# EDGAR Filing Document

**Accession Number:** 0001295293
**File Stem:** 0001193125-26-160523
**Filing Date:** 2026-4
**Character Count:** 33318
**Document Hash:** 4def691db2bf36eca9b4de7be2d9dc76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-160523.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-160523

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam Target Date Funds
- **CENTRAL INDEX KEY:** 0001295293

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-117134
- **FILM NUMBER:** 26869928

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Putnam RetirementReady Funds
- **DATE OF NAME CHANGE:** 20040624

## Series and Classes Contracts Data

### Putnam Retirement Advantage Plus 2050 Fund (Series ID: S000003995)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Class A Shares  | C000011141 |
| Class C Shares  | C000011143 |
| Class R Shares  | C000011145 |
| Class Y Shares  | C000011146 |
| Class R6 Shares | C000174674 |
| Class R4 Shares | C000222431 |
| Class R5 Shares | C000222432 |
| Class R3 Shares | C000222433 |

---

### Putnam Retirement Advantage Plus Maturity Fund (Series ID: S000003996)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Class A Shares  | C000011147 |
| Class C Shares  | C000011149 |
| Class R Shares  | C000011151 |
| Class Y Shares  | C000011152 |
| Class R6 Shares | C000174675 |
| Class R3 Shares | C000222434 |
| Class R4 Shares | C000222435 |
| Class R5 Shares | C000222436 |

---

### Putnam Retirement Advantage Plus 2045 Fund (Series ID: S000003997)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Class A Shares  | C000011153 |
| Class C Shares  | C000011155 |
| Class R Shares  | C000011157 |
| Class Y Shares  | C000011158 |
| Class R6 Shares | C000174676 |
| Class R4 Shares | C000222437 |
| Class R3 Shares | C000222438 |
| Class R5 Shares | C000222439 |

---

### Putnam Retirement Advantage Plus 2040 Fund (Series ID: S000003998)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Class A Shares  | C000011159 |
| Class C Shares  | C000011161 |
| Class R Shares  | C000011163 |
| Class Y Shares  | C000011164 |
| Class R6 Shares | C000174677 |
| Class R4 Shares | C000222440 |
| Class R3 Shares | C000222441 |
| Class R5 Shares | C000222442 |

---

### Putnam Retirement Advantage Plus 2035 Fund (Series ID: S000003999)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Class A Shares  | C000011165 |
| Class C Shares  | C000011167 |
| Class R Shares  | C000011169 |
| Class Y Shares  | C000011170 |
| Class R6 Shares | C000174678 |
| Class R4 Shares | C000222443 |
| Class R5 Shares | C000222444 |
| Class R3 Shares | C000222445 |

---

### Putnam Retirement Advantage Plus 2030 Fund (Series ID: S000004000)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Class A Shares  | C000011171 |
| Class C Shares  | C000011173 |
| Class R Shares  | C000011175 |
| Class Y Shares  | C000011176 |
| Class R6 Shares | C000174679 |
| Class R3 Shares | C000222446 |
| Class R4 Shares | C000222447 |
| Class R5 Shares | C000222448 |

---

## Series and Classes Contracts Data

### Putnam Retirement Advantage Plus 2050 Fund (Series ID: S000003995)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011141 | Class A Shares  |  |
| C000011143 | Class C Shares  |  |
| C000011145 | Class R Shares  |  |
| C000011146 | Class Y Shares  |  |
| C000174674 | Class R6 Shares |  |
| C000222431 | Class R4 Shares |  |
| C000222432 | Class R5 Shares |  |
| C000222433 | Class R3 Shares |  |

### Putnam Retirement Advantage Plus Maturity Fund (Series ID: S000003996)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011147 | Class A Shares  |  |
| C000011149 | Class C Shares  |  |
| C000011151 | Class R Shares  |  |
| C000011152 | Class Y Shares  |  |
| C000174675 | Class R6 Shares |  |
| C000222434 | Class R3 Shares |  |
| C000222435 | Class R4 Shares |  |
| C000222436 | Class R5 Shares |  |

### Putnam Retirement Advantage Plus 2045 Fund (Series ID: S000003997)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011153 | Class A Shares  |  |
| C000011155 | Class C Shares  |  |
| C000011157 | Class R Shares  |  |
| C000011158 | Class Y Shares  |  |
| C000174676 | Class R6 Shares |  |
| C000222437 | Class R4 Shares |  |
| C000222438 | Class R3 Shares |  |
| C000222439 | Class R5 Shares |  |

### Putnam Retirement Advantage Plus 2040 Fund (Series ID: S000003998)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011159 | Class A Shares  |  |
| C000011161 | Class C Shares  |  |
| C000011163 | Class R Shares  |  |
| C000011164 | Class Y Shares  |  |
| C000174677 | Class R6 Shares |  |
| C000222440 | Class R4 Shares |  |
| C000222441 | Class R3 Shares |  |
| C000222442 | Class R5 Shares |  |

### Putnam Retirement Advantage Plus 2035 Fund (Series ID: S000003999)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011165 | Class A Shares  |  |
| C000011167 | Class C Shares  |  |
| C000011169 | Class R Shares  |  |
| C000011170 | Class Y Shares  |  |
| C000174678 | Class R6 Shares |  |
| C000222443 | Class R4 Shares |  |
| C000222444 | Class R5 Shares |  |
| C000222445 | Class R3 Shares |  |

### Putnam Retirement Advantage Plus 2030 Fund (Series ID: S000004000)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011171 | Class A Shares  |  |
| C000011173 | Class C Shares  |  |
| C000011175 | Class R Shares  |  |
| C000011176 | Class Y Shares  |  |
| C000174679 | Class R6 Shares |  |
| C000222446 | Class R3 Shares |  |
| C000222447 | Class R4 Shares |  |
| C000222448 | Class R5 Shares |  |

?xml version='1.0' encoding='ASCII'? Putnam Target Date Funds

------

PSRF-P1 4/26

![LOGO](g130880g01g01.jpg)

#### PUTNAM TARGET DATE FUNDS

#### SUPPLEMENT DATED APRIL 17, 2026

#### TO THE PROSPECTUS

#### DATED FEBRUARY 27, 2026

#### OF EACH FUND LISTED IN SCHEDULE A
I. The following replaces the annual fund operating expenses table, accompanying footnotes and expense example in the sections of Putnam Retirement Advantage Plus 2050 Fund's Prospectus titled "Fund summary- Fees and expenses" and "Fund summary- Example":

**Annual Fund Operating Expenses**<br> **(expenses you pay each year as a percentage of the value of your investment)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Share <br>class** | **Management<br>fees<sup>1</sup>** | **Distribution<br>and service**<br> **(12b-1)<br>fees** | **Other<br>expenses** | **Acquired<br>fund fees<br>and**<br> **expenses<sup>2</sup>** | **Total**<br> **annual fund<br>operating<br>expenses<sup>3</sup>** | **Expense<br>reimburse-<br>ment<sup>4</sup>** | **Total<br>annual fund**<br> **operating<br>expenses after<br>expense reim-<br>bursement<sup>5</sup>** |
|  Class A | 0.51% | 0.25% | 0.18% | 0.67% | 1.61% | (0.67)% | 0.94% |
|  Class C | 0.51% | 1.00% | 0.18% | 0.67% | 2.36% | (0.67)% | 1.69% |
|  Class R | 0.51% | 0.50% | 0.34% | 0.67% | 2.02% | (0.67)% | 1.35% |
|  Class R3 | 0.51% | 0.25% | 0.33% | 0.67% | 1.76% | (0.67)% | 1.09% |
|  Class R4 | 0.51% |  | 0.33% | 0.67% | 1.51% | (0.67)% | 0.84% |
|  Class R5 | 0.51% |  | 0.19% | 0.67% | 1.37% | (0.67)% | 0.70% |
|  Class R6 | 0.51% |  | 0.08% | 0.67% | 1.26% | (0.67)% | 0.59% |
|  Class Y | 0.51% |  | 0.18% | 0.67% | 1.36% | (0.67)% | 0.69% |

---

<sup>1</sup> Management fees have been restated to reflect the reduced management fee rate that took effect under the fund's management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund's name. Consequently, the fund's total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund's financial highlights.

<sup>2</sup> Estimated amounts for current fiscal year. Actual expenses may differ from estimates.

<sup>3</sup> Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund's financial highlights, which reflect the fund's operating expenses and do not include acquired fund fees and expenses.

<sup>4</sup> The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund's "acquired fund fees and expenses" and

------

(2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund's distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund's average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees.

<sup>5</sup> Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps.

#### Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
|  Class A | $665 | $857 | $1211 | $2205 |
|  Class C | $272 | $532 | $1067 | $2342 |
|  Class C (no redemption) | $172 | $532 | $1067 | $2342 |
|  Class R | $137 | $427 | $890 | $2174 |
|  Class R3 | $111 | $346 | $754 | $1895 |
|  Class R4 | $86 | $268 | $622 | $1618 |
|  Class R5 | $72 | $225 | $547 | $1461 |
|  Class R6 | $60 | $189 | $487 | $1334 |
|  Class Y | $70 | $221 | $541 | $1449 |

---

------

II. The following replaces the annual fund operating expenses table, accompanying footnotes and expense example in the sections of Putnam Retirement Advantage Plus 2045 Fund's Prospectus titled "Fund summary- Fees and expenses" and "Fund summary- Example":

Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Share <br>class** | **Management<br>fees<sup>1</sup>** | **Distribution<br>and service**<br> **(12b-1)<br>fees** | **Other<br>expenses** | **Acquired<br>fund fees<br>and**<br> **expenses<sup>2</sup>** | **Total**<br> **annual fund<br>operating<br>expenses<sup>3</sup>** | **Expense<br>reimburse-<br>ment<sup>4</sup>** | **Total<br>annual fund**<br> **operating<br>expenses after<br>expense reim-<br>bursement<sup>5</sup>** |
|  Class A | 0.50% | 0.25% | 0.18% | 0.68% | 1.61% | (0.68)% | 0.93% |
|  Class C | 0.50% | 1.00% | 0.18% | 0.68% | 2.36% | (0.68)% | 1.68% |
|  Class R | 0.50% | 0.50% | 0.33% | 0.68% | 2.01% | (0.68)% | 1.33% |
|  Class R3 | 0.50% | 0.25% | 0.33% | 0.68% | 1.76% | (0.68)% | 1.08% |
|  Class R4 | 0.50% |  | 0.33% | 0.68% | 1.51% | (0.68)% | 0.83% |
|  Class R5 | 0.50% |  | 0.18% | 0.68% | 1.36% | (0.68)% | 0.68% |
|  Class R6 | 0.50% |  | 0.08% | 0.68% | 1.26% | (0.68)% | 0.58% |
|  Class Y | 0.50% |  | 0.18% | 0.68% | 1.36% | (0.68)% | 0.68% |

---

<sup>1</sup> Management fees have been restated to reflect the reduced management fee rate that took effect under the fund's management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund's name. Consequently, the fund's total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund's financial highlights.

<sup>2</sup> Estimated amounts for current fiscal year. Actual expenses may differ from estimates.

<sup>3</sup> Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund's financial highlights, which reflect the fund's operating expenses and do not include acquired fund fees and expenses.

<sup>4</sup> The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund's "acquired fund fees and expenses" and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund's distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund's average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees.

<sup>5</sup> Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps.

------

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
|  Class A | $664 | $854 | $1208 | $2202 |
|  Class C | $271 | $529 | $1064 | $2339 |
|  Class C (no redemption) | $171 | $529 | $1064 | $2339 |
|  Class R | $135 | $421 | $882 | $2161 |
|  Class R3 | $110 | $343 | $751 | $1892 |
|  Class R4 | $85 | $265 | $619 | $1615 |
|  Class R5 | $69 | $217 | $537 | $1445 |
|  Class R6 | $59 | $186 | $484 | $1331 |
|  Class Y | $69 | $217 | $537 | $1445 |

---

III. The following replaces the annual fund operating expenses table, accompanying footnotes and expense example in the sections of Putnam Retirement Advantage Plus 2040 Fund's Prospectus titled "Fund summary- Fees and expenses" and "Fund summary- Example":

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment) |
| **Share <br>class** | **Management<br>fees<sup>1</sup>** | **Distribution<br>and service**<br> **(12b-1)<br>fees** | **Other<br>expenses** | **Acquired<br>fund fees<br>and**<br> **expenses<sup>2</sup>** | **Total**<br> **annual fund<br>operating<br>expenses<sup>3</sup>** | **Expense<br>reimburse-<br>ment<sup>4</sup>** | **Total**<br> **annual fund<br>operating<br>expenses after<br>expense reim-<br>bursement<sup>5</sup>** |
|  Class A | 0.49% | 0.25% | 0.17% | 0.70% | 1.61% | (0.70)% | 0.91% |
|  Class C | 0.49% | 1.00% | 0.17% | 0.70% | 2.36% | (0.70)% | 1.66% |
|  Class R | 0.49% | 0.50% | 0.31% | 0.70% | 2.00% | (0.70)% | 1.30% |
|  Class R3 | 0.49% | 0.25% | 0.32% | 0.70% | 1.76% | (0.70)% | 1.06% |
|  Class R4 | 0.49% |  | 0.32% | 0.70% | 1.51% | (0.70)% | 0.81% |
|  Class R5 | 0.49% |  | 0.17% | 0.70% | 1.36% | (0.70)% | 0.66% |
|  Class R6 | 0.49% |  | 0.07% | 0.70% | 1.26% | (0.70)% | 0.56% |
|  Class Y | 0.49% |  | 0.17% | 0.70% | 1.36% | (0.70)% | 0.66% |

---

<sup>1</sup> Management fees have been restated to reflect the reduced management fee rate that took effect under the fund's management agreement effective October 1, 2025 based on the number of years

------

remaining until the date referenced in the fund's name. Consequently, the fund's total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund's financial highlights.

<sup>2</sup> Estimated amounts for current fiscal year. Actual expenses may differ from estimates.

<sup>3</sup> Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund's financial highlights, which reflect the fund's operating expenses and do not include acquired fund fees and expenses.

<sup>4</sup> The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund's "acquired fund fees and expenses" and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund's distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund's average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees.

<sup>5</sup> Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps.

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
|  Class A | $663 | $849 | $1203 | $2199 |
|  Class C | $269 | $523 | $1058 | $2333 |
|  Class C (no redemption) | $169 | $523 | $1058 | $2333 |
|  Class R | $132 | $411 | $870 | $2144 |
|  Class R3 | $108 | $337 | $745 | $1887 |
|  Class R4 | $83 | $259 | $613 | $1610 |
|  Class R5 | $67 | $210 | $530 | $1438 |
|  Class R6 | $57 | $179 | $477 | $1324 |
|  Class Y | $67 | $210 | $530 | $1438 |

---

------

IV. The following replaces the annual fund operating expenses table, accompanying footnotes and expense example in the sections of Putnam Retirement Advantage Plus 2035 Fund's Prospectus titled "Fund summary- Fees and expenses" and "Fund summary- Example":

Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Share <br>class** | **Management<br>fees** | **Distribution<br>and service**<br> **(12b-1)<br>fees** | **Other<br>expenses<sup>1</sup>** | **Acquired<br>fund fees<br>and**<br> **expenses** | **Total**<br> **annual fund<br>operating<br>expenses** | **Expense<br>reimburse-<br>ment<sup>2</sup>** | **Total**<br> **annual fund<br>operating<br>expenses after<br>expense reim-<br>bursement** |
|  Class A | 0.48% | 0.25% | 0.17% | 0.69% | 1.59% | (0.69)% | 0.90% |
|  Class C | 0.48% | 1.00% | 0.17% | 0.69% | 2.34% | (0.69)% | 1.65% |
|  Class R | 0.48% | 0.50% | 0.32% | 0.69% | 1.99% | (0.69)% | 1.30% |
|  Class R3 | 0.48% | 0.25% | 0.32% | 0.69% | 1.74% | (0.69)% | 1.05% |
|  Class R4 | 0.48% |  | 0.32% | 0.69% | 1.49% | (0.69)% | 0.80% |
|  Class R5 | 0.48% |  | 0.17% | 0.69% | 1.34% | (0.69)% | 0.65% |
|  Class R6 | 0.48% |  | 0.07% | 0.69% | 1.24% | (0.69)% | 0.55% |
|  Class Y | 0.48% |  | 0.17% | 0.69% | 1.34% | (0.69)% | 0.65% |

---

<sup>1</sup> Management fees have been restated to reflect the reduced management fee rate that took effect under the fund's management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund's name. Consequently, the fund's total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund's financial highlights.

<sup>2</sup> Estimated amounts for current fiscal year. Actual expenses may differ from estimates.

<sup>3</sup> Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund's financial highlights, which reflect the fund's operating expenses and do not include acquired fund fees and expenses.

<sup>4</sup> The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund's "acquired fund fees and expenses" and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund's distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund's average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees.

<sup>5</sup> Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps.

------

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
|  Class A | $662 | $846 | $1196 | $2180 |
|  Class C | $268 | $520 | $1051 | $2315 |
|  Class C (no redemption) | $168 | $520 | $1051 | $2315 |
|  Class R | $132 | $411 | $868 | $2137 |
|  Class R3 | $107 | $334 | $738 | $1869 |
|  Class R4 | $82 | $256 | $606 | $1592 |
|  Class R5 | $66 | $207 | $523 | $1420 |
|  Class R6 | $56 | $176 | $469 | $1305 |
|  Class Y | $66 | $207 | $523 | $1420 |

---

V. The following replaces the annual fund operating expenses table, accompanying footnotes and expense example in the sections of Putnam Retirement Advantage Plus 2030 Fund's Prospectus titled "Fund summary- Fees and expenses" and "Fund summary- Example":

Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Share <br>class** | **Management<br>fees<sup>1</sup>** | **Distribution<br>and service**<br> **(12b-1)<br>fees** | **Other<br>expenses** | **Acquired<br>fund fees<br>and**<br> **expenses<sup>2</sup>** | **Total**<br> **annual fund<br>operating<br>expenses<sup>3</sup>** | **Expense<br>reimburse-<br>ment<sup>4</sup>** | **Total**<br> **annual fund<br>operating<br>expenses after<br>expense reim-<br>bursement<sup>5</sup>** |
|  Class A | 0.47% | 0.25% | 0.16% | 0.67% | 1.55% | (0.67)% | 0.88% |
|  Class C | 0.47% | 1.00% | 0.16% | 0.67% | 2.30% | (0.67)% | 1.63% |
|  Class R | 0.47% | 0.50% | 0.31% | 0.67% | 1.95% | (0.67)% | 1.28% |
|  Class R3 | 0.47% | 0.25% | 0.31% | 0.67% | 1.70% | (0.67)% | 1.03% |
|  Class R4 | 0.47% |  | 0.31% | 0.67% | 1.45% | (0.67)% | 0.78% |
|  Class R5 | 0.47% |  | 0.16% | 0.67% | 1.30% | (0.67)% | 0.63% |
|  Class R6 | 0.47% |  | 0.06% | 0.67% | 1.20% | (0.67)% | 0.53% |
|  Class Y | 0.47% |  | 0.16% | 0.67% | 1.30% | (0.67)% | 0.63% |

---

<sup>1</sup> Management fees have been restated to reflect the reduced management fee rate that took effect under the fund's management agreement effective October 1, 2025 based on the number of years

------

remaining until the date referenced in the fund's name. Consequently, the fund's total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund's financial highlights.

<sup>2</sup> Estimated amounts for current fiscal year. Actual expenses may differ from estimates.

<sup>3</sup> Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund's financial highlights, which reflect the fund's operating expenses and do not include acquired fund fees and expenses.

<sup>4</sup> The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund's "acquired fund fees and expenses" and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund's distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund's average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees.

<sup>5</sup> Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps.

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
|  Class A | $660 | $840 | $1182 | $2145 |
|  Class C | $266 | $514 | $1035 | $2277 |
|  Class C (no redemption) | $166 | $514 | $1035 | $2277 |
|  Class R | $130 | $405 | $854 | $2102 |
|  Class R3 | $105 | $328 | $723 | $1829 |
|  Class R4 | $80 | $250 | $590 | $1551 |
|  Class R5 | $64 | $201 | $508 | $1380 |
|  Class R6 | $54 | $170 | $454 | $1264 |
|  Class Y | $64 | $201 | $508 | $1380 |

---

------

VI. The following replaces the annual fund operating expenses table, accompanying footnotes and expense example in the sections of Putnam Retirement Advantage Plus Maturity Fund's Prospectus titled "Fund summary- Fees and expenses" and "Fund summary- Example":

Annual Fund Operating Expenses <br>(expenses you pay each year as a percentage of the value of your investment)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Share <br>class** | **Management<br>fees** | **Distribution<br>and service<br>(12b-1)<br>fees** | **Other<br>expenses<sup>1</sup>** | **Acquired<br>fund fees<br>and**<br> **expenses<sup>2</sup>** | **Total**<br> **annual fund<br>operating<br>expenses<sup>3</sup>** | **Expense<br>reimburse-<br>ment<sup>4</sup>** | **Total**<br> **annual fund**<br> **operating<br>expenses after<br>expense reim-<br>bursement<sup>5</sup>** |
|  Class A | 0.46% | 0.25% | 0.22% | 0.56% | 1.49% | (0.56)% | 0.93% |
|  Class C | 0.46% | 1.00% | 0.21% | 0.56% | 2.23% | (0.56)% | 1.67% |
|  Class R | 0.46% | 0.50% | 0.37% | 0.56% | 1.89% | (0.56)% | 1.33% |
|  Class R3 | 0.46% | 0.25% | 0.36% | 0.56% | 1.63% | (0.56)% | 1.07% |
|  Class R4 | 0.46% |  | 0.36% | 0.56% | 1.38% | (0.56)% | 0.82% |
|  Class R5 | 0.46% |  | 0.22% | 0.56% | 1.24% | (0.56)% | 0.68% |
|  Class R6 | 0.46% |  | 0.12% | 0.56% | 1.14% | (0.56)% | 0.58% |
|  Class Y | 0.46% |  | 0.22% | 0.56% | 1.24% | (0.56)% | 0.68% |

---

<sup>1</sup> Other expenses have been restated to reflect current expenses.

<sup>2</sup> Estimated amounts for current fiscal year. Actual expenses may differ from estimates.

<sup>3</sup> Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund's financial highlights, which reflect the fund's operating expenses and do not include acquired fund fees and expenses.

<sup>4</sup> The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund's "acquired fund fees and expenses" and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund's distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund's average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees.

<sup>5</sup> Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps.

------

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
|  Class A | $491 | $685 | $1019 | $1962 |
|  Class C | $270 | $526 | $1031 | $2233 |
|  Class C (no redemption) | $170 | $526 | $1031 | $2233 |
|  Class R | $135 | $421 | $856 | $2065 |
|  Class R3 | $109 | $340 | $718 | $1782 |
|  Class R4 | $84 | $262 | $586 | $1504 |
|  Class R5 | $69 | $217 | $509 | $1340 |
|  Class R6 | $59 | $186 | $455 | $1226 |
|  Class Y | $69 | $217 | $509 | $1340 |

---

#### SCHEDULE A

---

| |
|:---|
|  **Fund** |
|  Putnam Retirement Advantage Plus 2030 Fund |
|  Putnam Retirement Advantage Plus 2035 Fund |
|  Putnam Retirement Advantage Plus 2040 Fund |
|  Putnam Retirement Advantage Plus 2045 Fund |
|  Putnam Retirement Advantage Plus 2050 Fund |
|  Putnam Retirement Advantage Plus Maturity Fund |

---

#### Shareholders should retain this Supplement for future reference.