# EDGAR Filing Document

**Accession Number:** 0001295293
**File Stem:** 0001133228-25-011491
**Filing Date:** 2025-10
**Character Count:** 1006711
**Document Hash:** 7fab9778433de391472fbc36f3e7cb5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011491.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011491

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 262

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21598
- **FILM NUMBER:** 251432235

**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 Maturity Fund (Series ID: S000067465)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216903 | Class A Shares  | POMGX           |
| C000216905 | Class C Shares  | PLFGX           |
| C000216906 | Class R Shares  | PAKYX           |
| C000216907 | Class Y Shares  | PAETX           |
| C000216908 | Class R6 Shares | PADLX           |
| C000221981 | Class R3 Shares | PAHMX           |
| C000221982 | Class R4 Shares | PAHNX           |
| C000221983 | Class R5 Shares | PAHOX           |

### Putnam Retirement Advantage 2030 Fund (Series ID: S000067466)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216910 | Class C Shares  | PDLKX           |
| C000216911 | Class R Shares  | PDKAX           |
| C000216912 | Class R6 Shares | PDIZX           |
| C000216913 | Class Y Shares  | PDGKX           |
| C000216914 | Class A Shares  | PDLTX           |
| C000221984 | Class R5 Shares | PAFVX           |
| C000221985 | Class R3 Shares | PAFOX           |
| C000221986 | Class R4 Shares | PAFQX           |

### Putnam Retirement Advantage 2035 Fund (Series ID: S000067467)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216916 | Class A Shares  | PDFLX           |
| C000216917 | Class C Shares  | PDAWX           |
| C000216918 | Class R Shares  | PDAKX           |
| C000216919 | Class R6 Shares | PCDLX           |
| C000216920 | Class Y Shares  | POWYX           |
| C000221987 | Class R3 Shares | PAFWX           |
| C000221988 | Class R4 Shares | PAFUX           |
| C000221989 | Class R5 Shares | PAFYX           |

### Putnam Retirement Advantage 2040 Fund (Series ID: S000067468)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216922 | Class C Shares  | PBBZX           |
| C000216923 | Class R Shares  | PBAOX           |
| C000216924 | Class R6 Shares | PBAMX           |
| C000216925 | Class Y Shares  | PALZX           |
| C000216926 | Class A Shares  | PCCLX           |
| C000221990 | Class R3 Shares | PAGKX           |
| C000221991 | Class R4 Shares | PAGJX           |
| C000221992 | Class R5 Shares | PAGOX           |

### Putnam Retirement Advantage 2045 Fund (Series ID: S000067469)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216927 | Class Y Shares  | PAFJX           |
| C000216928 | Class R6 Shares | PAFMX           |
| C000216929 | Class R Shares  | PAFZX           |
| C000216930 | Class C Shares  | PAFPX           |
| C000216932 | Class A Shares  | PALGX           |
| C000221993 | Class R4 Shares | PAGUX           |
| C000221994 | Class R3 Shares | PAGQX           |
| C000221995 | Class R5 Shares | PAGWX           |

### Putnam Retirement Advantage 2050 Fund (Series ID: S000067470)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216933 | Class A Shares  | PAEZX           |
| C000216935 | Class C Shares  | PAENX           |
| C000216936 | Class R Shares  | PAEQX           |
| C000216937 | Class Y Shares  | PHPDX           |
| C000216938 | Class R6 Shares | PAEKX           |
| C000221996 | Class R3 Shares | PAGZX           |
| C000221997 | Class R4 Shares | PAHAX           |
| C000221998 | Class R5 Shares | PAHDX           |

### Putnam Retirement Advantage 2055 Fund (Series ID: S000067471)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216939 | Class A Shares  | PADYX           |
| C000216941 | Class C Shares  | PACWX           |
| C000216942 | Class R Shares  | PACSX           |
| C000216943 | Class R6 Shares | PACJX           |
| C000216944 | Class Y Shares  | PAAWX           |
| C000221999 | Class R3 Shares | PAHEX           |
| C000222000 | Class R4 Shares | PAHFX           |
| C000222001 | Class R5 Shares | PAHGX           |

### Putnam Retirement Advantage 2060 Fund (Series ID: S000067472)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216945 | Class A Shares  | PAAVX           |
| C000216947 | Class C Shares  | PAAPX           |
| C000216948 | Class R Shares  | PAAMX           |
| C000216949 | Class Y Shares  | PAKJX           |
| C000216950 | Class R6 Shares | PAAKX           |
| C000222002 | Class R3 Shares | PAHJX           |
| C000222003 | Class R5 Shares | PAHLX           |
| C000222004 | Class R4 Shares | PAHKX           |

### Putnam Retirement Advantage 2065 Fund (Series ID: S000070572)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000224154 | Class Y      | PCKEX           |
| C000224155 | Class R6     | PCKJX           |
| C000224156 | Class R5     | PCKIX           |
| C000224157 | Class R4     | PCKHX           |
| C000224158 | Class A      | PCJZX           |
| C000224159 | Class R      | PCKFX           |
| C000224160 | Class C      | PCKBX           |
| C000224162 | Class R3     | PCKGX           |

### Putnam Retirement Advantage 2070 Fund (Series ID: S000093657)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000262078 | CLASS C      |  |
| C000262079 | CLASS R      |  |
| C000262080 | CLASS R3     |  |
| C000262081 | CLASS R4     |  |
| C000262082 | CLASS R5     |  |
| C000262083 | CLASS R6     |  |
| C000262084 | CLASS Y      |  |
| C000262085 | CLASS A      |  |

?xml version='1.0' encoding='ASCII'? 2025-09-1674200181600_PutnamRetirementAdvantageMaturityFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-21598**

**Putnam Target Date Funds**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **August 31**

Date of reporting period: **August 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [POMGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1,</sup><sup>2</sup>  | $43 | 0.42% |

---

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

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

---

| | |
|:---|:---|
| 2 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.09%. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage Maturity Fund returned 6.62%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage Maturity Fund PAGE 1 39361-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,600 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5134img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 6.62 | 4.06 | 4.41 |
| **Class A (with sales charge)**  | 2.35 | 3.21 | 3.67 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **S&P Target Date To Retirement Income Index**  | 7.00 | 4.25 | 4.64 |

---

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $41010267 |
| **Total Number of Portfolio Holdings** | 2 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 58% |

---

Putnam Retirement Advantage Maturity Fund PAGE 2 39361-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5134img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage Maturity Fund PAGE 3 39361-ATSA-1025

960010050109619656100261150212263100001068510676944793341001510329100001093914554126211448418270211641000010502115001033110819120831292994.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PLFGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1,</sup><sup>2</sup>  | $121 | 1.18% |

---

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

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

---

| | |
|:---|:---|
| 2 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.53%. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage Maturity Fund returned 5.88%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage Maturity Fund PAGE 1 39361-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2019 — 8/31/2025

![image](ts5143img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 5.88 | 3.30 | 3.65 |
| **Class C (with sales charge)**  | 4.88 | 3.30 | 3.65 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **S&P Target Date To Retirement Income Index**  | 7.00 | 4.25 | 4.64 |

---

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $41010267 |
| **Total Number of Portfolio Holdings** | 2 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 58% |

---

Putnam Retirement Advantage Maturity Fund PAGE 2 39361-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5143img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage Maturity Fund PAGE 3 39361-ATSC-1025

1000010417112769856101581157012250100001068510676944793341001510329100001093914554126211448418270211641000010502115001033110819120831292994.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAKYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1,</sup><sup>2</sup>  | $85 | 0.82% |

---

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

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

---

| | |
|:---|:---|
| 2 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.05%. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage Maturity Fund returned 6.22%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage Maturity Fund PAGE 1 39361-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2019 — 8/31/2025

![image](ts5144img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 6.22 | 3.65 | 3.99 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **S&P Target Date To Retirement Income Index**  | 7.00 | 4.25 | 4.64 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $41010267 |
| **Total Number of Portfolio Holdings** | 2 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 58% |

---

Putnam Retirement Advantage Maturity Fund PAGE 2 39361-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5144img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage Maturity Fund PAGE 3 39361-ATSR-1025

1000010438113359946102811175312485100001068510676944793341001510329100001093914554126211448418270211641000010502115001033110819120831292994.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAHMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1,</sup><sup>2</sup>  | $59 | 0.57% |

---

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

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

---

| | |
|:---|:---|
| 2 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.21)%. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage Maturity Fund returned 6.47%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage Maturity Fund PAGE 1 39361-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/31/2019 — 8/31/2025

![image](ts5147img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R3**  | 6.47 | 3.90 | 4.26 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **S&P Target Date To Retirement Income Index**  | 7.00 | 4.25 | 4.64 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $41010267 |
| **Total Number of Portfolio Holdings** | 2 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 58% |

---

Putnam Retirement Advantage Maturity Fund PAGE 2 39361-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5147img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage Maturity Fund PAGE 3 39361-ATSR3-1025

10000104591138310014103781189612666100001068510676944793341001510329100001093914554126211448418270211641000010502115001033110819120831292994.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAHNX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1,</sup><sup>2</sup>  | $33 | 0.32% |

---

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

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

---

| | |
|:---|:---|
| 2 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.36)%. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage Maturity Fund returned 6.70%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage Maturity Fund PAGE 1 39361-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/31/2019 — 8/31/2025

![image](ts5148img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R4**  | 6.70 | 4.16 | 4.50 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **S&P Target Date To Retirement Income Index**  | 7.00 | 4.25 | 4.64 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $41010267 |
| **Total Number of Portfolio Holdings** | 2 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 58% |

---

Putnam Retirement Advantage Maturity Fund PAGE 2 39361-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5148img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage Maturity Fund PAGE 3 39361-ATSR4-1025

10000104691141910071104671202912835100001068510676944793341001510329100001093914554126211448418270211641000010502115001033110819120831292994.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAHOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1,</sup><sup>2</sup>  | $18 | 0.17% |

---

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

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

---

| | |
|:---|:---|
| 2 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.60)%. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage Maturity Fund returned 6.91%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage Maturity Fund PAGE 1 39361-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/31/2019 — 8/31/2025

![image](ts5149img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 6.91 | 4.31 | 4.66 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **S&P Target Date To Retirement Income Index**  | 7.00 | 4.25 | 4.64 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $41010267 |
| **Total Number of Portfolio Holdings** | 2 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 58% |

---

Putnam Retirement Advantage Maturity Fund PAGE 2 39361-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5149img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage Maturity Fund PAGE 3 39361-ATSR5-1025

10000104801145310105105241210612943100001068510676944793341001510329100001093914554126211448418270211641000010502115001033110819120831292994.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PADLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1,</sup><sup>2</sup>  | $7 | 0.07% |

---

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

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

---

| | |
|:---|:---|
| 2 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.28)%. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage Maturity Fund returned 7.10%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage Maturity Fund PAGE 1 39361-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2019 — 8/31/2025

![image](ts5146img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 7.10 | 4.44 | 4.79 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **S&P Target Date To Retirement Income Index**  | 7.00 | 4.25 | 4.64 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $41010267 |
| **Total Number of Portfolio Holdings** | 2 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 58% |

---

Putnam Retirement Advantage Maturity Fund PAGE 2 39361-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5146img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage Maturity Fund PAGE 3 39361-ATSR6-1025

10000104901147810150105691216913034100001068510676944793341001510329100001093914554126211448418270211641000010502115001033110819120831292994.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAETX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage Maturity Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1,</sup><sup>2</sup>  | $18 | 0.17% |

---

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

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

---

| | |
|:---|:---|
| 2 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.35)%. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage Maturity Fund returned 6.90%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage Maturity Fund PAGE 1 39361-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/31/2019 — 8/31/2025

![image](ts5145img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 6.90 | 4.31 | 4.66 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **S&P Target Date To Retirement Income Index**  | 7.00 | 4.25 | 4.64 |

---

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $41010267 |
| **Total Number of Portfolio Holdings** | 2 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 58% |

---

Putnam Retirement Advantage Maturity Fund PAGE 2 39361-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5145img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage Maturity Fund PAGE 3 39361-ATSY-1025

10000104801145310105105241210612942100001068510676944793341001510329100001093914554126211448418270211641000010502115001033110819120831292994.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PDLTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $28 | 0.27% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2030 Fund returned 7.84%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage 2030 Fund PAGE 1 39354-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5107img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 7.84 | 6.84 | 6.98 |
| **Class A (with sales charge)**  | 1.64 | 5.58 | 5.87 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2030 Index**  | 8.90 | 7.23 | 7.04 |

---

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38846788 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 56% |

---

Putnam Retirement Advantage 2030 Fund PAGE 2 39354-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5107img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2030 Fund PAGE 3 39354-ATSA-1025

942599241169610189108371281113816100001093914554126211448418270211641000010685106769447933410015103291000010374122881083211724135031470594.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PDLKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $107 | 1.03% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2030 Fund returned 7.01%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage 2030 Fund PAGE 1 39354-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2019 — 8/31/2025

![image](ts5103img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 7.01 | 6.05 | 6.19 |
| **Class C (with sales charge)**  | 6.01 | 6.05 | 6.19 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2030 Index**  | 8.90 | 7.23 | 7.04 |

---

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38846788 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 56% |

---

Putnam Retirement Advantage 2030 Fund PAGE 2 39354-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5103img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2030 Fund PAGE 3 39354-ATSC-1025

10000104771225710602111941313514056100001093914554126211448418270211641000010685106769447933410015103291000010374122881083211724135031470594.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PDKAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $69 | 0.67% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage 2030 Fund returned 7.42%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage 2030 Fund PAGE 1 39354-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2019 — 8/31/2025

![image](ts5104img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 7.42 | 6.43 | 6.56 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2030 Index**  | 8.90 | 7.23 | 7.04 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38846788 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 56% |

---

Putnam Retirement Advantage 2030 Fund PAGE 2 39354-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5104img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2030 Fund PAGE 3 39354-ATSR-1025

10000104981232610700113331334514335100001093914554126211448418270211641000010685106769447933410015103291000010374122881083211724135031470594.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAFOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $44 | 0.42% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2030 Fund returned 7.67%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage 2030 Fund PAGE 1 39354-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/31/2019 — 8/31/2025

![image](ts5109img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R3**  | 7.67 | 6.69 | 6.83 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2030 Index**  | 8.90 | 7.23 | 7.04 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38846788 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 56% |

---

Putnam Retirement Advantage 2030 Fund PAGE 2 39354-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5109img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2030 Fund PAGE 3 39354-ATSR3-1025

10000105181238110767114461350514541100001093914554126211448418270211641000010685106769447933410015103291000010374122881083211724135031470594.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAFQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $18 | 0.17% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2030 Fund returned 8.05%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage 2030 Fund PAGE 1 39354-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/31/2019 — 8/31/2025

![image](ts5110img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R4**  | 8.05 | 6.96 | 7.09 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2030 Index**  | 8.90 | 7.23 | 7.04 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38846788 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 56% |

---

Putnam Retirement Advantage 2030 Fund PAGE 2 39354-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5110img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2030 Fund PAGE 3 39354-ATSR4-1025

10000105291242210833115421364414742100001093914554126211448418270211641000010685106769447933410015103291000010374122881083211724135031470594.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAFVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $2 | 0.02% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2030 Fund returned 8.17%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage 2030 Fund PAGE 1 39354-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/31/2019 — 8/31/2025

![image](ts5108img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 8.17 | 7.12 | 7.25 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2030 Index**  | 8.90 | 7.23 | 7.04 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38846788 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 56% |

---

Putnam Retirement Advantage 2030 Fund PAGE 2 39354-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5108img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2030 Fund PAGE 3 39354-ATSR5-1025

10000105391245010876115981374414867100001093914554126211448418270211641000010685106769447933410015103291000010374122881083211724135031470594.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PDIZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(8) | -0.08% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2030 Fund returned 8.28%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage 2030 Fund PAGE 1 39354-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2019 — 8/31/2025

![image](ts5105img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 8.28 | 7.22 | 7.35 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2030 Index**  | 8.90 | 7.23 | 7.04 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38846788 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 56% |

---

Putnam Retirement Advantage 2030 Fund PAGE 2 39354-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5105img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2030 Fund PAGE 3 39354-ATSR6-1025

10000105501246710902116501380514948100001093914554126211448418270211641000010685106769447933410015103291000010374122881083211724135031470594.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PDGKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2030 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $2 | 0.02% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2030 Fund returned 8.23%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |
| ↓ | U.S. High Dividend Equity strategy |

---

Putnam Retirement Advantage 2030 Fund PAGE 1 39354-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/31/2019 — 8/31/2025

![image](ts5106img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 8.23 | 7.12 | 7.25 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2030 Index**  | 8.90 | 7.23 | 7.04 |

---

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38846788 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 56% |

---

Putnam Retirement Advantage 2030 Fund PAGE 2 39354-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5106img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2030 Fund PAGE 3 39354-ATSY-1025

1000010539124501087611599134821486610000109391455412621144841788121164100001068510676944793349873103291000010374122881083211724132701470594.15.90.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PDFLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $27 | 0.26% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2035 Fund returned 10.30%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2035 Fund PAGE 1 39355-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5118img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 10.30 | 9.08 | 8.98 |
| **Class A (with sales charge)**  | 3.95 | 7.80 | 7.84 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2035 Index**  | 10.13 | 8.54 | 8.11 |

---

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45446662 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32% |

---

Putnam Retirement Advantage 2035 Fund PAGE 2 39355-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5118img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2035 Fund PAGE 3 39355-ATSA-1025

942599331208610431113921390915341100001093914554126211448418270211641000010685106769447933410015103291000010325125811098512072141261555795.44.60.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PDAWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $107 | 1.02% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2035 Fund returned 9.43%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2035 Fund PAGE 1 39355-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2019 — 8/31/2025

![image](ts5119img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 9.43 | 8.28 | 8.18 |
| **Class C (with sales charge)**  | 8.43 | 8.28 | 8.18 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2035 Index**  | 10.13 | 8.54 | 8.11 |

---

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45446662 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32% |

---

Putnam Retirement Advantage 2035 Fund PAGE 2 39355-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5119img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2035 Fund PAGE 3 39355-ATSC-1025

10000104871266510859117771426515611100001093914554126211448418270211641000010685106769447933410015103291000010325125811098512072141261555795.44.60.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PDAKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $70 | 0.67% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage 2035 Fund returned 9.80%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2035 Fund PAGE 1 39355-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2019 — 8/31/2025

![image](ts5120img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 9.80 | 8.65 | 8.54 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2035 Index**  | 10.13 | 8.54 | 8.11 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45446662 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32% |

---

Putnam Retirement Advantage 2035 Fund PAGE 2 39355-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5120img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2035 Fund PAGE 3 39355-ATSR-1025

10000105071273410952119101449115911100001093914554126211448418270211641000010685106769447933410015103291000010325125811098512072141261555795.44.60.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAFWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $43 | 0.41% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2035 Fund returned 10.04%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2035 Fund PAGE 1 39355-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/31/2019 — 8/31/2025

![image](ts5121img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R3**  | 10.04 | 8.91 | 8.81 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2035 Index**  | 10.13 | 8.54 | 8.11 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45446662 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32% |

---

Putnam Retirement Advantage 2035 Fund PAGE 2 39355-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5121img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2035 Fund PAGE 3 39355-ATSR3-1025

10000105281279011020120281466016132100001093914554126211448418270211641000010685106769447933410015103291000010325125811098512072141261555795.44.60.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAFUX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $17 | 0.16% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2035 Fund returned 10.43%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2035 Fund PAGE 1 39355-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/31/2019 — 8/31/2025

![image](ts5122img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R4**  | 10.43 | 9.19 | 9.07 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2035 Index**  | 10.13 | 8.54 | 8.11 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45446662 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32% |

---

Putnam Retirement Advantage 2035 Fund PAGE 2 39355-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5122img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2035 Fund PAGE 3 39355-ATSR4-1025

10000105391283311090121201481016355100001093914554126211448418270211641000010685106769447933410015103291000010325125811098512072141261555795.44.60.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAFYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $2 | 0.02% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2035 Fund returned 10.54%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2035 Fund PAGE 1 39355-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/31/2019 — 8/31/2025

![image](ts5123img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 10.54 | 9.35 | 9.23 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2035 Index**  | 10.13 | 8.54 | 8.11 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45446662 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32% |

---

Putnam Retirement Advantage 2035 Fund PAGE 2 39355-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5123img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2035 Fund PAGE 3 39355-ATSR5-1025

10000105491286211133121901492016492100001093914554126211448418270211641000010685106769447933410015103291000010325125811098512072141261555795.44.60.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PCDLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(9) | -0.09% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2035 Fund returned 10.65%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2035 Fund PAGE 1 39355-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2019 — 8/31/2025

![image](ts5124img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 10.65 | 9.46 | 9.35 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2035 Index**  | 10.13 | 8.54 | 8.11 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45446662 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32% |

---

Putnam Retirement Advantage 2035 Fund PAGE 2 39355-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5124img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2035 Fund PAGE 3 39355-ATSR6-1025

10000105601288911170122441499816595100001093914554126211448418270211641000010685106769447933410015103291000010325125811098512072141261555795.44.60.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [POWYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2035 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $1 | 0.01% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2035 Fund returned 10.58%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 10.13% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2035 Fund PAGE 1 39355-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/31/2019 — 8/31/2025

![image](ts5125img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 10.58 | 9.36 | 9.24 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2035 Index**  | 10.13 | 8.54 | 8.11 |

---

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45446662 |
| **Total Number of Portfolio Holdings** | 4 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 32% |

---

Putnam Retirement Advantage 2035 Fund PAGE 2 39355-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5125img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2035 Fund PAGE 3 39355-ATSY-1025

10000105491286211135121921492216501100001093914554126211448418270211641000010685106769447933410015103291000010325125811098512072141261555795.44.60.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PCCLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $23 | 0.22% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2040 Fund returned 11.89%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2040 Fund PAGE 1 39356-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5092img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 11.89 | 10.39 | 10.11 |
| **Class A (with sales charge)**  | 5.45 | 9.09 | 8.96 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2040 Index**  | 11.25 | 9.67 | 8.92 |

---

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38655513 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 39% |

---

Putnam Retirement Advantage 2040 Fund PAGE 2 39356-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5092img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2040 Fund PAGE 3 39356-ATSA-1025

942599241235010563117141454916278100001093914554126211448418270211641000010685106769447933410015103291000010230127401105312309145881623096.63.40.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PBBZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $102 | 0.97% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2040 Fund returned 10.96%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2040 Fund PAGE 1 39356-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2019 — 8/31/2025

![image](ts5088img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 10.96 | 9.56 | 9.28 |
| **Class C (with sales charge)**  | 9.96 | 9.56 | 9.28 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2040 Index**  | 11.25 | 9.67 | 8.92 |

---

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38655513 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 39% |

---

Putnam Retirement Advantage 2040 Fund PAGE 2 39356-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5088img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2040 Fund PAGE 3 39356-ATSC-1025

10000104771294910991121031490416538100001093914554126211448418270211641000010685106769447933410015103291000010230127401105312309145881623096.63.40.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PBAOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $66 | 0.62% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage 2040 Fund returned 11.45%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2040 Fund PAGE 1 39356-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2019 — 8/31/2025

![image](ts5089img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 11.45 | 9.95 | 9.67 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2040 Index**  | 11.25 | 9.67 | 8.92 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38655513 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 39% |

---

Putnam Retirement Advantage 2040 Fund PAGE 2 39356-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5089img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2040 Fund PAGE 3 39356-ATSR-1025

10000104981302011084122421513716870100001093914554126211448418270211641000010685106769447933410015103291000010230127401105312309145881623096.63.40.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAGKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $39 | 0.37% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2040 Fund returned 11.70%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2040 Fund PAGE 1 39356-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/31/2019 — 8/31/2025

![image](ts5093img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R3**  | 11.70 | 10.22 | 9.94 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2040 Index**  | 11.25 | 9.67 | 8.92 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38655513 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 39% |

---

Putnam Retirement Advantage 2040 Fund PAGE 2 39356-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5093img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2040 Fund PAGE 3 39356-ATSR3-1025

10000105181306611164123641531617108100001093914554126211448418270211641000010685106769447933410015103291000010230127401105312309145881623096.63.40.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAGJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $13 | 0.12% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2040 Fund returned 11.93%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2040 Fund PAGE 1 39356-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/31/2019 — 8/31/2025

![image](ts5094img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R4**  | 11.93 | 10.48 | 10.19 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2040 Index**  | 11.25 | 9.67 | 8.92 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38655513 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 39% |

---

Putnam Retirement Advantage 2040 Fund PAGE 2 39356-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5094img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2040 Fund PAGE 3 39356-ATSR4-1025

1000010250131191122112457154841733110000105411455412621144841827021164100001067910676944793341001510329100009978127401105312309145881623096.63.40.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAGOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $(3) | -0.03% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2040 Fund returned 12.10%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2040 Fund PAGE 1 39356-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/31/2019 — 8/31/2025

![image](ts5095img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 12.10 | 10.64 | 10.35 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2040 Index**  | 11.25 | 9.67 | 8.92 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38655513 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 39% |

---

Putnam Retirement Advantage 2040 Fund PAGE 2 39356-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5095img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2040 Fund PAGE 3 39356-ATSR5-1025

10000105391314911266125291558517472100001093914554126211448418270211641000010685106769447933410015103291000010230127401105312309145881623096.63.40.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PBAMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(14) | -0.13% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2040 Fund returned 12.32%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2040 Fund PAGE 1 39356-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2019 — 8/31/2025

![image](ts5090img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 12.32 | 10.77 | 10.48 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2040 Index**  | 11.25 | 9.67 | 8.92 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38655513 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 39% |

---

Putnam Retirement Advantage 2040 Fund PAGE 2 39356-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5090img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2040 Fund PAGE 3 39356-ATSR6-1025

10000105501317611303125831566417594100001093914554126211448418270211641000010685106769447933410015103291000010230127401105312309145881623096.63.40.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PALZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2040 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $(3) | -0.03% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2040 Fund returned 12.08%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 11.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |

---

Putnam Retirement Advantage 2040 Fund PAGE 1 39356-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/31/2019 — 8/31/2025

![image](ts5091img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 12.08 | 10.64 | 10.35 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2040 Index**  | 11.25 | 9.67 | 8.92 |

---

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $38655513 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 39% |

---

Putnam Retirement Advantage 2040 Fund PAGE 2 39356-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5091img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2040 Fund PAGE 3 39356-ATSY-1025

10000105391314911266125291559017473100001093914554126211448418270211641000010685106769447933410015103291000010230127401105312309145881623096.63.40.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PALGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $20 | 0.19% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2045 Fund returned 12.95%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2045 Fund PAGE 1 39357-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5084img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 12.95 | 11.19 | 10.81 |
| **Class A (with sales charge)**  | 6.45 | 9.88 | 9.66 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2045 Index**  | 12.16 | 10.55 | 9.60 |

---

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26850748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 30% |

---

Putnam Retirement Advantage 2045 Fund PAGE 2 39357-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5084img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2045 Fund PAGE 3 39357-ATSA-1025

942599241250910628119091493216865100001093914554126211448418270211641000010685106769447933410015103291000010177128721110412509149841680797.52.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAFPX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $100 | 0.94% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2045 Fund returned 12.06%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2045 Fund PAGE 1 39357-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2019 — 8/31/2025

![image](ts5083img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 12.06 | 10.37 | 9.99 |
| **Class C (with sales charge)**  | 11.06 | 10.37 | 9.99 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2045 Index**  | 12.16 | 10.55 | 9.60 |

---

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26850748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 30% |

---

Putnam Retirement Advantage 2045 Fund PAGE 2 39357-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5083img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2045 Fund PAGE 3 39357-ATSC-1025

10000104771311311064122971531017156100001093914554126211448418270211641000010685106769447933410015103291000010177128721110412509149841680797.52.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAFZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $63 | 0.59% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage 2045 Fund returned 12.41%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2045 Fund PAGE 1 39357-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2019 — 8/31/2025

![image](ts5082img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 12.41 | 10.76 | 10.38 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2045 Index**  | 12.16 | 10.55 | 9.60 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26850748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 30% |

---

Putnam Retirement Advantage 2045 Fund PAGE 2 39357-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5082img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2045 Fund PAGE 3 39357-ATSR-1025

10000104981318311152124451556617498100001093914554126211448418270211641000010685106769447933410015103291000010177128721110412509149841680797.52.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAGQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $36 | 0.34% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2045 Fund returned 12.69%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2045 Fund PAGE 1 39357-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/31/2019 — 8/31/2025

![image](ts5086img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R3**  | 12.69 | 11.03 | 10.65 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2045 Index**  | 12.16 | 10.55 | 9.60 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26850748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 30% |

---

Putnam Retirement Advantage 2045 Fund PAGE 2 39357-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5086img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2045 Fund PAGE 3 39357-ATSR3-1025

10000105181324011233125671574817746100001093914554126211448418270211641000010685106769447933410015103291000010177128721110412509149841680797.52.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAGUX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $10 | 0.09% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2045 Fund returned 12.99%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2045 Fund PAGE 1 39357-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/31/2019 — 8/31/2025

![image](ts5085img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R4**  | 12.99 | 11.30 | 10.91 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2045 Index**  | 12.16 | 10.55 | 9.60 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26850748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 30% |

---

Putnam Retirement Advantage 2045 Fund PAGE 2 39357-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5085img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2045 Fund PAGE 3 39357-ATSR4-1025

10000105291328411302126641591817985100001093914554126211448418270211641000010685106769447933410015103291000010177128721110412509149841680797.52.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAGWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $(6) | -0.06% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2045 Fund returned 13.18%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2045 Fund PAGE 1 39357-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/31/2019 — 8/31/2025

![image](ts5087img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 13.18 | 11.47 | 11.08 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2045 Index**  | 12.16 | 10.55 | 9.60 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26850748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 30% |

---

Putnam Retirement Advantage 2045 Fund PAGE 2 39357-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5087img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2045 Fund PAGE 3 39357-ATSR5-1025

10000105391331311346127341602318135100001093914554126211448418270211641000010685106769447933410015103291000010177128721110412509149841680797.52.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAFMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(17) | -0.16% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2045 Fund returned 13.29%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2045 Fund PAGE 1 39357-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2019 — 8/31/2025

![image](ts5081img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 13.29 | 11.58 | 11.20 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2045 Index**  | 12.16 | 10.55 | 9.60 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26850748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 30% |

---

Putnam Retirement Advantage 2045 Fund PAGE 2 39357-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5081img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2045 Fund PAGE 3 39357-ATSR6-1025

10000105501334111373127781610618246100001093914554126211448418270211641000010685106769447933410015103291000010177128721110412509149841680797.52.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAFJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2045 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $(6) | -0.06% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2045 Fund returned 13.13%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 12.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2045 Fund PAGE 1 39357-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/31/2019 — 8/31/2025

![image](ts5074img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 13.13 | 11.46 | 11.08 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2045 Index**  | 12.16 | 10.55 | 9.60 |

---

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $26850748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 30% |

---

Putnam Retirement Advantage 2045 Fund PAGE 2 39357-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5074img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2045 Fund PAGE 3 39357-ATSY-1025

10000105391331311336127361603018134100001093914554126211448418270211641000010685106769447933410015103291000010177128721110412509149841680797.52.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PAEZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $19 | 0.18% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2050 Fund returned 13.57%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2050 Fund PAGE 1 39358-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5070img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 13.57 | 11.86 | 11.49 |
| **Class A (with sales charge)**  | 7.04 | 10.54 | 10.34 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2050 Index**  | 12.60 | 11.04 | 10.06 |

---

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25807493 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28% |

---

Putnam Retirement Advantage 2050 Fund PAGE 2 39358-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5070img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2050 Fund PAGE 3 39358-ATSA-1025

942599711270110751121451537517461100001093914554126211448418270211641000010685106769447933410015103291000010199129971118912665152881721598.91.10.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAENX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $99 | 0.93% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2050 Fund returned 12.66%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2050 Fund PAGE 1 39358-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2019 — 8/31/2025

![image](ts5071img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 12.66 | 11.02 | 10.66 |
| **Class C (with sales charge)**  | 11.66 | 11.02 | 10.66 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2050 Index**  | 12.60 | 11.04 | 10.06 |

---

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25807493 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28% |

---

Putnam Retirement Advantage 2050 Fund PAGE 2 39358-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5071img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2050 Fund PAGE 3 39358-ATSC-1025

10000105261331711186125481576017756100001093914554126211448418270211641000010685106769447933410015103291000010199129971118912665152881721598.91.10.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAEQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $62 | 0.58% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage 2050 Fund returned 13.12%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2050 Fund PAGE 1 39358-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2019 — 8/31/2025

![image](ts5075img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 13.12 | 11.41 | 11.05 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2050 Index**  | 12.60 | 11.04 | 10.06 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25807493 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28% |

---

Putnam Retirement Advantage 2050 Fund PAGE 2 39358-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5075img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2050 Fund PAGE 3 39358-ATSR-1025

10000105471338911282127041600718107100001093914554126211448418270211641000010685106769447933410015103291000010199129971118912665152881721598.91.10.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAGZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $35 | 0.33% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2050 Fund returned 13.37%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2050 Fund PAGE 1 39358-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/31/2019 — 8/31/2025

![image](ts5076img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R3**  | 13.37 | 11.68 | 11.32 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2050 Index**  | 12.60 | 11.04 | 10.06 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25807493 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28% |

---

Putnam Retirement Advantage 2050 Fund PAGE 2 39358-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5076img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2050 Fund PAGE 3 39358-ATSR3-1025

10000105681344611363128161619518361100001093914554126211448418270211641000010685106769447933410015103291000010199129971118912665152881721598.91.10.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAHAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $9 | 0.08% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2050 Fund returned 13.68%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2050 Fund PAGE 1 39358-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/31/2019 — 8/31/2025

![image](ts5077img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R4**  | 13.68 | 11.96 | 11.59 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2050 Index**  | 12.60 | 11.04 | 10.06 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25807493 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28% |

---

Putnam Retirement Advantage 2050 Fund PAGE 2 39358-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5077img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2050 Fund PAGE 3 39358-ATSR4-1025

10000105791348911421129251637218611100001093914554126211448418270211641000010685106769447933410015103291000010199129971118912665152881721598.91.10.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAHDX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $(7) | -0.07% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2050 Fund returned 13.77%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2050 Fund PAGE 1 39358-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/31/2019 — 8/31/2025

![image](ts5078img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 13.77 | 12.12 | 11.74 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2050 Index**  | 12.60 | 11.04 | 10.06 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25807493 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28% |

---

Putnam Retirement Advantage 2050 Fund PAGE 2 39358-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5078img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2050 Fund PAGE 3 39358-ATSR5-1025

10000105891352011466129981649118761100001093914554126211448418270211641000010685106769447933410015103291000010199129971118912665152881721598.91.10.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAEKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(18) | -0.17% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2050 Fund returned 13.89%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2050 Fund PAGE 1 39358-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2019 — 8/31/2025

![image](ts5079img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 13.89 | 12.23 | 11.86 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2050 Index**  | 12.60 | 11.04 | 10.06 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25807493 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28% |

---

Putnam Retirement Advantage 2050 Fund PAGE 2 39358-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5079img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2050 Fund PAGE 3 39358-ATSR6-1025

10000106001354711504130541657218874100001093914554126211448418270211641000010685106769447933410015103291000010199129971118912665152881721598.91.10.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PHPDX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2050 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $(7) | -0.07% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2050 Fund returned 13.77%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 12.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2050 Fund PAGE 1 39358-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/31/2019 — 8/31/2025

![image](ts5080img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 13.77 | 12.12 | 11.74 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2050 Index**  | 12.60 | 11.04 | 10.06 |

---

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25807493 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28% |

---

Putnam Retirement Advantage 2050 Fund PAGE 2 39358-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5080img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2050 Fund PAGE 3 39358-ATSY-1025

10000105891352011466129991649118762100001093914554126211448418270211641000010685106769447933410015103291000010199129971118912665152881721598.91.10.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PADYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $20 | 0.19% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2055 Fund returned 14.17%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2055 Fund PAGE 1 39359-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5072img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 14.17 | 12.50 | 12.11 |
| **Class A (with sales charge)**  | 7.61 | 11.17 | 10.95 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2055 Index**  | 12.99 | 11.21 | 10.13 |

---

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17620748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 45% |

---

Putnam Retirement Advantage 2055 Fund PAGE 2 39359-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5072img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2055 Fund PAGE 3 39359-ATSA-1025

942599991286510845123931578018016100001093914554126211448418270211641000010685106769447933410015103291000010157129971118012663152931727999.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PACWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $100 | 0.94% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2055 Fund returned 13.26%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2055 Fund PAGE 1 39359-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2019 — 8/31/2025

![image](ts5096img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 13.26 | 11.67 | 11.29 |
| **Class C (with sales charge)**  | 12.26 | 11.67 | 11.29 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2055 Index**  | 12.99 | 11.21 | 10.13 |

---

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17620748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 45% |

---

Putnam Retirement Advantage 2055 Fund PAGE 2 39359-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5096img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2055 Fund PAGE 3 39359-ATSC-1025

10000105561348811292127931618518331100001093914554126211448418270211641000010685106769447933410015103291000010157129971118012663152931727999.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PACSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $63 | 0.59% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage 2055 Fund returned 13.67%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2055 Fund PAGE 1 39359-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2019 — 8/31/2025

![image](ts5097img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 13.67 | 12.05 | 11.66 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2055 Index**  | 12.99 | 11.21 | 10.13 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17620748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 45% |

---

Putnam Retirement Advantage 2055 Fund PAGE 2 39359-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5097img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2055 Fund PAGE 3 39359-ATSR-1025

10000105771356011388129531643918686100001093914554126211448418270211641000010685106769447933410015103291000010157129971118012663152931727999.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAHEX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $36 | 0.34% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2055 Fund returned 14.01%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2055 Fund PAGE 1 39359-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/31/2019 — 8/31/2025

![image](ts5100img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R3**  | 14.01 | 12.33 | 11.95 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2055 Index**  | 12.99 | 11.21 | 10.13 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17620748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 45% |

---

Putnam Retirement Advantage 2055 Fund PAGE 2 39359-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5100img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2055 Fund PAGE 3 39359-ATSR3-1025

10000105981361811469130791662818957100001093914554126211448418270211641000010685106769447933410015103291000010157129971118012663152931727999.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAHFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $10 | 0.09% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2055 Fund returned 14.28%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2055 Fund PAGE 1 39359-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/31/2019 — 8/31/2025

![image](ts5101img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R4**  | 14.28 | 12.61 | 12.21 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2055 Index**  | 12.99 | 11.21 | 10.13 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17620748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 45% |

---

Putnam Retirement Advantage 2055 Fund PAGE 2 39359-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5101img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2055 Fund PAGE 3 39359-ATSR4-1025

10000106091366311528131871681019211100001093914554126211448418270211641000010685106769447933410015103291000010157129971118012663152931727999.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAHGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $6) | -0.06% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2055 Fund returned 14.40%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2055 Fund PAGE 1 39359-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/31/2019 — 8/31/2025

![image](ts5102img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 14.40 | 12.77 | 12.37 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2055 Index**  | 12.99 | 11.21 | 10.13 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17620748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 45% |

---

Putnam Retirement Advantage 2055 Fund PAGE 2 39359-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5102img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2055 Fund PAGE 3 39359-ATSR5-1025

10000106191369311574132521693119369100001093914554126211448418270211641000010685106769447933410015103291000010157129971118012663152931727999.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PACJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(17) | -0.16% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2055 Fund returned 14.51%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2055 Fund PAGE 1 39359-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2019 — 8/31/2025

![image](ts5098img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 14.51 | 12.88 | 12.49 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2055 Index**  | 12.99 | 11.21 | 10.13 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17620748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 45% |

---

Putnam Retirement Advantage 2055 Fund PAGE 2 39359-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5098img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2055 Fund PAGE 3 39359-ATSR6-1025

10000106301372111612133101701519484100001093914554126211448418270211641000010685106769447933410015103291000010157129971118012663152931727999.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAAWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2055 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $(6) | -0.06% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2055 Fund returned 14.41%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.99% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2055 Fund PAGE 1 39359-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/31/2019 — 8/31/2025

![image](ts5099img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 14.41 | 12.77 | 12.38 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2055 Index**  | 12.99 | 11.21 | 10.13 |

---

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $17620748 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 45% |

---

Putnam Retirement Advantage 2055 Fund PAGE 2 39359-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5099img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2055 Fund PAGE 3 39359-ATSY-1025

10000106191369311574132521693119370100001093914554126211448418270211641000010685106769447933410015103291000010157129971118012663152931727999.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PAAVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $21 | 0.20% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2060 Fund returned 14.71%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2060 Fund PAGE 1 39360-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5073img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 14.71 | 13.04 | 12.65 |
| **Class A (with sales charge)**  | 8.11 | 11.71 | 11.48 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2060 Index**  | 13.07 | 11.30 | 10.32 |

---

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $13283781 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 31% |

---

Putnam Retirement Advantage 2060 Fund PAGE 2 39360-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5073img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2060 Fund PAGE 3 39360-ATSA-1025

9425100271299110924125911613718510100001093914554126211448418270211641000010685106769447933410015103291000010214130921125512767154291744699.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAAPX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $102 | 0.95% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2060 Fund returned 13.87%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2060 Fund PAGE 1 39360-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2019 — 8/31/2025

![image](ts5111img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 13.87 | 12.20 | 11.81 |
| **Class C (with sales charge)**  | 12.87 | 12.20 | 11.81 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2060 Index**  | 13.07 | 11.30 | 10.32 |

---

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $13283781 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 31% |

---

Putnam Retirement Advantage 2060 Fund PAGE 2 39360-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5111img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2060 Fund PAGE 3 39360-ATSC-1025

10000105861361211369129961653218840100001093914554126211448418270211641000010685106769447933410015103291000010214130921125512767154291744699.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAAMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $64 | 0.60% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage 2060 Fund returned 14.27%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2060 Fund PAGE 1 39360-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2019 — 8/31/2025

![image](ts5112img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 14.27 | 12.59 | 12.19 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2060 Index**  | 13.07 | 11.30 | 10.32 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $13283781 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 31% |

---

Putnam Retirement Advantage 2060 Fund PAGE 2 39360-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5112img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2060 Fund PAGE 3 39360-ATSR-1025

10000106071368311464131531679619208100001093914554126211448418270211641000010685106769447933410015103291000010214130921125512767154291744699.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAHJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $38 | 0.35% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2060 Fund returned 14.55%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2060 Fund PAGE 1 39360-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/31/2019 — 8/31/2025

![image](ts5113img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R3**  | 14.55 | 12.87 | 12.47 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2060 Index**  | 13.07 | 11.30 | 10.32 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $13283781 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 31% |

---

Putnam Retirement Advantage 2060 Fund PAGE 2 39360-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5113img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2060 Fund PAGE 3 39360-ATSR3-1025

10000106281374111547132781699319466100001093914554126211448418270211641000010685106769447933410015103291000010214130921125512767154291744699.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAHKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $11 | 0.10% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2060 Fund returned 14.85%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2060 Fund PAGE 1 39360-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/31/2019 — 8/31/2025

![image](ts5114img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R4**  | 14.85 | 13.14 | 12.73 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2060 Index**  | 13.07 | 11.30 | 10.32 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $13283781 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 31% |

---

Putnam Retirement Advantage 2060 Fund PAGE 2 39360-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5114img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2060 Fund PAGE 3 39360-ATSR4-1025

10000106391378611607133891717319723100001093914554126211448418270211641000010685106769447933410015103291000010214130921125512767154291744699.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAHLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $(5) | -0.05% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2060 Fund returned 14.99%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2060 Fund PAGE 1 39360-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/31/2019 — 8/31/2025

![image](ts5115img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 14.99 | 13.31 | 12.90 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2060 Index**  | 13.07 | 11.30 | 10.32 |

---

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $13283781 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 31% |

---

Putnam Retirement Advantage 2060 Fund PAGE 2 39360-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5115img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2060 Fund PAGE 3 39360-ATSR5-1025

10000106491381611650134641729819891100001093914554126211448418270211641000010685106769447933410015103291000010214130921125512767154291744699.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAAKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(16) | -0.15% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2060 Fund returned 15.09%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2060 Fund PAGE 1 39360-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2019 — 8/31/2025

![image](ts5116img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 15.09 | 13.42 | 13.02 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2060 Index**  | 13.07 | 11.30 | 10.32 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $13283781 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 31% |

---

Putnam Retirement Advantage 2060 Fund PAGE 2 39360-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5116img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2060 Fund PAGE 3 39360-ATSR6-1025

10000106601384411691135111738920012100001093914554126211448418270211641000010685106769447933410015103291000010214130921125512767154291744699.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAKJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2060 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $(5) | -0.05% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2060 Fund returned 14.97%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 13.07% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2060 Fund PAGE 1 39360-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/31/2019 — 8/31/2025

![image](ts5117img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 14.97 | 13.31 | 12.90 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 14.15 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **S&P Target Date To 2060 Index**  | 13.07 | 11.30 | 10.32 |

---

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund's Class R6 performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $13283781 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 31% |

---

Putnam Retirement Advantage 2060 Fund PAGE 2 39360-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5117img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2060 Fund PAGE 3 39360-ATSY-1025

10000106491381711664134651730119891100001093914554126211448418270211641000010685106769447933410015103291000010214130921125512767154291744699.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PCJZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $19 | 0.18% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class A shares of Putnam Retirement Advantage 2065 Fund returned 15.14%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2065 Fund PAGE 1 39413-ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/29/2020 — 8/31/2025

![image](ts5130img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class A**  | 15.14 | 12.16 |
| **Class A (with sales charge)**  | 8.52 | 10.74 |
| **Russell 3000 Index**  | 15.84 | 12.91 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.82 |
| **S&P Target Date To 2065+ Index**  | 13.38 | 10.05 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3291842 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 48% |

---

Putnam Retirement Advantage 2065 Fund PAGE 2 39413-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5130img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2065 Fund PAGE 3 39413-ATSA-1025

9425974511197105009412976410877124511399214597161091000010729125811204810910110751252014243157931674018295100009798994495398799861286948898932994159621100001072612054115301037910821117041292114195145701609399.70.30.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PCKBX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $101 | 0.94% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class C shares of Putnam Retirement Advantage 2065 Fund returned 14.29%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2065 Fund PAGE 1 39413-ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/29/2020 — 8/31/2025

![image](ts5133img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class C**  | 14.29 | 11.32 |
| **Class C (with sales charge)**  | 13.29 | 11.32 |
| **Russell 3000 Index**  | 15.84 | 12.91 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.82 |
| **S&P Target Date To 2065+ Index**  | 13.38 | 10.05 |

---

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

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3291842 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 48% |

---

Putnam Retirement Advantage 2065 Fund PAGE 2 39413-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5133img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2065 Fund PAGE 3 39413-ATSC-1025

1000010320118201104698701019311306128971443915001165031000010729125811204810910110751252014243157931674018295100009798994495398799861286948898932994159621100001072612054115301037910821117041292114195145701609399.70.30.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PCKFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $63 | 0.59% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R shares of Putnam Retirement Advantage 2065 Fund returned 14.69%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2065 Fund PAGE 1 39413-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/29/2020 — 8/31/2025

![image](ts5131img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class R**  | 14.69 | 11.71 |
| **Russell 3000 Index**  | 15.84 | 12.91 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.82 |
| **S&P Target Date To 2065+ Index**  | 13.38 | 10.05 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3291842 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 48% |

---

Putnam Retirement Advantage 2065 Fund PAGE 2 39413-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5131img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2065 Fund PAGE 3 39413-ATSR-1025

1000010330118501109299231027911417130431462515229167731000010729125811204810910110751252014243157931674018295100009798994495398799861286948898932994159621100001072612054115301037910821117041292114195145701609399.70.30.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PCKGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $37 | 0.34% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2065 Fund returned 14.88%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2065 Fund PAGE 1 39413-ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 12/29/2020 — 8/31/2025

![image](ts5132img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class R3**  | 14.88 | 11.99 |
| **Russell 3000 Index**  | 15.84 | 12.91 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.82 |
| **S&P Target Date To 2065+ Index**  | 13.38 | 10.05 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3291842 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 48% |

---

Putnam Retirement Advantage 2065 Fund PAGE 2 39413-ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5132img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2065 Fund PAGE 3 39413-ATSR3-1025

1000010330118701112899671032411499131501477215395169711000010729125811204810910110751252014243157931674018295100009798994495398799861286948898932994159621100001072612054115301037910821117041292114195145701609399.70.30.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PCKHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $10 | 0.09% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2065 Fund returned 15.29%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2065 Fund PAGE 1 39413-ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 12/29/2020 — 8/31/2025

![image](ts5129img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class R4**  | 15.29 | 12.28 |
| **Russell 3000 Index**  | 15.84 | 12.91 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.82 |
| **S&P Target Date To 2065+ Index**  | 13.38 | 10.05 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3291842 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 48% |

---

Putnam Retirement Advantage 2065 Fund PAGE 2 39413-ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5129img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2065 Fund PAGE 3 39413-ATSR4-1025

10000103401189011155100121038711568132541490215549171801000010729125811204810910110751252014243157931674018295100009798994495398799861286948898932994159621100001072612054115301037910821117041292114195145701609399.70.30.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PCKIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $(6) | -0.06% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2065 Fund returned 15.37%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2065 Fund PAGE 1 39413-ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 12/29/2020 — 8/31/2025

![image](ts5128img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class R5**  | 15.37 | 12.44 |
| **Russell 3000 Index**  | 15.84 | 12.91 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.82 |
| **S&P Target Date To 2065+ Index**  | 13.38 | 10.05 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3291842 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 48% |

---

Putnam Retirement Advantage 2065 Fund PAGE 2 39413-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5128img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2065 Fund PAGE 3 39413-ATSR5-1025

10000103401190011181100371041811613133141499015643172941000010729125811204810910110751252014243157931674018295100009798994495398799861286948898932994159621100001072612054115301037910821117041292114195145701609399.70.30.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PCKJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(18) | -0.17% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2065 Fund returned 15.50%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2065 Fund PAGE 1 39413-ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/29/2020 — 8/31/2025

![image](ts5127img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class R6**  | 15.50 | 12.54 |
| **Russell 3000 Index**  | 15.84 | 12.91 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.82 |
| **S&P Target Date To 2065+ Index**  | 13.38 | 10.05 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3291842 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 48% |

---

Putnam Retirement Advantage 2065 Fund PAGE 2 39413-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5127img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2065 Fund PAGE 3 39413-ATSR6-1025

10000103401191011191100461043911636133531503415707173641000010729125811204810910110751252014243157931674018295100009798994495398799861286948898932994159621100001072612054115301037910821117041292114195145701609399.70.30.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PCKEX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2065 Fund for the period September 1, 2024, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $(8) | -0.07% |

---

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

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Class Y shares of Putnam Retirement Advantage 2065 Fund returned 15.47%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 13.38% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2065 Fund PAGE 1 39413-ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 12/29/2020 — 8/31/2025

![image](ts5126img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class Y**  | 15.47 | 12.45 |
| **Russell 3000 Index**  | 15.84 | 12.91 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.82 |
| **S&P Target Date To 2065+ Index**  | 13.38 | 10.05 |

---

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3291842 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 48% |

---

Putnam Retirement Advantage 2065 Fund PAGE 2 39413-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5126img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney, Thomas A. Nelson, and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by January 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2065 Fund PAGE 3 39413-ATSY-1025

10000103401190011174100291042111616133171498215648172991000010729125811204810910110751252014243157931674018295100009798994495398799861286948898932994159621100001072612054115301037910821117041292114195145701609399.70.30.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PAJFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1,</sup><sup>2</sup>  | $20 | 0.20% |

---

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

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

---

| | |
|:---|:---|
| 2 | Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period August 1, 2025, to August 31, 2025, Class A shares of Putnam Retirement Advantage 2070 Fund returned 4.00%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2070 Fund PAGE 1 47520_ATSA-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 8/1/2025 — 8/31/2025

![image](ts5135img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/1/2025)** |
| **Class A**  | 4.00 |
| **Russell 3000 Index**  | 4.02 |
| **Bloomberg U.S. Aggregate Index**  | 0.38 |
| **S&P Target Date To 2065+ Index**  | 3.83 |

---

Returns for less than one year have not been annualized.

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1060896 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

Putnam Retirement Advantage 2070 Fund PAGE 2 47520_ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5135img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2070 Fund PAGE 3 47520_ATSA-1025

9425980210000104021000010038100001038399.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAJHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1,</sup><sup>2</sup>  | $98 | 0.96% |

---

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

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

---

| | |
|:---|:---|
| 2 | Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period August 1, 2025, to August 31, 2025, Class C shares of Putnam Retirement Advantage 2070 Fund returned 4.00%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2070 Fund PAGE 1 47520_ATSC-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 8/1/2025 — 8/31/2025

![image](ts5136img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/1/2025)** |
| **Class C**  | 4.00 |
| **Russell 3000 Index**  | 4.02 |
| **Bloomberg U.S. Aggregate Index**  | 0.38 |
| **S&P Target Date To 2065+ Index**  | 3.83 |

---

Returns for less than one year have not been annualized.

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

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1060896 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

Putnam Retirement Advantage 2070 Fund PAGE 2 47520_ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5136img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2070 Fund PAGE 3 47520_ATSC-1025

100001040010000104021000010038100001038399.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAJIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1,</sup><sup>2</sup>  | $63 | 0.62% |

---

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

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

---

| | |
|:---|:---|
| 2 | Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period August 1, 2025, to August 31, 2025, Class R shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2070 Fund PAGE 1 47520_ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 8/1/2025 — 8/31/2025

![image](ts5137img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/1/2025)** |
| **Class R**  | 4.10 |
| **Russell 3000 Index**  | 4.02 |
| **Bloomberg U.S. Aggregate Index**  | 0.38 |
| **S&P Target Date To 2065+ Index**  | 3.83 |

---

Returns for less than one year have not been annualized.

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1060896 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

Putnam Retirement Advantage 2070 Fund PAGE 2 47520_ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5137img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2070 Fund PAGE 3 47520_ATSR-1025

100001041010000104021000010038100001038399.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAJJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1,</sup><sup>2</sup>  | $40 | 0.39% |

---

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

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

---

| | |
|:---|:---|
| 2 | Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period August 1, 2025, to August 31, 2025, Class R3 shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2070 Fund PAGE 1 47520_ATSR3-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 8/1/2025 — 8/31/2025

![image](ts5138img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/1/2025)** |
| **Class R3**  | 4.10 |
| **Russell 3000 Index**  | 4.02 |
| **Bloomberg U.S. Aggregate Index**  | 0.38 |
| **S&P Target Date To 2065+ Index**  | 3.83 |

---

Returns for less than one year have not been annualized.

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1060896 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

Putnam Retirement Advantage 2070 Fund PAGE 2 47520_ATSR3-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5138img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2070 Fund PAGE 3 47520_ATSR3-1025

100001041010000104021000010038100001038399.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAJKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1,</sup><sup>2</sup>  | $14 | 0.14% |

---

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

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

---

| | |
|:---|:---|
| 2 | Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period August 1, 2025, to August 31, 2025, Class R4 shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2070 Fund PAGE 1 47520_ATSR4-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 8/1/2025 — 8/31/2025

![image](ts5139img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/1/2025)** |
| **Class R4**  | 4.10 |
| **Russell 3000 Index**  | 4.02 |
| **Bloomberg U.S. Aggregate Index**  | 0.38 |
| **S&P Target Date To 2065+ Index**  | 3.83 |

---

Returns for less than one year have not been annualized.

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1060896 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

Putnam Retirement Advantage 2070 Fund PAGE 2 47520_ATSR4-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5139img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2070 Fund PAGE 3 47520_ATSR4-1025

100001041010000104021000010038100001038399.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAJLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1,</sup><sup>2</sup>  | $(1) | -0.01% |

---

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

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

---

| | |
|:---|:---|
| 2 | Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period August 1, 2025, to August 31, 2025, Class R5 shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2070 Fund PAGE 1 47520_ATSR5-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 8/1/2025 — 8/31/2025

![image](ts5140img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/1/2025)** |
| **Class R5**  | 4.10 |
| **Russell 3000 Index**  | 4.02 |
| **Bloomberg U.S. Aggregate Index**  | 0.38 |
| **S&P Target Date To 2065+ Index**  | 3.83 |

---

Returns for less than one year have not been annualized.

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1060896 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

Putnam Retirement Advantage 2070 Fund PAGE 2 47520_ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5140img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2070 Fund PAGE 3 47520_ATSR5-1025

100001041010000104021000010038100001038399.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAJMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1,</sup><sup>2</sup>  | $(11) | -0.11% |

---

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

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

---

| | |
|:---|:---|
| 2 | Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period August 1, 2025, to August 31, 2025, Class R6 shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2070 Fund PAGE 1 47520_ATSR6-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 8/1/2025 — 8/31/2025

![image](ts5141img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/1/2025)** |
| **Class R6**  | 4.10 |
| **Russell 3000 Index**  | 4.02 |
| **Bloomberg U.S. Aggregate Index**  | 0.38 |
| **S&P Target Date To 2065+ Index**  | 3.83 |

---

Returns for less than one year have not been annualized.

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1060896 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

Putnam Retirement Advantage 2070 Fund PAGE 2 47520_ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5141img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2070 Fund PAGE 3 47520_ATSR6-1025

100001041010000104021000010038100001038399.50.50.0 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAJNX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Retirement Advantage 2070 Fund for the period August 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1,</sup><sup>2</sup>  | $(1) | -0.01% |

---

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

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

---

| | |
|:---|:---|
| 2 | Amounts are for the period August 1, 2025 through August 31, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period August 1, 2025, to August 31, 2025, Class Y shares of Putnam Retirement Advantage 2070 Fund returned 4.10%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 3.83% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Quantitative Large Cap strategy |
| ↑ | Quantitative International Equity strategy |
| ↑ | Fundamental International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Fundamental U.S. Large Cap Growth strategy |
| ↓ | High Yield Fixed Income strategy |

---

Putnam Retirement Advantage 2070 Fund PAGE 1 47520_ATSY-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 8/1/2025 — 8/31/2025

![image](ts5142img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/1/2025)** |
| **Class Y**  | 4.10 |
| **Russell 3000 Index**  | 4.02 |
| **Bloomberg U.S. Aggregate Index**  | 0.38 |
| **S&P Target Date To 2065+ Index**  | 3.83 |

---

Returns for less than one year have not been annualized.

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1060896 |
| **Total Number of Portfolio Holdings** | 3 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

Putnam Retirement Advantage 2070 Fund PAGE 2 47520_ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5142img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Retirement Advantage 2070 Fund PAGE 3 47520_ATSY-1025

100001041010000104021000010038100001038399.50.50.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending August 31, 2024 and August 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $192,328 in August 31, 2024 and $188,984 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in August 31, 2024 and $0 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $65,914 in August 31, 2024 and $98,180 in August 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2024 and $0 in August 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,030,797 in August 31, 2024 and $489,647 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Retirement

#### Advantage

#### Funds

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 92
Notes

to

Financial

Statements

#### 106
Report

of

Independent

Registered

Public

Accounting

Firm

#### 134
Tax

Information

#### 136
Changes

In

and

Disagreements

with

Accountants

#### 137
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.62

$9.63

$9.50

$11.26

$10.49

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

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

0.47 0.38 0.14 0.03 (0.01)

Net

realized

and

unrealized

gains

(losses)

...........

0.21 1.00 0.22 (1.31)

0.95 Total

from

investment

operations

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

0.68 1.38 0.36 (1.28)

0.94 Less

distributions

from:

Net

investment

income

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

(0.46)

(0.38)

(0.14)

(0.32)

(0.16)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.46)

(0.39)

(0.23)

(0.48)

(0.17)

Net

asset

value,

end

of

year

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

$10.84

$10.62

$9.63

$9.50

$11.26

Total

return

d

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

6.62%

14.72%

3.83%

(11.91)%

9.06%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.24%

1.51%

1.63%

1.61%

2.46%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.42%

0.41%

0.41%

0.57%

0.60%

Net

investment

income

(loss)

c

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

4.44%

3.75%

1.51%

0.25%

(0.06)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$6,008

$718

$640

$441

$565

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.44

$9.47

$9.37

$11.19

$10.49

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

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

0.39 0.30 0.06 (0.06)

0.05 Net

realized

and

unrealized

gains

(losses)

...........

0.21 0.99 0.22 (1.29)

0.81 Total

from

investment

operations

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

0.60 1.29 0.28 (1.35)

0.86 Less

distributions

from:

Net

investment

income

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

(0.38)

(0.31)

(0.09)

(0.31)

(0.15)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.38)

(0.32)

(0.18)

(0.47)

(0.16)

Net

asset

value,

end

of

year

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

$10.66

$10.44

$9.47

$9.37

$11.19

Total

return

d

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

5.88%

13.90%

3.06%

(12.59)%

8.25%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

3.00%

2.26%

2.38%

2.36%

3.21%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.18%

1.16%

1.16%

1.32%

1.35%

Net

investment

income

(loss)

c

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

3.67%

3.00%

0.63%

(0.56)%

0.49%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$34

$11

$10

$9

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.52

$9.54

$9.43

$11.22

$10.49

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

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

0.42 0.33 0.09 (0.02)

0.09 Net

realized

and

unrealized

gains

(losses)

...........

0.22 1.00 0.23 (1.29)

0.81 Total

from

investment

operations

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

0.64 1.33 0.32 (1.31)

0.90 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.34)

(0.12)

(0.32)

(0.16)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.42)

(0.35)

(0.21)

(0.48)

(0.17)

Net

asset

value,

end

of

year

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

$10.74

$10.52

$9.54

$9.43

$11.22

Total

return

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

6.22%

14.32%

3.37%

(12.26)%

8.60%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.64%

1.91%

2.03%

2.01%

2.86%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.82%

0.81%

0.81%

0.97%

1.00%

Net

investment

income

(loss)

c

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

4.03%

3.35%

0.98%

(0.21)%

0.84%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$13

$11

$10

$10

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.58

$9.59

$9.47

$11.24

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.45 0.36 0.12 —

d

0.12 Net

realized

and

unrealized

gains

(losses)

...........

0.21 1.01 0.22 (1.29)

0.80 Total

from

investment

operations

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

0.66 1.37 0.34 (1.29)

0.92 Less

distributions

from:

Net

investment

income

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

(0.44)

(0.37)

(0.13)

(0.32)

(0.16)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.44)

(0.38)

(0.22)

(0.48)

(0.17)

Net

asset

value,

end

of

year

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

$10.80

$10.58

$9.59

$9.47

$11.24

Total

return

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

6.47%

14.63%

3.63%

(12.03)%

8.84%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.39%

1.66%

1.78%

1.76%

2.61%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.57%

0.56%

0.56%

0.72%

0.75%

Net

investment

income

c

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

4.29%

3.60%

1.23%

0.04%

1.09%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$11

$11

$10

$10

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.64

$9.64

$9.51

$11.26

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.48 0.37 0.15 0.02 0.14 Net

realized

and

unrealized

gains

(losses)

...........

0.21 1.03 0.22 (1.29)

0.80 Total

from

investment

operations

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

0.69 1.40 0.37 (1.27)

0.94 Less

distributions

from:

Net

investment

income

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

(0.47)

(0.39)

(0.15)

(0.32)

(0.16)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.47)

(0.40)

(0.24)

(0.48)

(0.17)

Net

asset

value,

end

of

year

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

$10.86

$10.64

$9.64

$9.51

$11.26

Total

return

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

6.70%

14.92%

3.94%

(11.81)%

9.08%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.14%

1.41%

1.53%

1.51%

2.36%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.32%

0.31%

0.31%

0.47%

0.50%

Net

investment

income

c

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

4.54%

3.72%

1.55%

0.18%

1.34%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$15

$14

$29

$22

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.67

$9.67

$9.53

$11.28

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.50 0.40 0.15 0.05 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.21 1.02 0.24 (1.32)

0.81 Total

from

investment

operations

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

0.71 1.42 0.39 (1.27)

0.97 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.41)

(0.16)

(0.32)

(0.17)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.48)

(0.42)

(0.25)

(0.48)

(0.18)

Net

asset

value,

end

of

year

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

$10.90

$10.67

$9.67

$9.53

$11.28

Total

return

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

6.91%

15.04%

4.14%

(11.77)%

9.29%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.99%

1.26%

1.38%

1.36%

2.21%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.17%

0.16%

0.16%

0.32%

0.35%

Net

investment

income

c

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

4.68%

4.00%

1.63%

0.44%

1.49%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$12

$11

$10

$10

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.69

$9.69

$9.56

$11.29

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.51 0.41 0.16 0.06 0.20 Net

realized

and

unrealized

gains

(losses)

...........

0.23 1.02 0.23 (1.31)

0.78 Total

from

investment

operations

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

0.74 1.43 0.39 (1.25)

0.98 Less

distributions

from:

Net

investment

income

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

(0.50)

(0.42)

(0.17)

(0.32)

(0.17)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.50)

(0.43)

(0.26)

(0.48)

(0.18)

Net

asset

value,

end

of

year

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

$10.93

$10.69

$9.69

$9.56

$11.29

Total

return

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

7.10%

15.14%

4.12%

(11.57)%

9.42%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.89%

1.16%

1.28%

1.26%

2.11%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.07%

0.06%

0.06%

0.22%

0.25%

Net

investment

income

c

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

4.78%

4.10%

1.73%

0.58%

1.86%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$34,882

$15,790

$11,980

$12,192

$11,041

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.67

$9.67

$9.53

$11.28

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.50 0.40 0.16 0.05 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.21 1.02 0.23 (1.32)

0.81 Total

from

investment

operations

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

0.71 1.42 0.39 (1.27)

0.97 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.41)

(0.16)

(0.32)

(0.17)

Net

realized

gains

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

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

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

(0.48)

(0.42)

(0.25)

(0.48)

(0.18)

Net

asset

value,

end

of

year

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

$10.90

$10.67

$9.67

$9.53

$11.28

Total

return

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

6.90%

15.04%

4.14%

(11.77)%

9.29%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.99%

1.26%

1.38%

1.36%

2.21%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.17%

0.16%

0.16%

0.32%

0.35%

Net

investment

income

c

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

4.68%

4.00%

1.63%

0.43%

1.49%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$35

$27

$24

$22

$11

Portfolio

turnover

rate

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

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 99.8%

#### Domestic

#### Hybrid

#### 93.9%
a

Putnam

Multi-Asset

Income

Fund

,

Class

P

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

3,482,041

$

38,511,374

#### Liquidity

#### Funds

#### 5.9%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

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

2,407,489

2,407,489

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 39,533,746

####)
.......................

#### 40,918,863
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 39,533,746

####)
99.8 #### %
....................................

#### $40,918,863

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 91,404

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $41,010,267
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.82

$9.43

$9.53

$12.29

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.40 0.26 0.18 0.11 0.10 Net

realized

and

unrealized

gains

(losses)

...........

0.41 1.43 0.38 (1.52)

1.77 Total

from

investment

operations

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

0.81 1.69 0.56 (1.41)

1.87 Less

distributions

from:

Net

investment

income

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

(0.44)

(0.22)

(0.14)

(0.57)

(0.12)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.48)

(0.30)

(0.66)

(1.35)

(0.13)

Net

asset

value,

end

of

year

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

$11.15

$10.82

$9.43

$9.53

$12.29

Total

return

d

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

7.84%

18.22%

6.36%

(12.89)%

17.86%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.10%

1.45%

1.65%

1.64%

2.38%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.27%

0.26%

0.25%

0.28%

0.28%

Net

investment

income

c

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

3.72%

2.58%

1.90%

1.07%

0.83%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$5,352

$1,834

$951

$513

$195

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.70

$9.34

$9.45

$12.23

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.31 0.19 0.10 0.05 0.02 Net

realized

and

unrealized

gains

(losses)

...........

0.42 1.41 0.39 (1.52)

1.76 Total

from

investment

operations

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

0.73 1.60 0.49 (1.47)

1.78 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.16)

(0.08)

(0.53)

(0.09)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.46)

(0.24)

(0.60)

(1.31)

(0.10)

Net

asset

value,

end

of

year

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

$10.97

$10.70

$9.34

$9.45

$12.23

Total

return

d

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

7.01%

17.34%

5.58%

(13.50)%

16.99%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.53%

2.20%

2.40%

2.39%

3.13%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.03%

1.01%

1.00%

1.03%

1.03%

Net

investment

income

c

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

2.96%

1.91%

1.11%

0.49%

0.16%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$108

$87

$115

$57

$27

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.84

$9.44

$9.53

$12.26

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.36 0.22 0.14 0.10 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.41 1.43 0.38 (1.55)

1.74 Total

from

investment

operations

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

0.77 1.65 0.52 (1.45)

1.82 Less

distributions

from:

Net

investment

income

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

(0.39)

(0.17)

(0.09)

(0.50)

(0.10)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.43)

(0.25)

(0.61)

(1.28)

(0.11)

Net

asset

value,

end

of

year

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

$11.18

$10.84

$9.44

$9.53

$12.26

Total

return

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

7.42%

17.75%

5.92%

(13.20)%

17.42%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.66%

1.85%

2.05%

2.04%

2.78%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.67%

e

0.66%

0.65%

0.68%

0.68%

Net

investment

income

c

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

3.31%

2.25%

1.50%

0.90%

0.71%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$13

$13

$11

$10

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.86

$9.46

$9.54

$12.28

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.38 0.25 0.16 0.12 0.11 Net

realized

and

unrealized

gains

(losses)

...........

0.42 1.43 0.39 (1.55)

1.74 Total

from

investment

operations

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

0.80 1.68 0.55 (1.43)

1.85 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.20)

(0.11)

(0.53)

(0.11)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.46)

(0.28)

(0.63)

(1.31)

(0.12)

Net

asset

value,

end

of

year

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

$11.20

$10.86

$9.46

$9.54

$12.28

Total

return

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

7.67%

17.99%

6.30%

(13.03)%

17.70%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.41%

1.60%

1.80%

1.79%

2.53%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.42%

0.41%

0.40%

0.43%

0.43%

Net

investment

income

c

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

3.56%

2.50%

1.75%

1.15%

0.96%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$13

$13

$11

$10

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.97

$9.47

$9.56

$12.30

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.42 0.28 0.19 0.11 0.14 Net

realized

and

unrealized

gains

(losses)

...........

0.43 1.43 0.38 (1.51)

1.74 Total

from

investment

operations

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

0.85 1.71 0.57 (1.40)

1.88 Less

distributions

from:

Net

investment

income

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

(0.45)

(0.13)

(0.14)

(0.56)

(0.12)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.49)

(0.21)

(0.66)

(1.34)

(0.13)

Net

asset

value,

end

of

year

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

$11.33

$10.97

$9.47

$9.56

$12.30

Total

return

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

8.05%

18.21%

6.54%

(12.79)%

17.98%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.09%

1.35%

1.55%

1.54%

2.28%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.17%

0.16%

0.15%

0.18%

0.18%

Net

investment

income

c

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

3.81%

2.74%

2.02%

1.15%

1.21%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$21

$19

$15

$101

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.89

$9.48

$9.57

$12.31

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.43 0.29 0.20 0.17 0.15 Net

realized

and

unrealized

gains

(losses)

...........

0.42 1.43 0.38 (1.55)

1.74 Total

from

investment

operations

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

0.85 1.72 0.58 (1.38)

1.89 Less

distributions

from:

Net

investment

income

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

(0.46)

(0.23)

(0.15)

(0.58)

(0.12)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.50)

(0.31)

(0.67)

(1.36)

(0.13)

Net

asset

value,

end

of

year

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

$11.24

$10.89

$9.48

$9.57

$12.31

Total

return

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

8.17%

18.51%

6.64%

(12.64)%

18.13%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.01%

1.20%

1.40%

1.39%

2.13%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.02%

0.01%

—%

e

0.03%

0.03%

Net

investment

income

c

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

3.96%

2.89%

2.15%

1.55%

1.36%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$13

$13

$11

$10

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.89

$9.49

$9.57

$12.31

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.44 0.30 0.21 0.16 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.42 1.42 0.39 (1.53)

1.74 Total

from

investment

operations

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

0.86 1.72 0.60 (1.37)

1.90 Less

distributions

from:

Net

investment

income

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

(0.47)

(0.24)

(0.16)

(0.59)

(0.13)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.51)

(0.32)

(0.68)

(1.37)

(0.14)

Net

asset

value,

end

of

year

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

$11.24

$10.89

$9.49

$9.57

$12.31

Total

return

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

8.28%

18.50%

6.86%

(12.56)%

18.17%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.76%

1.10%

1.30%

1.29%

2.03%

Expenses

net

of

waiver

and

payments

by

affiliates

d,e

.....

(0.08)%

(0.09)%

(0.10)%

(0.07)%

(0.07)%

Net

investment

income

c

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

4.07%

2.96%

2.25%

1.49%

1.38%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$32,590

$27,502

$13,477

$11,594

$11,404

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.88

$9.48

$9.57

$12.31

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.43 0.29 0.20 0.17 0.15 Net

realized

and

unrealized

gains

(losses)

...........

0.43 1.42 0.38 (1.55)

1.74 Total

from

investment

operations

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

0.86 1.71 0.58 (1.38)

1.89 Less

distributions

from:

Net

investment

income

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

(0.47)

(0.23)

(0.15)

(0.58)

(0.12)

Net

realized

gains

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

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

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

(0.51)

(0.31)

(0.67)

(1.36)

(0.13)

Net

asset

value,

end

of

year

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

$11.23

$10.88

$9.48

$9.57

$12.31

Total

return

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

8.23%

18.41%

6.65%

(12.64)%

18.13%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

1.20%

1.40%

1.39%

2.13%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.02%

0.01%

—%

e

0.03%

0.03%

Net

investment

income

c

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

3.97%

2.76%

2.14%

1.54%

1.35%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$737

$838

$14

$12

$12

Portfolio

turnover

rate

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

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 100.0%

#### Domestic

#### Hybrid

#### 94.1%
a

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

,

Class

P

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

529,188

$

9,070,283

a

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

,

Class

P

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

1,843,102

20,642,745

a

Putnam

Multi-Asset

Income

Fund

,

Class

P

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

619,733

6,854,245

36,567,273

#### Liquidity

#### Funds

#### 5.9%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

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

2,279,591

2,279,591

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 37,851,812

####)
.......................

#### 38,846,864
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 37,851,812

####)
100.0 #### %
...................................

#### $38,846,864

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

(76) #### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $38,846,788
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.24

$9.61

$9.54

$12.64

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.37 0.21 0.14 0.12 0.05 Net

realized

and

unrealized

gains

(losses)

...........

0.73 1.85 0.66 (1.61)

2.22 Total

from

investment

operations

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

1.10 2.06 0.80 (1.49)

2.27 Less

distributions

from:

Net

investment

income

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

(0.64)

(0.30)

(0.04)

(0.66)

(0.10)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.69)

(0.43)

(0.73)

(1.61)

(0.19)

Net

asset

value,

end

of

year

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

$11.65

$11.24

$9.61

$9.54

$12.64

Total

return

d

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

10.30%

22.10%

9.21%

(13.69)%

21.67%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.09%

1.44%

1.59%

1.63%

2.30%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.26%

0.25%

0.22%

0.23%

0.22%

Net

investment

income

c

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

3.36%

2.00%

1.49%

1.16%

0.45%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$7,187

$3,518

$1,566

$720

$449

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.17

$9.55

$9.51

$12.58

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.29 0.04 0.08 0.03 0.01 Net

realized

and

unrealized

gains

(losses)

...........

0.71 1.93 0.65 (1.60)

2.17 Total

from

investment

operations

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

1.00 1.97 0.73 (1.57)

2.18 Less

distributions

from:

Net

investment

income

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

(0.61)

(0.22)

—

(0.55)

(0.07)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.66)

(0.35)

(0.69)

(1.50)

(0.16)

Net

asset

value,

end

of

year

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

$11.51

$11.17

$9.55

$9.51

$12.58

Total

return

d

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

9.43%

21.13%

8.45%

(14.26)%

20.77%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.84%

2.19%

2.34%

2.38%

3.05%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.02%

1.00%

0.97%

0.98%

0.97%

Net

investment

income

c

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

2.61%

0.41%

0.87%

0.32%

0.12%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$22

$143

$11

$26

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.24

$9.60

$9.53

$12.61

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.33 0.18 0.11 0.10 0.05 Net

realized

and

unrealized

gains

(losses)

...........

0.72 1.85 0.65 (1.63)

2.17 Total

from

investment

operations

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

1.05 2.03 0.76 (1.53)

2.22 Less

distributions

from:

Net

investment

income

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

(0.58)

(0.26)

—

(0.60)

(0.08)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.63)

(0.39)

(0.69)

(1.55)

(0.17)

Net

asset

value,

end

of

year

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

$11.66

$11.24

$9.60

$9.53

$12.61

Total

return

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

9.80%

21.67%

8.75%

(14.00)%

21.19%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.49%

1.84%

1.99%

2.03%

2.70%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.67%

0.65%

0.62%

0.63%

0.62%

Net

investment

income

c

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

2.96%

1.72%

1.19%

0.92%

0.47%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$14

$14

$11

$10

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

sv

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.27

$9.63

$9.54

$12.63

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.36 0.20 0.13 0.13 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.71 1.85 0.67 (1.64)

2.17 Total

from

investment

operations

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

1.07 2.05 0.80 (1.51)

2.25 Less

distributions

from:

Net

investment

income

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

(0.60)

(0.28)

(0.02)

(0.63)

(0.09)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.65)

(0.41)

(0.71)

(1.58)

(0.18)

Net

asset

value,

end

of

year

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

$11.69

$11.27

$9.63

$9.54

$12.63

Total

return

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

10.04%

21.88%

9.15%

(13.84)%

21.48%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.24%

1.59%

1.74%

1.78%

2.45%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.41%

0.40%

0.37%

0.38%

0.37%

Net

investment

income

c

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

3.21%

1.97%

1.44%

1.17%

0.72%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$14

$14

$11

$10

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.27

$9.63

$9.56

$12.65

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.39 0.22 0.15 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

...........

0.72 1.86 0.66 (1.61)

2.17 Total

from

investment

operations

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

1.11 2.08 0.81 (1.48)

2.28 Less

distributions

from:

Net

investment

income

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

(0.63)

(0.31)

(0.05)

(0.66)

(0.10)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.68)

(0.44)

(0.74)

(1.61)

(0.19)

Net

asset

value,

end

of

year

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

$11.70

$11.27

$9.63

$9.56

$12.65

Total

return

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

10.43%

22.20%

9.29%

(13.59)%

21.77%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.99%

1.34%

1.49%

1.53%

2.20%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.16%

0.15%

0.12%

0.13%

0.12%

Net

investment

income

c

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

3.46%

2.16%

1.66%

1.23%

0.97%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$58

$49

$32

$21

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.30

$9.65

$9.57

$12.66

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.40 0.24 0.17 0.17 0.13 Net

realized

and

unrealized

gains

(losses)

...........

0.73 1.86 0.66 (1.64)

2.16 Total

from

investment

operations

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

1.13 2.10 0.83 (1.47)

2.29 Less

distributions

from:

Net

investment

income

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

(0.65)

(0.32)

(0.06)

(0.67)

(0.10)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.70)

(0.45)

(0.75)

(1.62)

(0.19)

Net

asset

value,

end

of

year

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

$11.73

$11.30

$9.65

$9.57

$12.66

Total

return

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

10.54%

22.39%

9.50%

(13.44)%

21.92%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.84%

1.19%

1.34%

1.38%

2.05%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.02%

—%

e

(0.03)%

f

(0.02)%

f

(0.03)%

f

Net

investment

income

c

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

3.60%

2.37%

1.84%

1.57%

1.12%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$15

$14

$12

$11

$12

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.31

$9.66

$9.58

$12.67

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.41 0.25 0.18 0.18 0.14 Net

realized

and

unrealized

gains

(losses)

...........

0.73 1.86 0.66 (1.63)

2.17 Total

from

investment

operations

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

1.14 2.11 0.84 (1.45)

2.31 Less

distributions

from:

Net

investment

income

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

(0.66)

(0.33)

(0.07)

(0.69)

(0.11)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.71)

(0.46)

(0.76)

(1.64)

(0.20)

Net

asset

value,

end

of

year

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

$11.74

$11.31

$9.66

$9.58

$12.67

Total

return

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

10.65%

22.49%

9.61%

(13.34)%

22.06%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.74%

1.09%

1.24%

1.28%

1.95%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.09)%

(0.10)%

(0.13)%

(0.12)%

(0.13)%

Net

investment

income

c

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

3.71%

2.45%

1.93%

1.68%

1.18%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$38,064

$23,724

$14,440

$12,199

$12,118

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.30

$9.65

$9.57

$12.66

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.40 0.23 0.17 0.17 0.12 Net

realized

and

unrealized

gains

(losses)

...........

0.73 1.87 0.66 (1.63)

2.17 Total

from

investment

operations

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

1.13 2.10 0.83 (1.46)

2.29 Less

distributions

from:

Net

investment

income

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

(0.65)

(0.32)

(0.06)

(0.68)

(0.10)

Net

realized

gains

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

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

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

(0.70)

(0.45)

(0.75)

(1.63)

(0.19)

Net

asset

value,

end

of

year

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

$11.73

$11.30

$9.65

$9.57

$12.66

Total

return

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

10.58%

22.39%

9.50%

(13.43)%

21.92%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.84%

1.19%

1.34%

1.38%

2.05%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.01%

—%

e

(0.03)%

f

(0.02)%

f

(0.03)%

f

Net

investment

income

c

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

3.61%

2.21%

1.84%

1.57%

1.06%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$73

$49

$19

$18

$20

Portfolio

turnover

rate

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

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 100.0%

#### Domestic

#### Hybrid

#### 95.4%
a

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

,

Class

P

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

2,364,026

$

40,519,404

a

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

,

Class

P

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

120,823

1,353,220

a

Putnam

Multi-Asset

Income

Fund

,

Class

P

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

135,311

1,496,536

43,369,160

#### Liquidity

#### Funds

#### 4.6%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

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

2,071,459

2,071,459

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 43,599,370

####)
.......................

#### 45,440,619
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 43,599,370

####)
100.0 #### %
...................................

#### $45,440,619

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 6,043

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $45,446,662
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.42

$9.51

$9.66

$12.91

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.31 0.24 0.09 0.09 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.97 2.00 0.83 (1.71)

2.47 Total

from

investment

operations

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

1.28 2.24 0.92 (1.62)

2.55 Less

distributions

from:

Net

investment

income

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

(0.58)

(0.25)

(0.10)

(0.67)

(0.10)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.78)

(0.33)

(1.07)

(1.63)

(0.19)

Net

asset

value,

end

of

year

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

$11.92

$11.42

$9.51

$9.66

$12.91

Total

return

d

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

11.89%

24.09%

10.90%

(14.47)%

24.45%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.14%

1.60%

1.97%

2.07%

2.91%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.22%

0.20%

0.18%

0.19%

0.18%

Net

investment

income

c

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

2.70%

2.35%

0.96%

0.83%

0.65%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$5,556

$1,161

$485

$171

$70

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.38

$9.48

$9.62

$12.86

$10.55

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

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

0.22 0.11 0.02 0.07 (0.02)

Net

realized

and

unrealized

gains

(losses)

...........

0.96 2.05 0.84 (1.77)

2.48 Total

from

investment

operations

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

1.18 2.16 0.86 (1.70)

2.46 Less

distributions

from:

Net

investment

income

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

(0.53)

(0.18)

(0.03)

(0.58)

(0.06)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.73)

(0.26)

(1.00)

(1.54)

(0.15)

Net

asset

value,

end

of

year

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

$11.83

$11.38

$9.48

$9.62

$12.86

Total

return

d

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

10.96%

23.14%

10.12%

(15.12)%

23.60%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.90%

2.35%

2.72%

2.82%

3.66%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.97%

0.95%

0.93%

0.94%

0.93%

Net

investment

income

(loss)

c

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

1.95%

1.10%

0.26%

0.60%

(0.15)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$53

$74

$26

$15

$14

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.43

$9.50

$9.64

$12.89

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.26 0.19 0.07 0.12 0.03 Net

realized

and

unrealized

gains

(losses)

...........

0.97 2.02 0.82 (1.79)

2.48 Total

from

investment

operations

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

1.23 2.21 0.89 (1.67)

2.51 Less

distributions

from:

Net

investment

income

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

(0.52)

(0.20)

(0.06)

(0.62)

(0.08)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.72)

(0.28)

(1.03)

(1.58)

(0.17)

Net

asset

value,

end

of

year

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

$11.94

$11.43

$9.50

$9.64

$12.89

Total

return

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

11.45%

23.65%

10.45%

(14.87)%

24.03%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.55%

2.00%

2.37%

2.47%

3.31%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.62%

0.60%

0.58%

0.59%

0.58%

Net

investment

income

c

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

2.30%

1.88%

0.79%

1.10%

0.26%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$15

$14

$12

$11

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.45

$9.52

$9.66

$12.90

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.29 0.22 0.10 0.15 0.06 Net

realized

and

unrealized

gains

(losses)

...........

0.97 2.01 0.81 (1.78)

2.47 Total

from

investment

operations

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

1.26 2.23 0.91 (1.63)

2.53 Less

distributions

from:

Net

investment

income

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

(0.55)

(0.22)

(0.08)

(0.65)

(0.09)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.75)

(0.30)

(1.05)

(1.61)

(0.18)

Net

asset

value,

end

of

year

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

$11.96

$11.45

$9.52

$9.66

$12.90

Total

return

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

11.70%

23.88%

10.75%

(14.56)%

24.22%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.30%

1.75%

2.12%

2.22%

3.06%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.37%

0.35%

0.33%

0.34%

0.33%

Net

investment

income

c

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

2.55%

2.13%

1.04%

1.35%

0.51%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$15

$15

$12

$11

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.46

$9.52

$9.67

$12.93

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.32 0.24 0.11 0.09 0.09 Net

realized

and

unrealized

gains

(losses)

...........

0.97 2.02 0.82 (1.71)

2.47 Total

from

investment

operations

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

1.29 2.26 0.93 (1.62)

2.56 Less

distributions

from:

Net

investment

income

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

(0.58)

(0.24)

(0.11)

(0.68)

(0.09)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.78)

(0.32)

(1.08)

(1.64)

(0.18)

Net

asset

value,

end

of

year

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

$11.97

$11.46

$9.52

$9.67

$12.93

Total

return

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

11.93%

24.30%

11.02%

(14.46)%

24.60%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.05%

1.50%

1.87%

1.97%

2.81%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.12%

0.10%

0.08%

0.09%

0.08%

Net

investment

income

c

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

2.80%

2.35%

1.23%

0.91%

0.75%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$76

$76

$58

$41

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.48

$9.54

$9.68

$12.94

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.33 0.26 0.13 0.19 0.11 Net

realized

and

unrealized

gains

(losses)

...........

0.98 2.02 0.82 (1.79)

2.47 Total

from

investment

operations

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

1.31 2.28 0.95 (1.60)

2.58 Less

distributions

from:

Net

investment

income

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

(0.60)

(0.26)

(0.12)

(0.70)

(0.10)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.80)

(0.34)

(1.09)

(1.66)

(0.19)

Net

asset

value,

end

of

year

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

$11.99

$11.48

$9.54

$9.68

$12.94

Total

return

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

12.10%

24.40%

11.21%

(14.32)%

24.76%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.90%

1.35%

1.72%

1.82%

2.66%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.03)%

(0.05)%

(0.07)%

(0.06)%

(0.07)%

Net

investment

income

c

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

2.95%

2.53%

1.44%

1.75%

0.90%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$15

$15

$12

$11

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.49

$9.55

$9.69

$12.95

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.35 0.26 0.14 0.21 0.11 Net

realized

and

unrealized

gains

(losses)

...........

0.98 2.03 0.82 (1.80)

2.48 Total

from

investment

operations

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

1.33 2.29 0.96 (1.59)

2.59 Less

distributions

from:

Net

investment

income

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

(0.61)

(0.27)

(0.13)

(0.71)

(0.10)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.81)

(0.35)

(1.10)

(1.67)

(0.19)

Net

asset

value,

end

of

year

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

$12.01

$11.49

$9.55

$9.69

$12.95

Total

return

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

12.32%

24.48%

11.33%

(14.21)%

24.89%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.80%

1.25%

1.62%

1.72%

2.56%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.13)%

(0.15)%

(0.17)%

(0.16)%

(0.17)%

Net

investment

income

c

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

3.05%

2.54%

1.49%

1.92%

0.98%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$32,843

$22,074

$9,900

$6,909

$7,183

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.48

$9.54

$9.68

$12.94

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.33 0.25 0.11 0.19 0.11 Net

realized

and

unrealized

gains

(losses)

...........

0.97 2.03 0.84 (1.79)

2.47 Total

from

investment

operations

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

1.30 2.28 0.95 (1.60)

2.58 Less

distributions

from:

Net

investment

income

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

(0.60)

(0.26)

(0.12)

(0.70)

(0.10)

Net

realized

gains

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

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

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

(0.80)

(0.34)

(1.09)

(1.66)

(0.19)

Net

asset

value,

end

of

year

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

$11.98

$11.48

$9.54

$9.68

$12.94

Total

return

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

12.08%

24.44%

11.21%

(14.32)%

24.76%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.90%

1.35%

1.72%

1.82%

2.66%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.03)%

(0.05)%

(0.07)%

(0.06)%

(0.07)%

Net

investment

income

c

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

2.95%

2.45%

1.18%

1.75%

0.90%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$82

$38

$28

$11

$12

Portfolio

turnover

rate

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

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 100.0%

#### Domestic

#### Hybrid

#### 96.6%
a

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

,

Class

P

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

1,110,879

$

19,040,470

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

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

827,730

18,301,119

37,341,589

#### Liquidity

#### Funds

#### 3.4%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

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

1,300,177

1,300,177

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 37,255,955

####)
.......................

#### 38,641,766
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 37,255,955

####)
100.0 #### %
...................................

#### $38,641,766

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 13,747

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $38,655,513
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.85

$9.69

$9.68

$13.14

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.23 0.19 0.08 0.12 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.24 2.23 0.96 (1.81)

2.64 Total

from

investment

operations

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

1.47 2.42 1.04 (1.69)

2.73 Less

distributions

from:

Net

investment

income

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

(0.55)

(0.26)

(0.11)

(0.70)

(0.10)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.62)

(0.26)

(1.03)

(1.77)

(0.14)

Net

asset

value,

end

of

year

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

$12.70

$11.85

$9.69

$9.68

$13.14

Total

return

d

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

12.95%

25.39%

12.05%

(15.04)%

26.05%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.33%

1.69%

1.94%

2.00%

2.79%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.19%

0.17%

0.15%

0.17%

0.17%

Net

investment

income

c

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

1.93%

1.78%

0.90%

1.14%

0.76%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$3,309

$1,156

$549

$385

$204

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.80

$9.66

$9.65

$13.09

$10.55

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

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

0.14 0.01 0.01 0.09 (0.05)

Net

realized

and

unrealized

gains

(losses)

...........

1.24 2.33 0.95 (1.86)

2.69 Total

from

investment

operations

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

1.38 2.34 0.96 (1.77)

2.64 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.20)

(0.03)

(0.60)

(0.06)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.55)

(0.20)

(0.95)

(1.67)

(0.10)

Net

asset

value,

end

of

year

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

$12.63

$11.80

$9.66

$9.65

$13.09

Total

return

d

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

12.06%

24.51%

11.14%

(15.63)%

25.17%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.08%

2.44%

2.69%

2.75%

3.54%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.94%

0.92%

0.90%

0.92%

0.92%

Net

investment

income

(loss)

c

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

1.17%

0.13%

0.13%

0.77%

(0.42)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$38

$140

$28

$21

$24

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.87

$9.69

$9.67

$13.12

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.18 0.05 0.05 0.13 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.23 2.34 0.95 (1.87)

2.66 Total

from

investment

operations

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

1.41 2.39 1.00 (1.74)

2.69 Less

distributions

from:

Net

investment

income

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

(0.54)

(0.21)

(0.06)

(0.64)

(0.08)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.61)

(0.21)

(0.98)

(1.71)

(0.12)

Net

asset

value,

end

of

year

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

$12.67

$11.87

$9.69

$9.67

$13.12

Total

return

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

12.41%

25.08%

11.59%

(15.41)%

25.59%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.73%

2.09%

2.34%

2.40%

3.19%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.59%

0.57%

0.55%

0.57%

0.57%

Net

investment

income

c

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

1.52%

0.47%

0.54%

1.13%

0.22%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$172

$150

$12

$11

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.89

$9.71

$9.69

$13.14

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.21 0.23 0.07 0.15 0.06 Net

realized

and

unrealized

gains

(losses)

...........

1.23 2.19 0.95 (1.86)

2.66 Total

from

investment

operations

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

1.44 2.42 1.02 (1.71)

2.72 Less

distributions

from:

Net

investment

income

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

(0.52)

(0.24)

(0.08)

(0.67)

(0.09)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.59)

(0.24)

(1.00)

(1.74)

(0.13)

Net

asset

value,

end

of

year

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

$12.74

$11.89

$9.71

$9.69

$13.14

Total

return

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

12.69%

25.31%

11.88%

(15.16)%

25.88%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.48%

1.84%

2.09%

2.15%

2.94%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.34%

0.32%

0.30%

0.32%

0.32%

Net

investment

income

c

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

1.78%

2.18%

0.79%

1.38%

0.47%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$16

$15

$12

$11

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.90

$9.71

$9.71

$13.16

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.24 0.26 0.11 0.05 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.24 2.19 0.93 (1.73)

2.65 Total

from

investment

operations

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

1.48 2.45 1.04 (1.68)

2.74 Less

distributions

from:

Net

investment

income

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

(0.55)

(0.26)

(0.12)

(0.70)

(0.09)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.62)

(0.26)

(1.04)

(1.77)

(0.13)

Net

asset

value,

end

of

year

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

$12.76

$11.90

$9.71

$9.71

$13.16

Total

return

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

12.99%

25.70%

12.05%

(14.92)%

26.17%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.23%

1.59%

1.84%

1.90%

2.69%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.09%

0.07%

0.05%

0.07%

0.07%

Net

investment

income

c

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

2.02%

2.48%

1.21%

0.47%

0.72%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$80

$72

$74

$79

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.92

$9.73

$9.72

$13.17

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.26 0.27 0.11 0.20 0.10 Net

realized

and

unrealized

gains

(losses)

...........

1.24 2.20 0.94 (1.86)

2.66 Total

from

investment

operations

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

1.50 2.47 1.05 (1.66)

2.76 Less

distributions

from:

Net

investment

income

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

(0.57)

(0.28)

(0.12)

(0.72)

(0.10)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.64)

(0.28)

(1.04)

(1.79)

(0.14)

Net

asset

value,

end

of

year

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

$12.78

$11.92

$9.73

$9.72

$13.17

Total

return

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

13.18%

25.83%

12.23%

(14.77)%

26.32%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.08%

1.44%

1.69%

1.75%

2.54%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.06)%

(0.08)%

(0.10)%

(0.08)%

(0.08)%

Net

investment

income

c

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

2.18%

2.58%

1.19%

1.77%

0.87%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$16

$15

$12

$11

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.93

$9.73

$9.72

$13.18

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.27 0.28 0.12 0.21 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.24 2.20 0.94 (1.86)

2.66 Total

from

investment

operations

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

1.51 2.48 1.06 (1.65)

2.77 Less

distributions

from:

Net

investment

income

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

(0.58)

(0.28)

(0.13)

(0.74)

(0.10)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.65)

(0.28)

(1.05)

(1.81)

(0.14)

Net

asset

value,

end

of

year

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

$12.79

$11.93

$9.73

$9.72

$13.18

Total

return

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

13.29%

26.04%

12.36%

(14.76)%

26.46%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.98%

1.34%

1.59%

1.65%

2.44%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.16)%

(0.18)%

(0.20)%

(0.18)%

(0.18)%

Net

investment

income

c

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

2.27%

2.64%

1.31%

1.91%

0.95%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$23,008

$15,302

$9,338

$7,846

$7,504

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.92

$9.73

$9.71

$13.17

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.26 0.27 —

d

0.20 0.10 Net

realized

and

unrealized

gains

(losses)

...........

1.23 2.20 1.06 (1.87)

2.66 Total

from

investment

operations

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

1.49 2.47 1.06 (1.67)

2.76 Less

distributions

from:

Net

investment

income

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

(0.57)

(0.28)

(0.12)

(0.72)

(0.10)

Net

realized

gains

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

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

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

(0.64)

(0.28)

(1.04)

(1.79)

(0.14)

Net

asset

value,

end

of

year

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

$12.77

$11.92

$9.73

$9.71

$13.17

Total

return

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

13.13%

25.87%

12.35%

(14.85)%

26.32%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.08%

1.44%

1.69%

1.75%

2.54%

Expenses

net

of

waiver

and

payments

by

affiliates

e,f

.....

(0.06)%

(0.08)%

(0.10)%

(0.08)%

(0.08)%

Net

investment

income

c

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

2.17%

2.54%

0.01%

1.77%

0.86%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$212

$143

$95

$11

$13

Portfolio

turnover

rate

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

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

f

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 100.0%

#### Domestic

#### Hybrid

#### 97.5%
a

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

,

Class

P

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

105,980

$

1,816,496

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

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

1,101,056

24,344,356

26,160,852

#### Liquidity

#### Funds

#### 2.5%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

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

680,709

680,709

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 24,480,020

####)
.......................

#### 26,841,561
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 24,480,020

####)
100.0 #### %
...................................

#### $26,841,561

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 9,187

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $26,850,748
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.68

$9.70

$9.54

$13.23

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.20 0.16 0.06 0.04 0.06 Net

realized

and

unrealized

gains

(losses)

...........

1.31 2.33 1.04 (1.74)

2.80 Total

from

investment

operations

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

1.51 2.49 1.10 (1.70)

2.86 Less

distributions

from:

Net

investment

income

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

(0.50)

(0.26)

(0.07)

(0.73)

(0.09)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.64)

(0.51)

(0.94)

(1.99)

(0.23)

Net

asset

value,

end

of

year

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

$12.55

$11.68

$9.70

$9.54

$13.23

Total

return

d

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

13.57%

26.60%

12.96%

(15.35)%

27.38%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.32%

2.00%

2.58%

2.84%

4.17%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.18%

0.17%

0.15%

0.17%

0.17%

Net

investment

income

c

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

1.72%

1.51%

0.66%

0.38%

0.53%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,702

$780

$329

$160

$19

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.63

$9.67

$9.50

$13.17

$10.60

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

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

0.11 0.11 0.01 0.06 (0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.30 2.29 1.03 (1.84)

2.79 Total

from

investment

operations

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

1.41 2.40 1.04 (1.78)

2.78 Less

distributions

from:

Net

investment

income

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

(0.46)

(0.19)

—

(0.63)

(0.07)

Net

realized

gains

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

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

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

(0.60)

(0.44)

(0.87)

(1.89)

(0.21)

Net

asset

value,

end

of

year

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

$12.44

$11.63

$9.67

$9.50

$13.17

Total

return

d

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

12.66%

25.60%

12.17%

(16.00)%

26.51%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.07%

2.75%

3.33%

3.59%

4.92%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.93%

0.92%

0.90%

0.92%

0.92%

Net

investment

income

(loss)

c

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

0.97%

1.03%

0.13%

0.58%

(0.12)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$55

$25

$13

$11

$13

Portfolio

turnover

rate

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

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.69

$9.71

$9.52

$13.20

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

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

0.15 0.16 0.05 0.10 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.32 2.28 1.03 (1.85)

2.79 Total

from

investment

operations

....................

1.47 2.44 1.08 (1.75)

2.82 Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.21)

(0.02)

(0.67)

(0.08)

Net

realized

gains

.............................

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...............................

(0.59)

(0.46)

(0.89)

(1.93)

(0.22)

Net

asset

value,

end

of

year

.......................

$12.57

$11.69

$9.71

$9.52

$13.20

Total

return

....................................

13.12%

26.00%

12.60%

(15.74)%

26.94%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.72%

2.40%

2.98%

3.24%

4.57%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.58%

0.57%

0.55%

0.57%

0.57%

Net

investment

income

c

...........................

1.32%

1.50%

0.49%

0.93%

0.23%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$15

$12

$11

$13

Portfolio

turnover

rate

............................

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

sv

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.71

$9.72

$9.54

$13.22

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.18 0.18 0.07 0.13 0.06 Net

realized

and

unrealized

gains

(losses)

...........

1.32 2.30 1.02 (1.85)

2.79 Total

from

investment

operations

....................

1.50 2.48 1.09 (1.72)

2.85 Less

distributions

from:

Net

investment

income

..........................

(0.48)

(0.24)

(0.04)

(0.70)

(0.09)

Net

realized

gains

.............................

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...............................

(0.62)

(0.49)

(0.91)

(1.96)

(0.23)

Net

asset

value,

end

of

year

.......................

$12.59

$11.71

$9.72

$9.54

$13.22

Total

return

....................................

13.37%

26.37%

12.78%

(15.49)%

27.23%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.47%

2.15%

2.73%

2.99%

4.32%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.33%

0.32%

0.30%

0.32%

0.32%

Net

investment

income

c

...........................

1.57%

1.75%

0.74%

1.18%

0.48%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$16

$15

$12

$11

$13

Portfolio

turnover

rate

............................

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.72

$9.73

$9.55

$13.24

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.21 0.19 0.08 0.10 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.32 2.31 1.05 (1.80)

2.79 Total

from

investment

operations

....................

1.53 2.50 1.13 (1.70)

2.88 Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.26)

(0.08)

(0.73)

(0.10)

Net

realized

gains

.............................

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...............................

(0.65)

(0.51)

(0.95)

(1.99)

(0.24)

Net

asset

value,

end

of

year

.......................

$12.60

$11.72

$9.73

$9.55

$13.24

Total

return

....................................

13.68%

26.67%

13.17%

(15.34)%

27.51%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.22%

1.90%

2.48%

2.74%

4.07%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.08%

0.07%

0.05%

0.07%

0.07%

Net

investment

income

c

...........................

1.81%

1.83%

0.87%

0.94%

0.73%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$60

$71

$42

$28

$13

Portfolio

turnover

rate

............................

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.75

$9.75

$9.56

$13.25

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.23 0.23 0.11 0.17 0.10 Net

realized

and

unrealized

gains

(losses)

...........

1.31 2.29 1.03 (1.85)

2.79 Total

from

investment

operations

....................

1.54 2.52 1.14 (1.68)

2.89 Less

distributions

from:

Net

investment

income

..........................

(0.52)

(0.27)

(0.08)

(0.75)

(0.10)

Net

realized

gains

.............................

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...............................

(0.66)

(0.52)

(0.95)

(2.01)

(0.24)

Net

asset

value,

end

of

year

.......................

$12.63

$11.75

$9.75

$9.56

$13.25

Total

return

....................................

13.77%

26.87%

13.36%

(15.19)%

27.68%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.07%

1.75%

2.33%

2.59%

3.92%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.07)%

(0.08)%

(0.10)%

(0.08)%

(0.08)%

Net

investment

income

c

...........................

1.97%

2.15%

1.14%

1.58%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$16

$12

$11

$13

Portfolio

turnover

rate

............................

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.76

$9.76

$9.57

$13.26

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.24 0.22 0.11 0.19 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.32 2.31 1.04 (1.86)

2.79 Total

from

investment

operations

....................

1.56 2.53 1.15 (1.67)

2.90 Less

distributions

from:

Net

investment

income

..........................

(0.54)

(0.28)

(0.09)

(0.76)

(0.10)

Net

realized

gains

.............................

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...............................

(0.68)

(0.53)

(0.96)

(2.02)

(0.24)

Net

asset

value,

end

of

year

.......................

$12.64

$11.76

$9.76

$9.57

$13.26

Total

return

....................................

13.89%

26.95%

13.48%

(15.08)%

27.81%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.97%

1.65%

2.23%

2.49%

3.82%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.17)%

(0.18)%

(0.20)%

(0.18)%

(0.18)%

Net

investment

income

c

...........................

2.07%

2.03%

1.21%

1.73%

0.94%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$23,793

$16,361

$5,676

$4,165

$3,930

Portfolio

turnover

rate

............................

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.75

$9.75

$9.56

$13.25

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.23 0.23 0.11 0.17 0.10 Net

realized

and

unrealized

gains

(losses)

...........

1.31 2.29 1.03 (1.85)

2.79 Total

from

investment

operations

....................

1.54 2.52 1.14 (1.68)

2.89 Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.27)

(0.08)

(0.75)

(0.10)

Net

realized

gains

.............................

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...............................

(0.67)

(0.52)

(0.95)

(2.01)

(0.24)

Net

asset

value,

end

of

year

.......................

$12.62

$11.75

$9.75

$9.56

$13.25

Total

return

....................................

13.77%

26.86%

13.37%

(15.19)%

27.68%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.07%

1.75%

2.33%

2.59%

3.92%

Expenses

net

of

waiver

and

payments

by

affiliates

d

,e

.....

(0.07)%

(0.08)%

(0.10)%

(0.08)%

(0.08)%

Net

investment

income

c

...........................

1.97%

2.15%

1.14%

1.57%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$148

$17

$13

$12

$13

Portfolio

turnover

rate

............................

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 99.9%

#### Domestic

#### Hybrid

#### 98.8%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

210,447

$

3,428,178

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

998,839

22,084,327

25,512,505

#### Liquidity

#### Funds

#### 1.1%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

.......................

273,936

273,936

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 23,985,821

####)
.......................

#### 25,786,441
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 23,985,821

####)
99.9 #### %
....................................

#### $25,786,441

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 21,052

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $25,807,493
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.29

$10.09

$9.66

$13.43

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.19 0.11 0.07 0.06 0.06 Net

realized

and

unrealized

gains

(losses)

...........

1.46 2.56 1.19 (1.83)

2.96 Total

from

investment

operations

....................

1.65 2.67 1.26 (1.77)

3.02 Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.22)

(0.06)

(0.75)

(0.10)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.70)

(0.47)

(0.83)

(2.00)

(0.22)

Net

asset

value,

end

of

year

.......................

$13.24

$12.29

$10.09

$9.66

$13.43

Total

return

d

...................................

14.17%

27.33%

14.28%

(15.71)%

28.67%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.60%

2.48%

3.27%

3.71%

6.11%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.19%

0.18%

0.16%

0.17%

0.18%

Net

investment

income

c

...........................

1.50%

0.95%

0.69%

0.59%

0.53%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,533

$649

$261

$171

$37

Portfolio

turnover

rate

............................

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.18

$10.03

$9.63

$13.37

$10.63

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

...................

0.09 (0.06)

—

d

—

d

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.45 2.64 1.17 (1.85)

2.94 Total

from

investment

operations

....................

1.54 2.58 1.17 (1.85)

2.93 Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.18)

—

d

(0.64)

(0.07)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.62)

(0.43)

(0.77)

(1.89)

(0.19)

Net

asset

value,

end

of

year

.......................

$13.10

$12.18

$10.03

$9.63

$13.37

Total

return

e

...................................

13.26%

26.51%

13.29%

(16.28)%

27.78%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.35%

3.23%

4.02%

4.46%

6.86%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

0.94%

0.93%

0.91%

0.92%

0.93%

Net

investment

income

(loss)

c

......................

0.75%

(0.50)%

—%

0.03%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$108

$113

$15

$18

$13

Portfolio

turnover

rate

............................

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.30

$10.09

$9.65

$13.40

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.14 0.11 0.04 0.08 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.46 2.53 1.17 (1.90)

2.94 Total

from

investment

operations

....................

1.60 2.64 1.21 (1.82)

2.97 Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.18)

—

d

(0.68)

(0.08)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.65)

(0.43)

(0.77)

(1.93)

(0.20)

Net

asset

value,

end

of

year

.......................

$13.25

$12.30

$10.09

$9.65

$13.40

Total

return

....................................

13.67%

26.91%

13.75%

(16.02)%

28.21%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.00%

2.88%

3.67%

4.11%

6.51%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.59%

0.58%

0.56%

0.57%

0.58%

Net

investment

income

c

...........................

1.10%

0.99%

0.40%

0.71%

0.23%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$16

$12

$11

$13

Portfolio

turnover

rate

............................

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

b

Amount

rounds

to

less

than

$0.01

per

share.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests..

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.32

$10.11

$9.67

$13.42

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.17 0.14 0.06 0.11 0.06 Net

realized

and

unrealized

gains

(losses)

...........

1.47 2.52 1.18 (1.89)

2.94 Total

from

investment

operations

....................

1.64 2.66 1.24 (1.78)

3.00 Less

distributions

from:

Net

investment

income

..........................

(0.47)

(0.20)

(0.03)

(0.72)

(0.09)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.68)

(0.45)

(0.80)

(1.97)

(0.21)

Net

asset

value,

end

of

year

.......................

$13.28

$12.32

$10.11

$9.67

$13.42

Total

return

....................................

14.01%

27.14%

14.04%

(15.78)%

28.50%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.75%

2.63%

3.42%

3.86%

6.26%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.34%

0.33%

0.31%

0.32%

0.33%

Net

investment

income

c

...........................

1.35%

1.24%

0.65%

0.95%

0.48%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$16

$12

$11

$13

Portfolio

turnover

rate

............................

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests..

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.34

$10.12

$9.68

$13.44

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.20 0.15 0.08 0.08 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.47 2.54 1.19 (1.84)

2.94 Total

from

investment

operations

....................

1.67 2.69 1.27 (1.76)

3.03 Less

distributions

from:

Net

investment

income

..........................

(0.50)

(0.22)

(0.06)

(0.75)

(0.10)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.71)

(0.47)

(0.83)

(2.00)

(0.22)

Net

asset

value,

end

of

year

.......................

$13.30

$12.34

$10.12

$9.68

$13.44

Total

return

....................................

14.28%

27.48%

14.39%

(15.62)%

28.79%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.50%

2.38%

3.17%

3.61%

6.01%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.09%

0.08%

0.06%

0.07%

0.08%

Net

investment

income

c

...........................

1.60%

1.39%

0.86%

0.73%

0.73%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$47

$38

$26

$30

$13

Portfolio

turnover

rate

............................

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.36

$10.13

$9.69

$13.45

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.22 0.18 0.10 0.15 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.47 2.54 1.18 (1.89)

2.93 Total

from

investment

operations

....................

1.69 2.72 1.28 (1.74)

3.04 Less

distributions

from:

Net

investment

income

..........................

(0.52)

(0.24)

(0.07)

(0.77)

(0.10)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.73)

(0.49)

(0.84)

(2.02)

(0.22)

Net

asset

value,

end

of

year

.......................

$13.32

$12.36

$10.13

$9.69

$13.45

Total

return

....................................

14.40%

27.76%

14.51%

(15.48)%

28.94%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.35%

2.23%

3.02%

3.46%

5.86%

Expenses

net

of

waiver

and

payments

by

affiliates

d,e

.....

(0.06)%

(0.07)%

(0.09)%

(0.08)%

(0.07)%

Net

investment

income

c

...........................

1.75%

1.64%

1.05%

1.35%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$16

$12

$11

$13

Portfolio

turnover

rate

............................

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.37

$10.14

$9.70

$13.46

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.23 0.18 0.12 0.15 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.47 2.55 1.17 (1.88)

2.95 Total

from

investment

operations

....................

1.70 2.73 1.29 (1.73)

3.06 Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.25)

(0.08)

(0.78)

(0.11)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.74)

(0.50)

(0.85)

(2.03)

(0.23)

Net

asset

value,

end

of

year

.......................

$13.33

$12.37

$10.14

$9.70

$13.46

Total

return

....................................

14.51%

27.84%

14.62%

(15.37)%

29.08%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.25%

2.13%

2.92%

3.36%

5.76%

Expenses

net

of

waiver

and

payments

by

affiliates

d,e

.....

(0.16)%

(0.17)%

(0.19)%

(0.18)%

(0.17)%

Net

investment

income

c

...........................

1.85%

1.61%

1.26%

1.38%

0.91%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$14,743

$8,788

$3,551

$2,899

$2,274

Portfolio

turnover

rate

............................

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.36

$10.13

$9.69

$13.45

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.22 0.18 0.10 0.15 0.10 Net

realized

and

unrealized

gains

(losses)

...........

1.47 2.54 1.18 (1.89)

2.94 Total

from

investment

operations

....................

1.69 2.72 1.28 (1.74)

3.04 Less

distributions

from:

Net

investment

income

..........................

(0.52)

(0.24)

(0.07)

(0.77)

(0.10)

Net

realized

gains

.............................

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...............................

(0.73)

(0.49)

(0.84)

(2.02)

(0.22)

Net

asset

value,

end

of

year

.......................

$13.32

$12.36

$10.13

$9.69

$13.45

Total

return

....................................

14.41%

27.76%

14.51%

(15.48)%

28.94%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.35%

2.23%

3.02%

3.46%

5.86%

Expenses

net

of

waiver

and

payments

by

affiliates

d,e

.....

(0.06)%

(0.07)%

(0.09)%

(0.08)%

(0.07)%

Net

investment

income

c

...........................

1.75%

1.63%

1.04%

1.35%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$140

$18

$14

$11

$13

Portfolio

turnover

rate

............................

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests..

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 99.9%

#### Domestic

#### Hybrid

#### 99.4%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

396,275

$

6,455,324

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

500,594

11,068,141

17,523,465

#### Liquidity

#### Funds

#### 0.5%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

.......................

82,523

82,523

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 16,530,312

####)
.......................

#### 17,605,988
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 16,530,312

####)
99.9 #### %
....................................

#### $17,605,988

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 14,760

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $17,620,748
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.13

$10.25

$9.48

$13.66

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.15 0.10 0.04 0.08 0.06 Net

realized

and

unrealized

gains

(losses)

...........

1.55 2.62 1.31 (1.83)

3.07 Total

from

investment

operations

....................

1.70 2.72 1.35 (1.75)

3.13 Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.18)

(0.03)

(0.75)

(0.10)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.60)

(0.84)

(0.58)

(2.43)

(0.13)

Net

asset

value,

end

of

year

.......................

$13.23

$12.13

$10.25

$9.48

$13.66

Total

return

d

...................................

14.71%

28.16%

15.26%

(15.91)%

29.56%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.90%

3.22%

5.29%

7.94%

13.14%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.20%

0.19%

h

0.17%

h

0.18%

h

0.18%

h

Net

investment

income

c

...........................

1.23%

0.88%

0.42%

0.75%

0.50%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,238

$625

$372

$118

$71

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.93

$10.15

$9.44

$13.59

$10.66

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

....................

0.06 0.02 0.02 0.02 (0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.53 2.58 1.24 (1.85)

3.04 Total

from

investment

operations

....................

1.59 2.60 1.26 (1.83)

3.03 Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.16)

—

(0.64)

(0.07)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.53)

(0.82)

(0.55)

(2.32)

(0.10)

Net

asset

value,

end

of

year

.......................

$12.99

$11.93

$10.15

$9.44

$13.59

Total

return

d

...................................

13.87%

27.21%

14.32%

(16.48)%

28.59%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.66%

3.97%

6.04%

8.69%

13.89%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.95%

0.94%

0.92%

0.93%

0.93%

Net

investment

income

(loss)

c

......................

0.48%

0.17%

0.16%

0.17%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$105

$71

$13

$11

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.09

$10.21

$9.46

$13.62

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.10 0.06 0.05 0.06 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.55 2.61 1.25 (1.85)

3.04 Total

from

investment

operations

....................

1.65 2.67 1.30 (1.79)

3.07 Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.13)

—

(0.69)

(0.08)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.56)

(0.79)

(0.55)

(2.37)

(0.11)

Net

asset

value,

end

of

year

.......................

$13.18

$12.09

$10.21

$9.46

$13.62

Total

return

....................................

14.27%

27.70%

14.73%

(16.22)%

29.00%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.31%

3.62%

5.69%

8.34%

13.54%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.60%

0.59%

0.57%

0.58%

0.58%

Net

investment

income

c

...........................

0.83%

0.55%

0.53%

0.53%

0.23%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$24

$16

$12

$11

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.14

$10.25

$9.48

$13.64

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.13 0.09 0.07 0.09 0.06 Net

realized

and

unrealized

gains

(losses)

...........

1.56 2.62 1.26 (1.85)

3.04 Total

from

investment

operations

....................

1.69 2.71 1.33 (1.76)

3.10 Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.16)

(0.01)

(0.72)

(0.09)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.60)

(0.82)

(0.56)

(2.40)

(0.12)

Net

asset

value,

end

of

year

.......................

$13.23

$12.14

$10.25

$9.48

$13.64

Total

return

....................................

14.55%

27.98%

14.99%

(15.97)%

29.29%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.06%

3.37%

5.44%

8.09%

13.29%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.35%

0.34%

0.32%

0.33%

0.33%

Net

investment

income

c

...........................

1.08%

0.80%

0.78%

0.78%

0.48%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$16

$12

$11

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.15

$10.26

$9.49

$13.66

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.17 0.11 0.08 0.09 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.60 2.62 1.28 (1.83)

3.04 Total

from

investment

operations

....................

1.77 2.73 1.36 (1.74)

3.13 Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.18)

(0.04)

(0.75)

(0.10)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.28)

(0.84)

(0.59)

(2.43)

(0.13)

Net

asset

value,

end

of

year

.......................

$13.64

$12.15

$10.26

$9.49

$13.66

Total

return

....................................

14.85%

28.26%

15.36%

(15.81)%

29.58%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.81%

3.12%

5.19%

7.84%

13.04%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.10%

0.09%

0.07%

0.08%

0.08%

Net

investment

income

c

...........................

1.33%

0.99%

0.83%

0.80%

0.73%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$32

$24

$27

$20

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.18

$10.28

$9.50

$13.67

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.18 0.13 0.11 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.56 2.63 1.27 (1.85)

3.03 Total

from

investment

operations

....................

1.74 2.76 1.38 (1.72)

3.14 Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.20)

(0.05)

(0.77)

(0.10)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.61)

(0.86)

(0.60)

(2.45)

(0.13)

Net

asset

value,

end

of

year

.......................

$13.31

$12.18

$10.28

$9.50

$13.67

Total

return

....................................

14.99%

28.48%

15.56%

(15.67)%

29.73%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.66%

2.97%

5.04%

7.69%

12.89%

Expenses

net

of

waiver

and

payments

by

affiliates

d,e

.....

(0.05)%

(0.06)%

(0.08)%

(0.07)%

(0.07)%

Net

investment

income

c

...........................

1.48%

1.20%

1.18%

1.18%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$18

$16

$13

$11

$13

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver..

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.19

$10.28

$9.51

$13.68

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.19 0.12 0.11 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.56 2.66 1.27 (1.84)

3.05 Total

from

investment

operations

....................

1.75 2.78 1.38 (1.71)

3.16 Less

distributions

from:

Net

investment

income

..........................

(0.48)

(0.21)

(0.06)

(0.78)

(0.11)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.64)

(0.87)

(0.61)

(2.46)

(0.14)

Net

asset

value,

end

of

year

.......................

$13.30

$12.19

$10.28

$9.51

$13.68

Total

return

....................................

15.09%

28.70%

15.57%

(15.55)%

29.87%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.56%

2.87%

4.94%

7.59%

12.79%

Expenses

net

of

waiver

and

payments

by

affiliates

d,e

.....

(0.15)%

(0.16)%

(0.18)%

(0.17)%

(0.17)%

Net

investment

income

c

...........................

1.58%

1.13%

1.13%

1.16%

0.91%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$10,818

$6,620

$2,051

$1,050

$748

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.18

$10.28

$9.51

$13.67

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.18 0.13 0.11 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

...........

1.56 2.63 1.26 (1.84)

3.03 Total

from

investment

operations

....................

1.74 2.76 1.37 (1.71)

3.14 Less

distributions

from:

Net

investment

income

..........................

(0.47)

(0.20)

(0.05)

(0.77)

(0.10)

Net

realized

gains

.............................

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...............................

(0.63)

(0.86)

(0.60)

(2.45)

(0.13)

Net

asset

value,

end

of

year

.......................

$13.29

$12.18

$10.28

$9.51

$13.67

Total

return

....................................

14.97%

28.49%

15.44%

(15.58)%

29.74%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.66%

2.97%

5.04%

7.69%

12.89%

Expenses

net

of

waiver

and

payments

by

affiliates

d,e

.....

(0.05)%

(0.06)%

(0.08)%

(0.07)%

(0.07)%

Net

investment

income

c

...........................

1.48%

1.21%

1.17%

1.18%

0.89%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$32

$24

$18

$14

$16

Portfolio

turnover

rate

............................

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 100.0%

#### Domestic

#### Hybrid

#### 99.5%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

497,945

$

8,111,516

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

231,056

5,108,645

13,220,161

#### Liquidity

#### Funds

#### 0.5%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

.......................

64,409

64,409

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 12,197,913

####)
.......................

#### 13,284,570
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 12,197,913

####)
100.0 #### %
...................................

#### $13,284,570

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

(789) #### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $13,283,781
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021
a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.62

$10.36

$9.43

$11.88

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

....................

0.13 0.05 0.03 0.08 (0.02)

Net

realized

and

unrealized

gains

(losses)

...........

1.69 2.80 1.36 (1.86)

1.90 Total

from

investment

operations

....................

1.82 2.85 1.39 (1.78)

1.88 Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.14)

(0.02)

(0.67)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...............................

(0.70)

(0.59)

(0.46)

(0.67)

—

Net

asset

value,

end

of

year

.......................

$13.74

$12.62

$10.36

$9.43

$11.88

Total

return

e

...................................

15.14%

28.63%

15.57%

(15.94)%

18.80%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

5.83%

11.66%

28.68%

70.55%

99.45%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.18%

0.20%

0.18%

0.18%

0.12%

Net

investment

income

(loss)

c

......................

1.02%

0.47%

0.32%

0.79%

(0.12)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,004

$645

$234

$42

$21

Portfolio

turnover

rate

............................

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021
a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.45

$10.26

$9.40

$11.82

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

....................

0.03 (0.02)

—

e

0.01 (0.07)

Net

realized

and

unrealized

gains

(losses)

...........

1.67 2.76 1.30 (1.86)

1.89 Total

from

investment

operations

....................

1.70 2.74 1.30 (1.85)

1.82 Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.10)

—

(0.57)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...............................

(0.63)

(0.55)

(0.44)

(0.57)

—

Net

asset

value,

end

of

year

.......................

$13.52

$12.45

$10.26

$9.40

$11.82

Total

return

f

....................................

14.29%

27.72%

14.54%

(16.50)%

18.20%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

6.59%

12.41%

29.43%

71.30%

99.96%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.94%

0.95%

0.93%

0.93%

0.63%

Net

investment

income

(loss)

c

......................

0.27%

(0.18)%

(0.03)%

0.06%

(0.63)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$84

$67

$32

$12

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021
a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.57

$10.33

$9.42

$11.85

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

....................

0.08 0.04 0.04 0.05 (0.04)

Net

realized

and

unrealized

gains

(losses)

...........

1.68 2.76 1.31 (1.87)

1.89 Total

from

investment

operations

....................

1.76 2.80 1.35 (1.82)

1.85 Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.11)

—

(0.61)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...............................

(0.65)

(0.56)

(0.44)

(0.61)

—

Net

asset

value,

end

of

year

.......................

$13.68

$12.57

$10.33

$9.42

$11.85

Total

return

e

...................................

14.69%

28.10%

15.06%

(16.26)%

18.50%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

6.24%

12.06%

29.08%

70.95%

99.72%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.59%

0.60%

0.58%

0.58%

0.39%

Net

investment

income

(loss)

c

......................

0.62%

0.38%

0.41%

0.47%

(0.39)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$23

$19

$11

$10

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021
a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.66

$10.38

$9.44

$11.87

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

....................

0.03 0.07 0.06 0.08 (0.02)

Net

realized

and

unrealized

gains

(losses)

...........

1.77 2.78 1.32 (1.87)

1.89 Total

from

investment

operations

....................

1.80 2.85 1.38 (1.79)

1.87 Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.12)

—

e

(0.64)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...............................

(0.68)

(0.57)

(0.44)

(0.64)

—

Net

asset

value,

end

of

year

.......................

$13.78

$12.66

$10.38

$9.44

$11.87

Total

return

f

....................................

14.88%

28.47%

15.37%

(16.03)%

18.70%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

5.99%

11.81%

28.83%

70.70%

99.55%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.34%

0.35%

0.33%

0.33%

0.22%

Net

investment

income

(loss)

c

......................

1.29%

0.59%

0.66%

0.72%

(0.22)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$16

$15

$11

$10

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021
a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.66

$10.38

$9.46

$11.89

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

....................

0.14 0.09 0.08 0.06 (0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.70 2.79 1.32 (1.82)

1.90 Total

from

investment

operations

....................

1.84 2.88 1.40 (1.76)

1.89 Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.15)

(0.04)

(0.67)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...............................

(0.70)

(0.60)

(0.48)

(0.67)

—

Net

asset

value,

end

of

year

.......................

$13.80

$12.66

$10.38

$9.46

$11.89

Total

return

e

...................................

15.29%

28.81%

15.55%

(15.79)%

18.90%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

5.74%

11.56%

28.58%

70.45%

99.39%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.09%

0.10%

0.08%

0.08%

0.06%

Net

investment

income

(loss)

c

......................

1.12%

0.81%

0.86%

0.54%

(0.06)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$85

$75

$57

$34

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021
a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.70

$10.40

$9.47

$11.90

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.16 0.11 0.10 0.12 0.01 Net

realized

and

unrealized

gains

(losses)

...........

1.70 2.80 1.31 (1.87)

1.89 Total

from

investment

operations

....................

1.86 2.91 1.41 (1.75)

1.90 Less

distributions

from:

Net

investment

income

..........................

(0.47)

(0.16)

(0.04)

(0.68)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...............................

(0.73)

(0.61)

(0.48)

(0.68)

—

Net

asset

value,

end

of

year

.......................

$13.83

$12.70

$10.40

$9.47

$11.90

Total

return

e

...................................

15.37%

29.08%

15.71%

(15.66)%

19.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

5.58%

11.41%

28.43%

70.30%

99.29%

Expenses

net

of

waiver

and

payments

by

affiliates

g,h

.....

(0.06)%

(0.05)%

(0.07)%

(0.07)%

(0.04)%

Net

investment

income

c

...........................

1.27%

0.99%

1.06%

1.11%

0.04%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$15

$12

$10

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

h

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021
a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.70

$10.40

$9.47

$11.91

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.17 0.12 0.08 0.06 0.01 Net

realized

and

unrealized

gains

(losses)

...........

1.70 2.80 1.34 (1.80)

1.90 Total

from

investment

operations

....................

1.87 2.92 1.42 (1.74)

1.91 Less

distributions

from:

Net

investment

income

..........................

(0.48)

(0.17)

(0.05)

(0.70)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...............................

(0.74)

(0.62)

(0.49)

(0.70)

—

Net

asset

value,

end

of

year

.......................

$13.83

$12.70

$10.40

$9.47

$11.91

Total

return

e

...................................

15.50%

29.20%

15.83%

(15.65)%

19.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

5.48%

11.31%

28.33%

70.20%

99.22%

Expenses

net

of

waiver

and

payments

by

affiliates

g,h

.....

(0.17)%

(0.15)%

(0.17)%

(0.17)%

(0.11)%

Net

investment

income

c

...........................

1.37%

1.05%

0.81%

0.60%

0.11%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,011

$275

$141

$36

$12

Portfolio

turnover

rate

............................

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

h

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021
a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.69

$10.40

$9.46

$11.90

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.16 0.15 0.10 0.12 —

e

Net

realized

and

unrealized

gains

(losses)

...........

1.71 2.75 1.32 (1.87)

1.90 Total

from

investment

operations

....................

1.87 2.90 1.42 (1.75)

1.90 Less

distributions

from:

Net

investment

income

..........................

(0.47)

(0.16)

(0.04)

(0.69)

—

Net

realized

gains

.............................

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...............................

(0.73)

(0.61)

(0.48)

(0.69)

—

Net

asset

value,

end

of

year

.......................

$13.83

$12.69

$10.40

$9.46

$11.90

Total

return

f

....................................

15.47%

28.97%

15.83%

(15.73)%

19.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

5.58%

11.41%

28.43%

70.30%

99.29%

Expenses

net

of

waiver

and

payments

by

affiliates

h,i

......

(0.07)%

(0.05)%

(0.07)%

(0.07)%

(0.04)%

Net

investment

income

c

...........................

1.27%

1.37%

1.04%

1.11%

0.04%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$52

$17

$25

$22

$27

Portfolio

turnover

rate

............................

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

i

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 100.1%

#### Domestic

#### Hybrid

#### 99.8%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

158,190

$

2,576,919

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

31,963

706,700

3,283,619

#### Liquidity

#### Funds

#### 0.3%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

.......................

11,167

11,167

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 3,046,277

####)
........................

#### 3,294,786
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 3,046,277

####)
100.1 #### %
....................................

#### $3,294,786

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (2,944)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $3,291,842
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

(loss)

c,d

............................................................................

(—)

e

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.40 Total

from

investment

operations

......................................................................

0.40 Net

asset

value,

end

of

year

.........................................................................

$10.40

Total

return

f

......................................................................................

4.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

........................................................

27.18%

Expenses

net

of

waiver

and

payments

by

affiliates

h

........................................................

0.20%

Net

investment

(loss)

d

..............................................................................

(0.24)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.......................................................................

$30

Portfolio

turnover

rate

..............................................................................

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

(loss)

c,d

............................................................................

(0.01)

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41 Total

from

investment

operations

......................................................................

0.40 Net

asset

value,

end

of

year

.........................................................................

$10.40

Total

return

e

.....................................................................................

4.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

28.16%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

0.96%

Net

investment

(loss)

d

..............................................................................

(0.92)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.......................................................................

$10

Portfolio

turnover

rate

..............................................................................

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

(loss)

c,d

............................................................................

(—)

e

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41 Total

from

investment

operations

......................................................................

0.41 Net

asset

value,

end

of

year

.........................................................................

$10.41

Total

return

f

......................................................................................

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

........................................................

27.82%

Expenses

net

of

waiver

and

payments

by

affiliates

h

........................................................

0.62%

Net

investment

(loss)

d

..............................................................................

(0.58)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.......................................................................

$10

Portfolio

turnover

rate

..............................................................................

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

(loss)

c,d

............................................................................

(—)

e

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41 Total

from

investment

operations

......................................................................

0.41 Net

asset

value,

end

of

year

.........................................................................

$10.41

Total

return

f

......................................................................................

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

........................................................

27.58%

Expenses

net

of

waiver

and

payments

by

affiliates

h

........................................................

0.39%

Net

investment

(loss)

d

..............................................................................

(0.35)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.......................................................................

$10

Portfolio

turnover

rate

..............................................................................

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

(loss)

c,d

............................................................................

(—)

e

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41 Total

from

investment

operations

......................................................................

0.41 Net

asset

value,

end

of

year

.........................................................................

$10.41

Total

return

f

......................................................................................

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

........................................................

27.34%

Expenses

net

of

waiver

and

payments

by

affiliates

h

........................................................

0.14%

Net

investment

(loss)

d

..............................................................................

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.......................................................................

$10

Portfolio

turnover

rate

..............................................................................

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

..........................................................................

—

e

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41 Total

from

investment

operations

......................................................................

0.41 Net

asset

value,

end

of

year

.........................................................................

$10.41

Total

return

f

......................................................................................

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

........................................................

27.19%

Expenses

net

of

waiver

and

payments

by

affiliates

h

........................................................

(0.01)%

Net

investment

income

d

.............................................................................

0.05%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.......................................................................

$10

Portfolio

turnover

rate

..............................................................................

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

..........................................................................

—

e

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41 Total

from

investment

operations

......................................................................

0.41 Net

asset

value,

end

of

year

.........................................................................

$10.41

Total

return

f

......................................................................................

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

........................................................

27.10%

Expenses

net

of

waiver

and

payments

by

affiliates

h

........................................................

(0.11)%

Net

investment

income

d

.............................................................................

0.14%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.......................................................................

$968

Portfolio

turnover

rate

..............................................................................

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

..........................................................................

—

e

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.41 Total

from

investment

operations

......................................................................

0.41 Net

asset

value,

end

of

year

.........................................................................

$10.41

Total

return

f

......................................................................................

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

........................................................

27.19%

Expenses

net

of

waiver

and

payments

by

affiliates

h

........................................................

(0.01)%

Net

investment

income

d

.............................................................................

0.05%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.......................................................................

$10

Portfolio

turnover

rate

..............................................................................

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 100.0%

#### Domestic

#### Hybrid

#### 99.5%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

50,879

$

828,824

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

10,262

226,890

1,055,714

#### Liquidity

#### Funds

#### 0.5%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.566 %

.......................

5,117

5,117

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 1,019,696

####)
........................

#### 1,060,831
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 1,019,696

####)
100.0 #### %
....................................

#### $1,060,831

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 65

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,060,896
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
Assets:

Investments

in

securities:

Cost

-

Non-controlled

affiliates

(Note

3f)

.....

$39,533,746

$37,851,812

$43,599,370

$37,255,955

Value

-

Non-controlled

affiliates

(Note

3f)

.....

40,918,863

38,846,864

45,440,619

38,641,766

Cash

.................................

51,889

1,382

1,584

15,327

Receivables:

Investment

securities

sold

................

5,266

734

8,062

Capital

shares

sold

.....................

32,422

7,841

28,244

19,237

Affiliates

.............................

134,456

50,600

54,404

21,178

Prepaid

expenses

.......................

51,205

39,807

39,769

39,769

Total

assets

.......................

41,194,101

38,947,228

45,565,012

38,745,339

Liabilities:

Payables:

Investment

securities

purchased

...........

31,419

14,713

24,440

30,239

Capital

shares

redeemed

................

4,448

567

3,187

8,346

Management

fees

......................

—

32,813

37,163

—

Distribution

fees

.......................

1,538

1,254

1,564

1,716

Transfer

agent

fees

.....................

3,005

4,086

4,791

3,863

Reports

to

shareholders

fees

.............

6,850

12,527

12,356

14,834

Professional

fees

......................

36,176

31,572

31,942

27,920

Reorganization

expenses

................

61,273

—

—

—

Accrued

expenses

and

other

liabilities

........

39,125

2,908

2,907

2,908

Total

liabilities

......................

183,834

100,440

118,350

89,826

Net

assets,

at

value

..............

$41,010,267

$38,846,788

$45,446,662

$38,655,513

Net

assets

consist

of:

Paid-in

capital

..........................

$39,542,120

$36,462,411

$41,505,242

$34,775,160

Total

distributable

earnings

(losses)

..........

1,468,147

2,384,377

3,941,420

3,880,353

Net

assets,

at

value

..............

$41,010,267

$38,846,788

$45,446,662

$38,655,513

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$6,007,919

$5,351,550

$7,187,321

$5,556,238

Shares

outstanding

.....................

554,190

479,895

616,751

466,059

Net

asset

value

per

share

a,b

...............

$10.84

$11.15

$11.65

$11.92

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%,

94.25%,

94.25%

and

94.25%,

respectively)

b

...................

$11.29

$11.83

$12.36

$12.65

#### Class

#### C:
Net

assets,

at

value

....................

$34,262

$107,798

$21,652

$52,957

Shares

outstanding

.....................

3,214

9,831

1,881

4,476

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$10.66

$10.97

$11.51

$11.83

#### Class

#### R:
Net

assets,

at

value

....................

$12,941

$13,107

$14,307

$15,210

Shares

outstanding

.....................

1,205

1,172

1,227

1,274

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.74

$11.18

$11.66

$11.94

#### Class

#### R3:
Net

assets,

at

value

....................

$11,369

$13,238

$14,447

$15,208

Shares

outstanding

.....................

1,053

1,182

1,235

1,272

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.80

$11.20

$11.69

$11.96

#### Class

#### R4:
Net

assets,

at

value

....................

$15,129

$20,900

$57,928

$75,676

Shares

outstanding

.....................

1,393

1,845

4,950

6,321

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.86

$11.33

$11.70

$11.97

#### Class

#### R5:
Net

assets,

at

value

....................

$11,528

$13,450

$14,684

$15,452

Shares

outstanding

.....................

1,058

1,197

1,251

1,288

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.90

$11.24

$11.73

$11.99

#### Class

#### R6:
Net

assets,

at

value

....................

$34,881,999

$32,589,721

$38,063,745

$32,842,867

Shares

outstanding

.....................

3,191,605

2,899,409

3,242,091

2,735,241

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.93

$11.24

$11.74

$12.01

#### Class

#### Y:
Net

assets,

at

value

....................

$35,120

$737,024

$72,578

$81,905

Shares

outstanding

.....................

3,221

65,653

6,189

6,836

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.90

$11.23

$11.73

$11.98

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Assets:

Investments

in

securities:

Cost

-

Controlled

affiliates

(Note

3f)

.........

$—

$—

$—

$7,366,901

Cost

-

Non-controlled

affiliates

(Note

3f)

.....

24,480,020

23,985,821

16,530,312

4,831,012

Value

-

Controlled

affiliates

(Note

3f)

........

—

—

—

8,111,516

Value

-

Non-controlled

affiliates

(Note

3f)

.....

26,841,561

25,786,441

17,605,988

5,173,054

Cash

.................................

3,241

739

—

—

Receivables:

Investment

securities

sold

................

28,522

Capital

shares

sold

.....................

13,647

11,782

14,925

6,852

Affiliates

.............................

48,556

41,741

44,898

29,652

Prepaid

expenses

.......................

40,137

40,756

40,250

40,401

Total

assets

.......................

26,947,393

25,881,774

17,734,583

13,361,486

Liabilities:

Payables:

Investment

securities

purchased

...........

26,031

12,059

14,926

6,792

Capital

shares

redeemed

................

28,652

3,777

Management

fees

......................

18,921

17,591

—

1,951

Distribution

fees

.......................

824

861

538

Transfer

agent

fees

.....................

2,691

2,094

1,862

1,381

Reports

to

shareholders

fees

.............

15,593

16,266

16,159

19,983

Professional

fees

......................

29,320

22,962

20,483

18,981

Funds

advanced

by

custodian

..............

—

—

27,984

21,395

Accrued

expenses

and

other

liabilities

........

2,908

2,908

2,908

2,907

Total

liabilities

......................

96,645

74,281

113,835

77,705

Net

assets,

at

value

..............

$26,850,748

$25,807,493

$17,620,748

$13,283,781

Net

assets

consist

of:

Paid-in

capital

..........................

$22,972,336

$22,551,879

$15,335,720

$11,382,866

Total

distributable

earnings

(losses)

..........

3,878,412

3,255,614

2,285,028

1,900,915

Net

assets,

at

value

..............

$26,850,748

$25,807,493

$17,620,748

$13,283,781

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$3,308,541

$1,701,731

$2,532,879

$2,238,131

Shares

outstanding

.....................

260,511

135,630

191,271

169,184

Net

asset

value

per

share

a,b

...............

$12.70

$12.55

$13.24

$13.23

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

...............

$13.47

$13.32

$14.05

$14.04

#### Class

#### C:
Net

assets,

at

value

....................

$38,444

$55,062

$107,828

$105,027

Shares

outstanding

.....................

3,045

4,425

8,229

8,085

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$12.63

$12.44

$13.10

$12.99

#### Class

#### R:
Net

assets,

at

value

....................

$171,846

$17,069

$16,743

$23,999

Shares

outstanding

.....................

13,561

1,358

1,264

1,821

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.67

$12.57

$13.25

$13.18

#### Class

#### R3:
Net

assets,

at

value

....................

$16,040

$16,477

$16,912

$17,426

Shares

outstanding

.....................

1,259

1,308

1,273

1,317

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.74

$12.59

$13.28

$13.23

#### Class

#### R4:
Net

assets,

at

value

....................

$79,565

$59,618

$46,705

$31,624

Shares

outstanding

.....................

6,235

4,732

3,512

2,318

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.76

$12.60

$13.30

$13.64

#### Class

#### R5:
Net

assets,

at

value

....................

$16,298

$16,742

$17,183

$17,754

Shares

outstanding

.....................

1,275

1,325

1,290

1,334

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.78

$12.63

$13.32

$13.31

#### Class

#### R6:
Net

assets,

at

value

....................

$23,008,004

$23,792,551

$14,742,974

$10,817,849

Shares

outstanding

.....................

1,798,731

1,882,027

1,105,717

813,399

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.79

$12.64

$13.33

$13.30

#### Class

#### Y:
Net

assets,

at

value

....................

$212,010

$148,243

$139,524

$31,971

Shares

outstanding

.....................

16,599

11,746

10,475

2,405

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.77

$12.62

$13.32

$13.29

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Assets:

Investments

in

securities:

Cost

-

Non-controlled

affiliates

(Note

3f)

.......................................

$3,046,277

$1,019,696

Value

-

Non-controlled

affiliates

(Note

3f)

.......................................

3,294,786

1,060,831

Cash

...................................................................

5,829

—

Receivables:

Investment

securities

sold

..................................................

—

Capital

shares

sold

.......................................................

5,984

—

Affiliates

...............................................................

23,982

50,628

Prepaid

expenses

.........................................................

13,703

—

Offering

costs

............................................................

—

111,675

Total

assets

.........................................................

3,344,714

1,223,134

Liabilities:

Payables:

Investment

securities

purchased

.............................................

6,089

—

Capital

shares

redeemed

..................................................

—

Distribution

fees

.........................................................

Transfer

agent

fees

.......................................................

Reports

to

shareholders

fees

...............................................

23,134

—

Professional

fees

........................................................

19,606

17,912

Trustees'

fees

and

expenses

................................................

—

Offering

costs

............................................................

—

120,954

Organization

costs

.........................................................

—

22,500

Accrued

expenses

and

other

liabilities

..........................................

2,908

820

Total

liabilities

........................................................

52,872

162,238

Net

assets,

at

value

................................................

$3,291,842

$1,060,896

Net

assets

consist

of:

Paid-in

capital

............................................................

$2,859,287

$1,019,678

Total

distributable

earnings

(losses)

............................................

432,555

41,218

Net

assets,

at

value

................................................

$3,291,842

$1,060,896

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Class

#### A:
Net

assets,

at

value

......................................................

$1,004,140

$30,110

Shares

outstanding

.......................................................

73,099

2,896

Net

asset

value

per

share

a,b

.................................................

$13.74

$10.40

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

...............

$14.58

$11.03

#### Class

#### C:
Net

assets,

at

value

......................................................

$83,892

$10,404

Shares

outstanding

.......................................................

6,205

1,000

Net

asset

value

and

maximum

offering

price

per

share

a,b

...........................

$13.52

$10.40

#### Class

#### R:
Net

assets,

at

value

......................................................

$22,599

$10,406

Shares

outstanding

.......................................................

1,652

1,000

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$13.68

$10.41

#### Class

#### R3:
Net

assets,

at

value

......................................................

$16,081

$10,408

Shares

outstanding

.......................................................

1,167

1,000

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$13.78

$10.41

#### Class

#### R4:
Net

assets,

at

value

......................................................

$85,323

$10,410

Shares

outstanding

.......................................................

6,184

1,000

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$13.80

$10.41

#### Class

#### R5:
Net

assets,

at

value

......................................................

$17,374

$10,412

Shares

outstanding

.......................................................

1,256

1,000

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$13.83

$10.41

#### Class

#### R6:
Net

assets,

at

value

......................................................

$2,010,602

$968,334

Shares

outstanding

.......................................................

145,366

93,000

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$13.83

$10.41

#### Class

#### Y:
Net

assets,

at

value

......................................................

$51,831

$10,412

Shares

outstanding

.......................................................

3,749

1,000

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$13.83

$10.41

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

for

the

year

ended

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

..........

$1,066,597

$1,449,697

$1,390,885

$946,886

Expenses:

Management

fees

(Note

a)

................

79,023

138,206

149,724

129,621

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

4,330

7,217

13,584

6,198

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

2,116

1,586

1,506

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

2,143

3,619

6,823

3,105

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R4

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

5,016

8,149

8,192

7,424

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

.............................

943

Reports

to

shareholders

fees

...............

15,424

16,133

16,063

16,756

Registration

and

filing

fees

.................

66,483

67,989

67,230

67,630

Professional

fees

........................

164,490

32,921

33,391

29,204

Trustees'

fees

and

expenses

...............

Reorganization

expenses

..................

77,045

—

—

—

Other

.................................

7,200

7,166

7,113

7,141

Total

expenses

......................

421,766

285,333

304,748

269,624

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

...........................

(399,853)

(301,605)

(316,682)

(300,699)

Net

expenses

......................

21,913

(16,272)

(11,934)

(31,075)

Net

investment

income

.............

1,044,684

1,465,969

1,402,819

977,961

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

1,137,345

1,716,738

1,286,306

1,781,750

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

.........

—

1,220,593

2,745,806

2,452,238

Net

realized

gain

(loss)

...............

1,137,345

2,937,331

4,032,112

4,233,988

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

(447,815)

(1,450,613)

(1,226,741)

(1,278,270)

Net

realized

and

unrealized

gain

(loss)

.........

689,530

1,486,718

2,805,371

2,955,718

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$1,734,214

$2,952,687

$4,208,190

$3,933,679

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Investment

income:

Dividends:

Controlled

affiliates

(Note

3f)

..............

$—

$—

$—

$77,395

Non-controlled

affiliates

(Note

3f)

..........

471,827

414,370

239,889

69,383

Total

investment

income

................

471,827

414,370

239,889

146,778

Expenses:

Management

fees

(Note

a)

................

91,510

91,674

61,015

45,184

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

4,202

2,691

2,931

2,675

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

1,574

1,212

838

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

799

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

2,106

1,350

1,470

1,340

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R4

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

5,030

5,155

3,202

2,261

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

.............................

Reports

to

shareholders

fees

...............

17,052

17,268

17,309

18,509

Registration

and

filing

fees

.................

66,833

66,686

67,063

66,715

Professional

fees

........................

30,363

23,973

21,340

19,736

Trustees'

fees

and

expenses

...............

Other

.................................

7,100

7,114

7,106

7,085

Total

expenses

......................

227,976

217,060

183,363

164,926

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

...........................

(254,786)

(248,996)

(200,416)

(175,396)

Net

expenses

......................

(26,810)

(31,936)

(17,053)

(10,470)

Net

investment

income

.............

498,637

446,306

256,942

157,248

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

—

1,719

13,230

8,334

Controlled

affiliates

(Note

3f)

............

—

—

—

498,728

Non-controlled

affiliates

(Note

3f)

.........

1,022,579

997,684

1,041,718

183,806

Capital

gain

distributions

from

Underlying

Funds:

Controlled

affiliates

(Note

3f)

............

—

—

—

370,647

Non-controlled

affiliates

(Note

3f)

.........

1,551,381

1,530,942

947,661

245,338

Net

realized

gain

(loss)

...............

2,573,960

2,530,345

2,002,609

1,306,853

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Controlled

affiliates

(Note

3f)

............

—

—

—

96,685

Non-controlled

affiliates

(Note

3f)

.........

(59,966)

12,960

(184,700)

56,881

Net

change

in

unrealized

appreciation

(depreciation)

......................

(59,966)

12,960

(184,700)

153,566

Net

realized

and

unrealized

gain

(loss)

.........

2,513,994

2,543,305

1,817,909

1,460,419

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$3,012,631

$2,989,611

$2,074,851

$1,617,667

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### a
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

............................................

$26,996

$18

Expenses:

Management

fees

(Note

a)

..................................................

10,197

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

1,868

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

...............................................................

861

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

...............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

..............................................................

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

937

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

...............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

...............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

..............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R4

..............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

..............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

..............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

...............................................................

Reports

to

shareholders

fees

.................................................

18,399

742

Registration

and

filing

fees

...................................................

66,870

—

Professional

fees

..........................................................

19,670

17,912

Trustees'

fees

and

expenses

.................................................

Organization

costs

.........................................................

—

22,500

Amortization

of

offering

costs

(Note

d)

.........................................

—

9,279

Other

...................................................................

7,065

Total

expenses

........................................................

126,827

50,921

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

.............................

(126,488)

(50,986)

Net

expenses

........................................................

(65) Net

investment

income

...............................................

26,657

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

162,300

—

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

...........................................

118,033

—

Net

realized

gain

(loss)

.................................................

280,333

—

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

73,616

41,135

Net

realized

and

unrealized

gain

(loss)

...........................................

353,949

41,135

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$380,606

$41,218

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$1,044,684

$564,740

$1,465,969

$523,016

Net

realized

gain

(loss)

............

1,137,345

(397,245)

2,937,331

(291,147)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(447,815)

1,937,910

(1,450,613)

3,006,009

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

1,734,214

2,105,405

2,952,687

3,237,878

Distributions

to

shareholders:

Class

A

........................

(84,568)

(26,560)

(86,597)

(33,164)

Class

C

........................

(494) (336) (10,372)

(3,039)

Class

R

........................

(446) (375) (508) (284) Class

R3

.......................

(468) (402) (541) (312) Class

R4

.......................

(650) (1,180)

(850) (321) Class

R5

.......................

(513) (443) (600) (358) Class

R6

.......................

(949,718)

(562,444)

(1,511,257)

(477,978)

Class

Y

........................

(1,296)

(1,065)

(37,467)

(479) Total

distributions

to

shareholders

.....

(1,038,153)

(592,805)

(1,648,192)

(515,935)

Capital

share

transactions:

(Note

2)

Class

A

........................

5,149,501

10,972

3,270,312

703,038

Class

C

........................

22,683

16,162

(41,920)

Class

R

........................

1,666

(67) 284

Class

R3

.......................

Class

R4

.......................

(18,066)

1,489

1,556

Class

R5

.......................

Class

R6

.......................

18,538,495

2,374,459

4,055,920

11,528,012

Class

Y

........................

6,984

810

(119,415)

799,550

Total

capital

share

transactions

.......

23,719,803

2,368,834

7,224,411

12,991,190

Net

increase

(decrease)

in

net

assets

.....................

24,415,864

3,881,434

8,528,906

15,713,133

Net

assets:

Beginning

of

year

..................

16,594,403

12,712,969

30,317,882

14,604,749

End

of

year

......................

$41,010,267

$16,594,403

$38,846,788

$30,317,882

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$1,402,819

$438,241

$977,961

$348,442

Net

realized

gain

(loss)

............

4,032,112

(47,878)

4,233,988

148,443

Net

change

in

unrealized

appreciation

(depreciation)

.................

(1,226,741)

3,501,725

(1,278,270)

2,682,338

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

4,208,190

3,892,088

3,933,679

3,179,223

Distributions

to

shareholders:

Class

A

........................

(296,139)

(82,446)

(104,306)

(30,509)

Class

C

........................

(10,071)

(412) (5,465)

(741) Class

R

........................

(768) (454) (915) (335) Class

R3

.......................

(807) (484) (957) (366) Class

R4

.......................

(3,226)

(1,536)

(4,376)

(1,963)

Class

R5

.......................

(871) (532) (1,025)

(414) Class

R6

.......................

(1,972,814)

(638,262)

(2,100,056)

(378,406)

Class

Y

........................

(3,007)

(890) (6,116)

(990) Total

distributions

to

shareholders

.....

(2,287,703)

(725,016)

(2,223,216)

(413,724)

Capital

share

transactions:

(Note

2)

Class

A

........................

3,337,827

1,603,209

4,065,715

491,688

Class

C

........................

(124,973)

125,939

(34,781)

40,617

Class

R

........................

Class

R3

.......................

Class

R4

.......................

7,073

10,641

(3,689)

5,146

Class

R5

.......................

532

Class

R6

.......................

12,761,095

6,489,357

9,410,030

9,625,887

Class

Y

........................

20,917

24,464

40,654

4,010

Total

capital

share

transactions

.......

16,001,954

8,255,080

13,478,121

10,168,463

Net

increase

(decrease)

in

net

assets

.....................

17,922,441

11,422,152

15,188,584

12,933,962

Net

assets:

Beginning

of

year

..................

27,524,221

16,102,069

23,466,929

10,532,967

End

of

year

......................

$45,446,662

$27,524,221

$38,655,513

$23,466,929

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$498,637

$311,099

$446,306

$163,658

Net

realized

gain

(loss)

............

2,573,960

15,392

2,530,345

(18,514)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(59,966)

2,547,003

12,960

1,899,768

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

3,012,631

2,873,494

2,989,611

2,044,912

Distributions

to

shareholders:

Class

A

........................

(62,630)

(15,721)

(50,317)

(21,708)

Class

C

........................

(7,318)

(628) (1,913)

(617) Class

R

........................

(7,971)

(262) (761) (574) Class

R3

.......................

(746) (291) (803) (606) Class

R4

.......................

(3,705)

(1,990)

(4,174)

(2,399)

Class

R5

.......................

(814) (341) (874) (659) Class

R6

.......................

(995,616)

(275,903)

(1,106,055)

(311,383)

Class

Y

........................

(9,219)

(2,715)

(2,897)

(716) Total

distributions

to

shareholders

.....

(1,088,019)

(297,851)

(1,167,794)

(338,662)

Capital

share

transactions:

(Note

2)

Class

A

........................

1,928,789

428,415

803,394

331,670

Class

C

........................

(112,688)

94,515

26,873

8,648

Class

R

........................

10,629

133,718

753

574

Class

R3

.......................

606

Class

R4

.......................

2,275

(18,614)

(15,258)

18,455

Class

R5

.......................

659

Class

R6

.......................

6,048,260

3,633,802

5,744,563

9,122,164

Class

Y

........................

55,363

25,158

125,842

716

Total

capital

share

transactions

.......

7,932,648

4,297,626

6,686,179

9,483,492

Net

increase

(decrease)

in

net

assets

.....................

9,857,260

6,873,269

8,507,996

11,189,742

Net

assets:

Beginning

of

year

..................

16,993,488

10,120,219

17,299,497

6,109,755

End

of

year

......................

$26,850,748

$16,993,488

$25,807,493

$17,299,497

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$256,942

$82,987

$157,248

$40,632

Net

realized

gain

(loss)

............

2,002,609

24,318

1,306,853

44,491

Net

change

in

unrealized

appreciation

(depreciation)

.................

(184,700)

1,293,213

153,566

909,276

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

2,074,851

1,400,518

1,617,667

994,399

Distributions

to

shareholders:

Class

A

........................

(39,025)

(13,304)

(32,859)

(33,558)

Class

C

........................

(5,921)

(1,027)

(3,067)

(3,127)

Class

R

........................

(826) (517) (843) (967) Class

R3

.......................

(870) (549) (793) (999) Class

R4

.......................

(2,296)

(1,205)

(587) (2,241)

Class

R5

.......................

(942) (602) (823) (1,056)

Class

R6

.......................

(726,124)

(189,492)

(423,925)

(196,200)

Class

Y

........................

(1,070)

(666) (1,343)

(1,619)

Total

distributions

to

shareholders

.....

(777,074)

(207,362)

(464,240)

(239,767)

Capital

share

transactions:

(Note

2)

Class

A

........................

1,679,485

291,363

1,428,960

162,846

Class

C

........................

(15,190)

80,741

25,241

48,886

Class

R

........................

517

5,816

1,324

Class

R3

.......................

549

999

Class

R4

.......................

5,222

6,465

4,617

(8,958)

Class

R5

.......................

602

1,056

Class

R6

.......................

4,890,879

4,175,145

3,247,855

3,930,989

Class

Y

........................

109,982

1,120

5,071

2,491

Total

capital

share

transactions

.......

6,670,437

4,556,502

4,717,585

4,139,633

Net

increase

(decrease)

in

net

assets

.....................

7,968,214

5,749,658

5,871,012

4,894,265

Net

assets:

Beginning

of

year

..................

9,652,534

3,902,876

7,412,769

2,518,504

End

of

year

......................

$17,620,748

$9,652,534

$13,283,781

$7,412,769

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

..............................

$26,657

$4,971

$83

Net

realized

gain

(loss)

..............................

280,333

22,405

—

Net

change

in

unrealized

appreciation

(depreciation)

........

73,616

175,322

41,135

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................................

380,606

202,698

41,218

Distributions

to

shareholders:

Class

A

..........................................

(33,198)

(14,449)

—

Class

C

..........................................

(3,955)

(2,052)

—

Class

R

..........................................

(1,058)

(801) —

Class

R3

.........................................

(792) (625) —

Class

R4

.........................................

(4,265)

(3,811)

—

Class

R5

.........................................

(859) (673) —

Class

R6

.........................................

(53,979)

(8,313)

—

Class

Y

..........................................

(1,041)

(1,426)

—

Total

distributions

to

shareholders

.......................

(99,147)

(32,150)

—

Capital

share

transactions:

(Note

2)

Class

A

..........................................

205,011

322,421

29,678

Class

C

..........................................

3,215

25,647

10,000

Class

R

..........................................

572

4,301

10,000

Class

R3

.........................................

174,556

625

10,000

Class

R4

.........................................

(383) 908

10,000

Class

R5

.........................................

674

10,000

Class

R6

.........................................

1,472,371

91,545

930,000

Class

Y

..........................................

26,461

(11,711)

10,000

Total

capital

share

transactions

.........................

1,881,956

434,410

1,019,678

Net

increase

(decrease)

in

net

assets

................

2,163,415

604,958

1,060,896

Net

assets:

Beginning

of

year

....................................

1,128,427

523,469

—

End

of

year

........................................

$3,291,842

$1,128,427

$1,060,896

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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

Funds

offer eight classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R3,

Class

R4,

Class

R5,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

August

1,

2025,

the

Trust

began

offering

shares

of

the

Putnam

Retirement

Advantage

2070

Fund.

The

accounting

policies

of

the

Underlying

Funds

are

outlined

in

their

respective

shareholder

reports.

A

copy

of

the

Underlying

Funds'

shareholder

reports

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.

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### 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

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.

b. #### Income

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

c. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

and

capital

gain

distributions

by

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

The

Funds

indirectly

bear

their

proportionate

share

of

expenses

from

the

Underlying

Funds.

Since

the

Underlying

Funds

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

d. #### Organization

#### and

#### Offering

#### Costs
Organization

costs

were

expensed

as

incurred.

Offering

costs

are

amortized

on

a

straight

line

basis

over

the

first

twelve

months

of

operations.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

August

31,

2025

Shares

sold

a

...................................

267,711

$2,799,814

382,651

$4,039,670

Shares

issued

in

reinvestment

of

distributions

..........

7,877

78,970

8,351

86,597

Shares

issued

on

reorganizatio

n

(Note

6)

.............

227,868

2,445,028

—

—

Shares

redeemed

...............................

(16,850)

(174,311)

(80,616)

(855,955)

Net

increase

(decrease)

..........................

486,606

$5,149,501

310,386

$3,270,312

Year

ended

August

31,

2024

Shares

sold

a

...................................

$1,257

69,440

$710,098

Shares

issued

in

reinvestment

of

distributions

..........

2,652

26,560

3,419

33,164

Shares

redeemed

...............................

(1,659)

(16,845)

(4,150)

(40,224)

Net

increase

(decrease)

..........................

1,115

$10,972

68,709

$703,038

Class

C

#### Class

#### C

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

6,800

$71,728

19,905

$213,924

Shares

issued

in

reinvestment

of

distributions

..........

958

9,834

Shares

issued

on

reorganizatio

n

(Note

6)

.............

7,738

81,640

—

—

Shares

redeemed

a

..............................

(12,378)

(130,784)

(19,156)

(207,596)

Net

increase

(decrease)

..........................

2,169

$22,683

1,707

$16,162

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

999

$9,859

Shares

issued

in

reinvestment

of

distributions

..........

3,039

Shares

redeemed

a

..............................

—

—

(5,543)

(54,818)

Net

increase

(decrease)

..........................

$144

(4,229)

$(41,920)

Class

R

#### Class

#### R

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

$1,658

$1,387

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

issued

on

reorganizatio

n

(Note

6)

.............

1,224

13,012

—

—

Shares

redeemed

...............................

(1,224)

(13,012)

(130) (1,454)

Net

increase

(decrease)

..........................

$1,666

—

$(67)

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$159

$284

Class

R3

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R3

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$10

—

$5

Shares

issued

on

reorganizatio

n

(Note

6)

.............

1,073

11,468

—

—

Shares

redeemed

...............................

(1,073)

(11,468)

—

—

Net

increase

(decrease)

..........................

—

$10

—

$5

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$170

$312

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

$2,353

$1,307

Shares

issued

in

reinvestment

of

distributions

..........

Shares

issued

on

reorganizatio

n

(Note

6)

.............

1,085

11,664

—

—

Shares

redeemed

...............................

(1,276)

(13,714)

(8) (93) Net

increase

(decrease)

..........................

$454

$1,489

Year

ended

August

31,

2024

Shares

sold

...................................

$2,447

$1,300

Shares

issued

in

reinvestment

of

distributions

..........

936

Shares

redeemed

...............................

(2,049)

(21,449)

(7) (65) Net

increase

(decrease)

..........................

(1,707)

$(18,066)

$1,556

Class

R5

#### Class

#### R5

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$10

—

$5

Shares

issued

on

reorganizatio

n

(Note

6)

.............

1,077

11,620

—

—

Shares

redeemed

...............................

(1,077)

(11,620)

—

—

Net

increase

(decrease)

..........................

—

$10

—

$5

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$186

$358

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

992,863

$10,647,372

1,321,973

$14,374,372

Shares

issued

in

reinvestment

of

distributions

..........

86,633

795,109

132,876

1,385,893

Shares

issued

on

reorganizatio

n

(Note

6)

.............

1,594,063

17,247,760

—

—

Shares

redeemed

...............................

(958,392)

(10,151,746)

(1,080,059)

(11,704,345)

Net

increase

(decrease)

..........................

1,715,167

$18,538,495

374,790

$4,055,920

Year

ended

August

31,

2024

Shares

sold

...................................

608,156

$6,122,070

1,377,329

$14,235,293

Shares

issued

in

reinvestment

of

distributions

..........

55,764

562,444

49,074

477,978

Shares

redeemed

...............................

(423,525)

(4,310,055)

(322,707)

(3,185,259)

Net

increase

(decrease)

..........................

240,395

$2,374,459

1,103,696

$11,528,012

Class

Y

#### Class

#### Y

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

572

$6,202

10,567

$116,824

Shares

issued

in

reinvestment

of

distributions

..........

782

3,534

36,861

Shares

issued

on

reorganizatio

n

(Note

6)

.............

1,652

17,822

—

—

Shares

redeemed

...............................

(1,652)

(17,822)

(25,454)

(273,100)

Net

increase

(decrease)

..........................

646

$6,984

(11,353)

$(119,415)

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

75,655

$800,756

Shares

issued

in

reinvestment

of

distributions

..........

810

Shares

redeemed

...............................

—

—

(165) (1,685)

Net

increase

(decrease)

..........................

$810

75,539

$799,550

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

August

31,

2025

Shares

sold

a

...................................

365,503

$4,039,197

378,667

$4,227,254

Shares

issued

in

reinvestment

of

distributions

..........

27,728

296,139

9,642

104,132

Shares

redeemed

...............................

(89,401)

(997,509)

(23,893)

(265,671)

Net

increase

(decrease)

..........................

303,830

$3,337,827

364,416

$4,065,715

Year

ended

August

31,

2024

Shares

sold

a

...................................

164,000

$1,746,817

88,028

$875,905

Shares

issued

in

reinvestment

of

distributions

..........

8,404

82,446

3,104

30,509

Shares

redeemed

...............................

(22,339)

(226,054)

(40,512)

(414,726)

Net

increase

(decrease)

..........................

150,065

$1,603,209

50,620

$491,688

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

3,313

$37,483

18,790

$209,017

Shares

issued

in

reinvestment

of

distributions

..........

875

9,271

4,558

Shares

redeemed

a

..............................

(15,123)

(171,727)

(21,226)

(248,356)

Net

increase

(decrease)

..........................

(10,935)

$(124,973)

(2,013)

$(34,781)

Year

ended

August

31,

2024

Shares

sold

...................................

11,758

$127,220

3,918

$41,926

Shares

issued

in

reinvestment

of

distributions

..........

741

Shares

redeemed

a

..............................

(160) (1,693)

(221) (2,050)

Net

increase

(decrease)

..........................

11,640

$125,939

3,772

$40,617

Class

R

#### Class

#### R

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$5

$164

Net

increase

(decrease)

..........................

—

$5

$164

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$454

$335

Class

R3

#### Class

#### R3

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$5

—

$14

Net

increase

(decrease)

..........................

—

$5

—

$14

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$484

$366

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

1,172

$13,109

660

$7,563

Shares

issued

in

reinvestment

of

distributions

..........

2,375

3,381

Shares

redeemed

...............................

(775) (8,411)

(1,282)

(14,633)

Net

increase

(decrease)

..........................

619

$7,073

(310) $(3,689)

Year

ended

August

31,

2024

Shares

sold

...................................

1,166

$11,957

540

$5,543

Shares

issued

in

reinvestment

of

distributions

..........

1,536

1,963

Shares

redeemed

...............................

(264) (2,852)

(243) (2,360)

Net

increase

(decrease)

..........................

1,058

$10,641

$5,146

Class

R5

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$5

—

$14

Net

increase

(decrease)

..........................

—

$5

—

$14

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

532

Net

increase

(decrease)

..........................

$532

$414

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

1,561,028

$17,494,992

1,154,772

$13,403,718

Shares

issued

in

reinvestment

of

distributions

..........

162,255

1,740,998

185,973

2,017,809

Shares

redeemed

...............................

(579,518)

(6,474,895)

(526,073)

(6,011,497)

Net

increase

(decrease)

..........................

1,143,765

$12,761,095

814,672

$9,410,030

Year

ended

August

31,

2024

Shares

sold

...................................

972,491

$10,254,415

1,057,289

$11,498,075

Shares

issued

in

reinvestment

of

distributions

..........

64,864

638,262

38,339

378,406

Shares

redeemed

...............................

(434,239)

(4,403,320)

(211,762)

(2,250,594)

Net

increase

(decrease)

..........................

603,116

$6,489,357

883,866

$9,625,887

Class

Y

#### Class

#### Y

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

2,950

$32,529

5,052

$58,115

Shares

issued

in

reinvestment

of

distributions

..........

2,130

5,082

Shares

redeemed

...............................

(1,255)

(13,742)

(2,022)

(22,543)

Net

increase

(decrease)

..........................

1,894

$20,917

3,499

$40,654

Year

ended

August

31,

2024

b

Shares

sold

...................................

2,206

$23,574

$3,020

Shares

issued

in

reinvestment

of

distributions

..........

890

990

Net

increase

(decrease)

..........................

2,296

$24,464

$4,010

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

August

31,

2025

Shares

sold

a

...................................

172,118

$2,037,773

89,232

$1,040,024

Shares

issued

in

reinvestment

of

distributions

..........

5,494

62,630

4,320

48,473

Shares

redeemed

...............................

(14,623)

(171,614)

(24,755)

(285,103)

Net

increase

(decrease)

..........................

162,989

$1,928,789

68,797

$803,394

Year

ended

August

31,

2024

Shares

sold

a

...................................

42,223

$445,014

39,402

$401,511

Shares

issued

in

reinvestment

of

distributions

..........

1,555

15,721

2,102

20,788

Shares

redeemed

...............................

(2,988)

(32,320)

(8,622)

(90,629)

Net

increase

(decrease)

..........................

40,790

$428,415

32,882

$331,670

Class

C

#### Class

#### C

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

4,983

$59,698

2,616

$30,636

Shares

issued

in

reinvestment

of

distributions

..........

583

6,645

1,145

Shares

redeemed

a

..............................

(14,421)

(179,031)

(411) (4,908)

Net

increase

(decrease)

..........................

(8,855)

$(112,688)

2,307

$26,873

Year

ended

August

31,

2024

Shares

sold

...................................

10,054

$106,582

751

$8,056

Shares

issued

in

reinvestment

of

distributions

..........

628

617

Shares

redeemed

a

..............................

(1,131)

(12,695)

(2) (25) Net

increase

(decrease)

..........................

8,985

$94,515

811

$8,648

Class

R

#### Class

#### R

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

2,030

$24,209

$750

Shares

issued

in

reinvestment

of

distributions

..........

632

7,215

—

—

Shares

redeemed

...............................

(1,759)

(20,795)

—

Net

increase

(decrease)

..........................

903

$10,629

$753

Year

ended

August

31,

2024

Shares

sold

...................................

11,412

$133,486

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

574

Shares

redeemed

...............................

(3) (30) —

—

Net

increase

(decrease)

..........................

11,435

$133,718

$574

Class

R3

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R3

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$10

—

$—

Shares

redeemed

...............................

—

—

—

Net

increase

(decrease)

..........................

—

$10

—

$6

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

606

Net

increase

(decrease)

..........................

$291

$606

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

$410

1,182

$13,864

Shares

issued

in

reinvestment

of

distributions

..........

2,924

3,322

Shares

redeemed

...............................

(91) (1,059)

(2,790)

(32,444)

Net

increase

(decrease)

..........................

$2,275

(1,313)

$(15,258)

Year

ended

August

31,

2024

Shares

sold

...................................

$2,038

1,780

$18,704

Shares

issued

in

reinvestment

of

distributions

..........

1,990

2,399

Shares

redeemed

...............................

(1,958)

(22,642)

(247) (2,648)

Net

increase

(decrease)

..........................

(1,567)

$(18,614)

1,775

$18,455

Class

R5

#### Class

#### R5

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$10

—

$—

Shares

redeemed

...............................

—

—

—

Net

increase

(decrease)

..........................

—

$10

—

$6

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

659

Net

increase

(decrease)

..........................

$341

$659

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

755,442

$9,009,592

697,012

$8,255,241

Shares

issued

in

reinvestment

of

distributions

..........

85,254

977,014

92,984

1,048,860

Shares

redeemed

...............................

(324,918)

(3,938,346)

(299,668)

(3,559,538)

Net

increase

(decrease)

..........................

515,778

$6,048,260

490,328

$5,744,563

Year

ended

August

31,

2024

Shares

sold

...................................

497,531

$5,484,467

906,623

$10,164,843

Shares

issued

in

reinvestment

of

distributions

..........

27,183

275,903

31,326

311,383

Shares

redeemed

...............................

(201,089)

(2,126,568)

(128,081)

(1,354,062)

Net

increase

(decrease)

..........................

323,625

$3,633,802

809,868

$9,122,164

Class

Y

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

5,180

$61,996

11,535

$140,278

Shares

issued

in

reinvestment

of

distributions

..........

734

8,402

2,012

Shares

redeemed

...............................

(1,275)

(15,035)

(1,409)

(16,448)

Net

increase

(decrease)

..........................

4,639

$55,363

10,305

$125,842

Year

ended

August

31,

2024

Shares

sold

...................................

1,928

$22,443

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

2,715

716

Net

increase

(decrease)

..........................

2,196

$25,158

$716

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

August

31,

2025

Shares

sold

a

...................................

153,850

$1,879,394

123,099

$1,497,809

Shares

issued

in

reinvestment

of

distributions

..........

3,304

39,025

2,794

32,859

Shares

redeemed

...............................

(18,642)

(238,934)

(8,217)

(101,708)

Net

increase

(decrease)

..........................

138,512

$1,679,485

117,676

$1,428,960

Year

ended

August

31,

2024

Shares

sold

a

...................................

29,586

$321,428

19,074

$209,327

Shares

issued

in

reinvestment

of

distributions

..........

1,285

13,304

3,303

33,558

Shares

redeemed

...............................

(3,940)

(43,369)

(7,214)

(80,039)

Net

increase

(decrease)

..........................

26,931

$291,363

15,163

$162,846

Class

C

#### Class

#### C

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

1,598

$19,515

3,270

$39,668

Shares

issued

in

reinvestment

of

distributions

..........

5,136

2,372

Shares

redeemed

a

..............................

(3,055)

(39,841)

(1,348)

(16,799)

Net

increase

(decrease)

..........................

(1,020)

$(15,190)

2,126

$25,241

Year

ended

August

31,

2024

Shares

sold

...................................

9,572

$102,051

4,396

$45,784

Shares

issued

in

reinvestment

of

distributions

..........

1,027

3,127

Shares

redeemed

a

..............................

(1,907)

(22,337)

(2) (25) Net

increase

(decrease)

..........................

7,765

$80,741

4,705

$48,886

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$19

$5,776

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

—

—

(5) (62) Net

increase

(decrease)

..........................

—

$19

$5,816

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

$360

Shares

issued

in

reinvestment

of

distributions

..........

517

967

Shares

redeemed

...............................

—

—

—

(3) Net

increase

(decrease)

..........................

$517

$1,324

Class

R3

#### Class

#### R3

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$20

—

$12

Net

increase

(decrease)

..........................

—

$20

—

$12

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

549

999

Net

increase

(decrease)

..........................

$549

$999

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

839

$10,424

$5,740

Shares

issued

in

reinvestment

of

distributions

..........

1,378

Shares

redeemed

...............................

(550) (6,580)

(117) (1,340)

Net

increase

(decrease)

..........................

$5,222

$4,617

Year

ended

August

31,

2024

Shares

sold

...................................

673

$7,429

707

$7,743

Shares

issued

in

reinvestment

of

distributions

..........

1,205

2,241

Shares

redeemed

...............................

(206) (2,169)

(1,617)

(18,942)

Net

increase

(decrease)

..........................

583

$6,465

(690) $(8,958)

Class

R5

#### Class

#### R5

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$20

—

$13

Net

increase

(decrease)

..........................

—

$20

—

$13

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

602

1,056

Net

increase

(decrease)

..........................

$602

$1,056

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

632,024

$7,908,893

389,931

$4,776,310

Shares

issued

in

reinvestment

of

distributions

..........

59,464

705,241

33,294

392,867

Shares

redeemed

...............................

(296,229)

(3,723,255)

(153,102)

(1,921,322)

Net

increase

(decrease)

..........................

395,259

$4,890,879

270,123

$3,247,855

Year

ended

August

31,

2024

Shares

sold

...................................

414,430

$4,787,004

366,418

$4,196,278

Shares

issued

in

reinvestment

of

distributions

..........

18,238

189,492

19,273

196,200

Shares

redeemed

...............................

(72,482)

(801,351)

(41,891)

(461,489)

Net

increase

(decrease)

..........................

360,186

$4,175,145

343,800

$3,930,989

Class

Y

#### Class

#### Y

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

9,015

$109,880

$6,003

Shares

issued

in

reinvestment

of

distributions

..........

Shares

redeemed

...............................

(2) (25) (122) (1,430)

Net

increase

(decrease)

..........................

9,024

$109,982

$5,071

Year

ended

August

31,

2024

Shares

sold

...................................

$479

$3,984

Shares

issued

in

reinvestment

of

distributions

..........

666

1,619

Shares

redeemed

...............................

(2) (25) (272) (3,112)

Net

increase

(decrease)

..........................

$1,120

$2,491

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

August

31,

2025

Shares

sold

a

...................................

61,943

$779,362

2,896

$29,678

Shares

issued

in

reinvestment

of

distributions

..........

2,723

33,198

—

—

Shares

redeemed

...............................

(42,675)

(607,549)

—

—

Net

increase

(decrease)

..........................

21,991

$205,011

2,896

$29,678

Year

ended

August

31,

2024

Shares

sold

a

...................................

31,146

$354,025

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

1,371

14,449

—

—

Shares

redeemed

...............................

(3,977)

(46,053)

—

—

Net

increase

(decrease)

..........................

28,540

$322,421

—

$—

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

2,872

$36,072

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

3,223

—

—

Shares

redeemed

a

..............................

(2,329)

(36,080)

—

—

Net

increase

(decrease)

..........................

810

$3,215

1,000

$10,000

Year

ended

August

31,

2024

Shares

sold

...................................

2,153

$23,902

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

2,052

—

—

Shares

redeemed

a

..............................

(28) (307) —

—

Net

increase

(decrease)

..........................

2,321

$25,647

—

$—

Class

R

#### Class

#### R

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

$1,429

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

—

(1,153)

—

—

Net

increase

(decrease)

..........................

$572

1,000

$10,000

Year

ended

August

31,

2024

Shares

sold

...................................

$3,500

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

801

—

—

Net

increase

(decrease)

..........................

$4,301

—

$—

Class

R3

#### Class

#### R3

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

—

$478

1,000

$10,000

Shares

redeemed

...............................

—

174,078

—

—

Net

increase

(decrease)

..........................

—

$174,556

1,000

$10,000

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

625

—

—

Net

increase

(decrease)

..........................

$625

—

$—

Class

R4

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R4

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

2,133

$27,261

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

3,435

—

—

Shares

redeemed

...............................

(2,133)

(31,079)

—

—

Net

increase

(decrease)

..........................

$(383)

1,000

$10,000

Year

ended

August

31,

2024

Shares

sold

...................................

2,906

$32,464

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

3,811

—

—

Shares

redeemed

...............................

(2,861)

(35,367)

—

—

Net

increase

(decrease)

..........................

$908

—

$—

Class

R5

#### Class

#### R5

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

$999

1,000

$10,000

Shares

redeemed

...............................

—

(846) —

—

Net

increase

(decrease)

..........................

$153

1,000

$10,000

Year

ended

August

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

674

—

—

Net

increase

(decrease)

..........................

$674

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

147,404

$1,884,452

93,000

$930,000

Shares

issued

in

reinvestment

of

distributions

..........

4,338

53,101

—

—

Shares

redeemed

...............................

(28,056)

(465,182)

—

—

Net

increase

(decrease)

..........................

123,686

$1,472,371

93,000

$930,000

Year

ended

August

31,

2024

Shares

sold

...................................

20,085

$227,711

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

786

8,313

—

—

Shares

redeemed

...............................

(12,746)

(144,479)

—

—

Net

increase

(decrease)

..........................

8,125

$91,545

—

$—

Class

Y

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Funds are

also

officers,

directors, and/or trustees

of

certain

of

the

FT

Underlying

Funds

and

of

the

following

subsidiaries:

a. #### Management

#### Fees
Each

Fund

pays

Advisers

a

management

fee.

The

fee

for

each

Fund

is

calculated

and

paid

monthly

based

on

an

annual

rate

and

the

Fund's

average

net

assets

for

the

month.

For

Putnam

Retirement

Advantage

Maturity

Fund,

the

annual

rate

is

0.36%.

For

each

of

the

other

Funds,

the

annual

rate

is

based

on

the

number

of

years

remaining

(determined

as

of

September

30th

of

each

year

and

applicable

through

September

30th

of

the

following

year)

until

the

date

referenced

in

the

Fund's

name

(the

"Target

Date").

"Average

net

assets"

means

the

average

of

all

of

the

determinations

of

a

Fund's

net

asset

value

at

the

close

of

business

on

each

business

day

during

each

month.

The

annual

rate

for

each

fund

for

the

reporting

period

were:

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Year

ended

August

31,

2025

Shares

sold

...................................

2,758

$34,194

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(391) (7,914)

—

—

Net

increase

(decrease)

..........................

2,382

$26,461

1,000

$10,000

Year

ended

August

31,

2024

Shares

sold

...................................

$1,975

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

1,425

—

—

Shares

redeemed

...............................

(1,392)

(15,111)

—

—

Net

increase

(decrease)

..........................

(1,084)

$(11,711)

—

$—

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. b

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
Gross

effective

investment

management

fee

rate

........

0.360%

0.380%

0.390%

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Funds.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Funds.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Funds,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Effective

November

1,

2024,

under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Funds.

The

subadvisory

fee

is

paid

by

Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Funds.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Funds.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Funds

have

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds.

The

Plans

provide

payments

by

the

Funds

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Funds

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
Gross

effective

investment

management

fee

rate

........

0.400%

0.410%

0.420%

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
Gross

effective

investment

management

fee

rate

........

0.430%

0.440%

0.455%

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Gross

effective

investment

management

fee

rate

........

0.450%

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$37

$2,879

$4,447

$6,108

CDSC

retained

...........................

$—

$—

$46

$130

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

each

Fund

and

receives

fees

for

investor

servicing

at

the

following

Class

specific

rates.

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$2,311

$2,350

$1,531

$2,919

CDSC

retained

...........................

$15

$23

$24

$18

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$1,791

$—

CDSC

retained

...........................

$1

$—

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Maximum

#### %

#### Maximum

#### %

#### Maximum

#### %

#### Maximum

#### %
Class

A

.......................................

0.125%

0.125%

0.125%

0.125%

Class

C

.......................................

0.125%

0.125%

0.125%

0.125%

Class

R

.......................................

0.275%

0.275%

0.275%

0.275%

Class

R3

......................................

0.275%

0.275%

0.275%

0.275%

Class

R4

......................................

0.275%

0.275%

0.275%

0.275%

Class

R5

......................................

0.125%

0.125%

0.125%

0.125%

Class

R6

......................................

0.025%

0.025%

0.025%

0.025%

Class

Y

.......................................

0.125%

0.125%

0.125%

0.125%

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Maximum

#### %

#### Maximum

#### %

#### Maximum

#### %

#### Maximum

#### %
Class

A

.......................................

0.125%

0.125%

0.125%

0.125%

Class

C

.......................................

0.125%

0.125%

0.125%

0.125%

Class

R

.......................................

0.275%

0.275%

0.275%

0.275%

Class

R3

......................................

0.275%

0.275%

0.275%

0.275%

Class

R4

......................................

0.275%

0.275%

0.275%

0.275%

Class

R5

......................................

0.125%

0.125%

0.125%

0.125%

Class

R6

......................................

0.025%

0.025%

0.025%

0.025%

Class

Y

.......................................

0.125%

0.125%

0.125%

0.125%

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
The

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Advisers

(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

FT

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

Underlying

Funds,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

the

Underlying

Funds.

For

certain

Funds,

and

specific

classes

of

shares

within

those

Funds,

the

acquired

fund

fee

and

expense

waiver

may

exceed

the

contractually

capped

net

expense

ratio

of

a

share

class,

resulting

in

a

negative

net

expense

ratio

for

that

share

class.

When

there

is

a

significant

concentration

of

shareholder

investments

in

share

classes

with

negative

net

expense

ratios,

this

may

result

in

negative

total

expenses,

as

disclosed

in

the

Statements

of

Operations.

Investments

in

FT

Underlying

Funds

for

the

period

ended

August

31,

2025,

were

as

follows:

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Maximum

#### %

#### Maximum

#### %
Class

A

......................................................................

0.125%

0.125%

Class

C

......................................................................

0.125%

0.125%

Class

R

......................................................................

0.275%

0.275%

Class

R3

.....................................................................

0.275%

0.275%

Class

R4

.....................................................................

0.275%

0.275%

Class

R5

.....................................................................

0.125%

0.125%

Class

R6

.....................................................................

0.025%

0.025%

Class

Y

......................................................................

0.125%

0.125%

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Multi-Asset

Income

Fund,

Class

P

............

$15,624,033

$34,062,445

$(12,564,994)

$1,137,345

$252,545

$38,511,374

3,482,041

$1,004,744

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

$

972,681

$

3,613,026

$

(2,178,218)

$

—

$

—

$

2,407,489

2,407,489

$

61,853

#### Total

#### Affiliated

#### Securities

#### ...
$16,596,714

$37,675,471

$(14,743,212)

$1,137,345

$252,545

$40,918,863

$1,066,597

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

P

.....................

$11,236,177

$7,473,942

$(9,337,294)

$767,535

$(1,070,077)

$9,070,283

529,188

$1,332,367

a

Putnam

Dynamic

Asset

Allocation

Conservative

Fund,

Class

P

................

$

12,889,169

$

14,909,690

$

(7,547,965)

$

714,827

$

(322,976)

$

20,642,745

1,843,102

$

964,846

a

Putnam

Multi-Asset

Income

Fund,

Class

P

............

4,520,195

4,684,334

(2,527,100)

234,376

(57,560)

6,854,245

619,733

275,432

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

1,671,133

1,468,261

(859,803)

—

—

2,279,591

2,279,591

97,645

#### Total

#### Non-Controlled

#### Affiliates
$30,316,674

$28,536,227

$(20,272,162)

$1,716,738

$(1,450,613)

$38,846,864

$2,670,290

#### Total

#### Affiliated

#### Securities

#### ...
$30,316,674

$28,536,227

$(20,272,162)

$1,716,738

$(1,450,613)

$38,846,864

$2,670,290

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

P

.....................

$24,930,396

$25,657,933

$(10,104,383)

$1,209,796

$(1,174,338)

$40,519,404

2,364,026

$3,922,883

a

Putnam

Dynamic

Asset

Allocation

Conservative

Fund,

Class

P

................

137,544

1,372,521

(194,794)

1,017

36,932

1,353,220

120,823

28,868

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

1,047,318

268,825

(1,257,881)

70,036

(128,298)

—

—

70,177

a

Putnam

Multi-Asset

Income

Fund,

Class

P

............

220,172

1,460,198

(228,254)

5,457

38,963

1,496,536

135,311

34,527

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

1,187,578

1,342,816

(458,935)

—

—

2,071,459

2,071,459

80,236

#### Total

#### Non-Controlled

#### Affiliates
$27,523,008

$30,102,293

$(12,244,247)

$1,286,306

$(1,226,741)

$45,440,619

$4,136,691

#### Total

#### Affiliated

#### Securities

#### ...
$27,523,008

$30,102,293

$(12,244,247)

$1,286,306

$(1,226,741)

$45,440,619

$4,136,691

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

P

.....................

$9,481,850

$13,999,398

$(4,538,066)

$552,119

$(454,831)

$19,040,470

1,110,879

$1,609,448

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

13,218,778

12,535,586

(7,859,437)

1,229,631

(823,439)

18,301,119

827,730

1,739,152

a

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

$

763,424

$

874,090

$

(337,337)

$

—

$

—

$

1,300,177

1,300,177

$

50,524

#### Total

#### Non-Controlled

#### Affiliates
$23,464,052

$27,409,074

$(12,734,840)

$1,781,750

$(1,278,270)

$38,641,766

$3,399,124

#### Total

#### Affiliated

#### Securities

#### ...
$23,464,052

$27,409,074

$(12,734,840)

$1,781,750

$(1,278,270)

$38,641,766

$3,399,124

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

P

.....................

$509,826

$1,586,013

$(328,318)

$13,717

$35,258

$1,816,496

105,980

$101,934

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

16,094,458

13,491,473

(6,155,213)

1,008,862

(95,224)

24,344,356

1,101,056

1,894,543

a

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

386,387

474,717

(180,395)

—

—

680,709

680,709

26,731

#### Total

#### Non-Controlled

#### Affiliates
$16,990,671

$15,552,203

$(6,663,926)

$1,022,579

$(59,966)

$26,841,561

$2,023,208

#### Total

#### Affiliated

#### Securities

#### ...
$16,990,671

$15,552,203

$(6,663,926)

$1,022,579

$(59,966)

$26,841,561

$2,023,208

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

$2,982,730

$1,812,232

$(1,580,067)

$293,938

$(80,655)

$3,428,178

210,447

$263,305

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

14,174,961

11,063,530

(3,951,525)

703,746

93,615

22,084,327

998,839

1,671,795

a

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

139,162

242,130

(107,356)

—

—

273,936

273,936

10,212

#### Total

#### Non-Controlled

#### Affiliates
$17,296,853

$13,117,892

$(5,638,948)

$997,684

$12,960

$25,786,441

$1,945,312

#### Total

#### Affiliated

#### Securities

#### ...
$17,296,853

$13,117,892

$(5,638,948)

$997,684

$12,960

$25,786,441

$1,945,312

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

$4,012,870

$4,901,966

$(2,888,473)

$510,745

$(81,784)

$6,455,324

396,275

$418,173

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

5,589,497

8,509,201

(3,458,614)

530,973

(102,916)

11,068,141

500,594

766,082

a

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

48,834

85,828

(52,139)

—

—

82,523

82,523

3,295

#### Total

#### Non-Controlled

#### Affiliates
$9,651,201

$13,496,995

$(6,399,226)

$1,041,718

$(184,700)

$17,605,988

$1,187,550

#### Total

#### Affiliated

#### Securities

#### ...
$9,651,201

$13,496,995

$(6,399,226)

$1,041,718

$(184,700)

$17,605,988

$1,187,550

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

$4,800,734

$4,803,331

$(2,087,962)

$498,728

$96,685

$8,111,516

497,945

$448,042

a

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

$2,573,970

$3,317,100

$(1,023,112)

$183,806

$56,881

$5,108,645

231,056

$312,351

a

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

$

37,290

$

69,168

$

(42,049)

$

—

$

—

$

64,409

64,409

$

2,370

#### Total

#### Affiliated

#### Securities

#### ...
$7,411,994

$8,189,599

$(3,153,123)

$682,534

$153,566

$13,284,570

$762,763

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

$881,427

$2,323,936

$(828,231)

$138,482

$61,305

$2,576,919

158,190

$107,656

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

242,185

659,596

(231,210)

23,818

12,311

706,700

31,963

36,888

a

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

5,116

26,361

(20,310)

—

—

11,167

11,167

#### Total

#### Non-Controlled

#### Affiliates
$1,128,728

$3,009,893

$(1,079,751)

$162,300

$73,616

$3,294,786

$145,029

#### Total

#### Affiliated

#### Securities

#### ...
$1,128,728

$3,009,893

$(1,079,751)

$162,300

$73,616

$3,294,786

$145,029

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

$—

$795,348

$—

$—

$33,476

$828,824

50,879

$—

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

—

219,231

—

—

7,659

226,890

10,262

—

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

—

5,117

—

—

—

5,117

5,117

#### Total

#### Non-Controlled

#### Affiliates
$—

$1,019,696

$—

$—

$41,135

$1,060,831

$18

#### Total

#### Affiliated

#### Securities

#### ...
$—

$1,019,696

$—

$—

$41,135

$1,060,831

$18

a

Dividend

income

includes

capital

gain

distributions

received,

if

any,

from

underlying

funds,

and

are

presented

in

corresponding

line

item

in

the

Statements

of

Operations.

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

each

class

of

shares

of

each

Fund

through

at

least

December

30,

2028,

in

an

amount

sufficient

to

result

in

total

annual

fund

operating

expenses

for

the

following

class

shares

of

the

Funds'

(excluding

payments

under

the

Funds'

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

acquired

fund

fees

and

extraordinary

expenses)

that

equal

the

following

annual

rates

of

the

Funds'

average

net

assets.

Advisers

has

also

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

each

fund

through

at

least December

30,

2028, in

an

amount

equal

to

the

Funds'

acquired

fund

fees

and

expenses.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

#### Annual

#### rates
Class

A

.....................................................................................

0.55%

Class

C

.....................................................................................

0.55%

Class

R

.....................................................................................

0.70%

Class

R3

....................................................................................

0.70%

Class

R4

....................................................................................

0.70%

Class

R5

....................................................................................

0.55%

Class

R6

....................................................................................

0.45%

Class

Y

.....................................................................................

0.55%

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

.............................

$

22,748

\*

$

62,378

$

74,457

$

56,282

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

.............................

$

52,868

$

17,155

$

5,404

$

6,209

\*Includes

$23,440

from

the

merged

Putnam

Retirement

Advantage

2025

Fund

which

may

be

carried

over

to

offset

future

capital

gains,

subject

to

certain

limitations.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

During

the

year

ended August

31,

2025,

the

utilized

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

August

31,

2025

and

2024,

was

as

follows:

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
Capital

loss

utilized

carryforwards

....

$191,629

$7,063

$6,537

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Capital

loss

utilized

carryforwards

....

$4,064

$1,915

$300

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$1,038,153

$573,898

$1,515,634

$391,639

Long

term

capital

gain

....................

—

18,907

132,558

124,296

$1,038,153

$592,805

$1,648,192

$515,935

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$2,148,089

$519,660

$1,669,517

$320,157

Long

term

capital

gain

....................

139,614

205,356

553,699

93,567

$2,287,703

$725,016

$2,223,216

$413,724

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$978,606

$297,851

$929,058

$178,488

Long

term

capital

gain

....................

109,413

—

238,736

160,174

$1,088,019

$297,851

$1,167,794

$338,662

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$552,252

$103,087

$345,602

$56,017

Long

term

capital

gain

....................

224,822

104,275

118,638

183,750

$777,074

$207,362

$464,240

$239,767

4. #### Income

#### Taxes
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

August

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

as

follows:

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$62,904

$7,540

Long

term

capital

gain

....................

36,243

24,610

$99,147

$32,150

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$39,789,366

$38,008,903

$44,185,167

$37,363,853

Unrealized

appreciation

.....................

$1,385,117

$995,052

$1,841,249

$1,385,811

Unrealized

depreciation

.....................

(255,620)

(157,091)

(585,797)

(107,898)

Net

unrealized

appreciation

(depreciation)

.......

$1,129,497

$837,961

$1,255,452

$1,277,913

Distributable

earnings:

Undistributed

ordinary

income

................

$83,576

$943,345

$2,000,617

$393,660

Undistributed

long

term

capital

gains

...........

277,822

665,447

759,807

2,265,061

Total

distributable

earnings

..................

$361,398

$1,608,792

$2,760,424

$2,658,721

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$24,728,915

$24,110,131

$16,554,351

$12,224,024

Unrealized

appreciation

.....................

$2,361,541

$1,800,620

$1,075,676

$1,086,657

Unrealized

depreciation

.....................

(248,895)

(124,310)

(24,039)

(26,111)

Net

unrealized

appreciation

(depreciation)

.......

$2,112,646

$1,676,310

$1,051,637

$1,060,546

Distributable

earnings:

Undistributed

ordinary

income

................

$70,644

$27,642

$14,423

$8,472

Undistributed

long

term

capital

gains

...........

1,747,989

1,584,973

1,230,526

838,104

Total

distributable

earnings

..................

$1,818,633

$1,612,615

$1,244,949

$846,576

4. #### Income

#### Taxes
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

non-deductible

expenses

and

regulated

investment

companies.

The

Funds,

except

for

Putnam

Retirement

Advantage

2070

Fund,

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from realized

capital

gains.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

August

31,

2025,

were

as

follows:

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
a

a

a

Cost

of

investments

.......................

$3,048,024

$1,019,696

Unrealized

appreciation

.....................

$248,509

$41,135

Unrealized

depreciation

.....................

(1,747)

—

Net

unrealized

appreciation

(depreciation)

.......

$246,762

$41,135

Distributable

earnings:

Undistributed

ordinary

income

................

$598

$83

Undistributed

long

term

capital

gains

...........

185,197

—

Total

distributable

earnings

..................

$185,795

$83

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
Purchases

..............................

$16,567,774

$28,109,475

$29,660,062

$27,038,241

Sales

..................................

$12,852,902

$19,807,133

$11,943,721

$12,549,894

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Purchases

..............................

$15,349,581

$13,022,869

$13,472,871

$8,184,580

Sales

..................................

$6,600,303

$6,115,211

$6,343,511

$3,166,933

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Purchases

..............................

$3,001,546

$1,014,579

Sales

..................................

$1,072,881

$—

4. #### Income

#### Taxes
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

6. #### Reorganization
On

July

25,

2025,

Putnam

Retirement

Advantage

Maturity

Fund

(Surviving

Fund)

acquired

100%

of

Putnam

Retirement

Advantage

2025

Fund's

(Acquired

Fund)

net

assets,

primarily

made

up

of

investment

securities,

which

included

$700,360

of

unrealized

appreciation,

through

a

tax-free

exchange

of

1,835,780

shares

of

the

Surviving

Fund

(valued

at

$19,840,014).

Immediately

after

the

completion

of

the

reorganization,

the

combined

net

assets

of

the

Surviving

Fund

were

$44,338,276.

The

primary

purpose

of

the

reorganization,

as

contemplated

in

the

Acquired

Fund's

prospectus,

was

to

combine

two

funds

with

similar

investment

objectives

and

strategies

into

a

single

fund.

Additionally,

by

the

time

the

merger

was

completed,

the

Acquired

Fund's

target

allocations

among

asset

classes

and

underlying

funds

were

aligned

with

those

of

the

Surviving

Fund.

The

estimated

cost

of

the

reorganization

was

$154,089

of

which

the

Surviving

Fund

and

the

Acquired

Fund

each

paid

50%.

The

allocated

portion

of

the

Surviving

Fund's

reorganization

expenses

are

included

with

other

expenses

in

the

Statement

of

Operations.

Assuming

the

reorganization

had

been

completed

on

September

1,

2024,

the

Surviving

Fund's

pro

forma

results

of

operations,

would

have

been

as

follows:

Subsequent

to

the

reorganization,

the

Surviving

Fund

has

been

managed

as

a

single

entity.

Accordingly,

it

is

impracticable

to

identify

the

amounts

of

revenue

and

earnings

attributable

to

the

Acquired

Fund's

assets

after

the

completion

of

the

reorganization.

7. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

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

August

31,

2025,

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.

8. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

#### Period

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
For

the

period

September

1,

2024

through

August

31,

2025

.........

$1,778,673

$2,506,836

$4,285,509

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

9. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

8. #### Operating

#### Segments
(continued)

Putnam

Target

Date

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Target

Date

Funds

and

Shareholders

of

each

of

the

ten

funds

listed

in

the

table

below

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(ten

of

the

funds

constituting

Putnam

Target

Date

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

August

31,

2025,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

August

31,

2025,

the

results

of

each

of

their

operations,

the

changes

in

each

of

their

net

assets,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

#### Fund

#### Statement

#### of

#### operations

#### Statement

#### of

#### changes

#### in

#### net

#### assets

#### Financial

#### Highlights
Putnam

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

For

the

year

ended

August

31,

2025

For

the

years

ended

August

31,

2025

and

2024

For

the

years

ended

August

31,

2025,

2024,

2023,

2022,

and

2021

Putnam

Retirement

Advantage

2065

Fund

For

the

year

ended

August

31,

2025

For

the

years

ended

August

31,

2025

and

2024

For

the

years

ended

August

31,

2025,

2024,

2023,

2022,

and

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021

Putnam

Retirement

Advantage

2070

Fund

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025

Putnam

Target

Date

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2025

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Boston,

Massachusetts

October

20,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Target

Date

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

August

31,

2025:

#### Pursuant

#### to:

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$115,000

$382,558

$379,614

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$104,170

$125,478

$146,282

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$154,410

$196,137

$216,989

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

—

$10,558

#### Pursuant

#### to:

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$791,699

$273,413

$355,736

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$145,405

$100,016

$101,368

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$230,938

$166,416

$169,135

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

$4,181

—

#### Pursuant

#### to:

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$379,822

$197,638

$72,243

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$65,045

$43,866

$8,602

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$107,658

$72,041

$14,082

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### MANAGEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(unaudited)

#### Putnam

#### Retirement

#### Advantage

#### Funds

#### Trustee

#### approval

#### of

#### management

#### contracts
*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board")

of

Putnam

Retirement

Advantage

2030

Fund

(the

"2030

Fund"),

Putnam

Retirement

Advantage

2035

Fund

(the

"2035

Fund"),

Putnam

Retirement

Advantage

2040

Fund

(the

"2040

Fund"),

Putnam

Retirement

Advantage

2045

Fund

(the

"2045

Fund"),

Putnam

Retirement

Advantage

2050

Fund

(the

"2050

Fund"),

Putnam

Retirement

Advantage

2055

Fund

(the

"2055

Fund"),

Putnam

Retirement

Advantage

2060

Fund

(the

"2060

Fund"),

Putnam

Retirement

Advantage

2065

Fund

(the

"2065

Fund"),

and

Putnam

Retirement

Advantage

Maturity

Fund

(the

"Maturity

Fund,"

and

together

with

the

2030

Fund,

2035

Fund,

2040

Fund,

2045

Fund,

2050

Fund,

2055

Fund,

2060

Fund,

and

2065

Fund,

the

"Existing

Funds"),

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

In

addition,

at

their

meeting

on

May

16,

2025,

the

Board,

including

all

Independent

Trustees,

approved

a

management

contract

with

the

Advisor

for

the

proposed

new

Putnam

Retirement

Advantage

2070

Fund

(the

"2070

Fund")

and

subadvisory

agreements

between

the

Advisor

and

the

Subadvisors

for

the

2070

Fund.

With

respect

to

the

2070

Fund,

the

Board

took

into

consideration

the

review

and

consideration

by

the

Contract

Committee

of

the

Board

of

the

Existing

Funds'

Management

Contracts

and

related

information.

Accordingly,

the

considerations

and

conclusions

set

forth

below

applicable

to

the

Management

Contracts

also

generally

apply

to

the

management

contract

and

subadvisory

agreements

for

the

2070

Fund,

as

necessary

and

appropriate

in

the

context.

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

the

Existing

Funds'

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts

for

the

Existing

Funds

and

the

approval

of

the

Management

Contracts

for

the

2070

Fund,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

(or,

in

the

case

of

the

2070

Fund,

would

represent)

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

(or,

in

the

case

of

the

2070

Fund,

would

represent)

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds,

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

The

Trustees

considered

your

fund's

management

fee

schedule

and

considered

that

the

management

fee

for

each

Putnam

Retirement

Advantage

Fund

(except

the

Maturity

Fund)

is

set

each

fiscal

year

based

on

a

defined

fee

schedule

in

which

the

management

fee

rate

declines

as

the

Putnam

Retirement

Advantage

Fund

approaches

the

target

year

indicated

in

its

name.

The

Trustees

noted

that

the

Maturity

Fund

has

a

fixed

ongoing

annual

management

fee

rate.

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio

(and,

in

the

case

of

the

2070

Fund,

the

projected

total

expense

ratio).

The

Trustees

considered

that

your

fund

invests

its

assets

in

other

Putnam

funds

that

themselves

pay

management

fees

to

Putnam

Management.

Your

fund

indirectly

bears

these

fees,

and

the

other

expenses

of

the

other

Putnam

funds

in

which

it

invests.

The

Trustees

noted

that

the

Advisor

agreed

to

waive

fees

and/or

reimburse

expenses

in

an

amount

equal

to

your

fund's

acquired

fund

fees

and

expenses

and

to

waive

fees

and/or

reimburse

expenses

of

your

fund

to

the

extent

that

expenses

of

specified

share

classes

(excluding

payments

under

the

fund's

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

acquired

fund

fees

and

expenses

and

extraordinary

expenses)

would

exceed

a

specified

annual

rate

of

the

fund's

average

net

assets

attributable

to

the

share

class

(0.55%

for

Class

A

shares,

Class

C

shares,

Class

R5

shares

and

Class

Y

shares,

0.70%

for

Class

R

shares,

Class

R3

shares

and

Class

R4

shares

and

0.45%

for

Class

R6

shares)

through

at

least

December

30,

2028. During

its

fiscal

year

ending

in

2024,

your

fund's

expenses

were

reduced

as

a

result

of

these

expense

limitations.

The

Advisor's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

2070

Fund's

Management

Contracts

and

the

continuance

of

the

Existing

Funds'

Management

Contracts.

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included,

for

the

Existing

Funds,

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

following

quintiles

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

following

quintiles

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

(Total

expenses

reflect

the

fees

and

expenses

borne

directly

by

the

Putnam

Retirement

Advantage

Funds

and

the

competitive

funds

included

in

the

custom

Lipper

peer

groups,

as

well

as

the

underlying

funds'

net

fees

and

expenses.)

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

It

was

noted

that,

because

the

2070

Fund

was

not

yet

operational,

the

Trustees

were

not

able

to

consider

the

profitability

of

the

Advisor

and

its

affiliates

with

respect

to

the

2070

Fund.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

(or,

in

the

case

of

the

2070

Fund,

would

represent)

reasonable

compensation

for

the

services

being

provided

and

represented

(or,

in

the

case

of

the

2070

Fund,

would

represent)

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

Quintile

Effective

Management

Fees

Total

Expenses

2030

Fund

3rd

2nd

2035

Fund

3rd

2nd

2040

Fund

3rd

2nd

2045

Fund

3rd

2nd

2050

Fund

3rd

2nd

2055

Fund

3rd

2nd

2060

Fund

3rd

2nd

2065

Fund

2nd

1st

Maturity

Fund

2nd

3rd

Putnam

Target

Date

Funds

franklintempleton.com

Annual

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fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

It

was

noted

that,

because

the

2070

Fund

was

not

yet

operational,

the

Trustees

were

not

able

to

consider

the

2070

Fund's

performance

before

their

initial

approval

of

the

2070

Fund's

management

contract

and

subadvisory

agreements.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

For

each

of

the

Existing

Funds

(except

for

the

2065

Fund,

which

commenced

operations

on

December

20,

2020),

the

Trustees

considered

information

about

the

fund's

total

return

and

its

performance

relative

to

its

benchmark

over

the

one-year,

three-

year,

and

five-year

periods

ended

December

31,

2024. The

class

R6

shares'

return,

net

of

fees

and

expenses,

for

each

of

the

2030

Fund,

2035

Fund,

2040

Fund,

2045

Fund,

2050

Fund,

2055

Fund,

and

2060

Fund

was

positive

and

exceeded

the

return

of

its

benchmark

over

the

one-year,

three-year,

and

five-year

periods

ended

December

31,

2024. The

class

R6

shares'

return,

net

of

fees

and

expenses,

for

the

2065

Fund

was

positive

and

exceeded

the

return

of

its

benchmark

over

the

one-year

and

three-year

periods

ended

December

31,

2024. The

class

R6

shares'

return,

net

of

fees

and

expenses,

for

the

Maturity

Fund

was

positive

and

exceeded

the

return

of

its

benchmark

over

the

one-year

and

three-year

periods

ended

December

31,

2024,

and

was

positive

and

matched

the

return

of

its

benchmark

over

the

five-year

period

ended

December

31,

2024. (When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

Putnam

Investor

Services,

Inc.

("PSERV")

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

PRAF-AFSOI

10/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](ptdf-efp18134_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ptdf-efp18134_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ptdf-efp18134_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam Target Date Funds**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | October 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | October 29, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Target Date Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Target Date Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Target Date Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **August 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Target Date Funds | Putnam Target Date Funds |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: October 29, 2025 | Date: October 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.