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Schedules
of
Investments
(unaudited)
Putnam
Retirement
Advantage
Plus
Maturity
Fund
2
Putnam
Retirement
Advantage
Plus
2030
Fund
3
Putnam
Retirement
Advantage
Plus
2035
Fund
4
Putnam
Retirement
Advantage
Plus
2040
Fund
5
Putnam
Retirement
Advantage
Plus
2045
Fund
6
Putnam
Retirement
Advantage
Plus
2050
Fund
7
Putnam
Retirement
Advantage
Plus
2055
Fund
8
Putnam
Retirement
Advantage
Plus
2060
Fund
9
Putnam
Retirement
Advantage
Plus
2065
Fund
10
Putnam
Retirement
Advantage
Plus
2070
Fund
11
Notes
to
Schedules
of
Investments
12
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
Maturity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
94.1%
Alternative
Strategies
4.0%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
2,484,541
$
25,168,396
Asset
Allocation
6.7%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
2,419,136
42,625,174
Domestic
Hybrid
79.5%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
43,677,721
504,477,676
Domestic
Real
Estate
3.9%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
2,214,704
25,070,444
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
598,277,361
)
...............................................................
597,341,690
a
a
a
a
Short
Term
Investments
5.9%
a
Management
Investment
Companies
5.9%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
37,146,987
37,146,987
Total
Management
Investment
Companies
(Cost
$
37,146,987
)
....................
37,146,987
Total
Short
Term
Investments
(Cost
$
37,146,987
)
................................
37,146,987
a
Total
Investments
(Cost
$
635,424,348
)
100.0
%
..................................
$634,488,677
Other
Assets,
less
Liabilities
0.0
%
†
............................................
405,605
Net
Assets
100.0%
...........................................................
$634,894,282
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2030
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
94.1%
Alternative
Strategies
3.8%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
2,011,067
$
20,372,109
Asset
Allocation
62.0%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
7,334,885
129,240,670
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
,
Class
P
.................
17,876,935
204,512,142
333,752,812
Domestic
Hybrid
24.5%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
11,388,339
131,535,310
Domestic
Real
Estate
3.8%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
1,792,652
20,292,823
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
504,171,244
)
...............................................................
505,953,054
a
a
a
a
Short
Term
Investments
5.8%
a
Management
Investment
Companies
5.8%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
31,433,560
31,433,560
Total
Management
Investment
Companies
(Cost
$
31,433,560
)
....................
31,433,560
Total
Short
Term
Investments
(Cost
$
31,433,560
)
................................
31,433,560
a
Total
Investments
(Cost
$
535,604,804
)
99.9
%
...................................
$537,386,614
Other
Assets,
less
Liabilities
0.1
%
.............................................
557,839
Net
Assets
100.0%
...........................................................
$537,944,453
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2035
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
95.3%
Alternative
Strategies
3.9%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
1,572,611
$
15,930,552
Asset
Allocation
85.9%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
18,324,959
322,885,779
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
,
Class
P
.................
89,818
1,027,519
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
1,102,816
25,629,439
349,542,737
Domestic
Hybrid
1.6%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
549,645
6,348,405
Domestic
Real
Estate
3.9%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
1,401,816
15,868,552
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
382,277,388
)
...............................................................
387,690,246
a
a
a
a
Short
Term
Investments
4.5%
a
Management
Investment
Companies
4.5%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
18,413,800
18,413,800
Total
Management
Investment
Companies
(Cost
$
18,413,800
)
....................
18,413,800
Total
Short
Term
Investments
(Cost
$
18,413,800
)
................................
18,413,800
a
Total
Investments
(Cost
$
400,691,188
)
99.8
%
...................................
$406,104,046
Other
Assets,
less
Liabilities
0.2
%
.............................................
536,986
Net
Assets
100.0%
...........................................................
$406,641,032
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2040
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
96.6%
Alternative
Strategies
2.9%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
1,195,981
$
12,115,283
Asset
Allocation
90.8%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
7,577,540
133,516,259
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
10,561,476
245,448,703
378,964,962
Domestic
Real
Estate
2.9%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
1,066,089
12,068,132
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
394,801,925
)
...............................................................
403,148,377
a
a
a
a
Short
Term
Investments
3.4%
a
Management
Investment
Companies
3.4%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
14,210,126
14,210,126
Total
Management
Investment
Companies
(Cost
$
14,210,126
)
....................
14,210,126
Total
Short
Term
Investments
(Cost
$
14,210,126
)
................................
14,210,126
a
Total
Investments
(Cost
$
409,012,051
)
100.0
%
..................................
$417,358,503
Other
Assets,
less
Liabilities
0.0
%
†
............................................
167,204
Net
Assets
100.0%
...........................................................
$417,525,707
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2045
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.3%
Alternative
Strategies
2.0%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
710,281
$
7,195,145
Asset
Allocation
93.3%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
173,237
3,052,441
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
1,454,271
25,973,272
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
13,180,096
306,305,442
335,331,155
Domestic
Real
Estate
2.0%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
633,140
7,167,143
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
340,912,913
)
...............................................................
349,693,443
a
a
a
a
Short
Term
Investments
2.6%
a
Management
Investment
Companies
2.6%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
9,388,347
9,388,347
Total
Management
Investment
Companies
(Cost
$
9,388,347
)
.....................
9,388,347
Total
Short
Term
Investments
(Cost
$
9,388,347
)
.................................
9,388,347
a
Total
Investments
(Cost
$
350,301,260
)
99.9
%
...................................
$359,081,790
Other
Assets,
less
Liabilities
0.1
%
.............................................
373,687
Net
Assets
100.0%
...........................................................
$359,455,477
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2050
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.7%
Alternative
Strategies
1.6%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
447,542
$
4,533,604
Asset
Allocation
95.5%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
3,888,930
69,456,291
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
8,598,213
199,822,460
269,278,751
Domestic
Real
Estate
1.6%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
398,936
4,515,960
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
270,988,315
)
...............................................................
278,328,315
a
a
a
a
Short
Term
Investments
1.2%
a
Management
Investment
Companies
1.2%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
3,420,384
3,420,384
Total
Management
Investment
Companies
(Cost
$
3,420,384
)
.....................
3,420,384
Total
Short
Term
Investments
(Cost
$
3,420,384
)
.................................
3,420,384
a
Total
Investments
(Cost
$
274,408,699
)
99.9
%
...................................
$281,748,699
Other
Assets,
less
Liabilities
0.1
%
.............................................
113,015
Net
Assets
100.0%
...........................................................
$281,861,714
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2055
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.6%
Alternative
Strategies
1.3%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
213,894
$
2,166,750
Asset
Allocation
97.1%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
4,351,875
77,724,491
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
4,055,112
94,240,795
171,965,286
Domestic
Real
Estate
1.2%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
190,664
2,158,317
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
171,457,389
)
...............................................................
176,290,353
a
a
a
a
Short
Term
Investments
0.5%
a
Management
Investment
Companies
0.5%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
810,666
810,666
Total
Management
Investment
Companies
(Cost
$
810,666
)
.......................
810,666
Total
Short
Term
Investments
(Cost
$
810,666
)
..................................
810,666
a
Total
Investments
(Cost
$
172,268,055
)
100.1
%
..................................
$177,101,019
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(34,407)
Net
Assets
100.0%
...........................................................
$177,066,612
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2060
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.5%
Alternative
Strategies
0.9%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
75,520
$
765,017
Asset
Allocation
97.7%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
3,086,992
55,133,673
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
1,133,034
26,331,722
81,465,395
Domestic
Real
Estate
0.9%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
67,318
762,039
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
80,569,583
)
................................................................
82,992,451
a
a
a
a
Short
Term
Investments
0.5%
a
Management
Investment
Companies
0.5%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
384,319
384,319
Total
Management
Investment
Companies
(Cost
$
384,319
)
.......................
384,319
Total
Short
Term
Investments
(Cost
$
384,319
)
..................................
384,319
a
Total
Investments
(Cost
$
80,953,902
)
100.0
%
...................................
$83,376,770
Other
Assets,
less
Liabilities
0.0
%
†
............................................
41,880
Net
Assets
100.0%
...........................................................
$83,418,650
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2065
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.6%
Alternative
Strategies
0.7%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
1,397
$
14,156
Asset
Allocation
96.2%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
94,319
1,684,541
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
10,593
246,184
1,930,725
Domestic
Real
Estate
0.7%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
1,246
14,101
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
1,870,733
)
.................................................................
1,958,982
a
a
a
a
Short
Term
Investments
0.2%
a
Management
Investment
Companies
0.2%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
4,459
4,459
Total
Management
Investment
Companies
(Cost
$
4,459
)
.........................
4,459
Total
Short
Term
Investments
(Cost
$
4,459
)
....................................
4,459
a
Total
Investments
(Cost
$
1,875,192
)
97.8
%
.....................................
$1,963,441
Other
Assets,
less
Liabilities
2.2
%
.............................................
43,642
Net
Assets
100.0%
...........................................................
$2,007,083
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Retirement
Advantage
Plus
2070
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
99.2%
Alternative
Strategies
0.9%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
1,013
$
10,267
Asset
Allocation
97.4%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
53,626
957,764
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
5,435
126,314
1,084,078
Domestic
Real
Estate
0.9%
a
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......................
903
10,227
Total
Investments
In
Underlying
Funds
(Cost
$
1,072,474
)
........................
1,104,572
a
a
a
a
Short
Term
Investments
0.2%
a
Management
Investment
Companies
0.2%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
2,298
2,298
Total
Management
Investment
Companies
(Cost
$
2,298
)
.........................
2,298
Total
Short
Term
Investments
(Cost
$
2,298
)
....................................
2,298
a
Total
Investments
(Cost
$
1,074,772
)
99.4
%
.....................................
$1,106,870
Other
Assets,
less
Liabilities
0.6
%
.............................................
6,467
Net
Assets
100.0%
...........................................................
$1,113,337
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
12
Quarterly
Schedules
of
Investments
1.
Organization
Putnam
Target
Date
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty
separate
funds, ten of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance in
Financial
Accounting
Standards Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to, ASC
946.
Certain
or
all
Funds
invest
primarily
in
mutual
funds
(Underlying
Funds)
and
exchange
traded
funds
(ETFs),
including
affiliated
funds
managed
by
Franklin
Templeton
(FT
Underlying
Funds).
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports,
in
which
each
Fund
invests, is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
Effective
August
1,
2025,
the
Trust
began
offering
shares
of
Putnam
Sustainable
Retirement
2070
Fund.
Effective
February
27,
2026,
the
following
name
changes
occurred: 
On
April
17,
2026,
the
Trust's
Board
of
Trustees
approved
a
proposal
to
change
the
names
of
the
following
Funds,
effective
July
15,
2026,
as
follows: 
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
Current
Fund
Repositioned
Fund
Putnam
Sustainable
Retirement
Maturity
Fund
Putnam
Retirement
Advantage
Plus
Maturity
Fund
Putnam
Sustainable
Retirement
2030
Fund
Putnam
Retirement
Advantage
Plus
2030
Fund
Putnam
Sustainable
Retirement
2035
Fund
Putnam
Retirement
Advantage
Plus
2035
Fund
Putnam
Sustainable
Retirement
2040
Fund
Putnam
Retirement
Advantage
Plus
2040
Fund
Putnam
Sustainable
Retirement
2045
Fund
Putnam
Retirement
Advantage
Plus
2045
Fund
Putnam
Sustainable
Retirement
2050
Fund
Putnam
Retirement
Advantage
Plus
2050
Fund
Putnam
Sustainable
Retirement
2055
Fund
Putnam
Retirement
Advantage
Plus
2055
Fund
Putnam
Sustainable
Retirement
2060
Fund
Putnam
Retirement
Advantage
Plus
2060
Fund
Putnam
Sustainable
Retirement
2065
Fund
Putnam
Retirement
Advantage
Plus
2065
Fund
Putnam
Sustainable
Retirement
2070
Fund
Putnam
Retirement
Advantage
Plus
2070
Fund
Current
Fund
Repositioned
Fund
Putnam
Retirement
Advantage
Plus
Maturity
Fund
Franklin
Retirement
Advantage
Plus
Maturity
Fund
Putnam
Retirement
Advantage
Plus
2030
Fund
Franklin
Retirement
Advantage
Plus
2030
Fund
Putnam
Retirement
Advantage
Plus
2035
Fund
Franklin
Retirement
Advantage
Plus
2035
Fund
Putnam
Retirement
Advantage
Plus
2040
Fund
Franklin
Retirement
Advantage
Plus
2040
Fund
Putnam
Retirement
Advantage
Plus
2045
Fund
Franklin
Retirement
Advantage
Plus
2045
Fund
Putnam
Retirement
Advantage
Plus
2050
Fund
Franklin
Retirement
Advantage
Plus
2050
Fund
Putnam
Retirement
Advantage
Plus
2055
Fund
Franklin
Retirement
Advantage
Plus
2055
Fund
Putnam
Retirement
Advantage
Plus
2060
Fund
Franklin
Retirement
Advantage
Plus
2060
Fund
Putnam
Retirement
Advantage
Plus
2065
Fund
Franklin
Retirement
Advantage
Plus
2065
Fund
Putnam
Retirement
Advantage
Plus
2070
Fund
Franklin
Retirement
Advantage
Plus
2070
Fund
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
13
Quarterly
Schedules
of
Investments
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day.
ETFs
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
FT
Underlying
Funds
The
Funds
invest
in
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
an
affiliate
of
Advisers.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
in
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the period ended April
30,
2026,
were
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
Plus
Maturity
Fund
Controlled
Affiliates
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
$
—
$
523,157,522
$
(17,036,237)
$
(271,826)
$
(1,371,783)
$
504,477,676
43,677,721
$
3,750,318
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
25,218,087
—
—
(147,643)
25,070,444
2,214,704
445,155
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
25,218,087
—
—
(49,691)
25,168,396
2,484,541
443,359
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
—
42,009,796
(17,513)
(554)
633,445
42,625,174
2,419,136
157,626
Putnam
ESG
Core
Bond
ETF
..
330,503,763
6,656,904
(343,758,318)
5,164,602
1,433,049
—
—
8,010,067
Putnam
ESG
High
Yield
ETF
...
107,502,179
3,648,701
(111,564,138)
2,935,022
(2,521,764)
—
—
4,225,076
a
Putnam
ESG
Ultra
Short
ETF
..
36,371,015
1,450,529
(37,789,070)
105,277
(137,751)
—
—
1,032,990
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
1,018,495
37,739,452
(38,757,947)
—
—
—
—
28,878
2. Financial
Instrument
Valuation
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
Plus
Maturity
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
PanAgora
ESG
International
Equity
ETF
......
$
26,622,100
$
1,259,259
$
(29,431,235)
$
5,756,326
$
(4,206,450)
$
—
—
$
3,317,245
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
39,416,326
(2,269,339)
—
—
37,146,987
37,146,987
252,086
Putnam
Sustainable
Future
ETF
.
46,032,801
1,490,432
(45,264,475)
5,258,598
(7,517,356)
—
—
—
Putnam
Sustainable
Leaders
ETF
91,905,636
1,509,633
(97,937,178)
19,070,608
(14,548,699)
—
—
354,664
Total
Non-Controlled
Affiliates
$639,955,989
$185,617,206
$(706,789,213)
$38,289,879
$(27,062,860)
$130,011,001
$18,267,146
Total
Affiliated
Securities
....
$639,955,989
$708,774,728
$(723,825,450)
$38,018,053
$(28,434,643)
$634,488,677
$22,017,464
Putnam
Retirement
Advantage
Plus
2030
Fund
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
20,412,330
—
—
(119,507)
20,292,823
1,792,652
360,323
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
20,412,330
—
—
(40,221)
20,372,109
2,011,067
358,869
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
—
133,076,293
(5,630,981)
(97,492)
1,892,850
129,240,670
7,334,885
475,618
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
—
228,451,608
(23,551,649)
(356,249)
(31,568)
204,512,142
17,876,935
918,267
Putnam
ESG
Core
Bond
ETF
..
200,449,641
59,314,849
(264,038,100)
3,699,632
573,978
—
—
5,604,019
Putnam
ESG
High
Yield
ETF
...
27,981,593
9,324,791
(37,358,974)
743,473
(690,883)
—
—
1,292,594
a
Putnam
ESG
Ultra
Short
ETF
..
32,078,921
10,208,431
(42,236,557)
63,084
(113,879)
—
—
1,047,411
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
1,425,496
37,277,527
(38,703,023)
—
—
—
—
33,276
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
—
136,227,542
(4,708,352)
(64,137)
80,257
131,535,310
11,388,339
910,386
Putnam
PanAgora
ESG
International
Equity
ETF
......
22,849,080
6,042,473
(30,163,274)
4,865,867
(3,594,146)
—
—
3,360,675
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
33,725,681
(2,292,121)
—
—
31,433,560
31,433,560
210,053
Putnam
Sustainable
Future
ETF
.
39,772,920
9,963,406
(47,446,782)
4,381,187
(6,670,731)
—
—
—
Putnam
Sustainable
Leaders
ETF
78,644,710
22,355,402
(104,793,690)
16,113,416
(12,319,838)
—
—
375,857
Total
Non-Controlled
Affiliates
$403,202,361
$726,792,663
$(600,923,503)
$29,348,781
$(21,033,688)
$537,386,614
$14,947,348
Total
Affiliated
Securities
....
$403,202,361
$726,792,663
$(600,923,503)
$29,348,781
$(21,033,688)
$537,386,614
$14,947,348
Putnam
Retirement
Advantage
Plus
2035
Fund
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
15,962,004
—
—
(93,452)
15,868,552
1,401,816
281,765
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
15,962,004
—
—
(31,452)
15,930,552
1,572,611
280,628
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
Plus
2035
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
$
—
$
338,691,708
$
(20,375,676)
$
(186,766)
$
4,756,513
$
322,885,779
18,324,959
$
1,200,228
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
—
1,409,706
(409,578)
7,908
19,483
1,027,519
89,818
5,014
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
—
32,323,058
(7,004,843)
(288,625)
599,849
25,629,439
1,102,816
—
Putnam
ESG
Core
Bond
ETF
..
114,932,462
20,521,767
(137,817,360)
2,232,187
130,944
—
—
2,975,160
Putnam
ESG
High
Yield
ETF
...
18,316,120
4,403,919
(22,773,120)
494,450
(441,369)
—
—
797,771
a
Putnam
ESG
Ultra
Short
ETF
..
23,665,591
5,183,235
(28,817,800)
47,226
(78,252)
—
—
731,100
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
1,083,371
26,679,316
(27,762,687)
—
—
—
—
24,174
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
—
6,387,739
(205,428)
4,177
161,917
6,348,405
549,645
20,348
Putnam
PanAgora
ESG
International
Equity
ETF
......
31,935,416
5,951,055
(39,735,307)
7,051,933
(5,203,097)
—
—
4,445,820
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
21,383,126
(2,969,326)
—
—
18,413,800
18,413,800
126,807
Putnam
Sustainable
Future
ETF
.
55,865,137
8,909,954
(61,755,271)
6,966,707
(9,986,527)
—
—
—
Putnam
Sustainable
Leaders
ETF
110,817,507
18,212,576
(134,541,228)
25,382,614
(19,871,469)
—
—
486,029
Total
Non-Controlled
Affiliates
$356,615,604
$521,981,167
$(484,167,624)
$41,711,811
$(30,036,912)
$406,104,046
$11,374,844
Total
Affiliated
Securities
....
$356,615,604
$521,981,167
$(484,167,624)
$41,711,811
$(30,036,912)
$406,104,046
$11,374,844
Putnam
Retirement
Advantage
Plus
2040
Fund
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
12,139,203
—
—
(71,071)
12,068,132
1,066,089
214,284
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
12,139,203
—
—
(23,920)
12,115,283
1,195,981
213,419
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
—
140,778,503
(9,364,103)
(118,244)
2,220,103
133,516,259
7,577,540
490,998
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
—
253,652,672
(14,018,364)
(406,945)
6,221,340
245,448,703
10,561,476
—
Putnam
ESG
Core
Bond
ETF
..
81,553,168
8,843,729
(92,072,955)
1,672,298
3,760
—
—
2,055,007
Putnam
ESG
High
Yield
ETF
...
17,778,295
2,147,117
(19,985,073)
492,124
(432,463)
—
—
747,449
a
Putnam
ESG
Ultra
Short
ETF
..
20,419,111
3,430,184
(23,821,564)
34,128
(61,859)
—
—
636,134
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
1,838,471
25,689,996
(27,528,467)
—
—
—
—
26,495
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
8,947,270
631,168
(8,458,486)
288,806
(1,408,758)
—
—
3,786,373
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
43,799,852
4,924,974
(51,309,468)
9,941,463
(7,356,821)
—
—
5,943,779
a
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
Plus
2040
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
$
—
$
15,091,013
$
(880,887)
$
—
$
—
$
14,210,126
14,210,126
$
95,355
Putnam
Sustainable
Future
ETF
.
67,973,124
6,252,002
(70,614,663)
9,189,381
(12,799,844)
—
—
—
Putnam
Sustainable
Leaders
ETF
134,028,016
12,399,616
(153,100,413)
32,893,577
(26,220,796)
—
—
572,070
Total
Non-Controlled
Affiliates
$376,337,307
$498,119,380
$(471,154,443)
$53,986,588
$(39,930,329)
$417,358,503
$14,781,363
Total
Affiliated
Securities
....
$376,337,307
$498,119,380
$(471,154,443)
$53,986,588
$(39,930,329)
$417,358,503
$14,781,363
Putnam
Retirement
Advantage
Plus
2045
Fund
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
7,209,351
—
—
(42,208)
7,167,143
633,140
127,261
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
7,209,351
—
—
(14,206)
7,195,145
710,281
126,748
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
—
3,244,799
(348,171)
9,655
146,158
3,052,441
173,237
11,494
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
—
27,747,981
(2,409,178)
(122,226)
756,695
25,973,272
1,454,271
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
—
312,472,001
(13,976,317)
(124,333)
7,934,091
306,305,442
13,180,096
—
Putnam
ESG
Core
Bond
ETF
..
41,234,825
5,829,804
(47,902,981)
936,394
(98,042)
—
—
1,024,560
Putnam
ESG
High
Yield
ETF
...
14,843,241
2,441,949
(17,329,989)
382,063
(337,264)
—
—
638,028
a
Putnam
ESG
Ultra
Short
ETF
..
14,279,214
3,140,983
(17,400,033)
23,249
(43,413)
—
—
450,508
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
308,994
19,829,968
(20,138,962)
—
—
—
—
20,281
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
13,719,008
1,824,530
(13,320,598)
(147,967)
(2,074,973)
—
—
6,709,710
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
42,691,169
6,515,006
(51,706,409)
9,197,315
(6,697,081)
—
—
5,995,685
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
10,921,025
(1,532,678)
—
—
9,388,347
9,388,347
65,549
Putnam
Sustainable
Future
ETF
.
60,306,239
8,382,056
(65,334,949)
7,192,494
(10,545,840)
—
—
—
Putnam
Sustainable
Leaders
ETF
119,544,689
15,560,499
(140,963,195)
27,614,414
(21,756,407)
—
—
524,087
Total
Non-Controlled
Affiliates
$306,927,379
$432,329,303
$(392,363,460)
$44,961,058
$(32,772,490)
$359,081,790
$15,693,911
Total
Affiliated
Securities
....
$306,927,379
$432,329,303
$(392,363,460)
$44,961,058
$(32,772,490)
$359,081,790
$15,693,911
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
17
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
Plus
2050
Fund
Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
$
—
$
68,490,030
$
(1,143,956)
$
(18,661)
$
2,128,878
$
69,456,291
3,888,930
$
—
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
4,542,555
—
—
(26,595)
4,515,960
398,936
80,186
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
4,542,555
—
—
(8,951)
4,533,604
447,542
79,863
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
—
203,385,885
(8,751,007)
(59,086)
5,246,668
199,822,460
8,598,213
—
Putnam
ESG
Core
Bond
ETF
..
24,655,153
3,211,649
(28,361,431)
540,762
(46,133)
—
—
601,630
Putnam
ESG
High
Yield
ETF
...
9,899,342
1,985,425
(11,913,656)
242,315
(213,426)
—
—
426,785
a
Putnam
ESG
Ultra
Short
ETF
..
6,700,685
2,011,970
(8,701,357)
6,726
(18,024)
—
—
219,542
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
726,400
15,410,184
(16,136,584)
—
—
—
—
16,453
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
11,815,159
1,951,314
(11,759,069)
(210,901)
(1,796,503)
—
—
5,929,236
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
34,710,970
5,617,807
(42,366,176)
7,542,257
(5,504,858)
—
—
4,914,882
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
3,929,661
(509,277)
—
—
3,420,384
3,420,384
23,225
Putnam
Sustainable
Future
ETF
.
48,689,283
7,201,822
(53,162,916)
5,951,901
(8,680,090)
—
—
—
Putnam
Sustainable
Leaders
ETF
96,741,521
12,367,108
(113,783,156)
22,850,101
(18,175,574)
—
—
419,270
Total
Non-Controlled
Affiliates
$233,938,513
$266,157,935
$(295,444,629)
$36,864,075
$(29,223,486)
$212,292,408
$12,711,072
Total
Affiliated
Securities
....
$233,938,513
$334,647,965
$(296,588,585)
$36,845,414
$(27,094,608)
$281,748,699
$12,711,072
Putnam
Retirement
Advantage
Plus
2055
Fund
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
2,171,028
—
—
(12,711)
2,158,317
190,664
38,323
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
2,171,028
—
—
(4,278)
2,166,750
213,894
38,169
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
—
78,610,142
(3,188,378)
(58,029)
2,360,756
77,724,491
4,351,875
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
—
96,930,113
(5,142,041)
(36,473)
2,489,196
94,240,795
4,055,112
—
Putnam
ESG
Core
Bond
ETF
..
11,859,095
1,584,867
(13,684,302)
260,887
(20,547)
—
—
291,072
Putnam
ESG
High
Yield
ETF
...
4,799,685
947,368
(5,762,043)
96,861
(81,871)
—
—
207,888
a
Putnam
ESG
Ultra
Short
ETF
..
2,707,012
452,925
(3,156,397)
2,473
(6,013)
—
—
84,208
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
484,116
9,441,024
(9,925,140)
—
—
—
—
10,155
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
8,151,023
1,196,824
(8,015,763)
(193,547)
(1,138,537)
—
—
4,030,118
a
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
18
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
Plus
2055
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
PanAgora
ESG
International
Equity
ETF
......
$
24,091,188
$
3,620,309
$
(29,145,257)
$
4,766,874
$
(3,333,114)
$
—
—
$
3,386,839
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
958,737
(148,071)
—
—
810,666
810,666
6,393
Putnam
Sustainable
Future
ETF
.
33,748,757
4,604,445
(36,487,872)
3,413,966
(5,279,296)
—
—
—
Putnam
Sustainable
Leaders
ETF
66,738,260
7,564,367
(77,650,759)
14,303,105
(10,954,973)
—
—
290,044
Total
Non-Controlled
Affiliates
$152,579,136
$210,253,177
$(192,306,023)
$22,556,117
$(15,981,388)
$177,101,019
$8,383,209
Total
Affiliated
Securities
....
$152,579,136
$210,253,177
$(192,306,023)
$22,556,117
$(15,981,388)
$177,101,019
$8,383,209
Putnam
Retirement
Advantage
Plus
2060
Fund
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
766,527
—
—
(4,488)
762,039
67,318
13,531
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
766,527
—
—
(1,510)
765,017
75,520
13,476
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
—
55,987,870
(2,485,093)
(73,547)
1,704,443
55,133,673
3,086,992
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
—
27,064,558
(1,429,483)
(27,776)
724,423
26,331,722
1,133,034
—
Putnam
ESG
Core
Bond
ETF
..
3,306,253
571,520
(3,944,911)
70,887
(3,749)
—
—
81,745
Putnam
ESG
High
Yield
ETF
...
1,307,344
324,581
(1,635,496)
22,935
(19,364)
—
—
58,345
a
Putnam
ESG
Ultra
Short
ETF
..
832,471
159,512
(990,865)
608
(1,726)
—
—
25,630
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
241,717
4,981,739
(5,223,456)
—
—
—
—
4,669
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
3,946,226
673,994
(3,956,330)
(164,180)
(499,710)
—
—
1,968,142
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
11,664,313
2,084,917
(14,423,752)
2,022,904
(1,348,382)
—
—
1,653,283
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
726,006
(341,687)
—
—
384,319
384,319
2,595
Putnam
Sustainable
Future
ETF
.
16,335,582
2,699,990
(18,128,546)
921,689
(1,828,715)
—
—
—
Putnam
Sustainable
Leaders
ETF
32,440,010
3,995,500
(38,015,502)
5,326,583
(3,746,591)
—
—
139,224
Total
Non-Controlled
Affiliates
$70,073,916
$100,803,241
$(90,575,121)
$8,100,103
$(5,025,369)
$83,376,770
$3,960,640
Total
Affiliated
Securities
....
$70,073,916
$100,803,241
$(90,575,121)
$8,100,103
$(5,025,369)
$83,376,770
$3,960,640
Putnam
Retirement
Advantage
Plus
2065
Fund
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
14,184
—
—
(83)
14,101
1,246
250
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
14,184
—
—
(28)
14,156
1,397
249
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
19
Quarterly
Schedules
of
Investments
4. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
Plus
2065
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
$
—
$
1,757,211
$
(149,592)
$
712
$
76,210
$
1,684,541
94,319
$
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
—
404,116
(168,585)
(1,497)
12,150
246,184
10,593
—
Putnam
ESG
Core
Bond
ETF
..
25,250
12,471
(38,239)
645
(127)
—
—
662
Putnam
ESG
High
Yield
ETF
...
10,301
6,594
(16,891)
199
(203)
—
—
488
a
Putnam
ESG
Ultra
Short
ETF
..
6,583
7,101
(13,662)
(14)
(8)
—
—
255
Putnam
Government
Money
Market
Fund,
Class
G,
3.481%
.......
4,811
464,278
(469,089)
—
—
—
—
133
Putnam
PanAgora
ESG
Emerging
Markets
Equity
ETF
.........
55,545
34,432
(74,916)
(7,331)
(7,730)
—
—
36,186
a
Putnam
PanAgora
ESG
International
Equity
ETF
......
164,188
106,037
(280,246)
32,155
(22,134)
—
—
26,658
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
14,143
(9,684)
—
—
4,459
4,459
42
Putnam
Sustainable
Future
ETF
.
231,002
138,033
(351,659)
18,467
(35,843)
—
—
—
Putnam
Sustainable
Leaders
ETF
457,721
258,540
(732,196)
95,620
(79,685)
—
—
2,017
Total
Non-Controlled
Affiliates
$955,401
$3,231,324
$(2,304,759)
$138,956
$(57,481)
$1,963,441
$66,940
Total
Affiliated
Securities
....
$955,401
$3,231,324
$(2,304,759)
$138,956
$(57,481)
$1,963,441
$66,940
Putnam
Retirement
Advantage
Plus
2070
Fund
Non-Controlled
Affiliates
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
.....
—
10,287
—
—
(60)
10,227
903
182
Franklin
BSP
Lending
Fund,
Class
R6
.....................
—
10,287
—
—
(20)
10,267
1,013
181
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
—
928,760
—
—
29,004
957,764
53,626
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
—
128,929
(5,560)
(229)
3,174
126,314
5,435
—
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
—
5,366
(3,068)
—
—
2,298
2,298
29
Total
Non-Controlled
Affiliates
$—
$1,083,629
$(8,628)
$(229)
$32,098
$1,106,870
$392
Total
Affiliated
Securities
....
$—
$1,083,629
$(8,628)
$(229)
$32,098
$1,106,870
$392
a
Dividend
income
includes
capital
gain
distributions
received,
if
any,
from
underlying
funds.
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
20
Quarterly
Schedules
of
Investments
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2026,
in
valuing
the
Funds'
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Retirement
Advantage
Plus
Maturity
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
$
547,102,850
$
50,238,840
$
—
$
597,341,690
Short
Term
Investments
...................
37,146,987
—
—
37,146,987
Total
Investments
in
Securities
...........
$584,249,837
$50,238,840
$—
$634,488,677
Putnam
Retirement
Advantage
Plus
2030
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
465,288,122
40,664,932
—
505,953,054
Short
Term
Investments
...................
31,433,560
—
—
31,433,560
Total
Investments
in
Securities
...........
$496,721,682
$40,664,932
$—
$537,386,614
Putnam
Retirement
Advantage
Plus
2035
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
355,891,142
31,799,104
—
387,690,246
Short
Term
Investments
...................
18,413,800
—
—
18,413,800
Total
Investments
in
Securities
...........
$374,304,942
$31,799,104
$—
$406,104,046
Putnam
Retirement
Advantage
Plus
2040
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
378,964,962
24,183,415
—
403,148,377
Short
Term
Investments
...................
14,210,126
—
—
14,210,126
Total
Investments
in
Securities
...........
$393,175,088
$24,183,415
$—
$417,358,503
Putnam
Retirement
Advantage
Plus
2045
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
335,331,155
14,362,288
—
349,693,443
Short
Term
Investments
...................
9,388,347
—
—
9,388,347
Total
Investments
in
Securities
...........
$344,719,502
$14,362,288
$—
$359,081,790
4. Fair
Value
Measurements
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
21
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Retirement
Advantage
Plus
2050
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
$
269,278,751
$
9,049,564
$
—
$
278,328,315
Short
Term
Investments
...................
3,420,384
—
—
3,420,384
Total
Investments
in
Securities
...........
$272,699,135
$9,049,564
$—
$281,748,699
Putnam
Retirement
Advantage
Plus
2055
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
171,965,286
4,325,067
—
176,290,353
Short
Term
Investments
...................
810,666
—
—
810,666
Total
Investments
in
Securities
...........
$172,775,952
$4,325,067
$—
$177,101,019
Putnam
Retirement
Advantage
Plus
2060
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
81,465,395
1,527,056
—
82,992,451
Short
Term
Investments
...................
384,319
—
—
384,319
Total
Investments
in
Securities
...........
$81,849,714
$1,527,056
$—
$83,376,770
Putnam
Retirement
Advantage
Plus
2065
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
1,930,725
28,257
—
1,958,982
Short
Term
Investments
...................
4,459
—
—
4,459
Total
Investments
in
Securities
...........
$1,935,184
$28,257
$—
$1,963,441
Putnam
Retirement
Advantage
Plus
2070
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
1,084,078
20,494
—
1,104,572
Short
Term
Investments
...................
2,298
—
—
2,298
Total
Investments
in
Securities
...........
$1,086,376
$20,494
$—
$1,106,870
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.