........................

(0.05)%

(0.07)%

(0.05)%

(0.07)%

(0.04)%

Net

investment

income

...............

2.56%

1.27%

1.37%

1.04%

1.11%

0.04%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$62

$52

$17

$25

$22

$27

Portfolio

turnover

rate

................

24%

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

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2065

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

98.7%

Asset

Allocation

98.7%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

.......................

190,900

3,306,382

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

40,098

908,226

4,214,608

Total

Investments

Underlying

Funds

(Cost

3,840,576

)

........................

4,214,608

Short

Term

Investments

0.5%

Management

Investment

Companies

0.5%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

.......................

19,576

Total

Management

Investment

Companies

(Cost

19,576

)

........................

19,576

Total

Short

Term

Investments

(Cost

19,576

)

...................................

19,576

Total

Investments

(Cost

3,860,152

)

99.2

.....................................

$4,234,184

Other

Assets,

less

Liabilities

0.8

.............................................

35,168

Net

Assets

100.0%

...........................................................

$4,269,352

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

......................................................

$10.40

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.14

(—)

Net

realized

and

unrealized

gains

(losses)

................................................

0.91

0.40

Total

from

investment

operations

.........................................................

1.05

0.40

Less

distributions

from:

Net

investment

income

...............................................................

(0.21)

—

Net

asset

value,

end

period

...........................................................

$11.24

$10.40

Total

return

.........................................................................

10.17%

4.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

11.78%

27.18%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.20%

Net

investment

income

(loss)

...........................................................

2.60%

(0.24)%

Supplemental

data

Net

assets,

end

period

(000’s)

.........................................................

$265

$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

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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

......................................................

$10.40

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.08

(0.01)

Net

realized

and

unrealized

gains

(losses)

................................................

0.94

0.41

Total

from

investment

operations

.........................................................

1.02

0.40

Less

distributions

from:

Net

investment

income

...............................................................

(0.19)

—

Net

asset

value,

end

period

...........................................................

$11.23

$10.40

Total

return

........................................................................

9.86%

4.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

15.33%

28.16%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.95%

0.96%

Net

investment

income

(loss)

...........................................................

1.48%

(0.92)%

Supplemental

data

Net

assets,

end

period

(000’s)

.........................................................

$11

$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

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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

......................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.10

(—)

Net

realized

and

unrealized

gains

(losses)

................................................

0.92

0.41

Total

from

investment

operations

.........................................................

1.02

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.20)

—

Net

asset

value,

end

period

...........................................................

$11.23

$10.41

Total

return

.........................................................................

9.90%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

14.97%

27.82%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.60%

0.62%

Net

investment

income

(loss)

...........................................................

1.83%

(0.58)%

Supplemental

data

Net

assets,

end

period

(000’s)

.........................................................

$11

$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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

......................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.11

(—)

Net

realized

and

unrealized

gains

(losses)

................................................

0.93

0.41

Total

from

investment

operations

.........................................................

1.04

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.21)

—

Net

asset

value,

end

period

...........................................................

$11.24

$10.41

Total

return

.........................................................................

10.09%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

15.75%

27.58%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.35%

0.39%

Net

investment

income

(loss)

...........................................................

2.08%

(0.35)%

Supplemental

data

Net

assets,

end

period

(000’s)

.........................................................

$11

$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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

......................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.22

(—)

Net

realized

and

unrealized

gains

(losses)

................................................

0.84

0.41

Total

from

investment

operations

.........................................................

1.06

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.22)

—

Net

asset

value,

end

period

...........................................................

$11.25

$10.41

Total

return

.........................................................................

10.25%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

15.21%

27.34%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.09%

0.14%

Net

investment

income

(loss)

...........................................................

4.11%

(0.11)%

Supplemental

data

Net

assets,

end

period

(000’s)

.........................................................

$45

$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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

......................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

c,d

.............................................................

0.13

—

Net

realized

and

unrealized

gains

(losses)

................................................

0.94

0.41

Total

from

investment

operations

.........................................................

1.07

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

period

...........................................................

$11.25

$10.41

Total

return

.........................................................................

10.35%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

14.34%

27.19%

Expenses

net

waiver

and

payments

affiliates

...........................................

(0.05)%

(0.01)%

Net

investment

income

................................................................

2.48%

0.05%

Supplemental

data

Net

assets,

end

period

(000’s)

.........................................................

$11

$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.

Semiannual

Report

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

......................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

c,d

.............................................................

0.14

—

Net

realized

and

unrealized

gains

(losses)

................................................

0.93

0.41

Total

from

investment

operations

.........................................................

1.07

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

period

...........................................................

$11.25

$10.41

Total

return

.........................................................................

10.39%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

14.25%

27.10%

Expenses

net

waiver

and

payments

affiliates

...........................................

(0.15)%

(0.11)%

Net

investment

income

................................................................

2.57%

0.14%

Supplemental

data

Net

assets,

end

period

(000’s)

.........................................................

$1,073

$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

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

......................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

c,d

.............................................................

0.13

—

Net

realized

and

unrealized

gains

(losses)

................................................

0.94

0.41

Total

from

investment

operations

.........................................................

1.07

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

period

...........................................................

$11.25

$10.41

Total

return

.........................................................................

10.35%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

14.33%

27.19%

Expenses

net

waiver

and

payments

affiliates

...........................................

(0.05)%

(0.01)%

Net

investment

income

................................................................

2.48%

0.05%

Supplemental

data

Net

assets,

end

period

(000’s)

.........................................................

$11

$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

(unaudited),

February

28,

2026

Putnam

Retirement

Advantage

2070

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Value

Investments

Underlying

Funds

96.4%

Asset

Allocation

96.4%

Putnam

Dynamic

Asset

Allocation

Equity

Fund

Class

.......................

62,943

1,090,177

Putnam

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

13,203

299,042

1,389,219

Total

Investments

Underlying

Funds

(Cost

1,287,493

)

........................

1,389,219

Short

Term

Investments

0.5%

Management

Investment

Companies

0.5%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.852

.......................

6,561

Total

Management

Investment

Companies

(Cost

6,561

)

.........................

6,561

Total

Short

Term

Investments

(Cost

6,561

)

....................................

6,561

Total

Investments

(Cost

1,294,054

)

96.9

.....................................

$1,395,780

Other

Assets,

less

Liabilities

3.1

.............................................

45,467

Net

Assets

100.0%

...........................................................

$1,441,247

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

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

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)

.....

$41,984,971

$45,128,706

$51,112,423

$43,177,828

Value

Non-controlled

affiliates

(Note

3f)

.....

44,853,165

46,998,588

52,961,899

45,020,083

Cash

.................................

35,064

5,022

1,202

Receivables:

Investment

securities

sold

................

—

1,291

33,291

Capital

sold

.....................

91,413

44,082

42,143

57,304

Affiliates

.............................

25,278

14,538

15,427

15,371

Prepaid

expenses

.......................

51,530

46,318

45,867

46,019

Total

assets

.......................

45,056,450

47,109,839

53,099,829

45,138,817

Liabilities:

Payables:

Investment

securities

purchased

...........

21,004

49,059

37,795

55,380

Capital

redeemed

................

1,863

20,809

34,735

8,109

Administrative

fees

.....................

Distribution

fees

.......................

1,181

1,166

1,638

1,296

Transfer

agent

fees

.....................

3,397

4,041

5,189

4,116

Reports

shareholders

fees

.............

—

18,263

18,216

20,080

Professional

fees

......................

49,147

17,384

17,942

11,903

Trustees'

fees

and

expenses

..............

Distributions

shareholders

..............

69,147

—

Accrued

expenses

and

other

liabilities

........

139,574

4,301

4,292

4,301

Total

liabilities

......................

285,334

115,038

119,879

105,214

Net

assets,

value

..............

$44,771,116

$46,994,801

$52,979,950

$45,033,603

Net

assets

consist

of:

Paid-in

capital

..........................

$41,863,227

$45,101,269

$50,130,547

$42,209,494

Total

distributable

earnings

(losses)

..........

2,907,889

1,893,532

2,849,403

2,824,109

Net

assets,

value

..............

$44,771,116

$46,994,801

$52,979,950

$45,033,603

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

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

....................

$6,079,892

$5,679,845

$8,047,650

$6,245,871

outstanding

.....................

542,077

516,516

708,361

539,452

Net

asset

value

per

a,b

...............

$11.22

$11.00

$11.36

$11.58

Maximum

offering

price

per

(net

asset

value

per

96.00%,

94.25%,

94.25%

and

94.25%,

respectively)

...................

$11.69

$11.67

$12.05

$12.29

Class

Net

assets,

value

....................

$12,438

$36,935

$22,969

$58,827

outstanding

.....................

1,129

3,294

1,948

5,006

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$11.02

$11.21

$11.79

$11.75

Class

Net

assets,

value

....................

$11,654

$52,329

$188,501

$120,777

outstanding

.....................

1,049

4,756

16,622

10,431

Net

asset

value

and

maximum

offering

price

per

...............................

$11.11

$11.00

$11.34

$11.58

Class

R3:

Net

assets,

value

....................

$11,762

$167,669

$53,945

$74,849

outstanding

.....................

1,053

15,210

4,738

6,456

Net

asset

value

and

maximum

offering

price

per

...............................

$11.18

$11.02

$11.38

$11.59

Class

R4:

Net

assets,

value

....................

$30,160

$198,600

$403,543

$84,980

outstanding

.....................

2,684

17,787

35,417

7,302

Net

asset

value

and

maximum

offering

price

per

...............................

$11.24

$11.17

$11.39

$11.64

Class

R5:

Net

assets,

value

....................

$11,927

$13,267

$14,314

$15,019

outstanding

.....................

1,058

1,197

1,251

1,288

Net

asset

value

and

maximum

offering

price

per

...............................

$11.27

$11.08

$11.44

$11.66

Class

R6:

Net

assets,

value

....................

$38,526,132

$40,376,017

$44,047,566

$38,344,095

outstanding

.....................

3,406,444

3,642,888

3,850,482

3,286,920

Net

asset

value

and

maximum

offering

price

per

...............................

$11.31

$11.08

$11.44

$11.67

Class

Net

assets,

value

....................

$87,151

$470,139

$201,462

$89,185

outstanding

.....................

7,727

42,442

17,631

7,658

Net

asset

value

and

maximum

offering

price

per

...............................

$11.28

$11.08

$11.43

$11.65

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)

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

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

Non-controlled

affiliates

(Note

3f)

.....

$29,952,855

$29,140,009

$21,158,915

$15,703,583

Value

Non-controlled

affiliates

(Note

3f)

.....

32,299,896

31,226,074

22,811,997

17,199,605

Cash

.................................

842

592

Receivables:

Investment

securities

sold

................

110

25,446

951

—

Capital

sold

.....................

32,294

42,690

29,929

33,872

Affiliates

.............................

14,307

14,414

12,392

11,170

Prepaid

expenses

.......................

46,004

46,207

45,725

45,649

Total

assets

.......................

32,393,453

31,355,423

22,901,003

17,290,390

Liabilities:

Payables:

Investment

securities

purchased

...........

29,562

37,863

29,930

33,814

Capital

redeemed

................

27,277

1,538

Administrative

fees

.....................

Distribution

fees

.......................

912

685

736

582

Transfer

agent

fees

.....................

3,058

2,806

2,219

1,733

Reports

shareholders

fees

.............

20,870

21,032

20,659

24,448

Professional

fees

......................

11,622

4,418

675

—

Trustees'

fees

and

expenses

..............

Accrued

expenses

and

other

liabilities

........

4,311

4,312

4,325

2,736

Total

liabilities

......................

70,429

98,431

58,571

64,865

Net

assets,

value

..............

$32,323,024

$31,256,992

$22,842,432

$17,225,525

Net

assets

consist

of:

Paid-in

capital

..........................

$29,013,768

$28,081,100

$20,553,681

$15,186,323

Total

distributable

earnings

(losses)

..........

3,309,256

3,175,892

2,288,751

2,039,202

Net

assets,

value

..............

$32,323,024

$31,256,992

$22,842,432

$17,225,525

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

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

....................

$3,821,446

$2,057,495

$3,032,662

$2,471,876

outstanding

.....................

307,648

164,440

228,809

184,806

Net

asset

value

per

a,b

...............

$12.42

$12.51

$13.25

$13.38

Maximum

offering

price

per

(net

asset

value

per

94.25%)

...............

$13.18

$13.27

$14.06

$14.20

Class

Net

assets,

value

....................

$35,196

$64,285

$183,788

$62,844

outstanding

.....................

2,781

5,172

14,001

4,743

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$12.66

$12.43

$13.13

$13.25

Class

Net

assets,

value

....................

$419,413

$683,122

$62,443

$155,295

outstanding

.....................

33,870

54,668

4,719

11,697

Net

asset

value

and

maximum

offering

price

per

...............................

$12.38

$12.50

$13.23

$13.28

Class

R3:

Net

assets,

value

....................

$15,719

$26,376

$16,960

$21,344

outstanding

.....................

1,259

2,100

1,273

1,594

Net

asset

value

and

maximum

offering

price

per

...............................

$12.49

$12.56

$13.32

$13.39

Class

R4:

Net

assets,

value

....................

$40,578

$71,797

$314,554

$220,905

outstanding

.....................

3,240

5,709

23,644

15,998

Net

asset

value

and

maximum

offering

price

per

...............................

$12.52

$12.58

$13.30

$13.81

Class

R5:

Net

assets,

value

....................

$15,950

$16,702

$17,209

$17,959

outstanding

.....................

1,275

1,325

1,290

1,334

Net

asset

value

and

maximum

offering

price

per

...............................

$12.51

$12.60

$13.34

$13.47

Class

R6:

Net

assets,

value

....................

$27,523,872

$28,227,292

$19,062,855

$14,248,176

outstanding

.....................

2,199,418

2,238,818

1,428,068

1,059,601

Net

asset

value

and

maximum

offering

price

per

...............................

$12.51

$12.61

$13.35

$13.45

Class

Net

assets,

value

....................

$450,850

$109,923

$151,961

$27,126

outstanding

.....................

36,081

8,725

11,395

2,017

Net

asset

value

and

maximum

offering

price

per

...............................

$12.50

$12.60

$13.34

$13.45

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)

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

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)

.......................................

$3,860,152

$1,294,054

Value

Non-controlled

affiliates

(Note

3f)

.......................................

4,234,184

1,395,780

Cash

...................................................................

6,427

—

Receivables:

Capital

sold

.......................................................

8,359

Affiliates

...............................................................

—

54,049

Prepaid

expenses

.........................................................

50,799

8,926

Offering

costs

............................................................

—

51,677

Total

assets

.........................................................

4,299,769

1,510,444

Liabilities:

Payables:

Investment

securities

purchased

.............................................

9,391

Management

fees

........................................................

5,113

—

Administrative

fees

.......................................................

Distribution

fees

.........................................................

Transfer

agent

fees

.......................................................

409

199

Reports

shareholders

fees

...............................................

29,603

29,834

Professional

fees

........................................................

—

(4,262)

Trustees'

fees

and

expenses

................................................

—

Funds

advanced

custodian

................................................

—

Accrued

expenses

and

other

liabilities

..........................................

(14,180)

43,305

Total

liabilities

........................................................

30,417

69,197

Net

assets,

value

................................................

$4,269,352

$1,441,247

Net

assets

consist

of:

Paid-in

capital

............................................................

$3,748,756

$1,302,528

Total

distributable

earnings

(losses)

............................................

520,596

138,719

Net

assets,

value

................................................

$4,269,352

$1,441,247

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Class

Net

assets,

value

......................................................

$841,671

$265,396

outstanding

.......................................................

59,571

23,610

Net

asset

value

per

a,b

.................................................

$14.13

$11.24

Maximum

offering

price

per

(net

asset

value

per

94.25%)

...............

$14.99

$11.93

Class

Net

assets,

value

......................................................

$99,971

$11,422

outstanding

.......................................................

7,167

1,017

Net

asset

value

and

maximum

offering

price

per

a,b

...........................

$13.95

$11.23

Class

Net

assets,

value

......................................................

$23,753

$11,445

outstanding

.......................................................

1,685

1,019

Net

asset

value

and

maximum

offering

price

per

............................

$14.10

$11.23

Class

R3:

Net

assets,

value

......................................................

$22,025

$11,461

outstanding

.......................................................

1,536

1,020

Net

asset

value

and

maximum

offering

price

per

............................

$14.34

$11.24

Class

R4:

Net

assets,

value

......................................................

$106,975

$45,146

outstanding

.......................................................

7,536

4,013

Net

asset

value

and

maximum

offering

price

per

............................

$14.20

$11.25

Class

R5:

Net

assets,

value

......................................................

$19,483

$11,487

outstanding

.......................................................

1,369

1,021

Net

asset

value

and

maximum

offering

price

per

............................

$14.23

$11.25

Class

R6:

Net

assets,

value

......................................................

$3,093,790

$1,073,403

outstanding

.......................................................

217,538

95,402

Net

asset

value

and

maximum

offering

price

per

............................

$14.22

$11.25

Class

Net

assets,

value

......................................................

$61,684

$11,487

outstanding

.......................................................

4,338

1,021

Net

asset

value

and

maximum

offering

price

per

............................

$14.22

$11.25

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

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

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)

..........

$815,685

$787,178

$854,984

$761,037

Expenses:

Management

fees

(Note

)

................

74,856

74,346

91,842

80,043

Administrative

fees

(Note

)

...............

475

440

562

455

Distribution

fees:

(Note

)

Class

.............................

7,469

6,627

9,533

7,430

Class

.............................

122

250

111

279

Class

.............................

436

313

Class

............................

132

Transfer

agent

fees:

(Note

)

Class

.............................

3,492

3,059

4,447

3,447

Class

.............................

Class

.............................

233

164

Class

............................

139

Class

............................

119

337

103

Class

............................

Class

............................

4,432

4,225

4,956

4,296

Class

.............................

270

Reports

shareholders

fees

...............

11,483

10,975

11,164

10,533

Registration

and

filing

fees

.................

40,229

32,248

33,248

33,008

Professional

fees

........................

89,856

20,270

20,718

18,448

Trustees'

fees

and

expenses

...............

633

608

733

613

Other

.................................

(6,800)

1,514

1,584

1,563

Total

expenses

......................

226,458

155,389

180,103

160,884

Expenses

waived/paid

affiliates

(Note

and

3g)

...........................

(220,396)

(161,657)

(183,435)

(172,926)

Net

expenses

......................

6,062

(6,268)

(3,332)

(12,042)

Net

investment

income

.............

809,623

793,446

858,316

773,079

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

332,479

144,244

757,685

303,817

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

.........

—

557,752

1,675,269

1,702,152

Net

realized

gain

(loss)

...............

332,479

701,996

2,432,954

2,005,969

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

1,483,077

874,830

8,227

456,444

Net

realized

and

unrealized

gain

(loss)

.........

1,815,556

1,576,826

2,441,181

2,462,413

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$2,625,179

$2,370,272

$3,299,497

$3,235,492

Putnam

Target

Date

Funds

Financial

Statements

Operations

(continued)

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

..........

$571,436

$544,311

$337,388

$216,420

Expenses:

Management

fees

(Note

)

................

57,978

58,676

42,321

32,349

Administrative

fees

(Note

)

...............

326

317

208

159

Distribution

fees:

(Note

)

Class

.............................

4,465

2,383

3,510

2,936

Class

.............................

206

302

688

381

Class

.............................

820

1,232

203

Class

............................

Transfer

agent

fees:

(Note

)

Class

.............................

2,074

1,109

1,628

1,360

Class

.............................

Class

.............................

433

677

102

Class

............................

Class

............................

215

134

Class

............................

Class

............................

3,044

3,210

2,083

1,530

Class

.............................

216

Reports

shareholders

fees

...............

10,644

10,124

9,795

9,850

Registration

and

filing

fees

.................

32,365

32,607

32,232

32,187

Professional

fees

........................

16,332

15,462

13,902

12,955

Trustees'

fees

and

expenses

...............

428

432

291

218

Other

.................................

1,260

1,472

1,731

1,615

Total

expenses

......................

130,735

128,257

108,954

96,100

Expenses

waived/paid

affiliates

(Note

and

3g)

...........................

(144,893)

(145,900)

(118,941)

(102,688)

Net

expenses

......................

(14,158)

(17,643)

(9,987)

(6,588)

Net

investment

income

.............

585,594

561,954

347,375

223,008

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

673,448

497,402

146,600

260,517

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

.........

1,313,290

1,291,026

833,357

559,176

Net

realized

gain

(loss)

...............

1,986,738

1,788,428

979,957

819,693

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

(14,500)

285,445

577,406

409,365

Net

realized

and

unrealized

gain

(loss)

.........

1,972,238

2,073,873

1,557,363

1,229,058

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$2,557,832

$2,635,827

$1,904,738

$1,452,066

Putnam

Target

Date

Funds

Financial

Statements

Operations

(continued)

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

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)

............................................

$50,737

$16,489

Expenses:

Management

fees

(Note

)

..................................................

8,438

2,950

Administrative

fees

(Note

)

.................................................

Distribution

fees:

(Note

)

Class

...............................................................

1,271

271

Class

...............................................................

467

Class

...............................................................

Class

..............................................................

Transfer

agent

fees:

(Note

)

Class

...............................................................

601

132

Class

...............................................................

Class

...............................................................

Class

..............................................................

Class

..............................................................

123

Class

..............................................................

Class

..............................................................

310

127

Class

...............................................................

Reports

shareholders

fees

.................................................

12,935

44,455

Registration

and

filing

fees

...................................................

16,565

1,622

Professional

fees

..........................................................

18,460

10,461

Trustees'

fees

and

expenses

.................................................

Amortization

offering

costs

(Note

)

.........................................

—

59,186

Other

...................................................................

1,786

1,439

Total

expenses

........................................................

61,287

120,882

Expenses

waived/paid

affiliates

(Note

and

3g)

.............................

(61,610)

(121,315)

Net

expenses

........................................................

(323)

(433)

Net

investment

income

...............................................

51,060

16,922

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

64,230

4,291

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

...........................................

136,772

44,398

Net

realized

gain

(loss)

.................................................

201,002

48,689

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

125,523

60,591

Net

realized

and

unrealized

gain

(loss)

...........................................

326,525

109,280

Net

increase

(decrease)

net

assets

resulting

from

operations

.........................

$377,585

$126,202

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

101

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$809,623

$1,044,684

$793,446

$1,465,969

Net

realized

gain

(loss)

............

332,479

1,137,345

701,996

2,937,331

Net

change

unrealized

appreciation

(depreciation)

.................

1,483,077

(447,815)

874,830

(1,450,613)

Net

increase

(decrease)

net

assets

resulting

from

operations

2,625,179

1,734,214

2,370,272

2,952,687

Distributions

shareholders:

Class

........................

(161,632)

(84,568)

(382,237)

(86,597)

Class

........................

(465)

(494)

(1,447)

(10,372)

Class

........................

(302)

(446)

(3,616)

(508)

Class

.......................

(851)

(468)

(11,302)

(541)

Class

.......................

(684)

(650)

(11,987)

(850)

Class

.......................

(333)

(513)

(980)

(600)

Class

.......................

(1,020,071)

(949,718)

(2,418,271)

(1,511,257)

Class

........................

(1,099)

(1,296)

(31,277)

(37,467)

Total

distributions

shareholders

.....

(1,185,437)

(1,038,153)

(2,861,117)

(1,648,192)

Capital

transactions:

(Note

)

Class

........................

(134,941)

5,149,501

401,100

3,270,312

Class

........................

(22,756)

22,683

(72,795)

16,162

Class

........................

(1,707)

1,666

41,103

(67)

Class

.......................

(390)

160,366

Class

.......................

14,364

454

184,103

1,489

Class

.......................

—

Class

.......................

2,415,771

18,538,495

8,191,816

4,055,920

Class

........................

50,766

6,984

(266,835)

(119,415)

Total

capital

transactions

.......

2,321,107

23,719,803

8,638,858

7,224,411

Net

increase

(decrease)

net

assets

.....................

3,760,849

24,415,864

8,148,013

8,528,906

Net

assets:

Beginning

period

................

41,010,267

16,594,403

38,846,788

30,317,882

End

period

.....................

$44,771,116

$41,010,267

$46,994,801

$38,846,788

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

102

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$858,316

$1,402,819

$773,079

$977,961

Net

realized

gain

(loss)

............

2,432,954

4,032,112

2,005,969

4,233,988

Net

change

unrealized

appreciation

(depreciation)

.................

8,227

(1,226,741)

456,444

(1,278,270)

Net

increase

(decrease)

net

assets

resulting

from

operations

3,299,497

4,208,190

3,235,492

3,933,679

Distributions

shareholders:

Class

........................

(676,623)

(296,139)

(613,405)

(104,306)

Class

........................

(871)

(10,071)

(4,475)

(5,465)

Class

........................

(16,514)

(768)

(11,899)

(915)

Class

.......................

(4,848)

(807)

(7,617)

(957)

Class

.......................

(35,672)

(3,226)

(8,315)

(4,376)

Class

.......................

(1,387)

(871)

(1,667)

(1,025)

Class

.......................

(3,646,905)

(1,972,814)

(3,635,449)

(2,100,056)

Class

........................

(8,694)

(3,007)

(8,909)

(6,116)

Total

distributions

shareholders

.....

(4,391,514)

(2,287,703)

(4,291,736)

(2,223,216)

Capital

transactions:

(Note

)

Class

........................

1,023,267

3,337,827

843,992

4,065,715

Class

........................

771

(124,973)

6,190

(34,781)

Class

........................

181,144

109,251

164

Class

.......................

41,464

64,224

Class

.......................

366,625

7,073

11,256

(3,689)

Class

.......................

—

Class

.......................

6,881,172

12,761,095

6,390,011

9,410,030

Class

........................

130,862

20,917

9,410

40,654

Total

capital

transactions

.......

8,625,305

16,001,954

7,434,334

13,478,121

Net

increase

(decrease)

net

assets

.....................

7,533,288

17,922,441

6,378,090

15,188,584

Net

assets:

Beginning

period

................

45,446,662

27,524,221

38,655,513

23,466,929

End

period

.....................

$52,979,950

$45,446,662

$45,033,603

$38,655,513

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

103

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$585,594

$498,637

$561,954

$446,306

Net

realized

gain

(loss)

............

1,986,738

2,573,960

1,788,428

2,530,345

Net

change

unrealized

appreciation

(depreciation)

.................

(14,500)

(59,966)

285,445

12,960

Net

increase

(decrease)

net

assets

resulting

from

operations

2,557,832

3,012,631

2,635,827

2,989,611

Distributions

shareholders:

Class

........................

(379,807)

(62,630)

(178,106)

(50,317)

Class

........................

(3,449)

(7,318)

(5,387)

(1,913)

Class

........................

(41,787)

(7,971)

(59,957)

(761)

Class

.......................

(1,731)

(746)

(2,423)

(803)

Class

.......................

(4,174)

(3,705)

(6,004)

(4,174)

Class

.......................

(1,813)

(814)

(1,616)

(874)

Class

.......................

(2,648,933)

(995,616)

(2,456,687)

(1,106,055)

Class

........................

(45,294)

(9,219)

(5,369)

(2,897)

Total

distributions

shareholders

.....

(3,126,988)

(1,088,019)

(2,715,549)

(1,167,794)

Capital

transactions:

(Note

)

Class

........................

581,745

1,928,789

361,753

803,394

Class

........................

(3,342)

(112,688)

9,352

26,873

Class

........................

262,529

10,629

690,808

753

Class

.......................

—

10,432

Class

.......................

(40,407)

2,275

12,232

(15,258)

Class

.......................

—

Class

.......................

4,986,559

6,048,260

4,489,179

5,744,563

Class

........................

254,348

55,363

(44,535)

125,842

Total

capital

transactions

.......

6,041,432

7,932,648

5,529,221

6,686,179

Net

increase

(decrease)

net

assets

.....................

5,472,276

9,857,260

5,449,499

8,507,996

Net

assets:

Beginning

period

................

26,850,748

16,993,488

25,807,493

17,299,497

End

period

.....................

$32,323,024

$26,850,748

$31,256,992

$25,807,493

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

104

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$347,375

$256,942

$223,008

$157,248

Net

realized

gain

(loss)

............

979,957

2,002,609

819,693

1,306,853

Net

change

unrealized

appreciation

(depreciation)

.................

577,406

(184,700)

409,365

153,566

Net

increase

(decrease)

net

assets

resulting

from

operations

1,904,738

2,074,851

1,452,066

1,617,667

Distributions

shareholders:

Class

........................

(257,734)

(39,025)

(195,657)

(32,859)

Class

........................

(14,780)

(5,921)

(4,329)

(3,067)

Class

........................

(5,536)

(826)

(12,377)

(843)

Class

.......................

(1,557)

(870)

(1,726)

(793)

Class

.......................

(27,508)

(2,296)

(17,368)

(587)

Class

.......................

(1,640)

(942)

(1,559)

(823)

Class

.......................

(1,578,888)

(726,124)

(1,078,470)

(423,925)

Class

........................

(13,372)

(1,070)

(2,293)

(1,343)

Total

distributions

shareholders

.....

(1,901,015)

(777,074)

(1,313,779)

(464,240)

Capital

transactions:

(Note

)

Class

........................

496,551

1,679,485

204,355

1,428,960

Class

........................

78,471

(15,190)

(44,749)

25,241

Class

........................

48,166

136,388

5,816

Class

.......................

—

3,769

Class

.......................

279,650

5,222

195,989

4,617

Class

.......................

—

Class

.......................

4,303,180

4,890,879

3,313,046

3,247,855

Class

........................

11,943

109,982

(5,341)

5,071

Total

capital

transactions

.......

5,217,961

6,670,437

3,803,457

4,717,585

Net

increase

(decrease)

net

assets

.....................

5,221,684

7,968,214

3,941,744

5,871,012

Net

assets:

Beginning

period

................

17,620,748

9,652,534

13,283,781

7,412,769

End

period

.....................

$22,842,432

$17,620,748

$17,225,525

$13,283,781

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

105

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Six

Months

Ended

February

28,

2026

(unaudited)

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$51,060

$26,657

$16,922

$83

Net

realized

gain

(loss)

............

201,002

280,333

48,689

—

Net

change

unrealized

appreciation

(depreciation)

.................

125,523

73,616

60,591

41,135

Net

increase

(decrease)

net

assets

resulting

from

operations

377,585

380,606

126,202

41,218

Distributions

shareholders:

Class

........................

(81,722)

(33,198)

(4,876)

—

Class

........................

(5,857)

(3,955)

(190)

—

Class

........................

(1,530)

(1,058)

(205)

—

Class

.......................

(1,084)

(792)

(214)

—

Class

.......................

(6,789)

(4,265)

(868)

—

Class

.......................

(1,337)

(859)

(230)

—

Class

.......................

(187,106)

(53,979)

(21,887)

—

Class

........................

(4,119)

(1,041)

(231)

—

Total

distributions

shareholders

.....

(289,544)

(99,147)

(28,701)

—

Capital

transactions:

(Note

)

Class

........................

(181,138)

205,011

221,975

29,678

Class

........................

13,220

3,215

190

10,000

Class

........................

452

572

205

10,000

Class

.......................

5,239

174,556

214

10,000

Class

.......................

19,068

(383)

33,485

10,000

Class

.......................

1,616

153

230

10,000

Class

.......................

1,022,689

1,472,371

26,320

930,000

Class

........................

8,323

26,461

231

10,000

Total

capital

transactions

.......

889,469

1,881,956

282,850

1,019,678

Net

increase

(decrease)

net

assets

.....................

977,510

2,163,415

380,351

1,060,896

Net

assets:

Beginning

period

................

3,291,842

1,128,427

1,060,896

—

End

period

.....................

$4,269,352

$3,291,842

$1,441,247

$1,060,896

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

106

franklintempleton.com

Semiannual

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.

Effective July

15,

2026,

the

Funds

will

renamed

follows:

The

accounting

policies

the

Underlying

Funds

are

outlined

their

respective

shareholder

reports.

copy

the

Underlying

Funds’

shareholder

reports

available

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

sec.gov.

The

Underlying

Funds’

shareholder

reports

are

not

covered

this

report.

The

following

summarizes

the Funds'

significant

accounting

policies.

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

determine

fair

value.

Investments

the

Underlying

Funds

are

valued

their

closing

NAV

each

trading

day.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Current

Fund

Repositioned

Fund

Putnam

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Franklin

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Franklin

Retirement

Advantage

2060

Fund

Putnam

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Franklin

Retirement

Advantage

2070

Fund

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

107

franklintempleton.com

Semiannual

Report

Income

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

taxable

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

February

28,

2026, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

examination

the

Internal

Revenue

Service

and

state

departments

revenue.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

and

capital

gain

distributions

Underlying

Funds

are

recorded

the

ex-dividend

date.

Distributions

shareholders

are recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

The

Funds

indirectly

bear

their

proportionate

expenses

from

the

Underlying

Funds.

Since

the

Underlying

Funds

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

the

Underlying

Funds

different

times,

the

amount

expenses

incurred

indirectly

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Organization

and

Offering

Costs

Offering

costs

are

amortized

straight

line

basis

over

the

first

twelve

months

operations.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Organization

and

Significant

Accounting

Policies

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

108

franklintempleton.com

Semiannual

Report

Beneficial

Interest

February

28,

2026,

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

Six

Months

ended

February

28,

2026

sold

...................................

23,473

$259,844

83,995

$959,319

issued

reinvestment

distributions

..........

14,449

159,543

35,359

382,237

redeemed

...............................

(50,035)

(554,328)

(82,733)

(940,456)

Net

increase

(decrease)

..........................

(12,113)

$(134,941)

36,621

$401,100

Year

ended

August

31,

2025

sold

...................................

267,711

$2,799,814

382,651

$4,039,670

issued

reinvestment

distributions

..........

7,877

78,970

8,351

86,597

issued

reorganization

....................

227,868

2,445,028

—

redeemed

...............................

(16,850)

(174,311)

(80,616)

(855,955)

Net

increase

(decrease)

..........................

486,606

$5,149,501

310,386

$3,270,312

Class

Six

Months

ended

February

28,

2026

sold

...................................

199

$2,242

issued

reinvestment

distributions

..........

194

131

1,447

redeemed

..............................

(2,105)

(22,958)

(6,867)

(76,484)

Net

increase

(decrease)

..........................

(2,085)

$(22,756)

(6,537)

$(72,795)

Year

ended

August

31,

2025

sold

...................................

6,800

$71,728

19,905

$213,924

issued

reinvestment

distributions

..........

958

9,834

issued

reorganization

....................

7,738

81,640

—

redeemed

..............................

(12,378)

(130,784)

(19,156)

(207,596)

Net

increase

(decrease)

..........................

2,169

$22,683

1,707

$16,162

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

3,337

$38,428

issued

reinvestment

distributions

..........

247

2,675

redeemed

...............................

(157)

(1,716)

—

Net

increase

(decrease)

..........................

(156)

$(1,707)

3,584

$41,103

Year

ended

August

31,

2025

sold

...................................

155

$1,658

130

$1,387

issued

reinvestment

distributions

..........

—

issued

reorganization

....................

1,224

13,012

—

redeemed

...............................

(1,224)

(13,012)

(130)

(1,454)

Net

increase

(decrease)

..........................

156

$1,666

—

$(67)

Class

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

109

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

5,379

$59,000

13,074

$150,032

issued

reinvestment

distributions

..........

546

954

10,334

redeemed

...............................

(5,429)

(59,936)

—

Net

increase

(decrease)

..........................

—

$(390)

14,028

$160,366

Year

ended

August

31,

2025

sold

...................................

—

$10

—

issued

reorganization

....................

1,073

11,468

—

redeemed

...............................

(1,073)

(11,468)

—

Net

increase

(decrease)

..........................

—

$10

—

Class

Six

Months

ended

February

28,

2026

sold

...................................

1,264

$14,064

14,944

$173,147

issued

reinvestment

distributions

..........

359

1,003

11,014

redeemed

...............................

(5)

(59)

(5)

(58)

Net

increase

(decrease)

..........................

1,291

$14,364

15,942

$184,103

Year

ended

August

31,

2025

sold

...................................

221

$2,353

119

$1,307

issued

reinvestment

distributions

..........

151

275

issued

reorganization

....................

1,085

11,664

—

redeemed

...............................

(1,276)

(13,714)

(8)

(93)

Net

increase

(decrease)

..........................

$454

137

$1,489

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

sold

...................................

—

$10

—

issued

reorganization

....................

1,077

11,620

—

redeemed

...............................

(1,077)

(11,620)

—

Net

increase

(decrease)

..........................

—

$10

—

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

110

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

375,887

$4,220,273

850,770

$9,440,647

issued

reinvestment

distributions

..........

79,261

882,511

195,852

2,132,830

redeemed

...............................

(240,309)

(2,687,013)

(303,143)

(3,381,661)

Net

increase

(decrease)

..........................

214,839

$2,415,771

743,479

$8,191,816

Year

ended

August

31,

2025

sold

...................................

992,863

$10,647,372

1,321,973

$14,374,372

issued

reinvestment

distributions

..........

86,633

795,109

132,876

1,385,893

issued

reorganization

....................

1,594,063

17,247,760

—

redeemed

...............................

(958,392)

(10,151,746)

(1,080,059)

(11,704,345)

Net

increase

(decrease)

..........................

1,715,167

$18,538,495

374,790

$4,055,920

Class

Six

Months

ended

February

28,

2026

sold

...................................

4,436

$50,000

1,028

$11,221

issued

reinvestment

distributions

..........

766

2,872

31,277

redeemed

...............................

—

(27,111)

(309,333)

Net

increase

(decrease)

..........................

4,506

$50,766

(23,211)

$(266,835)

Year

ended

August

31,

2025

sold

...................................

572

$6,202

10,567

$116,824

issued

reinvestment

distributions

..........

782

3,534

36,861

issued

reorganization

....................

1,652

17,822

—

redeemed

...............................

(1,652)

(17,822)

(25,454)

(273,100)

Net

increase

(decrease)

..........................

646

$6,984

(11,353)

$(119,415)

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

54,995

$633,722

29,212

$352,035

issued

reinvestment

distributions

..........

60,629

676,623

54,140

613,405

redeemed

...............................

(24,014)

(287,078)

(9,959)

(121,448)

Net

increase

(decrease)

..........................

91,610

$1,023,267

73,393

$843,992

Year

ended

August

31,

2025

sold

...................................

365,503

$4,039,197

378,667

$4,227,254

issued

reinvestment

distributions

..........

27,728

296,139

9,642

104,132

redeemed

...............................

(89,401)

(997,509)

(23,893)

(265,671)

Net

increase

(decrease)

..........................

303,830

$3,337,827

364,416

$4,065,715

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

111

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

148

$1,790

issued

reinvestment

distributions

..........

871

388

4,475

redeemed

..............................

(8)

(100)

(6)

(75)

Net

increase

(decrease)

..........................

$771

530

$6,190

Year

ended

August

31,

2025

sold

...................................

3,313

$37,483

18,790

$209,017

issued

reinvestment

distributions

..........

875

9,271

423

4,558

redeemed

..............................

(15,123)

(171,727)

(21,226)

(248,356)

Net

increase

(decrease)

..........................

(10,935)

$(124,973)

(2,013)

$(34,781)

Class

Six

Months

ended

February

28,

2026

sold

...................................

21,155

$252,343

15,204

$185,760

issued

reinvestment

distributions

..........

1,361

15,176

908

10,296

redeemed

...............................

(7,121)

(86,375)

(6,955)

(86,805)

Net

increase

(decrease)

..........................

15,395

$181,144

9,157

$109,251

Year

ended

August

31,

2025

sold

...................................

—

$164

Net

increase

(decrease)

..........................

—

$164

Class

Six

Months

ended

February

28,

2026

sold

...................................

6,780

$81,653

4,658

$58,255

issued

reinvestment

distributions

..........

312

3,495

526

5,969

redeemed

...............................

(3,589)

(43,684)

—

Net

increase

(decrease)

..........................

3,503

$41,464

5,184

$64,224

Year

ended

August

31,

2025

sold

...................................

—

$14

Net

increase

(decrease)

..........................

—

$14

Class

Six

Months

ended

February

28,

2026

sold

...................................

27,432

$332,682

1,145

$13,840

issued

reinvestment

distributions

..........

3,064

34,283

586

6,671

redeemed

...............................

(29)

(340)

(750)

(9,255)

Net

increase

(decrease)

..........................

30,467

$366,625

981

$11,256

Year

ended

August

31,

2025

sold

...................................

1,172

$13,109

660

$7,563

issued

reinvestment

distributions

..........

222

2,375

312

3,381

redeemed

...............................

(775)

(8,411)

(1,282)

(14,633)

Net

increase

(decrease)

..........................

619

$7,073

(310)

$(3,689)

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

112

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

sold

...................................

—

$14

Net

increase

(decrease)

..........................

—

$14

Class

Six

Months

ended

February

28,

2026

sold

...................................

565,842

$6,550,767

408,911

$4,868,577

issued

reinvestment

distributions

..........

277,888

3,120,684

303,304

3,460,703

redeemed

...............................

(235,339)

(2,790,279)

(160,536)

(1,939,269)

Net

increase

(decrease)

..........................

608,391

$6,881,172

551,679

$6,390,011

Year

ended

August

31,

2025

sold

...................................

1,561,028

$17,494,992

1,154,772

$13,403,718

issued

reinvestment

distributions

..........

162,255

1,740,998

185,973

2,017,809

redeemed

...............................

(579,518)

(6,474,895)

(526,073)

(6,011,497)

Net

increase

(decrease)

..........................

1,143,765

$12,761,095

814,672

$9,410,030

Class

Six

Months

ended

February

28,

2026

sold

...................................

10,669

$122,193

$501

issued

reinvestment

distributions

..........

775

8,694

781

8,909

redeemed

...............................

(2)

(25)

—

Net

increase

(decrease)

..........................

11,442

$130,862

822

$9,410

Year

ended

August

31,

2025

sold

...................................

2,950

$32,529

5,052

$58,115

issued

reinvestment

distributions

..........

199

2,130

469

5,082

redeemed

...............................

(1,255)

(13,742)

(2,022)

(22,543)

Net

increase

(decrease)

..........................

1,894

$20,917

3,499

$40,654

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

113

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

26,632

$343,095

21,515

$275,566

issued

reinvestment

distributions

..........

31,363

379,807

14,497

176,576

redeemed

...............................

(10,858)

(141,157)

(7,202)

(90,389)

Net

increase

(decrease)

..........................

47,137

$581,745

28,810

$361,753

Year

ended

August

31,

2025

sold

...................................

172,118

$2,037,773

89,232

$1,040,024

issued

reinvestment

distributions

..........

5,494

62,630

4,320

48,473

redeemed

...............................

(14,623)

(171,614)

(24,755)

(285,103)

Net

increase

(decrease)

..........................

162,989

$1,928,789

68,797

$803,394

Class

Six

Months

ended

February

28,

2026

sold

...................................

353

$4,554

432

$5,537

issued

reinvestment

distributions

..........

279

3,449

325

3,939

redeemed

..............................

(896)

(11,345)

(10)

(124)

Net

increase

(decrease)

..........................

(264)

$(3,342)

747

$9,352

Year

ended

August

31,

2025

sold

...................................

4,983

$59,698

2,616

$30,636

issued

reinvestment

distributions

..........

583

6,645

102

1,145

redeemed

..............................

(14,421)

(179,031)

(411)

(4,908)

Net

increase

(decrease)

..........................

(8,855)

$(112,688)

2,307

$26,873

Class

Six

Months

ended

February

28,

2026

sold

...................................

18,146

$237,767

48,513

$632,426

issued

reinvestment

distributions

..........

3,459

41,787

4,797

58,382

redeemed

...............................

(1,296)

(17,025)

—

Net

increase

(decrease)

..........................

20,309

$262,529

53,310

$690,808

Year

ended

August

31,

2025

sold

...................................

2,030

$24,209

$750

issued

reinvestment

distributions

..........

632

7,215

—

redeemed

...............................

(1,759)

(20,795)

—

Net

increase

(decrease)

..........................

903

$10,629

$753

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

114

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

721

$9,571

issued

reinvestment

distributions

..........

—

861

Net

increase

(decrease)

..........................

—

$—

792

$10,432

Year

ended

August

31,

2025

sold

...................................

—

$10

—

$—

redeemed

...............................

—

Net

increase

(decrease)

..........................

—

$10

—

Class

Six

Months

ended

February

28,

2026

sold

...................................

1,235

$16,343

522

$6,691

issued

reinvestment

distributions

..........

199

2,426

491

6,004

redeemed

...............................

(4,429)

(59,176)

(36)

(463)

Net

increase

(decrease)

..........................

(2,995)

$(40,407)

977

$12,232

Year

ended

August

31,

2025

sold

...................................

$410

1,182

$13,864

issued

reinvestment

distributions

..........

255

2,924

295

3,322

redeemed

...............................

(91)

(1,059)

(2,790)

(32,444)

Net

increase

(decrease)

..........................

194

$2,275

(1,313)

$(15,258)

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

sold

...................................

—

$10

—

$—

redeemed

...............................

—

Net

increase

(decrease)

..........................

—

$10

—

Class

Six

Months

ended

February

28,

2026

sold

...................................

350,831

$4,486,142

310,733

$4,011,166

issued

reinvestment

distributions

..........

208,242

2,540,553

189,850

2,329,458

redeemed

...............................

(158,386)

(2,040,136)

(143,792)

(1,851,445)

Net

increase

(decrease)

..........................

400,687

$4,986,559

356,791

$4,489,179

Year

ended

August

31,

2025

sold

...................................

755,442

$9,009,592

697,012

$8,255,241

issued

reinvestment

distributions

..........

85,254

977,014

92,984

1,048,860

redeemed

...............................

(324,918)

(3,938,346)

(299,668)

(3,559,538)

Net

increase

(decrease)

..........................

515,778

$6,048,260

490,328

$5,744,563

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

115

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

16,651

$220,752

4,018

$50,427

issued

reinvestment

distributions

..........

3,719

45,294

307

3,763

redeemed

...............................

(888)

(11,698)

(7,346)

(98,725)

Net

increase

(decrease)

..........................

19,482

$254,348

(3,021)

$(44,535)

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

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

21,821

$295,295

29,069

$391,440

issued

reinvestment

distributions

..........

19,995

257,734

15,061

195,657

redeemed

...............................

(4,278)

(56,478)

(28,508)

(382,742)

Net

increase

(decrease)

..........................

37,538

$496,551

15,622

$204,355

Year

ended

August

31,

2025

sold

...................................

153,850

$1,879,394

123,099

$1,497,809

issued

reinvestment

distributions

..........

3,304

39,025

2,794

32,859

redeemed

...............................

(18,642)

(238,934)

(8,217)

(101,708)

Net

increase

(decrease)

..........................

138,512

$1,679,485

117,676

$1,428,960

Class

Six

Months

ended

February

28,

2026

sold

...................................

4,839

$66,554

682

$9,121

issued

reinvestment

distributions

..........

1,040

13,294

237

3,060

redeemed

..............................

(107)

(1,377)

(4,261)

(56,930)

Net

increase

(decrease)

..........................

5,772

$78,471

(3,342)

$(44,749)

Year

ended

August

31,

2025

sold

...................................

1,598

$19,515

3,270

$39,668

issued

reinvestment

distributions

..........

437

5,136

204

2,372

redeemed

..............................

(3,055)

(39,841)

(1,348)

(16,799)

Net

increase

(decrease)

..........................

(1,020)

$(15,190)

2,126

$25,241

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

116

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

4,043

$56,542

9,037

$125,565

issued

reinvestment

distributions

..........

307

3,951

841

10,851

redeemed

...............................

(895)

(12,327)

(2)

(28)

Net

increase

(decrease)

..........................

3,455

$48,166

9,876

$136,388

Year

ended

August

31,

2025

sold

...................................

—

$19

476

$5,776

issued

reinvestment

distributions

..........

—

102

redeemed

...............................

—

(5)

(62)

Net

increase

(decrease)

..........................

—

$19

480

$5,816

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

258

$3,527

issued

reinvestment

distributions

..........

—

242

Net

increase

(decrease)

..........................

—

$—

277

$3,769

Year

ended

August

31,

2025

sold

...................................

—

$20

—

$12

Net

increase

(decrease)

..........................

—

$20

—

$12

Class

Six

Months

ended

February

28,

2026

sold

...................................

18,990

$265,802

12,626

$181,982

issued

reinvestment

distributions

..........

1,999

25,868

1,180

15,803

redeemed

...............................

(857)

(12,020)

(126)

(1,796)

Net

increase

(decrease)

..........................

20,132

$279,650

13,680

$195,989

Year

ended

August

31,

2025

sold

...................................

839

$10,424

457

$5,740

issued

reinvestment

distributions

..........

116

1,378

217

redeemed

...............................

(550)

(6,580)

(117)

(1,340)

Net

increase

(decrease)

..........................

405

$5,222

358

$4,617

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

sold

...................................

—

$20

—

$13

Net

increase

(decrease)

..........................

—

$20

—

$13

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

117

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

258,795

$3,512,009

213,938

$2,914,875

issued

reinvestment

distributions

..........

118,486

1,536,763

77,933

1,017,806

redeemed

...............................

(54,930)

(745,592)

(45,669)

(619,635)

Net

increase

(decrease)

..........................

322,351

$4,303,180

246,202

$3,313,046

Year

ended

August

31,

2025

sold

...................................

632,024

$7,908,893

389,931

$4,776,310

issued

reinvestment

distributions

..........

59,464

705,241

33,294

392,867

redeemed

...............................

(296,229)

(3,723,255)

(153,102)

(1,921,322)

Net

increase

(decrease)

..........................

395,259

$4,890,879

270,123

$3,247,855

Class

Six

Months

ended

February

28,

2026

sold

...................................

$240

149

$2,080

issued

reinvestment

distributions

..........

905

11,727

736

redeemed

...............................

(2)

(24)

(593)

(8,157)

Net

increase

(decrease)

..........................

920

$11,943

(388)

$(5,341)

Year

ended

August

31,

2025

sold

...................................

9,015

$109,880

489

$6,003

issued

reinvestment

distributions

..........

127

498

redeemed

...............................

(2)

(25)

(122)

(1,430)

Net

increase

(decrease)

..........................

9,024

$109,982

409

$5,071

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

17,387

$247,503

20,272

$217,149

issued

reinvestment

distributions

..........

5,956

81,722

447

4,876

redeemed

...............................

(36,871)

(510,363)

(5)

(50)

Net

increase

(decrease)

..........................

(13,528)

$(181,138)

20,714

$221,975

Year

ended

August

31,

2025

sold

...................................

61,943

$779,362

2,896

$29,678

issued

reinvestment

distributions

..........

2,723

33,198

—

redeemed

...............................

(42,675)

(607,549)

—

Net

increase

(decrease)

..........................

21,991

$205,011

2,896

$29,678

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

118

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

637

$8,830

—

$—

issued

reinvestment

distributions

..........

357

4,843

190

redeemed

..............................

(32)

(453)

—

Net

increase

(decrease)

..........................

962

$13,220

$190

Year

ended

August

31,

2025

sold

...................................

2,872

$36,072

1,000

$10,000

issued

reinvestment

distributions

..........

267

3,223

—

redeemed

..............................

(2,329)

(36,080)

—

Net

increase

(decrease)

..........................

810

$3,215

1,000

$10,000

Class

Six

Months

ended

February

28,

2026

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

452

205

Net

increase

(decrease)

..........................

$452

$205

Year

ended

August

31,

2025

sold

...................................

110

$1,429

1,000

$10,000

issued

reinvestment

distributions

..........

296

—

redeemed

...............................

—

(1,153)

—

Net

increase

(decrease)

..........................

134

$572

1,000

$10,000

Class

Six

Months

ended

February

28,

2026

sold

...................................

360

$5,111

—

$—

issued

reinvestment

distributions

..........

128

214

Net

increase

(decrease)

..........................

369

$5,239

$214

Year

ended

August

31,

2025

sold

...................................

—

$478

1,000

$10,000

redeemed

...............................

—

174,078

—

Net

increase

(decrease)

..........................

—

$174,556

1,000

$10,000

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

119

franklintempleton.com

Semiannual

Report

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Amount

Class

Six

Months

ended

February

28,

2026

sold

...................................

1,009

$14,373

2,933

$32,617

issued

reinvestment

distributions

..........

408

5,620

868

redeemed

...............................

(65)

(925)

—

Net

increase

(decrease)

..........................

1,352

$19,068

3,013

$33,485

Year

ended

August

31,

2025

sold

...................................

2,133

$27,261

1,000

$10,000

issued

reinvestment

distributions

..........

281

3,435

—

redeemed

...............................

(2,133)

(31,079)

—

Net

increase

(decrease)

..........................

281

$(383)

1,000

$10,000

Class

Six

Months

ended

February

28,

2026

sold

...................................

104

$1,484

—

$—

issued

reinvestment

distributions

..........

147

230

redeemed

...............................

(1)

(15)

—

Net

increase

(decrease)

..........................

113

$1,616

$230

Year

ended

August

31,

2025

sold

...................................

$999

1,000

$10,000

redeemed

...............................

—

(846)

—

Net

increase

(decrease)

..........................

$153

1,000

$10,000

Class

Six

Months

ended

February

28,

2026

sold

...................................

87,078

$1,242,138

398

$4,433

issued

reinvestment

distributions

..........

13,328

183,935

2,004

21,887

redeemed

...............................

(28,234)

(403,384)

—

Net

increase

(decrease)

..........................

72,172

$1,022,689

2,402

$26,320

Year

ended

August

31,

2025

sold

...................................

147,404

$1,884,452

93,000

$930,000

issued

reinvestment

distributions

..........

4,338

53,101

—

redeemed

...............................

(28,056)

(465,182)

—

Net

increase

(decrease)

..........................

123,686

$1,472,371

93,000

$930,000

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

120

franklintempleton.com

Semiannual

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

Six

Months

ended

February

28,

2026

sold

...................................

379

$5,421

—

$—

issued

reinvestment

distributions

..........

212

2,927

231

redeemed

...............................

(2)

(25)

—

Net

increase

(decrease)

..........................

589

$8,323

$231

Year

ended

August

31,

2025

sold

...................................

2,758

$34,194

1,000

$10,000

issued

reinvestment

distributions

..........

181

—

redeemed

...............................

(391)

(7,914)

—

Net

increase

(decrease)

..........................

2,382

$26,461

1,000

$10,000

May

include

portion

Class

that

were

automatically

converted

Class

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Gross

effective

investment

management

fee

rate

........

0.360%

0.373%

0.383%

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

121

franklintempleton.com

Semiannual

Report

Advisers

retained

Putnam

Management

subadvisor

for

the

Funds.

Pursuant

the

agreement,

Putnam

Management

provides

certain

advisory

and

services

the

Funds.

Advisers

pays

monthly

fee

Putnam

Management

based

the

costs

Putnam

Management

providing

these

services

the

Funds,

which

may

include

mark-up

not

exceed

15%

over

such

costs.

Under

subadvisory

agreement,

FTIML

provides

subadvisory

services

the

Funds.

The

subadvisory

fee

paid by Advisers

based

the

average

net

assets

managed

FTIML,

and

not

additional

expense

the

Funds.

Administrative

Fees

Under

agreement

with

Advisers,

Services

provides

administrative

services

the

Funds.

The

fee

paid

Advisers

based

each

of the

Funds'

average

daily

net

assets,

and

not

additional

expense

the

Funds.

Distribution

Fees

The

Funds

have

adopted

distribution

plans

(the

Plans)

with

respect

the

following

classes

pursuant

Rule

12b–1

under

the

1940

Act.

The

purpose

the

Plans

compensate

Distributors

for

services

provided

and

expenses

incurred

distributing

the

Funds.

The

Plans

provide

payments

the

Funds

Distributors

annual

rate

the

following

amounts

(Maximum

the

average

net

assets

attributable

each

class.

The

Trustees

have

approved

payment

the

Funds

the

following

annual

rate

(Approved

the

average

net

assets

attributable

each

class.

Putnam

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Gross

effective

investment

management

fee

rate

........

0.393%

0.403%

0.414%

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Putnam

Retirement

Advantage

2065

Fund

Gross

effective

investment

management

fee

rate

........

0.423%

0.434%

0.443%

Putnam

Retirement

Advantage

2070

Fund

Gross

effective

investment

management

fee

rate

........

0.450%

Maximum

Approved

Class

......................................................................

0.35%

0.25%

Class

......................................................................

1.00%

Class

......................................................................

1.00%

0.50%

Class

.....................................................................

0.35%

0.25%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

122

franklintempleton.com

Semiannual

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

period:

Transfer

Agent

Fees

PSERV,

affiliate

Advisers,

provides

investor

servicing

agent

functions

each

Fund

and

receives

fees

for

investor

servicing

the

following

Class

specific

rates.

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

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

..................

$16

$255

$3,257

$1,126

CDSC

retained

...........................

$—

$57

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

..................

$950

$1,162

$462

$419

CDSC

retained

...........................

$113

$21

$30

$41

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$897

$—

Maximum

Class

.....................................................................................

0.125%

Class

.....................................................................................

0.125%

Class

.....................................................................................

0.275%

Class

....................................................................................

0.275%

Class

....................................................................................

0.275%

Class

....................................................................................

0.125%

Class

....................................................................................

0.025%

Class

.....................................................................................

0.125%

Transactions

with

Affiliates

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

123

franklintempleton.com

Semiannual

Report

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

February

28,

2026,

were

follows:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Putnam

Retirement

Advantage

Maturity

Fund

Non-Controlled

Affiliates

Putnam

Multi-Asset

Income

Fund,

Class

.................

38,511,374

5,142,771

(3,275,491)

332,479

1,483,077

42,194,210

3,643,714

765,324

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

2,407,489

612,532

(361,066)

—

2,658,955

50,361

Total

Non-Controlled

Affiliates

$40,918,863

$5,755,303

$(3,636,557)

$332,479

$1,483,077

$44,853,165

$815,685

Total

Affiliated

Securities

....

$40,918,863

$5,755,303

$(3,636,557)

$332,479

$1,483,077

$44,853,165

$815,685

Putnam

Retirement

Advantage

2030

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

9,070,283

2,313,228

(3,875,696)

(65,264)

186,102

7,628,653

438,933

448,681

Putnam

Dynamic

Asset

Allocation

Conservative

Fund,

Class

....

20,642,745

9,199,395

(2,823,610)

136,731

418,461

27,573,722

2,403,986

704,592

Putnam

Multi-Asset

Income

Fund,

Class

.................

6,854,245

2,739,062

(922,805)

72,777

270,267

9,013,546

778,372

143,701

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

2,279,591

881,833

(378,757)

—

2,782,667

47,956

Total

Non-Controlled

Affiliates

$38,846,864

$15,133,518

$(8,000,868)

$144,244

$874,830

$46,998,588

$1,344,930

Total

Affiliated

Securities

....

$38,846,864

$15,133,518

$(8,000,868)

$144,244

$874,830

$46,998,588

$1,344,930

Putnam

Retirement

Advantage

2035

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

40,519,404

9,289,339

(5,265,828)

745,628

(126,346)

45,162,197

2,598,515

2,384,913

Putnam

Dynamic

Asset

Allocation

Conservative

Fund,

Class

....

1,353,220

1,345,671

(157,253)

5,047

42,398

2,589,083

225,727

60,589

Putnam

Multi-Asset

Income

Fund,

Class

.................

1,496,536

1,377,365

(211,829)

7,010

92,175

2,761,257

238,451

39,763

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

124

franklintempleton.com

Semiannual

Report

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Putnam

Retirement

Advantage

2035

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

2,071,459

637,710

(259,807)

—

2,449,362

44,988

Total

Non-Controlled

Affiliates

$45,440,619

$12,650,085

$(5,894,717)

$757,685

$8,227

$52,961,899

$2,530,253

Total

Affiliated

Securities

....

$45,440,619

$12,650,085

$(5,894,717)

$757,685

$8,227

$52,961,899

$2,530,253

Putnam

Retirement

Advantage

2040

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

19,040,470

6,121,257

(1,225,429)

88,844

212,990

24,238,132

1,394,599

1,209,105

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

18,301,119

3,647,243

(3,166,826)

214,973

243,454

19,239,963

849,446

1,225,671

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

1,300,177

402,621

(160,810)

—

1,541,988

28,413

Total

Non-Controlled

Affiliates

$38,641,766

$10,171,121

$(4,553,065)

$303,817

$456,444

$45,020,083

$2,463,189

Total

Affiliated

Securities

....

$38,641,766

$10,171,121

$(4,553,065)

$303,817

$456,444

$45,020,083

$2,463,189

Putnam

Retirement

Advantage

2045

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

1,816,496

1,159,187

(186,286)

3,700

27,963

2,821,060

162,316

129,122

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

24,344,356

6,455,892

(2,826,267)

669,748

(42,463)

28,601,266

1,262,749

1,739,986

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

680,709

338,227

(141,366)

—

877,570

15,618

Total

Non-Controlled

Affiliates

$26,841,561

$7,953,306

$(3,153,919)

$673,448

$(14,500)

$32,299,896

$1,884,726

Total

Affiliated

Securities

....

$26,841,561

$7,953,306

$(3,153,919)

$673,448

$(14,500)

$32,299,896

$1,884,726

Putnam

Retirement

Advantage

2050

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

3,428,178

730,869

(857,537)

106,868

101,567

3,509,945

202,653

140,140

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

22,084,327

6,563,447

(1,895,121)

390,534

183,878

27,327,065

1,206,493

1,688,259

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

273,936

215,851

(100,723)

—

389,064

6,938

Total

Non-Controlled

Affiliates

$25,786,441

$7,510,167

$(2,853,381)

$497,402

$285,445

$31,226,074

$1,835,337

Total

Affiliated

Securities

....

$25,786,441

$7,510,167

$(2,853,381)

$497,402

$285,445

$31,226,074

$1,835,337

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

125

franklintempleton.com

Semiannual

Report

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Putnam

Retirement

Advantage

2055

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

6,455,324

1,754,623

(850,634)

97,745

327,681

7,784,739

449,465

285,100

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

11,068,141

4,129,632

(567,990)

48,855

249,725

14,928,363

659,089

883,871

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

82,523

154,106

(137,734)

—

98,895

1,774

Total

Non-Controlled

Affiliates

$17,605,988

$6,038,361

$(1,556,358)

$146,600

$577,406

$22,811,997

$1,170,745

Total

Affiliated

Securities

....

$17,605,988

$6,038,361

$(1,556,358)

$146,600

$577,406

$22,811,997

$1,170,745

Putnam

Retirement

Advantage

2060

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

8,111,516

2,530,246

(1,001,278)

198,310

338,370

10,177,164

587,596

364,906

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

5,108,645

2,169,573

(457,405)

62,207

70,995

6,954,015

307,021

409,422

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

64,409

132,204

(128,187)

—

68,426

1,268

Total

Non-Controlled

Affiliates

$13,284,570

$4,832,023

$(1,586,870)

$260,517

$409,365

$17,199,605

$775,596

Total

Affiliated

Securities

....

$13,284,570

$4,832,023

$(1,586,870)

$260,517

$409,365

$17,199,605

$775,596

Putnam

Retirement

Advantage

2065

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

2,576,919

1,316,842

(761,216)

57,820

116,017

3,306,382

190,900

127,528

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

706,700

392,031

(206,421)

6,410

9,506

908,226

40,098

59,653

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

11,167

22,267

(13,858)

—

19,576

327

Total

Non-Controlled

Affiliates

$3,294,786

$1,731,140

$(981,495)

$64,230

$125,523

$4,234,184

$187,508

Total

Affiliated

Securities

....

$3,294,786

$1,731,140

$(981,495)

$64,230

$125,523

$4,234,184

$187,508

Putnam

Retirement

Advantage

2070

Fund

Non-Controlled

Affiliates

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

828,824

239,685

(37,368)

3,633

55,403

1,090,177

62,943

41,396

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

226,890

75,973

(9,667)

658

5,188

299,042

13,203

19,367

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

126

franklintempleton.com

Semiannual

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

(exclusive

payments

under

the

Funds'

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

acquired

fund

fees

and

extraordinary

expenses)

that

equal

the

following

annual

rates

the

Funds'

average

net

assets.

Advisers

has

contractually

agreed

waive

fees

and/or

reimburse

expenses

each

fund

through

least

December

30,

2028,

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:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Putnam

Retirement

Advantage

2070

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Putnam

Short

Term

Investment

Fund,

Class

3.852%

.......

5,117

2,563

(1,119)

—

6,561

125

Total

Non-Controlled

Affiliates

$1,060,831

$318,221

$(48,154)

$4,291

$60,591

$1,395,780

$60,888

Total

Affiliated

Securities

....

$1,060,831

$318,221

$(48,154)

$4,291

$60,591

$1,395,780

$60,888

Dividend

income

includes

capital

gain

distributions

received,

any,

from

underlying

funds,

and

are

presented

corresponding

line

item

the

Statement

Operations.

Annual

rates

Class

.....................................................................................

0.55%

Class

.....................................................................................

0.55%

Class

.....................................................................................

0.70%

Class

....................................................................................

0.70%

Class

....................................................................................

0.70%

Class

....................................................................................

0.55%

Class

....................................................................................

0.45%

Class

.....................................................................................

0.55%

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

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

127

franklintempleton.com

Semiannual

Report

February

28,

2026,

the

cost

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

wash

sales,

non-deductible

expenses

and

regulated

investment

companies.

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.

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Cost

investments

.......................

$42,240,591

$45,285,797

$51,698,220

$43,285,726

Unrealized

appreciation

.....................

$2,868,194

$1,869,882

$1,849,476

$1,842,255

Unrealized

depreciation

.....................

(255,620)

(157,091)

(585,797)

(107,898)

Net

unrealized

appreciation

(depreciation)

.......

$2,612,574

$1,712,791

$1,263,679

$1,734,357

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Cost

investments

.......................

$30,201,751

$29,264,319

$21,182,954

$15,729,694

Unrealized

appreciation

.....................

$2,347,040

$2,086,065

$1,653,082

$1,496,022

Unrealized

depreciation

.....................

(248,895)

(124,310)

(24,039)

(26,111)

Net

unrealized

appreciation

(depreciation)

.......

$2,098,145

$1,961,755

$1,629,043

$1,469,911

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Cost

investments

.......................

$3,861,899

$1,294,054

Unrealized

appreciation

.....................

$374,032

$101,726

Unrealized

depreciation

.....................

(1,747)

—

Net

unrealized

appreciation

(depreciation)

.......

$372,285

$101,726

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

(unaudited)

128

franklintempleton.com

Semiannual

Report

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

period

ended

February

28,

2026,

were

follows:

Fair

Value

Measurements

The Funds

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

February

28,

2026,

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

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.

Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Purchases

..............................

$5,128,077

$14,201,011

$11,966,639

$9,745,432

Sales

..................................

$3,303,472

$7,621,531

$5,557,848

$4,400,247

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Purchases

..............................

$7,615,079

$7,265,191

$5,852,063

$4,679,203

Sales

..................................

$3,012,552

$2,728,930

$1,447,134

$1,458,683

Putnam

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Purchases

..............................

$1,708,873

$315,657

Sales

..................................

$946,213

$47,035

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.


	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

Putnam Target Date Funds

By:	/s/ Jonathan S. Horwitz
	Jonathan S. Horwitz
	Principal Executive Officer

Date:	April 29, 2026