# EDGAR Filing Document

**Accession Number:** 0001295293
**File Stem:** 0001193125-26-008860
**Filing Date:** 2026-1
**Character Count:** 3770
**Document Hash:** 122651a875da6e12bf4965ca92b54e34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-008860.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001193125-26-008860

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**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:** 26522883

**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 Sustainable Retirement 2065 Fund (Series ID: S000070577)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class Y    | PCJSX         | C000224205 |
| Class R6   | PCJYX         | C000224206 |
| Class R5   | PCJIX         | C000224207 |
| Class R4   | PCJWX         | C000224208 |
| Class A    | PCJQX         | C000224209 |
| Class R    | PCJUX         | C000224210 |
| Class C    | PCJRX         | C000224211 |
| Class R3   | PCJVX         | C000224213 |

---

## Series and Classes Contracts Data

### Putnam Sustainable Retirement 2065 Fund (Series ID: S000070577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000224205 | Class Y      | PCJSX           |
| C000224206 | Class R6     | PCJYX           |
| C000224207 | Class R5     | PCJIX           |
| C000224208 | Class R4     | PCJWX           |
| C000224209 | Class A      | PCJQX           |
| C000224210 | Class R      | PCJUX           |
| C000224211 | Class C      | PCJRX           |
| C000224213 | Class R3     | PCJVX           |

?xml version='1.0' encoding='ASCII'? Putnam Sustainable Retirement 2065 Fund

------

PSRF-P6 01/26

![LOGO](g91801g01a01.jpg)

#### PUTNAM TARGET DATE FUNDS

#### SUPPLEMENT DATED JANUARY 9, 2026

#### TO THE PROSPECTUS

#### DATED DECEMBER 1, 2025

#### OF PUTNAM SUSTAINABLE RETIREMENT 2065 FUND (THE "FUND")

#### The following replaces the Average Annual Total Returns table in the section of the Fund's Prospectus entitled "Performance":

#### Average annual total returns after sales charges
(for periods ended 12/31/24)

---

| | | |
|:---|:---|:---|
| **Share class** | **1 year** | **Since**<br> **Inception** |
|  Class A before taxes | 9.83% | 7.51%<sup>1</sup> |
|  Class A after taxes on distributions | 8.87% | 6.27%<sup>1</sup> |
| Class A after taxes on distributions and sale of fund shares | 6.47% | 5.45%<sup>1</sup> |
|  Class C before taxes | 14.60% | 8.29%<sup>1</sup> |
|  Class R before taxes | 16.06% | 8.66%<sup>1</sup> |
|  Class R3 before taxes | 16.33% | 8.94%<sup>1</sup> |
|  Class R4 before taxes | 16.60% | 9.20%<sup>1</sup> |
|  Class R5 before taxes | 16.79% | 9.36%<sup>1</sup> |
|  Class R6 before taxes | 16.88% | 9.47%<sup>1</sup> |
|  Class Y before taxes | 16.78% | 9.36%<sup>1</sup> |
| Russell 3000 Index (no deduction for fees, expenses or taxes) | 23.81% | 12.17%<sup>1</sup> |
| Bloomberg U.S. Aggregate Index (no deduction for fees, expenses or taxes) | 1.25% | -2.19%<sup>1</sup> |
| S&P Target Date To 2065+ Index (no deduction for fees, expenses or taxes) | 14.47% | 8.32%<sup>1</sup> |

---

<sup>1.</sup> Since inception December 31, 2020

#### Please keep this supplement with your prospectus for future reference.