Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
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Schedules
of
Investments
(unaudited)
Putnam
Retirement
Advantage
Maturity
Fund
2
Putnam
Retirement
Advantage
2030
Fund
3
Putnam
Retirement
Advantage
2035
Fund
4
Putnam
Retirement
Advantage
2040
Fund
5
Putnam
Retirement
Advantage
2045
Fund
6
Putnam
Retirement
Advantage
2050
Fund
7
Putnam
Retirement
Advantage
2055
Fund
8
Putnam
Retirement
Advantage
2060
Fund
9
Putnam
Retirement
Advantage
2065
Fund
10
Putnam
Retirement
Advantage
2070
Fund
11
Notes
to
Schedules
of
Investments
12
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
May
31,
2026
Putnam
Retirement
Advantage
Maturity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
94.4%
Domestic
Hybrid
94.4%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
3,644,581
$
42,750,933
Total
Investments
In
Underlying
Funds
(Cost
$
39,590,000
)
.......................
42,750,933
a
a
a
a
Short
Term
Investments
5.9%
a
Management
Investment
Companies
5.9%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
2,668,701
2,668,701
Total
Management
Investment
Companies
(Cost
$
2,668,701
)
.....................
2,668,701
Total
Short
Term
Investments
(Cost
$
2,668,701
)
.................................
2,668,701
a
Total
Investments
(Cost
$
42,258,701
)
100.3
%
...................................
$45,419,634
Other
Assets,
less
Liabilities
(
0.3
)
%
...........................................
(124,270)
Net
Assets
100.0%
...........................................................
$45,295,364
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),
May
31,
2026
Putnam
Retirement
Advantage
2030
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
94.2%
Asset
Allocation
72.8%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
416,139
$
7,532,112
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
,
Class
P
.................
2,356,634
27,336,950
34,869,062
Domestic
Hybrid
21.4%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
874,142
10,253,690
Total
Investments
In
Underlying
Funds
(Cost
$
42,625,285
)
.......................
45,122,752
a
a
a
a
Short
Term
Investments
5.8%
a
Management
Investment
Companies
5.8%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
2,785,251
2,785,251
Total
Management
Investment
Companies
(Cost
$
2,785,251
)
.....................
2,785,251
Total
Short
Term
Investments
(Cost
$
2,785,251
)
.................................
2,785,251
a
Total
Investments
(Cost
$
45,410,536
)
100.0
%
...................................
$47,908,003
Other
Assets,
less
Liabilities
0.0
%
†
............................................
6,695
Net
Assets
100.0%
...........................................................
$47,914,698
†
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),
May
31,
2026
Putnam
Retirement
Advantage
2035
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
95.5%
Asset
Allocation
89.8%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
2,521,927
$
45,646,871
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
,
Class
P
.................
351,349
4,075,652
49,722,523
Domestic
Hybrid
5.7%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
266,866
3,130,343
Total
Investments
In
Underlying
Funds
(Cost
$
49,324,826
)
.......................
52,852,866
a
a
a
a
Short
Term
Investments
4.5%
a
Management
Investment
Companies
4.5%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
2,515,701
2,515,701
Total
Management
Investment
Companies
(Cost
$
2,515,701
)
.....................
2,515,701
Total
Short
Term
Investments
(Cost
$
2,515,701
)
.................................
2,515,701
a
Total
Investments
(Cost
$
51,840,527
)
100.0
%
...................................
$55,368,567
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(1,767)
Net
Assets
100.0%
...........................................................
$55,366,800
†
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),
May
31,
2026
Putnam
Retirement
Advantage
2040
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
96.6%
Asset
Allocation
96.6%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
1,499,284
$
27,137,044
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
807,042
19,433,578
46,570,622
Total
Investments
In
Underlying
Funds
(Cost
$
42,545,702
)
.......................
46,570,622
a
a
a
a
Short
Term
Investments
3.4%
a
Management
Investment
Companies
3.4%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
1,624,716
1,624,716
Total
Management
Investment
Companies
(Cost
$
1,624,716
)
.....................
1,624,716
Total
Short
Term
Investments
(Cost
$
1,624,716
)
.................................
1,624,716
a
Total
Investments
(Cost
$
44,170,418
)
100.0
%
...................................
$48,195,338
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(3,727)
Net
Assets
100.0%
...........................................................
$48,191,611
†
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),
May
31,
2026
Putnam
Retirement
Advantage
2045
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
97.4%
Asset
Allocation
97.4%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
216,180
$
3,912,863
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
1,283,583
30,908,668
34,821,531
Total
Investments
In
Underlying
Funds
(Cost
$
30,769,784
)
.......................
34,821,531
a
a
a
a
Short
Term
Investments
2.6%
a
Management
Investment
Companies
2.6%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
937,754
937,754
Total
Management
Investment
Companies
(Cost
$
937,754
)
.......................
937,754
Total
Short
Term
Investments
(Cost
$
937,754
)
..................................
937,754
a
Total
Investments
(Cost
$
31,707,538
)
100.0
%
...................................
$35,759,285
Other
Assets,
less
Liabilities
0.0
%
†
............................................
5,700
Net
Assets
100.0%
...........................................................
$35,764,985
†
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),
May
31,
2026
Putnam
Retirement
Advantage
2050
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
98.7%
Asset
Allocation
98.7%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
191,512
$
3,564,044
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
1,270,059
30,583,010
34,147,054
Total
Investments
In
Underlying
Funds
(Cost
$
30,144,285
)
.......................
34,147,054
a
a
a
a
Short
Term
Investments
1.2%
a
Management
Investment
Companies
1.2%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
432,315
432,315
Total
Management
Investment
Companies
(Cost
$
432,315
)
.......................
432,315
Total
Short
Term
Investments
(Cost
$
432,315
)
..................................
432,315
a
Total
Investments
(Cost
$
30,576,600
)
99.9
%
....................................
$34,579,369
Other
Assets,
less
Liabilities
0.1
%
.............................................
15,420
Net
Assets
100.0%
...........................................................
$34,594,789
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),
May
31,
2026
Putnam
Retirement
Advantage
2055
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
99.4%
Asset
Allocation
99.4%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
440,570
$
8,199,008
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
681,440
16,409,078
24,608,086
Total
Investments
In
Underlying
Funds
(Cost
$
21,528,513
)
.......................
24,608,086
a
a
a
a
Short
Term
Investments
0.5%
a
Management
Investment
Companies
0.5%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
133,799
133,799
Total
Management
Investment
Companies
(Cost
$
133,799
)
.......................
133,799
Total
Short
Term
Investments
(Cost
$
133,799
)
..................................
133,799
a
Total
Investments
(Cost
$
21,662,312
)
99.9
%
....................................
$24,741,885
Other
Assets,
less
Liabilities
0.1
%
.............................................
16,950
Net
Assets
100.0%
...........................................................
$24,758,835
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),
May
31,
2026
Putnam
Retirement
Advantage
2060
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
99.4%
Asset
Allocation
99.4%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
617,052
$
11,483,336
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
337,154
8,118,660
19,601,996
Total
Investments
In
Underlying
Funds
(Cost
$
16,902,118
)
.......................
19,601,996
a
a
a
a
Short
Term
Investments
0.6%
a
Management
Investment
Companies
0.6%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
109,475
109,475
Total
Management
Investment
Companies
(Cost
$
109,475
)
.......................
109,475
Total
Short
Term
Investments
(Cost
$
109,475
)
..................................
109,475
a
Total
Investments
(Cost
$
17,011,593
)
100.0
%
...................................
$19,711,471
Other
Assets,
less
Liabilities
0.0
%
†
............................................
14,381
Net
Assets
100.0%
...........................................................
$19,725,852
†
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),
May
31,
2026
Putnam
Retirement
Advantage
2065
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
98.9%
Asset
Allocation
98.9%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
238,929
$
4,446,476
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
52,918
1,274,260
5,720,736
Total
Investments
In
Underlying
Funds
(Cost
$
4,952,782
)
........................
5,720,736
a
a
a
a
Short
Term
Investments
0.4%
a
Management
Investment
Companies
0.4%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
21,608
21,608
Total
Management
Investment
Companies
(Cost
$
21,608
)
........................
21,608
Total
Short
Term
Investments
(Cost
$
21,608
)
...................................
21,608
a
Total
Investments
(Cost
$
4,974,390
)
99.3
%
.....................................
$5,742,344
Other
Assets,
less
Liabilities
0.7
%
.............................................
44,599
Net
Assets
100.0%
...........................................................
$5,786,943
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),
May
31,
2026
Putnam
Retirement
Advantage
2070
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
96.6%
Asset
Allocation
96.6%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
63,566
$
1,182,965
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
13,272
319,591
1,502,556
Total
Investments
In
Underlying
Funds
(Cost
$
1,300,580
)
........................
1,502,556
a
a
a
a
Short
Term
Investments
0.3%
a
Management
Investment
Companies
0.3%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.801
%
.......................
4,302
4,302
Total
Management
Investment
Companies
(Cost
$
4,302
)
.........................
4,302
Total
Short
Term
Investments
(Cost
$
4,302
)
....................................
4,302
a
Total
Investments
(Cost
$
1,304,882
)
96.9
%
.....................................
$1,506,858
Other
Assets,
less
Liabilities
3.1
%
.............................................
48,329
Net
Assets
100.0%
...........................................................
$1,555,187
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),
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.
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
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.
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. 
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
to
Schedules
of
Investments
(unaudited)
13
Quarterly
Schedules
of
Investments
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 May
31,
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
Maturity
Fund
Non-Controlled
Affiliates
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
$
38,511,374
$
7,675,625
$
(5,813,351)
$
601,469
$
1,775,816
$
42,750,933
3,644,581
$
1,197,226
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
2,407,489
830,605
(569,393)
—
—
2,668,701
2,668,701
75,131
Total
Non-Controlled
Affiliates
$40,918,863
$8,506,230
$(6,382,744)
$601,469
$1,775,816
$45,419,634
$1,272,357
Total
Affiliated
Securities
....
$40,918,863
$8,506,230
$(6,382,744)
$601,469
$1,775,816
$45,419,634
$1,272,357
Putnam
Retirement
Advantage
2030
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
9,070,283
2,619,272
(4,561,302)
(21,931)
425,790
7,532,112
416,139
475,898
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
20,642,745
10,328,908
(4,506,301)
202,687
668,911
27,336,950
2,356,634
827,538
a
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
6,854,245
4,195,776
(1,319,648)
115,603
407,714
10,253,690
874,142
243,748
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
2,279,591
1,047,251
(541,591)
—
—
2,785,251
2,785,251
74,056
Total
Non-Controlled
Affiliates
$38,846,864
$18,191,207
$(10,928,842)
$296,359
$1,502,415
$47,908,003
$1,621,240
Total
Affiliated
Securities
....
$38,846,864
$18,191,207
$(10,928,842)
$296,359
$1,502,415
$47,908,003
$1,621,240
Putnam
Retirement
Advantage
2035
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
40,519,404
11,421,791
(8,654,495)
924,330
1,435,841
45,646,871
2,521,927
2,547,598
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
1,353,220
2,879,370
(286,629)
12,434
117,257
4,075,652
351,349
78,667
a
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
1,496,536
1,813,043
(326,606)
13,677
133,693
3,130,343
266,866
70,136
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
2,071,459
818,212
(373,970)
—
—
2,515,701
2,515,701
68,234
Total
Non-Controlled
Affiliates
$45,440,619
$16,932,416
$(9,641,700)
$950,441
$1,686,791
$55,368,567
$2,764,635
Total
Affiliated
Securities
....
$45,440,619
$16,932,416
$(9,641,700)
$950,441
$1,686,791
$55,368,567
$2,764,635
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
2040
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
$
19,040,470
$
8,533,605
$
(1,873,066)
$
114,621
$
1,321,414
$
27,137,044
1,499,284
$
1,306,378
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
18,301,119
4,447,807
(4,875,515)
242,472
1,317,695
19,433,578
807,042
1,225,671
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
1,300,177
540,152
(215,613)
—
—
1,624,716
1,624,716
43,325
Total
Non-Controlled
Affiliates
$38,641,766
$13,521,564
$(6,964,194)
$357,093
$2,639,109
$48,195,338
$2,575,374
Total
Affiliated
Securities
....
$38,641,766
$13,521,564
$(6,964,194)
$357,093
$2,639,109
$48,195,338
$2,575,374
Putnam
Retirement
Advantage
2045
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
1,816,496
2,168,793
(292,298)
3,539
216,333
3,912,863
216,180
143,178
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
24,344,356
8,511,930
(4,419,449)
997,958
1,473,873
30,908,668
1,283,583
1,739,986
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
680,709
446,735
(189,690)
—
—
937,754
937,754
24,163
Total
Non-Controlled
Affiliates
$26,841,561
$11,127,458
$(4,901,437)
$1,001,497
$1,690,206
$35,759,285
$1,907,327
Total
Affiliated
Securities
....
$26,841,561
$11,127,458
$(4,901,437)
$1,001,497
$1,690,206
$35,759,285
$1,907,327
Putnam
Retirement
Advantage
2050
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
3,428,178
1,005,517
(1,313,555)
148,370
295,534
3,564,044
191,512
140,140
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
22,084,327
9,105,600
(3,060,412)
553,302
1,900,193
30,583,010
1,270,059
1,688,259
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
273,936
288,035
(129,656)
—
—
432,315
432,315
10,792
Total
Non-Controlled
Affiliates
$25,786,441
$10,399,152
$(4,503,623)
$701,672
$2,195,727
$34,579,369
$1,839,191
Total
Affiliated
Securities
....
$25,786,441
$10,399,152
$(4,503,623)
$701,672
$2,195,727
$34,579,369
$1,839,191
Putnam
Retirement
Advantage
2055
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
6,455,324
2,417,356
(1,650,517)
172,516
804,329
8,199,008
440,570
285,100
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
11,068,141
5,680,760
(1,635,535)
96,144
1,199,568
16,409,078
681,440
883,871
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
82,523
208,087
(156,811)
—
—
133,799
133,799
2,843
Total
Non-Controlled
Affiliates
$17,605,988
$8,306,203
$(3,442,863)
$268,660
$2,003,897
$24,741,885
$1,171,814
Total
Affiliated
Securities
....
$17,605,988
$8,306,203
$(3,442,863)
$268,660
$2,003,897
$24,741,885
$1,171,814
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
4. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
    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
2060
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
$
8,111,516
$
3,548,544
$
(1,516,126)
$
269,981
$
1,069,421
$
11,483,336
617,052
$
364,906
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
5,108,645
3,069,202
(688,685)
85,699
543,799
8,118,660
337,154
409,422
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
64,409
186,489
(141,423)
—
—
109,475
109,475
2,088
Total
Non-Controlled
Affiliates
$13,284,570
$6,804,235
$(2,346,234)
$355,680
$1,613,220
$19,711,471
$776,416
Total
Affiliated
Securities
....
$13,284,570
$6,804,235
$(2,346,234)
$355,680
$1,613,220
$19,711,471
$776,416
Putnam
Retirement
Advantage
2065
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
2,576,919
2,261,713
(900,256)
79,093
429,007
4,446,476
238,929
127,529
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
706,700
699,998
(232,709)
9,833
90,438
1,274,260
52,918
59,653
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
11,167
32,900
(22,459)
—
—
21,608
21,608
529
Total
Non-Controlled
Affiliates
$3,294,786
$2,994,611
$(1,155,424)
$88,926
$519,445
$5,742,344
$187,711
Total
Affiliated
Securities
....
$3,294,786
$2,994,611
$(1,155,424)
$88,926
$519,445
$5,742,344
$187,711
Putnam
Retirement
Advantage
2070
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
828,824
254,772
(41,638)
4,155
136,852
1,182,965
63,566
41,396
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
226,890
79,916
(11,968)
764
23,989
319,591
13,272
19,367
a
Putnam
Short
Term
Investment
Fund,
Class
P,
3.801%
.......
5,117
3,057
(3,872)
—
—
4,302
4,302
182
Total
Non-Controlled
Affiliates
$1,060,831
$337,745
$(57,478)
$4,919
$160,841
$1,506,858
$60,945
Total
Affiliated
Securities
....
$1,060,831
$337,745
$(57,478)
$4,919
$160,841
$1,506,858
$60,945
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)
16
Quarterly
Schedules
of
Investments
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report. 
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
May
31,
2026,
all
of
the Funds'
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 1
inputs.
For
detailed
categories,
see
the
accompanying
Schedules
of
Investments.
4. Fair
Value
Measurements
(continued)