# EDGAR Filing Document

**Accession Number:** 0001295293
**File Stem:** 0001133228-26-004123
**Filing Date:** 2026-3
**Character Count:** 631080
**Document Hash:** b67ea7002dd0883f48da718b9deae4d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004123.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001133228-26-004123

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 178

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**EFFECTIVENESS DATE**: 20260326

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21598
- **FILM NUMBER:** 26798849

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

### Putnam Retirement Advantage Plus 2055 Fund (Series ID: S000030470)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000093618 | Class A         |  |
| C000093620 | Class C         |  |
| C000093622 | Class R         |  |
| C000093623 | Class Y         |  |
| C000174682 | Class R6 Shares |  |
| C000222455 | Class R5 Shares |  |
| C000222456 | Class R4 Shares |  |
| C000222457 | Class R3 Shares |  |

### Putnam Retirement Advantage Plus 2060 Fund (Series ID: S000051718)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000162753 | Class A Shares  |  |
| C000162755 | Class C Shares  |  |
| C000162757 | Class R Shares  |  |
| C000162758 | Class Y Shares  |  |
| C000174683 | Class R6 Shares |  |
| C000222458 | Class R5 Shares |  |
| C000222459 | Class R4 Shares |  |
| C000222460 | Class R3 Shares |  |

### Putnam Retirement Advantage Plus 2065 Fund (Series ID: S000070577)

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

### Putnam Retirement Advantage Plus 2070 Fund (Series ID: S000093658)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000262086 | CLASS A      |  |
| C000262087 | CLASS C      |  |
| C000262088 | CLASS R      |  |
| C000262089 | CLASS R3     |  |
| C000262090 | CLASS R4     |  |
| C000262091 | CLASS R6     |  |
| C000262092 | CLASS Y      |  |
| C000262093 | CLASS R5     |  |

?xml version='1.0' encoding='ASCII'? 2026-02-1874200174600_PutnamRetirementAdvantagePlusMaturityFund_ClassA_TSRSemiAnnual

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, New York 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: **July 31**

Date of reporting period: **January 31, 2026**

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 Plus Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRMAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus Maturity Fund (previously known as Putnam Sustainable Retirement Maturity Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $22 | 0.42% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $637738891 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6389img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus Maturity Fund PAGE 1 39015-STSA-0326

74.520.84.40.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PRMCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus Maturity Fund (previously known as Putnam Sustainable Retirement Maturity Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $60 | 1.17% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $637738891 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6390img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus Maturity Fund PAGE 1 39015-STSC-0326

74.520.84.40.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRMKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus Maturity Fund (previously known as Putnam Sustainable Retirement Maturity Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $42 | 0.82% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $637738891 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6391img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus Maturity Fund PAGE 1 39015-STSR-0326

74.520.84.40.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PACKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus Maturity Fund (previously known as Putnam Sustainable Retirement Maturity Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $29 | 0.57% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $637738891 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6392img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus Maturity Fund PAGE 1 39015-STSR3-0326

74.520.84.40.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PACPX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus Maturity Fund (previously known as Putnam Sustainable Retirement Maturity Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $16 | 0.32% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $637738891 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6393img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus Maturity Fund PAGE 1 39015-STSR4-0326

74.520.84.40.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PACQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus Maturity Fund (previously known as Putnam Sustainable Retirement Maturity Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $9 | 0.17% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $637738891 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6394img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus Maturity Fund PAGE 1 39015-STSR5-0326

74.520.84.40.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus Maturity Fund (previously known as Putnam Sustainable Retirement Maturity Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $4 | 0.07% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $637738891 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6395img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus Maturity Fund PAGE 1 39015-STSR6-0326

74.520.84.40.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRMYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus Maturity Fund (previously known as Putnam Sustainable Retirement Maturity Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $9 | 0.17% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $637738891 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6396img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus Maturity Fund PAGE 1 39015-STSY-0326

74.520.84.40.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRRQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2030 Fund (previously known as Putnam Sustainable Retirement 2030 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $22 | 0.42% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $510373142 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6461img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2030 Fund PAGE 1 39017-STSA-0326

66.228.05.60.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2030 Fund (previously known as Putnam Sustainable Retirement 2030 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $60 | 1.17% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $510373142 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6462img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2030 Fund PAGE 1 39017-STSC-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2030 Fund (previously known as Putnam Sustainable Retirement 2030 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $42 | 0.82% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $510373142 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6463img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2030 Fund PAGE 1 39017-STSR-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PADOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2030 Fund (previously known as Putnam Sustainable Retirement 2030 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $29 | 0.57% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $510373142 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6464img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2030 Fund PAGE 1 39017-STSR3-0326

66.228.05.60.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PADNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2030 Fund (previously known as Putnam Sustainable Retirement 2030 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $16 | 0.32% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $510373142 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6465img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2030 Fund PAGE 1 39017-STSR4-0326

66.228.05.60.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PADRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2030 Fund (previously known as Putnam Sustainable Retirement 2030 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $9 | 0.17% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $510373142 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6466img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2030 Fund PAGE 1 39017-STSR5-0326

66.228.05.60.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2030 Fund (previously known as Putnam Sustainable Retirement 2030 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $4 | 0.07% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $510373142 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6467img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2030 Fund PAGE 1 39017-STSR6-0326

66.228.05.60.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRRTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2030 Fund (previously known as Putnam Sustainable Retirement 2030 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $9 | 0.17% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $510373142 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6468img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2030 Fund PAGE 1 39017-STSY-0326

66.228.05.60.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRRWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2035 Fund (previously known as Putnam Sustainable Retirement 2035 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $19 | 0.37% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $400258129 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6453img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2035 Fund PAGE 1 39018-STSA-0326

45.744.79.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2035 Fund (previously known as Putnam Sustainable Retirement 2035 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $58 | 1.12% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $400258129 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6454img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2035 Fund PAGE 1 39018-STSC-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2035 Fund (previously known as Putnam Sustainable Retirement 2035 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $40 | 0.77% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $400258129 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6455img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2035 Fund PAGE 1 39018-STSR-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PADUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2035 Fund (previously known as Putnam Sustainable Retirement 2035 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $27 | 0.52% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $400258129 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6456img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2035 Fund PAGE 1 39018-STSR3-0326

45.744.79.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PADSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2035 Fund (previously known as Putnam Sustainable Retirement 2035 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $14 | 0.27% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $400258129 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6457img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2035 Fund PAGE 1 39018-STSR4-0326

45.744.79.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PADVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2035 Fund (previously known as Putnam Sustainable Retirement 2035 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $6 | 0.12% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $400258129 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6458img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2035 Fund PAGE 1 39018-STSR5-0326

45.744.79.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2035 Fund (previously known as Putnam Sustainable Retirement 2035 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $1 | 0.02% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $400258129 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6459img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2035 Fund PAGE 1 39018-STSR6-0326

45.744.79.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRRYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2035 Fund (previously known as Putnam Sustainable Retirement 2035 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $6 | 0.12% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $400258129 |
| **Total Number of Portfolio Holdings** | 7 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6460img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2035 Fund PAGE 1 39018-STSY-0326

45.744.79.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRRZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2040 Fund (previously known as Putnam Sustainable Retirement 2040 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $18 | 0.34% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $414453049 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6445img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2040 Fund PAGE 1 39009-STSA-0326

53.032.014.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2040 Fund (previously known as Putnam Sustainable Retirement 2040 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $56 | 1.09% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $414453049 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6446img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2040 Fund PAGE 1 39009-STSC-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2040 Fund (previously known as Putnam Sustainable Retirement 2040 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $39 | 0.75% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $414453049 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6447img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2040 Fund PAGE 1 39009-STSR-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAAUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2040 Fund (previously known as Putnam Sustainable Retirement 2040 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $25 | 0.49% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $414453049 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6448img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2040 Fund PAGE 1 39009-STSR3-0326

53.032.014.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAAYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2040 Fund (previously known as Putnam Sustainable Retirement 2040 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $12 | 0.24% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $414453049 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6449img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2040 Fund PAGE 1 39009-STSR4-0326

53.032.014.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PABTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2040 Fund (previously known as Putnam Sustainable Retirement 2040 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $5 | 0.09% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $414453049 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6450img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2040 Fund PAGE 1 39009-STSR5-0326

53.032.014.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2040 Fund (previously known as Putnam Sustainable Retirement 2040 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<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.

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $414453049 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6451img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2040 Fund PAGE 1 39009-STSR6-0326

53.032.014.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRZZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2040 Fund (previously known as Putnam Sustainable Retirement 2040 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $5 | 0.09% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $414453049 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6452img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2040 Fund PAGE 1 39009-STSY-0326

53.032.014.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRVLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2045 Fund (previously known as Putnam Sustainable Retirement 2045 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $17 | 0.32% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $352431834 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6437img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2045 Fund PAGE 1 39010-STSA-0326

57.822.619.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2045 Fund (previously known as Putnam Sustainable Retirement 2045 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $55 | 1.07% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $352431834 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6438img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2045 Fund PAGE 1 39010-STSC-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2045 Fund (previously known as Putnam Sustainable Retirement 2045 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $37 | 0.72% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $352431834 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6439img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2045 Fund PAGE 1 39010-STSR-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PACGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2045 Fund (previously known as Putnam Sustainable Retirement 2045 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $24 | 0.47% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $352431834 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6440img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2045 Fund PAGE 1 39010-STSR3-0326

57.822.619.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PACFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2045 Fund (previously known as Putnam Sustainable Retirement 2045 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $11 | 0.22% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $352431834 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6441img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2045 Fund PAGE 1 39010-STSR4-0326

57.822.619.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PACHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2045 Fund (previously known as Putnam Sustainable Retirement 2045 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $4 | 0.07% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $352431834 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6442img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2045 Fund PAGE 1 39010-STSR5-0326

57.822.619.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2045 Fund (previously known as Putnam Sustainable Retirement 2045 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $(2) | -0.03% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $352431834 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6443img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2045 Fund PAGE 1 39010-STSR6-0326

57.822.619.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRVYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2045 Fund (previously known as Putnam Sustainable Retirement 2045 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $4 | 0.07% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $352431834 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6444img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2045 Fund PAGE 1 39010-STSY-0326

57.822.619.40.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRRJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2050 Fund (previously known as Putnam Sustainable Retirement 2050 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $16 | 0.31% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269334189 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6429img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2050 Fund PAGE 1 39034-STSA-0326

61.121.417.30.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2050 Fund (previously known as Putnam Sustainable Retirement 2050 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $55 | 1.06% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269334189 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6430img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2050 Fund PAGE 1 39034-STSC-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRRKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2050 Fund (previously known as Putnam Sustainable Retirement 2050 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $37 | 0.71% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269334189 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6431img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2050 Fund PAGE 1 39034-STSR-0326

61.121.417.30.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PADWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2050 Fund (previously known as Putnam Sustainable Retirement 2050 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $24 | 0.46% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269334189 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6432img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2050 Fund PAGE 1 39034-STSR3-0326

61.121.417.30.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAEHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2050 Fund (previously known as Putnam Sustainable Retirement 2050 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $11 | 0.21% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269334189 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6433img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2050 Fund PAGE 1 39034-STSR4-0326

61.121.417.30.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAEJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2050 Fund (previously known as Putnam Sustainable Retirement 2050 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $3 | 0.06% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269334189 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6434img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2050 Fund PAGE 1 39034-STSR5-0326

61.121.417.30.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2050 Fund (previously known as Putnam Sustainable Retirement 2050 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $(2) | -0.04% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269334189 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6435img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2050 Fund PAGE 1 39034-STSR6-0326

61.121.417.30.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRRUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2050 Fund (previously known as Putnam Sustainable Retirement 2050 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $3 | 0.06% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269334189 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6436img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2050 Fund PAGE 1 39034-STSY-0326

61.121.417.30.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRRFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2055 Fund (previously known as Putnam Sustainable Retirement 2055 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $16 | 0.30% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $172460726 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6421img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2055 Fund PAGE 1 39195-STSA-0326

64.522.712.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2055 Fund (previously known as Putnam Sustainable Retirement 2055 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $54 | 1.05% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $172460726 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6422img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2055 Fund PAGE 1 39195-STSC-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRRVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2055 Fund (previously known as Putnam Sustainable Retirement 2055 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $36 | 0.70% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $172460726 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6423img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2055 Fund PAGE 1 39195-STSR-0326

64.522.712.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAEOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2055 Fund (previously known as Putnam Sustainable Retirement 2055 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $23 | 0.45% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $172460726 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6424img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2055 Fund PAGE 1 39195-STSR3-0326

64.522.712.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAEPX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2055 Fund (previously known as Putnam Sustainable Retirement 2055 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $10 | 0.20% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $172460726 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6425img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2055 Fund PAGE 1 39195-STSR4-0326

64.522.712.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAESX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2055 Fund (previously known as Putnam Sustainable Retirement 2055 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $3 | 0.05% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $172460726 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6426img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2055 Fund PAGE 1 39195-STSR5-0326

64.522.712.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2055 Fund (previously known as Putnam Sustainable Retirement 2055 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $(3) | -0.05% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $172460726 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6427img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2055 Fund PAGE 1 39195-STSR6-0326

64.522.712.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRTLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2055 Fund (previously known as Putnam Sustainable Retirement 2055 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $3 | 0.05% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $172460726 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6428img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2055 Fund PAGE 1 39195-STSY-0326

64.522.712.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRTFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2060 Fund (previously known as Putnam Sustainable Retirement 2060 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $15 | 0.29% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $79265496 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6413img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2060 Fund PAGE 1 39241-STSA-0326

68.224.07.70.1 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2060 Fund (previously known as Putnam Sustainable Retirement 2060 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $54 | 1.04% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $79265496 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6414img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2060 Fund PAGE 1 39241-STSC-0326

------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRTRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2060 Fund (previously known as Putnam Sustainable Retirement 2060 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $36 | 0.69% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $79265496 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6415img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2060 Fund PAGE 1 39241-STSR-0326

68.224.07.70.1 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAEVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2060 Fund (previously known as Putnam Sustainable Retirement 2060 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $23 | 0.44% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $79265496 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6416img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2060 Fund PAGE 1 39241-STSR3-0326

68.224.07.70.1 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAEUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2060 Fund (previously known as Putnam Sustainable Retirement 2060 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $10 | 0.19% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $79265496 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6417img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2060 Fund PAGE 1 39241-STSR4-0326

68.224.07.70.1 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAEWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2060 Fund (previously known as Putnam Sustainable Retirement 2060 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $2 | 0.04% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $79265496 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6418img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2060 Fund PAGE 1 39241-STSR5-0326

68.224.07.70.1 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PEFGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2060 Fund (previously known as Putnam Sustainable Retirement 2060 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $(3) | -0.06% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $79265496 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6419img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2060 Fund PAGE 1 39241-STSR6-0326

68.224.07.70.1 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRTYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2060 Fund (previously known as Putnam Sustainable Retirement 2060 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $2 | 0.04% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $79265496 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6420img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2060 Fund PAGE 1 39241-STSY-0326

68.224.07.70.1 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PCJQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2065 Fund (previously known as Putnam Sustainable Retirement 2065 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $15 | 0.28% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1480379 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6405img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2065 Fund PAGE 1 39412-STSA-0326

70.424.84.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PCJRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2065 Fund (previously known as Putnam Sustainable Retirement 2065 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $54 | 1.03% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1480379 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6406img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2065 Fund PAGE 1 39412-STSC-0326

70.424.84.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PCJUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2065 Fund (previously known as Putnam Sustainable Retirement 2065 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $36 | 0.69% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1480379 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6407img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2065 Fund PAGE 1 39412-STSR-0326

70.424.84.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PCJVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2065 Fund (previously known as Putnam Sustainable Retirement 2065 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $22 | 0.43% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1480379 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6408img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2065 Fund PAGE 1 39412-STSR3-0326

70.424.84.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PCJWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2065 Fund (previously known as Putnam Sustainable Retirement 2065 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $10 | 0.19% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1480379 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6409img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2065 Fund PAGE 1 39412-STSR4-0326

70.424.84.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PCJIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2065 Fund (previously known as Putnam Sustainable Retirement 2065 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $2 | 0.03% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1480379 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6410img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2065 Fund PAGE 1 39412-STSR5-0326

70.424.84.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PCJYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2065 Fund (previously known as Putnam Sustainable Retirement 2065 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $(4) | -0.07% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1480379 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6411img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2065 Fund PAGE 1 39412-STSR6-0326

70.424.84.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PCJSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2065 Fund (previously known as Putnam Sustainable Retirement 2065 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $1 | 0.02% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1480379 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6412img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2065 Fund PAGE 1 39412-STSY-0326

70.424.84.30.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PAJOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2070 Fund (previously known as Putnam Sustainable Retirement 2070 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $15 | 0.28% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1076972 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6397img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2070 Fund PAGE 1 47519-STSA-0326

70.624.94.20.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAJPX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2070 Fund (previously known as Putnam Sustainable Retirement 2070 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $53 | 1.02% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1076972 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6398img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2070 Fund PAGE 1 47519-STSC-0326

70.624.94.20.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAJSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2070 Fund (previously known as Putnam Sustainable Retirement 2070 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $35 | 0.67% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1076972 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6399img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2070 Fund PAGE 1 47519-STSR-0326

70.624.94.20.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAJTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2070 Fund (previously known as Putnam Sustainable Retirement 2070 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R3<sup>1</sup>  | $22 | 0.43% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1076972 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6400img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2070 Fund PAGE 1 47519-STSR3-0326

70.624.94.20.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAJUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2070 Fund (previously known as Putnam Sustainable Retirement 2070 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R4<sup>1</sup>  | $9 | 0.18% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1076972 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6401img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2070 Fund PAGE 1 47519-STSR4-0326

70.624.94.20.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAJVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2070 Fund (previously known as Putnam Sustainable Retirement 2070 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R5<sup>1</sup>  | $2 | 0.03% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1076972 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6402img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2070 Fund PAGE 1 47519-STSR5-0326

70.624.94.20.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAJWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2070 Fund (previously known as Putnam Sustainable Retirement 2070 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $(3) | -0.06% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1076972 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6403img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2070 Fund PAGE 1 47519-STSR6-0326

70.624.94.20.3 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Plus 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAJYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Retirement Advantage Plus 2070 Fund (previously known as Putnam Sustainable Retirement 2070 Fund) for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y<sup>1</sup>  | $2 | 0.03% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1076972 |
| **Total Number of Portfolio Holdings** | 8 |
| **Portfolio Turnover Rate** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6404img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Retirement Advantage Plus 2070 Fund PAGE 1 47519-STSY-0326

70.624.94.20.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### Target

#### Date

#### Funds

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

January 31, 2026

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### Maturity

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2030

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2035

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2040

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2045

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2050

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2055

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2060

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2065

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2070

#### Fund

#### (formerly,

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund)

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

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#### out

#### to

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#### representative

#### or

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#### to

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#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 92
Notes

to

Financial

Statements

#### 106
Changes

In

and

Disagreements

with

Accountants

#### 133
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

#### Sustainable

#### Retirement

#### Maturity

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.78

$16.49

$15.44

$16.12

$17.41

$17.18

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.26 0.53 0.59 1.13 0.34 0.19 Net

realized

and

unrealized

gains

(losses)

0.38 0.31 1.06 (0.65)

(1.00)

0.32 Total

from

investment

operations

........

0.64 0.84 1.65 0.48 (0.66)

0.51 Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.55)

(0.60)

(1.16)

(0.45)

(0.24)

Net

realized

gains

.................

—

—

—

—

(0.18)

(0.04)

Total

distributions

...................

(0.32)

(0.55)

(0.60)

(1.16)

(0.63)

(0.28)

Net

asset

value,

end

of

period

..........

$17.10

$16.78

$16.49

$15.44

$16.12

$17.41

Total

return

d

.......................

3.82%

5.20%

10.97%

3.24%

(3.90)%

2.99%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.91%

0.96%

0.91%

0.93%

0.90%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.42%

0.43%

0.42%

0.37%

0.38%

0.39%

g

Net

investment

income

c

...............

3.02%

3.18%

3.79%

7.29%

2.04%

1.10%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$40,881

$41,824

$23,513

$23,630

$25,827

$29,465

Portfolio

turnover

rate

................

2%

10%

8%

121%

24%

65%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.32

$16.04

$15.04

$15.73

$17.00

$16.79

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.16 0.40 0.47 0.98 0.22 0.05 Net

realized

and

unrealized

gains

(losses)

0.40 0.30 1.02 (0.62)

(0.99)

0.33 Total

from

investment

operations

........

0.56 0.70 1.49 0.36 (0.77)

0.38 Less

distributions

from:

Net

investment

income

..............

(0.24)

(0.42)

(0.49)

(1.05)

(0.32)

(0.13)

Net

realized

gains

.................

—

—

—

—

(0.18)

(0.04)

Total

distributions

...................

(0.24)

(0.42)

(0.49)

(1.05)

(0.50)

(0.17)

Net

asset

value,

end

of

period

..........

$16.64

$16.32

$16.04

$15.04

$15.73

$17.00

Total

return

d

.......................

3.42%

4.45%

10.10%

2.54%

(4.61)%

2.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.67%

1.70%

1.66%

1.68%

1.65%

1.46%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.17%

1.16%

1.17%

1.12%

1.13%

1.13%

g

Net

investment

income

c

...............

1.96%

2.45%

3.07%

6.51%

1.32%

0.28%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$338

$1,334

$781

$879

$1,066

$1,647

Portfolio

turnover

rate

................

2%

10%

8%

121%

24%

65%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.75

$16.46

$15.42

$16.10

$17.39

$17.16

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.46 0.53 0.96 0.27 0.13 Net

realized

and

unrealized

gains

(losses)

0.37 0.32 1.05 (0.54)

(1.00)

0.33 Total

from

investment

operations

........

0.60 0.78 1.58 0.42 (0.73)

0.46 Less

distributions

from:

Net

investment

income

..............

(0.29)

(0.49)

(0.54)

(1.10)

(0.38)

(0.19)

Net

realized

gains

.................

—

—

—

—

(0.18)

(0.04)

Total

distributions

...................

(0.29)

(0.49)

(0.54)

(1.10)

(0.56)

(0.23)

Net

asset

value,

end

of

period

..........

$17.06

$16.75

$16.46

$15.42

$16.10

$17.39

Total

return

d

.......................

3.56%

4.80%

10.49%

2.86%

(4.28)%

2.69%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.30%

1.36%

1.31%

1.33%

1.30%

1.06%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.82%

0.82%

0.82%

0.77%

0.78%

0.73%

g

Net

investment

income

c

...............

2.61%

2.79%

3.38%

6.21%

1.63%

0.75%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,342

$1,251

$598

$531

$704

$737

Portfolio

turnover

rate

................

2%

10%

8%

121%

24%

65%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.85

$16.55

$15.50

$16.17

$17.47

$17.33

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.25 0.51 0.57 1.05 0.31 0.08 Net

realized

and

unrealized

gains

(losses)

0.38 0.32 1.06 (0.59)

(1.01)

0.14 Total

from

investment

operations

........

0.63 0.83 1.63 0.46 (0.70)

0.22 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.53)

(0.58)

(1.13)

(0.42)

(0.08)

Net

realized

gains

.................

—

—

—

—

(0.18)

—

Total

distributions

...................

(0.31)

(0.53)

(0.58)

(1.13)

(0.60)

(0.08)

Net

asset

value,

end

of

period

..........

$17.17

$16.85

$16.55

$15.50

$16.17

$17.47

Total

return

e

.......................

3.72%

5.09%

10.76%

3.15%

(4.09)%

1.28%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.05%

1.10%

1.06%

1.08%

1.05%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.57%

0.57%

0.57%

0.52%

0.53%

0.30%

h

Net

investment

income

d

...............

2.88%

3.04%

3.64%

6.79%

1.86%

0.49%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,301

$4,613

$1,391

$1,546

$1,926

$2,584

Portfolio

turnover

rate

................

2%

10%

8%

121%

24%

65%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.88

$16.57

$15.51

$16.18

$17.47

$17.33

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.27 0.57 0.61 1.22 0.36 0.12 Net

realized

and

unrealized

gains

(losses)

0.38 0.31 1.07 (0.72)

(1.01)

0.13 Total

from

investment

operations

........

0.65 0.88 1.68 0.50 (0.65)

0.25 Less

distributions

from:

Net

investment

income

..............

(0.33)

(0.57)

(0.62)

(1.17)

(0.46)

(0.11)

Net

realized

gains

.................

—

—

—

—

(0.18)

—

Total

distributions

...................

(0.33)

(0.57)

(0.62)

(1.17)

(0.64)

(0.11)

Net

asset

value,

end

of

period

..........

$17.20

$16.88

$16.57

$15.51

$16.18

$17.47

Total

return

e

.......................

3.85%

5.38%

11.07%

3.37%

(3.81)%

1.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.80%

0.85%

0.81%

0.83%

0.80%

0.45%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.32%

0.32%

0.32%

0.27%

0.28%

0.16%

h

Net

investment

income

d

...............

3.12%

3.29%

3.87%

7.83%

2.14%

0.67%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,150

$1,094

$134

$170

$224

$220

Portfolio

turnover

rate

................

2%

10%

8%

121%

24%

65%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.86

$16.56

$15.51

$16.18

$17.47

$17.33

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.28 0.56 0.64 1.16 0.38 0.12 Net

realized

and

unrealized

gains

(losses)

0.38 0.33 1.05 (0.64)

(1.00)

0.14 Total

from

investment

operations

........

0.66 0.89 1.69 0.52 (0.62)

0.26 Less

distributions

from:

Net

investment

income

..............

(0.34)

(0.59)

(0.64)

(1.19)

(0.49)

(0.12)

Net

realized

gains

.................

—

—

—

—

(0.18)

—

Total

distributions

...................

(0.34)

(0.59)

(0.64)

(1.19)

(0.67)

(0.12)

Net

asset

value,

end

of

period

..........

$17.18

$16.86

$16.56

$15.51

$16.18

$17.47

Total

return

e

.......................

3.93%

5.50%

11.20%

3.54%

(3.66)%

1.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.65%

0.71%

0.66%

0.68%

0.65%

0.36%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.17%

0.18%

0.17%

0.12%

0.13%

0.07%

h

Net

investment

income

d

...............

3.27%

3.39%

4.03%

7.48%

2.29%

0.70%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$12

$12

$11

$10

$10

$10

Portfolio

turnover

rate

................

2%

10%

8%

121%

24%

65%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.86

$16.56

$15.51

$16.18

$17.47

$17.24

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.29 0.59 0.66 1.45 0.41 0.25 Net

realized

and

unrealized

gains

(losses)

0.38 0.32 1.05 (0.91)

(1.02)

0.33 Total

from

investment

operations

........

0.67 0.91 1.71 0.54 (0.61)

0.58 Less

distributions

from:

Net

investment

income

..............

(0.35)

(0.61)

(0.66)

(1.21)

(0.50)

(0.31)

Net

realized

gains

.................

—

—

—

—

(0.18)

(0.04)

Total

distributions

...................

(0.35)

(0.61)

(0.66)

(1.21)

(0.68)

(0.35)

Net

asset

value,

end

of

period

..........

$17.18

$16.86

$16.56

$15.51

$16.18

$17.47

Total

return

d

.......................

3.99%

5.62%

11.32%

3.63%

(3.55)%

3.38%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.56%

0.61%

0.56%

0.58%

0.55%

0.34%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.07%

0.08%

0.07%

0.02%

0.03%

0.05%

g

Net

investment

income

c

...............

3.37%

3.53%

4.23%

9.28%

2.42%

1.41%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,066

$2,787

$905

$1,599

$3,662

$4,673

Portfolio

turnover

rate

................

2%

10%

8%

121%

24%

65%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.86

$16.56

$15.51

$16.18

$17.47

$17.25

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.28 0.58 0.63 1.17 0.38 0.22 Net

realized

and

unrealized

gains

(losses)

0.38 0.31 1.06 (0.65)

(1.00)

0.34 Total

from

investment

operations

........

0.66 0.89 1.69 0.52 (0.62)

0.56 Less

distributions

from:

Net

investment

income

..............

(0.34)

(0.59)

(0.64)

(1.19)

(0.49)

(0.30)

Net

realized

gains

.................

—

—

—

—

(0.18)

(0.04)

Total

distributions

...................

(0.34)

(0.59)

(0.64)

(1.19)

(0.67)

(0.34)

Net

asset

value,

end

of

period

..........

$17.18

$16.86

$16.56

$15.51

$16.18

$17.47

Total

return

d

.......................

3.94%

5.50%

11.19%

3.54%

(3.66)%

3.23%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.66%

0.71%

0.66%

0.68%

0.65%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.17%

0.18%

0.17%

0.12%

0.13%

0.13%

g

Net

investment

income

c

...............

3.27%

3.43%

4.02%

7.54%

2.28%

1.25%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$586,650

$586,625

$176,501

$177,575

$215,711

$263,315

Portfolio

turnover

rate

................

2%

10%

8%

121%

24%

65%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.8%

#### Domestic

#### Equity

#### 20.8%
a,b

Putnam

Sustainable

Future

ETF

........................................

1,753,910

$

43,434,704

b

Putnam

Sustainable

Leaders

ETF

.......................................

2,426,058

89,109,110

132,543,814

#### Domestic

#### Fixed

#### Income

#### 74.6%
b

Putnam

ESG

Core

Bond

ETF

..........................................

6,696,322

330,663,711

b

Putnam

ESG

High

Yield

ETF

...........................................

2,075,084

108,733,157

b

Putnam

ESG

Ultra

Short

ETF

..........................................

720,639

36,608,461

476,005,329

#### Foreign

#### Equity

#### 4.4%
b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

991,180

27,782,775

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 601,646,771

####)
...............................................................

#### 636,331,918
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.3%
a

#### Money

#### Market

#### Funds

#### 0.3%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

1,682,653

1,682,653

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,682,653

####)
...................................

#### 1,682,653

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,682,653

####)
.................................

#### 1,682,653

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 603,329,424

####)
100.1 #### %
..................................

#### $638,014,571

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (275,680)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $637,738,891
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$21.54

$21.11

$19.16

$20.61

$23.86

$21.51

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.30 0.57 0.59 1.11 0.32 0.23 Net

realized

and

unrealized

gains

(losses)

0.53 0.45 1.96 (0.31)

(1.47)

2.12 Total

from

investment

operations

........

0.83 1.02 2.55 0.80 (1.15)

2.35 Less

distributions

from:

Net

investment

income

..............

(0.51)

(0.59)

(0.60)

(1.33)

(1.02)

(—)

d

Net

realized

gains

.................

—

—

—

(0.92)

(1.08)

—

Total

distributions

...................

(0.51)

(0.59)

(0.60)

(2.25)

(2.10)

(—)

d

Net

asset

value,

end

of

period

..........

$21.86

$21.54

$21.11

$19.16

$20.61

$23.86

Total

return

e

.......................

3.85%

4.97%

13.55%

4.58%

(5.36)%

10.93%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.89%

0.89%

0.92%

0.95%

0.92%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.42%

0.41%

0.41%

0.37%

0.36%

0.39%

h

Net

investment

income

c

...............

2.65%

2.69%

2.97%

5.80%

1.43%

1.03%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$26,627

$27,385

$25,174

$22,952

$22,901

$24,643

Portfolio

turnover

rate

................

2%

18%

29%

144%

37%

54%

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

repurchas-

es

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

and

exchange

traded

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,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$19.48

$19.13

$17.41

$18.93

$22.03

$20.18

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.17 0.37 0.40 0.89 0.14 —

d

Net

realized

and

unrealized

gains

(losses)

0.50 0.41 1.79 (0.31)

(1.35)

2.04 Total

from

investment

operations

........

0.67 0.78 2.19 0.58 (1.21)

2.04 Less

distributions

from:

Net

investment

income

..............

(0.22)

(0.43)

(0.47)

(1.18)

(0.81)

(0.19)

Net

realized

gains

.................

—

—

—

(0.92)

(1.08)

—

Total

distributions

...................

(0.22)

(0.43)

(0.47)

(2.10)

(1.89)

(0.19)

Net

asset

value,

end

of

period

..........

$19.93

$19.48

$19.13

$17.41

$18.93

$22.03

Total

return

e

.......................

3.44%

4.17%

12.77%

3.72%

(6.05)%

10.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.64%

1.64%

1.67%

1.70%

1.67%

1.47%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

1.17%

1.16%

1.16%

1.12%

1.11%

1.14%

h

Net

investment

income

c

...............

1.72%

1.94%

2.25%

5.06%

0.66%

—%

i

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$296

$663

$748

$764

$898

$1,349

Portfolio

turnover

rate

................

2%

18%

29%

144%

37%

54%

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

repurchas-

es

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

and

exchange

traded

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,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

i

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$19.82

$19.21

$17.49

$19.02

$22.17

$20.31

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.26 0.44 0.49 0.95 0.21 0.09 Net

realized

and

unrealized

gains

(losses)

0.47 0.42 1.77 (0.30)

(1.36)

2.05 Total

from

investment

operations

........

0.73 0.86 2.26 0.65 (1.15)

2.14 Less

distributions

from:

Net

investment

income

..............

(0.54)

(0.25)

(0.54)

(1.26)

(0.92)

(0.28)

Net

realized

gains

.................

—

—

—

(0.92)

(1.08)

—

Total

distributions

...................

(0.54)

(0.25)

(0.54)

(2.18)

(2.00)

(0.28)

Net

asset

value,

end

of

period

..........

$20.01

$19.82

$19.21

$17.49

$19.02

$22.17

Total

return

d

.......................

3.65%

4.54%

13.17%

4.13%

(5.76)%

10.62%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.29%

1.29%

1.32%

1.35%

1.32%

1.05%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.82%

0.81%

0.81%

0.77%

0.76%

0.72%

g

Net

investment

income

c

...............

2.57%

2.29%

2.78%

5.38%

1.03%

0.43%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$202

$71

$58

$422

$395

$586

Portfolio

turnover

rate

................

2%

18%

29%

144%

37%

54%

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

repurchas-

es

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.06

$25.39

$22.91

$24.19

$27.61

$26.19

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.34 0.65 0.67 1.26 0.35 0.06 Net

realized

and

unrealized

gains

(losses)

0.64 0.55 2.36 (0.34)

(1.73)

1.36 Total

from

investment

operations

........

0.98 1.20 3.03 0.92 (1.38)

1.42 Less

distributions

from:

Net

investment

income

..............

(0.46)

(0.53)

(0.55)

(1.28)

(0.96)

—

Net

realized

gains

.................

—

—

—

(0.92)

(1.08)

—

Total

distributions

...................

(0.46)

(0.53)

(0.55)

(2.20)

(2.04)

—

Net

asset

value,

end

of

period

..........

$26.58

$26.06

$25.39

$22.91

$24.19

$27.61

Total

return

e

.......................

3.75%

4.83%

13.42%

4.38%

(5.48)%

5.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.03%

1.04%

1.07%

1.10%

1.07%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.57%

0.56%

0.56%

0.52%

0.51%

0.30%

h

Net

investment

income

d

...............

2.51%

2.54%

2.81%

5.54%

1.33%

0.26%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$6,269

$6,280

$6,757

$6,171

$5,622

$7,452

Portfolio

turnover

rate

................

2%

18%

29%

144%

37%

54%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

repurchas-

es

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.10

$25.43

$22.93

$24.22

$27.65

$26.19

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.37 0.71 0.72 1.33 0.40 0.09 Net

realized

and

unrealized

gains

(losses)

0.64 0.56 2.38 (0.36)

(1.72)

1.37 Total

from

investment

operations

........

1.01 1.27 3.10 0.97 (1.32)

1.46 Less

distributions

from:

Net

investment

income

..............

(0.53)

(0.60)

(0.60)

(1.34)

(1.03)

—

Net

realized

gains

.................

—

—

—

(0.92)

(1.08)

—

Total

distributions

...................

(0.53)

(0.60)

(0.60)

(2.26)

(2.11)

—

Net

asset

value,

end

of

period

..........

$26.58

$26.10

$25.43

$22.93

$24.22

$27.65

Total

return

e

.......................

3.85%

5.08%

13.74%

4.61%

(5.23)%

5.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.78%

0.79%

0.82%

0.85%

0.82%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.32%

0.31%

0.31%

0.27%

0.26%

0.16%

h

Net

investment

income

d

...............

2.78%

2.79%

3.05%

5.82%

1.54%

0.36%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,019

$2,835

$2,889

$2,986

$2,733

$2,899

Portfolio

turnover

rate

................

2%

18%

29%

144%

37%

54%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

repurchas-

es

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.11

$25.44

$22.95

$24.24

$27.68

$26.19

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.39 0.74 0.76 1.37 0.44 0.12 Net

realized

and

unrealized

gains

(losses)

0.64 0.57 2.37 (0.37)

(1.72)

1.37 Total

from

investment

operations

........

1.03 1.31 3.13 1.00 (1.28)

1.49 Less

distributions

from:

Net

investment

income

..............

(0.56)

(0.64)

(0.64)

(1.37)

(1.08)

—

Net

realized

gains

.................

—

—

—

(0.92)

(1.08)

—

Total

distributions

...................

(0.56)

(0.64)

(0.64)

(2.29)

(2.16)

—

Net

asset

value,

end

of

period

..........

$26.58

$26.11

$25.44

$22.95

$24.24

$27.68

Total

return

e

.......................

3.94%

5.25%

13.88%

4.78%

(5.11)%

5.69%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.62%

0.64%

0.67%

0.70%

0.67%

0.37%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.17%

0.16%

0.16%

0.12%

0.11%

0.07%

h

Net

investment

income

d

...............

2.91%

2.91%

3.22%

6.01%

1.69%

0.45%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$13

$12

$12

$11

$10

$11

Portfolio

turnover

rate

................

2%

18%

29%

144%

37%

54%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

repurchas-

es

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.13

$25.46

$22.97

$24.25

$27.69

$25.25

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.41 0.78 0.82 1.57 0.49 0.30 Net

realized

and

unrealized

gains

(losses)

0.64 0.55 2.33 (0.53)

(1.75)

2.54 Total

from

investment

operations

........

1.05 1.33 3.15 1.04 (1.26)

2.84 Less

distributions

from:

Net

investment

income

..............

(0.59)

(0.66)

(0.66)

(1.40)

(1.10)

(0.40)

Net

realized

gains

.................

—

—

—

(0.92)

(1.08)

—

Total

distributions

...................

(0.59)

(0.66)

(0.66)

(2.32)

(2.18)

(0.40)

Net

asset

value,

end

of

period

..........

$26.59

$26.13

$25.46

$22.97

$24.25

$27.69

Total

return

d

.......................

4.00%

5.34%

13.97%

4.93%

(5.01)%

11.33%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.54%

0.57%

0.60%

0.57%

0.38%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.07%

0.06%

0.06%

0.02%

0.01%

0.05%

g

Net

investment

income

c

...............

3.04%

3.04%

3.53%

6.86%

1.89%

1.13%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,197

$3,280

$5,289

$12,068

$18,059

$18,567

Portfolio

turnover

rate

................

2%

18%

29%

144%

37%

54%

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

repurchas-

es

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.05

$25.39

$22.90

$24.19

$27.63

$25.22

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.39 0.75 0.76 1.38 0.44 0.23 Net

realized

and

unrealized

gains

(losses)

0.64 0.55 2.37 (0.38)

(1.72)

2.58 Total

from

investment

operations

........

1.03 1.30 3.13 1.00 (1.28)

2.81 Less

distributions

from:

Net

investment

income

..............

(0.57)

(0.64)

(0.64)

(1.37)

(1.08)

(0.40)

Net

realized

gains

.................

—

—

—

(0.92)

(1.08)

—

Total

distributions

...................

(0.57)

(0.64)

(0.64)

(2.29)

(2.16)

(0.40)

Net

asset

value,

end

of

period

..........

$26.51

$26.05

$25.39

$22.90

$24.19

$27.63

Total

return

d

.......................

3.93%

5.23%

13.91%

4.79%

(5.11)%

11.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.64%

0.64%

0.67%

0.70%

0.67%

0.47%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.17%

0.16%

0.16%

0.12%

0.11%

0.14%

g

Net

investment

income

c

...............

2.91%

2.94%

3.20%

6.08%

1.70%

0.89%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$469,752

$362,685

$253,535

$193,228

$187,829

$197,357

Portfolio

turnover

rate

................

2%

18%

29%

144%

37%

54%

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

repurchas-

es

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.4%

#### Domestic

#### Equity

#### 27.8%
a,b

Putnam

Sustainable

Future

ETF

........................................

1,799,786

$

44,570,800

b

Putnam

Sustainable

Leaders

ETF

.......................................

2,660,024

97,702,682

142,273,482

#### Domestic

#### Fixed

#### Income

#### 66.0%
b

Putnam

ESG

Core

Bond

ETF

..........................................

5,221,801

257,852,011

b

Putnam

ESG

High

Yield

ETF

...........................................

705,675

36,976,947

b

Putnam

ESG

Ultra

Short

ETF

..........................................

818,801

41,595,091

336,424,049

#### Foreign

#### Equity

#### 5.6%
b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,016,601

28,495,326

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 479,677,076

####)
...............................................................

#### 507,192,857
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.2%
a

#### Money

#### Market

#### Funds

#### 0.2%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

985,343

985,343

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 985,343

####)
.....................................

#### 985,343

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 985,343

####)
..................................

#### 985,343

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 480,662,419

####)
99.6 #### %
...................................

#### $508,178,200

#### Other

#### Assets,

#### less

#### Liabilities
0.4 #### %
.............................................

#### 2,194,942

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $510,373,142
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.58

$22.80

$20.02

$21.25

$25.36

$21.92

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.27 0.45 0.47 0.92 0.32 0.16 Net

realized

and

unrealized

gains

(losses)

0.73 0.86 2.81 0.25 (1.73)

3.28 Total

from

investment

operations

........

1.00 1.31 3.28 1.17 (1.41)

3.44 Less

distributions

from:

Net

investment

income

..............

(0.50)

(0.53)

(0.50)

(1.13)

(1.27)

(—)

d

Net

realized

gains

.................

—

—

—

(1.27)

(1.43)

—

Total

distributions

...................

(0.50)

(0.53)

(0.50)

(2.40)

(2.70)

(—)

d

Net

asset

value,

end

of

period

..........

$24.08

$23.58

$22.80

$20.02

$21.25

$25.36

Total

return

e

.......................

4.21%

5.84%

16.67%

6.54%

(6.43)%

15.70%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.90%

0.91%

0.93%

0.96%

0.96%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.37%

0.37%

0.36%

0.34%

0.34%

0.38%

h

Net

investment

income

c

...............

2.21%

1.98%

2.24%

4.64%

1.36%

0.70%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$35,557

$34,775

$30,392

$22,106

$21,379

$23,803

Portfolio

turnover

rate

................

6%

22%

27%

138%

39%

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

and

exchange

traded

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,

and

is

not

annualized

for

periods

less

than

one

year.

#### f
Ratios

are

annualized

for

periods

less

than

one

year.

#### g
Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

#### h
Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.13

$19.53

$17.23

$18.62

$22.56

$19.70

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

0.12 0.24 0.27 0.65 0.15 (0.01)

Net

realized

and

unrealized

gains

(losses)

0.65 0.73 2.41 0.23 (1.55)

2.93 Total

from

investment

operations

........

0.77 0.97 2.68 0.88 (1.40)

2.92 Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.37)

(0.38)

(1.00)

(1.11)

(0.06)

Net

realized

gains

.................

—

—

—

(1.27)

(1.43)

—

Total

distributions

...................

(0.14)

(0.37)

(0.38)

(2.27)

(2.54)

(0.06)

Net

asset

value,

end

of

period

..........

$20.76

$20.13

$19.53

$17.23

$18.62

$22.56

Total

return

d

.......................

3.84%

5.04%

15.77%

5.78%

(7.15)%

14.85%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.66%

1.66%

1.68%

1.71%

1.71%

1.50%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.12%

1.12%

1.11%

1.09%

1.09%

1.13%

g

Net

investment

income

(loss)

c

..........

1.14%

1.23%

1.51%

3.82%

0.73%

(0.05)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$460

$1,249

$1,238

$1,202

$1,134

$1,213

Portfolio

turnover

rate

................

6%

22%

27%

138%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.06

$21.38

$18.81

$20.11

$24.07

$21.04

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.22 0.34 0.37 0.78 0.19 0.06 Net

realized

and

unrealized

gains

(losses)

0.67 0.79 2.64 0.25 (1.62)

3.15 Total

from

investment

operations

........

0.89 1.13 3.01 1.03 (1.43)

3.21 Less

distributions

from:

Net

investment

income

..............

(0.42)

(0.45)

(0.44)

(1.06)

(1.10)

(0.18)

Net

realized

gains

.................

—

—

—

(1.27)

(1.43)

—

Total

distributions

...................

(0.42)

(0.45)

(0.44)

(2.33)

(2.53)

(0.18)

Net

asset

value,

end

of

period

..........

$22.53

$22.06

$21.38

$18.81

$20.11

$24.07

Total

return

d

.......................

4.02%

5.38%

16.23%

6.13%

(6.83)%

15.32%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.30%

1.31%

1.33%

1.36%

1.36%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.77%

0.77%

0.76%

0.74%

0.74%

0.71%

g

Net

investment

income

c

...............

1.94%

1.58%

1.87%

4.21%

0.85%

0.29%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$712

$770

$650

$552

$517

$876

Portfolio

turnover

rate

................

6%

22%

27%

138%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$29.78

$28.64

$25.01

$25.90

$30.30

$28.16

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.32 0.53 0.56 1.08 0.35 0.03 Net

realized

and

unrealized

gains

(losses)

0.93 1.06 3.52 0.37 (2.13)

2.11 Total

from

investment

operations

........

1.25 1.59 4.08 1.45 (1.78)

2.14 Less

distributions

from:

Net

investment

income

..............

(0.45)

(0.45)

(0.45)

(1.07)

(1.19)

—

Net

realized

gains

.................

—

—

—

(1.27)

(1.43)

—

Total

distributions

...................

(0.45)

(0.45)

(0.45)

(2.34)

(2.62)

—

Net

asset

value,

end

of

period

..........

$30.58

$29.78

$28.64

$25.01

$25.90

$30.30

Total

return

e

.......................

4.17%

5.62%

16.52%

6.40%

(6.58)%

7.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.04%

1.06%

1.08%

1.11%

1.11%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.52%

0.52%

0.51%

0.49%

0.49%

0.30%

h

Net

investment

income

d

...............

2.08%

1.83%

2.12%

4.40%

1.24%

0.09%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$7,599

$7,145

$6,650

$5,410

$5,458

$7,415

Portfolio

turnover

rate

................

6%

22%

27%

138%

39%

46%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$29.80

$28.66

$25.01

$25.92

$30.34

$28.16

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.36 0.60 0.61 1.12 0.40 0.06 Net

realized

and

unrealized

gains

(losses)

0.91 1.07 3.54 0.39 (2.11)

2.12 Total

from

investment

operations

........

1.27 1.67 4.15 1.51 (1.71)

2.18 Less

distributions

from:

Net

investment

income

..............

(0.51)

(0.53)

(0.50)

(1.15)

(1.28)

—

Net

realized

gains

.................

—

—

—

(1.27)

(1.43)

—

Total

distributions

...................

(0.51)

(0.53)

(0.50)

(2.42)

(2.71)

—

Net

asset

value,

end

of

period

..........

$30.56

$29.80

$28.66

$25.01

$25.92

$30.34

Total

return

e

.......................

4.26%

5.90%

16.82%

6.66%

(6.36)%

7.74%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.79%

0.81%

0.83%

0.86%

0.86%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.27%

0.27%

0.26%

0.24%

0.24%

0.16%

h

Net

investment

income

d

...............

2.35%

2.08%

2.34%

4.59%

1.42%

0.19%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,302

$1,241

$1,025

$940

$791

$687

Portfolio

turnover

rate

................

6%

22%

27%

138%

39%

46%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$29.84

$28.68

$25.04

$25.94

$30.37

$28.16

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.38 0.65 0.66 1.18 0.46 0.09 Net

realized

and

unrealized

gains

(losses)

0.92 1.07 3.53 0.37 (2.14)

2.12 Total

from

investment

operations

........

1.30 1.72 4.19 1.55 (1.68)

2.21 Less

distributions

from:

Net

investment

income

..............

(0.55)

(0.56)

(0.55)

(1.18)

(1.32)

—

Net

realized

gains

.................

—

—

—

(1.27)

(1.43)

—

Total

distributions

...................

(0.55)

(0.56)

(0.55)

(2.45)

(2.75)

—

Net

asset

value,

end

of

period

..........

$30.59

$29.84

$28.68

$25.04

$25.94

$30.37

Total

return

e

.......................

4.34%

6.10%

16.96%

6.85%

(6.24)%

7.85%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.66%

0.66%

0.68%

0.71%

0.71%

0.40%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.12%

0.11%

0.11%

0.09%

0.09%

0.07%

h

Net

investment

income

d

...............

2.47%

2.26%

2.52%

4.85%

1.62%

0.31%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$13

$13

$13

$11

$10

$11

Portfolio

turnover

rate

................

6%

22%

27%

138%

39%

46%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$29.86

$28.70

$25.05

$25.96

$30.38

$26.44

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.40 0.68 0.72 1.34 0.48 0.29 Net

realized

and

unrealized

gains

(losses)

0.92 1.07 3.50 0.23 (2.12)

3.94 Total

from

investment

operations

........

1.32 1.75 4.22 1.57 (1.64)

4.23 Less

distributions

from:

Net

investment

income

..............

(0.58)

(0.59)

(0.57)

(1.21)

(1.35)

(0.29)

Net

realized

gains

.................

—

—

—

(1.27)

(1.43)

—

Total

distributions

...................

(0.58)

(0.59)

(0.57)

(2.48)

(2.78)

(0.29)

Net

asset

value,

end

of

period

..........

$30.60

$29.86

$28.70

$25.05

$25.96

$30.38

Total

return

d

.......................

4.41%

6.20%

17.10%

6.92%

(6.11)%

16.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.56%

0.56%

0.58%

0.61%

0.61%

0.41%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.02%

0.02%

0.01%

(0.01)%

g

(0.01)%

g

0.04%

h

Net

investment

income

c

...............

2.56%

2.33%

2.77%

5.44%

1.71%

1.01%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$5,452

$5,238

$7,443

$11,598

$15,997

$17,492

Portfolio

turnover

rate

................

6%

22%

27%

138%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

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.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$29.80

$28.65

$25.01

$25.92

$30.35

$26.42

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.38 0.64 0.66 1.19 0.45 0.26 Net

realized

and

unrealized

gains

(losses)

0.92 1.08 3.53 0.35 (2.12)

3.97 Total

from

investment

operations

........

1.30 1.72 4.19 1.54 (1.67)

4.23 Less

distributions

from:

Net

investment

income

..............

(0.56)

(0.57)

(0.55)

(1.18)

(1.33)

(0.30)

Net

realized

gains

.................

—

—

—

(1.27)

(1.43)

—

Total

distributions

...................

(0.56)

(0.57)

(0.55)

(2.45)

(2.76)

(0.30)

Net

asset

value,

end

of

period

..........

$30.54

$29.80

$28.65

$25.01

$25.92

$30.35

Total

return

d

.......................

4.33%

6.09%

16.99%

6.82%

(6.23)%

16.09%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.65%

0.66%

0.68%

0.71%

0.71%

0.50%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.12%

0.12%

0.11%

0.09%

0.09%

0.13%

g

Net

investment

income

c

...............

2.48%

2.23%

2.50%

4.89%

1.62%

0.89%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$349,163

$306,223

$236,680

$158,644

$141,266

$124,961

Portfolio

turnover

rate

................

6%

22%

27%

138%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.9%

#### Domestic

#### Equity

#### 45.7%
a,b

Putnam

Sustainable

Future

ETF

........................................

2,372,497

$

58,753,702

b

Putnam

Sustainable

Leaders

ETF

.......................................

3,386,459

124,384,639

183,138,341

#### Domestic

#### Fixed

#### Income

#### 44.8%
b

Putnam

ESG

Core

Bond

ETF

..........................................

2,624,654

129,605,152

b

Putnam

ESG

High

Yield

ETF

...........................................

418,566

21,932,607

b

Putnam

ESG

Ultra

Short

ETF

..........................................

542,892

27,578,914

179,116,673

#### Foreign

#### Equity

#### 9.4%
b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,340,716

37,580,269

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 360,534,634

####)
...............................................................

#### 399,835,283
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.2%
a

#### Money

#### Market

#### Funds

#### 0.2%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

643,622

643,622

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 643,622

####)
.....................................

#### 643,622

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 643,622

####)
..................................

#### 643,622

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 361,178,256

####)
100.1 #### %
..................................

#### $400,478,905

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (220,776)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $400,258,129
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.12

$23.07

$19.93

$21.67

$25.95

$21.58

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.26 0.38 0.39 0.75 0.33 0.05 Net

realized

and

unrealized

gains

(losses)

0.95 1.13 3.21 0.66 (2.05)

4.32 Total

from

investment

operations

........

1.21 1.51 3.60 1.41 (1.72)

4.37 Less

distributions

from:

Net

investment

income

..............

(0.55)

(0.46)

(0.46)

(0.92)

(1.33)

(—)

d

Net

realized

gains

.................

—

—

—

(2.23)

(1.23)

—

Total

distributions

...................

(0.55)

(0.46)

(0.46)

(3.15)

(2.56)

(—)

d

Net

asset

value,

end

of

period

..........

$24.78

$24.12

$23.07

$19.93

$21.67

$25.95

Total

return

e

.......................

5.01%

6.65%

18.34%

8.08%

(7.60)%

20.26%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.91%

0.92%

0.95%

0.97%

0.96%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.34%

0.34%

0.34%

0.31%

0.30%

0.36%

h

Net

investment

income

c

...............

2.07%

1.62%

1.86%

3.82%

1.37%

0.23%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$32,742

$33,777

$25,880

$16,840

$15,869

$17,763

Portfolio

turnover

rate

................

3%

17%

25%

137%

32%

43%

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

and

exchange

traded

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,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$19.79

$19.00

$16.51

$18.50

$22.53

$19.11

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

0.13 0.17 0.20 0.50 0.13 (0.05)

Net

realized

and

unrealized

gains

(losses)

0.78 0.93 2.64 0.53 (1.74)

3.73 Total

from

investment

operations

........

0.91 1.10 2.84 1.03 (1.61)

3.68 Less

distributions

from:

Net

investment

income

..............

(0.39)

(0.31)

(0.35)

(0.79)

(1.19)

(0.26)

Net

realized

gains

.................

—

—

—

(2.23)

(1.23)

—

Total

distributions

...................

(0.39)

(0.31)

(0.35)

(3.02)

(2.42)

(0.26)

Net

asset

value,

end

of

period

..........

$20.31

$19.79

$19.00

$16.51

$18.50

$22.53

Total

return

d

.......................

4.60%

5.86%

17.41%

7.29%

(8.27)%

19.38%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.67%

1.67%

1.70%

1.72%

1.71%

1.49%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.09%

1.09%

1.09%

1.06%

1.05%

1.10%

g

Net

investment

income

(loss)

c

..........

1.31%

0.87%

1.17%

3.05%

0.63%

(0.22)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$766

$942

$897

$869

$797

$823

Portfolio

turnover

rate

................

3%

17%

25%

137%

32%

43%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.06

$24.54

$21.18

$22.82

$26.76

$22.65

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.33 0.30 0.41 0.70 0.07 0.08 Net

realized

and

unrealized

gains

(losses)

0.92 1.22 3.33 0.72 (2.00)

4.39 Total

from

investment

operations

........

1.25 1.52 3.74 1.42 (1.93)

4.47 Less

distributions

from:

Net

investment

income

..............

(0.59)

—

(0.38)

(0.83)

(0.78)

(0.36)

Net

realized

gains

.................

—

—

—

(2.23)

(1.23)

—

Total

distributions

...................

(0.59)

—

(0.38)

(3.06)

(2.01)

(0.36)

Net

asset

value,

end

of

period

..........

$26.72

$26.06

$24.54

$21.18

$22.82

$26.76

Total

return

d

.......................

4.79%

6.19%

17.87%

7.66%

(7.97)%

19.88%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.32%

1.31%

1.35%

1.37%

1.36%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.75%

0.73%

0.74%

0.71%

0.70%

0.69%

g

Net

investment

income

c

...............

2.41%

1.22%

1.90%

3.35%

0.28%

0.32%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$83

$7

$92

$163

$142

$284

Portfolio

turnover

rate

................

3%

17%

25%

137%

32%

43%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

sv

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.87

$29.36

$25.21

$26.54

$31.18

$28.47

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.32 0.44 0.47 0.94 0.37 (0.03)

Net

realized

and

unrealized

gains

(losses)

1.20 1.44 4.06 0.83 (2.53)

2.74 Total

from

investment

operations

........

1.52 1.88 4.53 1.77 (2.16)

2.71 Less

distributions

from:

Net

investment

income

..............

(0.51)

(0.37)

(0.38)

(0.87)

(1.25)

—

Net

realized

gains

.................

—

—

—

(2.23)

(1.23)

—

Total

distributions

...................

(0.51)

(0.37)

(0.38)

(3.10)

(2.48)

—

Net

asset

value,

end

of

period

..........

$31.88

$30.87

$29.36

$25.21

$26.54

$31.18

Total

return

e

.......................

4.90%

6.48%

18.16%

7.92%

(7.73)%

9.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.06%

1.07%

1.10%

1.12%

1.11%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.49%

0.49%

0.49%

0.46%

0.45%

0.27%

h

Net

investment

income

(loss)

d

..........

1.96%

1.47%

1.75%

3.82%

1.27%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,680

$4,171

$3,448

$3,106

$3,365

$3,860

Portfolio

turnover

rate

................

3%

17%

25%

137%

32%

43%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.91

$29.40

$25.23

$26.57

$31.22

$28.47

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.39 0.51 0.54 1.01 0.41 0.01 Net

realized

and

unrealized

gains

(losses)

1.17 1.45 4.07 0.81 (2.50)

2.74 Total

from

investment

operations

........

1.56 1.96 4.61 1.82 (2.09)

2.75 Less

distributions

from:

Net

investment

income

..............

(0.57)

(0.45)

(0.44)

(0.93)

(1.33)

—

Net

realized

gains

.................

—

—

—

(2.23)

(1.23)

—

Total

distributions

...................

(0.57)

(0.45)

(0.44)

(3.16)

(2.56)

—

Net

asset

value,

end

of

period

..........

$31.90

$30.91

$29.40

$25.23

$26.57

$31.22

Total

return

e

.......................

5.04%

6.77%

18.49%

8.16%

(7.49)%

9.66%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.81%

0.82%

0.85%

0.87%

0.86%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.24%

0.24%

0.24%

0.21%

0.20%

0.13%

h

Net

investment

income

d

...............

2.44%

1.72%

2.02%

4.09%

1.41%

0.03%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$617

$478

$517

$743

$751

$880

Portfolio

turnover

rate

................

3%

17%

25%

137%

32%

43%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.91

$29.40

$25.25

$26.59

$31.25

$28.47

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.38 0.56 0.58 1.00 0.48 0.03 Net

realized

and

unrealized

gains

(losses)

1.21 1.44 4.07 0.86 (2.52)

2.75 Total

from

investment

operations

........

1.59 2.00 4.65 1.86 (2.04)

2.78 Less

distributions

from:

Net

investment

income

..............

(0.61)

(0.49)

(0.50)

(0.97)

(1.39)

—

Net

realized

gains

.................

—

—

—

(2.23)

(1.23)

—

Total

distributions

...................

(0.61)

(0.49)

(0.50)

(3.20)

(2.62)

—

Net

asset

value,

end

of

period

..........

$31.89

$30.91

$29.40

$25.25

$26.59

$31.25

Total

return

e

.......................

5.12%

6.89%

18.66%

8.31%

(7.34)%

9.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.66%

0.67%

0.70%

0.72%

0.71%

0.40%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.09%

0.09%

0.09%

0.06%

0.05%

0.04%

h

Net

investment

income

d

...............

2.36%

1.89%

2.17%

4.06%

1.65%

0.12%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$14

$14

$13

$11

$10

$11

Portfolio

turnover

rate

................

3%

17%

25%

137%

32%

43%

a

For

the

period

April

1,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.94

$29.42

$25.27

$26.60

$31.27

$26.34

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.40 0.59 0.70 1.23 0.50 0.26 Net

realized

and

unrealized

gains

(losses)

1.21 1.44 3.98 0.66 (2.52)

5.14 Total

from

investment

operations

........

1.61 2.03 4.68 1.89 (2.02)

5.40 Less

distributions

from:

Net

investment

income

..............

(0.64)

(0.51)

(0.53)

(0.99)

(1.42)

(0.47)

Net

realized

gains

.................

—

—

—

(2.23)

(1.23)

—

Total

distributions

...................

(0.64)

(0.51)

(0.53)

(3.22)

(2.65)

(0.47)

Net

asset

value,

end

of

period

..........

$31.91

$30.94

$29.42

$25.27

$26.60

$31.27

Total

return

d

.......................

5.19%

7.00%

18.76%

8.47%

(7.28)%

20.69%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.57%

0.57%

0.60%

0.62%

0.61%

0.41%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

(0.01)%

g

(0.01)%

g

(0.01)%

g

(0.04)%

g

(0.05)%

g

0.02%

h

Net

investment

income

c

...............

2.47%

1.97%

2.73%

4.92%

1.72%

0.89%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,188

$3,472

$1,830

$8,039

$13,998

$14,318

Portfolio

turnover

rate

................

3%

17%

25%

137%

32%

43%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

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.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.84

$29.33

$25.20

$26.54

$31.20

$26.31

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.38 0.56 0.57 1.00 0.48 0.25 Net

realized

and

unrealized

gains

(losses)

1.20 1.44 4.06 0.86 (2.52)

5.12 Total

from

investment

operations

........

1.58 2.00 4.63 1.86 (2.04)

5.37 Less

distributions

from:

Net

investment

income

..............

(0.61)

(0.49)

(0.50)

(0.97)

(1.39)

(0.48)

Net

realized

gains

.................

—

—

—

(2.23)

(1.23)

—

Total

distributions

...................

(0.61)

(0.49)

(0.50)

(3.20)

(2.62)

(0.48)

Net

asset

value,

end

of

period

..........

$31.81

$30.84

$29.33

$25.20

$26.54

$31.20

Total

return

d

.......................

5.11%

6.92%

18.63%

8.33%

(7.35)%

20.59%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.66%

0.67%

0.70%

0.72%

0.71%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.09%

0.09%

0.09%

0.06%

0.05%

0.10%

g

Net

investment

income

c

...............

2.37%

1.87%

2.15%

4.05%

1.65%

0.86%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$372,362

$333,511

$239,529

$173,452

$156,842

$162,247

Portfolio

turnover

rate

................

3%

17%

25%

137%

32%

43%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Domestic

#### Equity

#### 53.0%
a,b

Putnam

Sustainable

Future

ETF

........................................

2,855,465

$

70,714,163

b

Putnam

Sustainable

Leaders

ETF

.......................................

4,050,846

148,787,574

219,501,737

#### Domestic

#### Fixed

#### Income

#### 32.0%
b

Putnam

ESG

Core

Bond

ETF

..........................................

1,805,238

89,142,472

b

Putnam

ESG

High

Yield

ETF

...........................................

383,822

20,112,042

b

Putnam

ESG

Ultra

Short

ETF

..........................................

469,814

23,866,551

133,121,065

#### Foreign

#### Equity

#### 14.6%
b

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

327,765

9,477,325

b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,812,817

50,813,261

60,290,586

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 355,778,499

####)
...............................................................

#### 412,913,388
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.4%
a

#### Money

#### Market

#### Funds

#### 0.4%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

1,452,723

1,452,723

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,452,723

####)
...................................

#### 1,452,723

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,452,723

####)
.................................

#### 1,452,723

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 357,231,222

####)
100.0 #### %
..................................

#### $414,366,111

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 86,938

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $414,453,049
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.98

$21.82

$18.65

$19.66

$24.20

$19.54

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.25 0.30 0.30 0.58 0.30 0.05 Net

realized

and

unrealized

gains

(losses)

1.06 1.26 3.28 0.89 (2.05)

4.66 Total

from

investment

operations

........

1.31 1.56 3.58 1.47 (1.75)

4.71 Less

distributions

from:

Net

investment

income

..............

(0.48)

(0.40)

(0.41)

(0.73)

(1.37)

(—)

d

Net

realized

gains

.................

—

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...................

(0.48)

(0.40)

(0.41)

(2.48)

(2.79)

(0.05)

Net

asset

value,

end

of

period

..........

$23.81

$22.98

$21.82

$18.65

$19.66

$24.20

Total

return

e

.......................

5.68%

7.27%

19.49%

9.07%

(8.55)%

24.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.93%

0.94%

0.98%

1.02%

1.00%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.32%

0.32%

0.32%

0.30%

0.28%

0.35%

h

Net

investment

income

c

...............

2.05%

1.37%

1.50%

3.22%

1.37%

0.24%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$35,422

$34,897

$27,363

$12,815

$11,577

$13,491

Portfolio

turnover

rate

................

3%

19%

21%

138%

33%

36%

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

and

exchange

traded

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,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$19.13

$18.22

$15.67

$16.90

$21.18

$17.29

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

0.11 0.11 0.16 0.33 0.13 (0.05)

Net

realized

and

unrealized

gains

(losses)

0.91 1.06 2.71 0.79 (1.78)

4.05 Total

from

investment

operations

........

1.02 1.17 2.87 1.12 (1.65)

4.00 Less

distributions

from:

Net

investment

income

..............

(0.22)

(0.26)

(0.32)

(0.60)

(1.21)

(0.06)

Net

realized

gains

.................

—

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...................

(0.22)

(0.26)

(0.32)

(2.35)

(2.63)

(0.11)

Net

asset

value,

end

of

period

..........

$19.93

$19.13

$18.22

$15.67

$16.90

$21.18

Total

return

d

.......................

5.34%

6.48%

18.55%

8.29%

(9.25)%

23.23%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.68%

1.69%

1.73%

1.77%

1.75%

1.55%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.07%

1.07%

1.07%

1.05%

1.03%

1.10%

g

Net

investment

income

(loss)

c

..........

1.14%

0.62%

0.95%

2.16%

0.70%

(0.27)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$493

$928

$967

$869

$694

$987

Portfolio

turnover

rate

................

3%

19%

21%

138%

33%

36%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.74

$23.23

$19.85

$20.72

$25.19

$20.53

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.22 0.23 0.26 0.49 0.18 0.08 Net

realized

and

unrealized

gains

(losses)

1.15 1.35 3.48 1.00 (2.14)

4.77 Total

from

investment

operations

........

1.37 1.58 3.74 1.49 (1.96)

4.85 Less

distributions

from:

Net

investment

income

..............

(0.41)

(0.07)

(0.36)

(0.61)

(1.09)

(0.14)

Net

realized

gains

.................

—

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...................

(0.41)

(0.07)

(0.36)

(2.36)

(2.51)

(0.19)

Net

asset

value,

end

of

period

..........

$25.70

$24.74

$23.23

$19.85

$20.72

$25.19

Total

return

d

.......................

5.53%

6.80%

19.04%

8.61%

(8.92)%

23.70%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.32%

1.34%

1.38%

1.42%

1.40%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.72%

0.72%

0.72%

0.70%

0.68%

0.68%

g

Net

investment

income

c

...............

1.72%

0.97%

1.24%

2.56%

0.76%

0.36%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$59

$47

$107

$69

$44

$127

Portfolio

turnover

rate

................

3%

19%

21%

138%

33%

36%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.86

$29.13

$24.75

$25.20

$30.24

$27.23

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.31 0.36 0.40 0.68 0.36 (0.06)

Net

realized

and

unrealized

gains

(losses)

1.43 1.69 4.34 1.27 (2.67)

3.07 Total

from

investment

operations

........

1.74 2.05 4.74 1.95 (2.31)

3.01 Less

distributions

from:

Net

investment

income

..............

(0.42)

(0.32)

(0.36)

(0.65)

(1.31)

—

Net

realized

gains

.................

—

—

—

(1.75)

(1.42)

—

Total

distributions

...................

(0.42)

(0.32)

(0.36)

(2.40)

(2.73)

—

Net

asset

value,

end

of

period

..........

$32.18

$30.86

$29.13

$24.75

$25.20

$30.24

Total

return

e

.......................

5.62%

7.08%

19.33%

8.93%

(8.69)%

11.05%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.07%

1.09%

1.13%

1.17%

1.15%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.47%

0.47%

0.47%

0.45%

0.43%

0.26%

h

Net

investment

income

(loss)

d

..........

1.91%

1.22%

1.50%

2.87%

1.29%

(0.21)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,671

$4,232

$3,880

$2,863

$3,383

$4,270

Portfolio

turnover

rate

................

3%

19%

21%

138%

33%

36%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.89

$29.15

$24.77

$25.24

$30.29

$27.23

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.36 0.43 0.46 0.79 0.42 (0.02)

Net

realized

and

unrealized

gains

(losses)

1.42 1.70 4.34 1.22 (2.67)

3.08 Total

from

investment

operations

........

1.78 2.13 4.80 2.01 (2.25)

3.06 Less

distributions

from:

Net

investment

income

..............

(0.49)

(0.39)

(0.42)

(0.73)

(1.38)

—

Net

realized

gains

.................

—

—

—

(1.75)

(1.42)

—

Total

distributions

...................

(0.49)

(0.39)

(0.42)

(2.48)

(2.80)

—

Net

asset

value,

end

of

period

..........

$32.18

$30.89

$29.15

$24.77

$25.24

$30.29

Total

return

e

.......................

5.76%

7.37%

19.58%

9.23%

(8.47)%

11.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.82%

0.84%

0.88%

0.92%

0.90%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.22%

0.22%

0.22%

0.20%

0.18%

0.12%

h

Net

investment

income

(loss)

d

..........

2.26%

1.47%

1.76%

3.34%

1.51%

(0.06)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,245

$1,050

$949

$753

$678

$840

Portfolio

turnover

rate

................

3%

19%

21%

138%

33%

36%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.93

$29.19

$24.80

$25.27

$30.31

$27.23

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.38 0.48 0.51 0.79 0.45 0.01 Net

realized

and

unrealized

gains

(losses)

1.43 1.69 4.33 1.26 (2.64)

3.07 Total

from

investment

operations

........

1.81 2.17 4.84 2.05 (2.19)

3.08 Less

distributions

from:

Net

investment

income

..............

(0.53)

(0.43)

(0.45)

(0.77)

(1.43)

—

Net

realized

gains

.................

—

—

—

(1.75)

(1.42)

—

Total

distributions

...................

(0.53)

(0.43)

(0.45)

(2.52)

(2.85)

—

Net

asset

value,

end

of

period

..........

$32.21

$30.93

$29.19

$24.80

$25.27

$30.31

Total

return

e

.......................

5.81%

7.55%

19.76%

9.38%

(8.29)%

11.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.68%

0.69%

0.73%

0.77%

0.75%

0.43%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.07%

0.07%

0.07%

0.05%

0.03%

0.03%

h

Net

investment

income

d

...............

2.33%

1.62%

1.92%

3.33%

1.61%

0.02%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$18

$17

$13

$11

$10

$11

Portfolio

turnover

rate

................

3%

19%

21%

138%

33%

36%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.95

$29.21

$24.80

$25.28

$30.33

$24.62

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.38 0.51 0.58 1.03 0.47 0.23 Net

realized

and

unrealized

gains

(losses)

1.45 1.68 4.30 1.03 (2.64)

5.77 Total

from

investment

operations

........

1.83 2.19 4.88 2.06 (2.17)

6.00 Less

distributions

from:

Net

investment

income

..............

(0.56)

(0.45)

(0.47)

(0.79)

(1.46)

(0.24)

Net

realized

gains

.................

—

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...................

(0.56)

(0.45)

(0.47)

(2.54)

(2.88)

(0.29)

Net

asset

value,

end

of

period

..........

$32.22

$30.95

$29.21

$24.80

$25.28

$30.33

Total

return

d

.......................

5.90%

7.61%

19.94%

9.45%

(8.22)%

24.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.58%

0.59%

0.63%

0.67%

0.65%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

(0.03)%

g

(0.03)%

g

(0.03)%

g

(0.05)%

g

(0.07)%

g

0.01%

h

Net

investment

income

c

...............

2.36%

1.72%

2.23%

4.28%

1.68%

0.83%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,235

$4,418

$3,501

$4,991

$10,842

$11,513

Portfolio

turnover

rate

................

3%

19%

21%

138%

33%

36%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

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.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.93

$29.19

$24.80

$25.27

$30.33

$24.62

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.38 0.48 0.50 0.79 0.42 0.23 Net

realized

and

unrealized

gains

(losses)

1.43 1.69 4.34 1.26 (2.63)

5.78 Total

from

investment

operations

........

1.81 2.17 4.84 2.05 (2.21)

6.01 Less

distributions

from:

Net

investment

income

..............

(0.53)

(0.43)

(0.45)

(0.77)

(1.43)

(0.25)

Net

realized

gains

.................

—

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...................

(0.53)

(0.43)

(0.45)

(2.52)

(2.85)

(0.30)

Net

asset

value,

end

of

period

..........

$32.21

$30.93

$29.19

$24.80

$25.27

$30.33

Total

return

d

.......................

5.85%

7.53%

19.77%

9.39%

(8.34)%

24.54%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.68%

0.69%

0.73%

0.77%

0.75%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.07%

0.07%

0.07%

0.05%

0.03%

0.10%

g

Net

investment

income

c

...............

2.35%

1.62%

1.88%

3.32%

1.50%

0.80%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$306,288

$261,398

$181,653

$116,355

$100,019

$83,023

Portfolio

turnover

rate

................

3%

19%

21%

138%

33%

36%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Domestic

#### Equity

#### 57.7%
a,b

Putnam

Sustainable

Future

ETF

........................................

2,645,919

$

65,524,861

b

Putnam

Sustainable

Leaders

ETF

.......................................

3,751,082

137,777,242

203,302,103

#### Domestic

#### Fixed

#### Income

#### 22.5%
b

Putnam

ESG

Core

Bond

ETF

..........................................

902,351

44,558,002

b

Putnam

ESG

High

Yield

ETF

...........................................

332,633

17,429,770

b

Putnam

ESG

Ultra

Short

ETF

..........................................

342,946

17,421,657

79,409,429

#### Foreign

#### Equity

#### 19.4%
b

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

582,996

16,857,329

b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,839,003

51,547,254

68,404,583

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 300,510,185

####)
...............................................................

#### 351,116,115
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.2%
a

#### Money

#### Market

#### Funds

#### 0.2%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

760,843

760,843

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 760,843

####)
.....................................

#### 760,843

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 760,843

####)
..................................

#### 760,843

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 301,271,028

####)
99.8 #### %
...................................

#### $351,876,958

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 554,876

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $352,431,834
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.35

$21.03

$17.75

$18.27

$22.32

$17.62

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.25 0.23 0.42 0.23 0.03 Net

realized

and

unrealized

gains

(losses)

1.10 1.33 3.33 1.11 (1.99)

4.67 Total

from

investment

operations

........

1.33 1.58 3.56 1.53 (1.76)

4.70 Less

distributions

from:

Net

investment

income

..............

(0.33)

(0.26)

(0.28)

(0.36)

(1.10)

(—)

d

Net

realized

gains

.................

—

—

—

(1.69)

(1.19)

—

Total

distributions

...................

(0.33)

(0.26)

(0.28)

(2.05)

(2.29)

(—)

d

Net

asset

value,

end

of

period

..........

$23.35

$22.35

$21.03

$17.75

$18.27

$22.32

Total

return

e

.......................

5.96%

7.61%

20.28%

9.93%

(9.16)%

26.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.95%

0.95%

1.01%

1.06%

1.03%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.31%

0.30%

0.31%

0.29%

0.28%

0.34%

h

Net

investment

income

c

...............

1.96%

1.19%

1.19%

2.49%

1.11%

0.19%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$33,030

$32,978

$21,864

$7,769

$7,023

$7,601

Portfolio

turnover

rate

................

3%

18%

17%

129%

32%

33%

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

and

exchange

traded

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,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$21.19

$19.91

$16.83

$17.44

$21.37

$17.11

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

0.12 0.09 0.13 0.28 0.06 (0.05)

Net

realized

and

unrealized

gains

(losses)

1.06 1.26 3.12 1.04 (1.89)

4.44 Total

from

investment

operations

........

1.18 1.35 3.25 1.32 (1.83)

4.39 Less

distributions

from:

Net

investment

income

..............

(0.11)

(0.07)

(0.17)

(0.24)

(0.91)

(0.13)

Net

realized

gains

.................

—

—

—

(1.69)

(1.19)

—

Total

distributions

...................

(0.11)

(0.07)

(0.17)

(1.93)

(2.10)

(0.13)

Net

asset

value,

end

of

period

..........

$22.26

$21.19

$19.91

$16.83

$17.44

$21.37

Total

return

d

.......................

5.55%

6.82%

19.42%

9.05%

(9.81)%

25.73%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.71%

1.70%

1.76%

1.81%

1.78%

1.58%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.06%

1.05%

1.06%

1.04%

1.03%

1.09%

g

Net

investment

income

(loss)

c

..........

1.10%

0.45%

0.72%

1.75%

0.29%

(0.28)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$704

$1,087

$1,094

$1,042

$895

$1,077

Portfolio

turnover

rate

................

3%

18%

17%

129%

32%

33%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$21.79

$20.55

$17.23

$17.80

$21.74

$17.40

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.21 0.16 0.18 0.49 0.11 0.03 Net

realized

and

unrealized

gains

(losses)

1.04 1.30 3.22 0.93 (1.91)

4.52 Total

from

investment

operations

........

1.25 1.46 3.40 1.42 (1.80)

4.55 Less

distributions

from:

Net

investment

income

..............

(0.26)

(0.22)

(0.08)

(0.30)

(0.95)

(0.21)

Net

realized

gains

.................

—

—

—

(1.69)

(1.19)

—

Total

distributions

...................

(0.26)

(0.22)

(0.08)

(1.99)

(2.14)

(0.21)

Net

asset

value,

end

of

period

..........

$22.78

$21.79

$20.55

$17.23

$17.80

$21.74

Total

return

d

.......................

5.75%

7.18%

19.79%

9.52%

(9.50)%

26.28%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.36%

1.36%

1.41%

1.46%

1.43%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.71%

0.71%

0.71%

0.69%

0.68%

0.67%

g

Net

investment

income

c

...............

1.86%

0.79%

0.95%

2.92%

0.57%

0.15%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$249

$212

$137

$156

$499

$754

Portfolio

turnover

rate

................

3%

18%

17%

129%

32%

33%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.27

$20.94

$17.67

$18.19

$22.23

$19.82

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.21 0.22 0.24 0.42 0.29 (0.05)

Net

realized

and

unrealized

gains

(losses)

1.11 1.32 3.29 1.08 (2.08)

2.46 Total

from

investment

operations

........

1.32 1.54 3.53 1.50 (1.79)

2.41 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.21)

(0.26)

(0.33)

(1.06)

—

Net

realized

gains

.................

—

—

—

(1.69)

(1.19)

—

Total

distributions

...................

(0.31)

(0.21)

(0.26)

(2.02)

(2.25)

—

Net

asset

value,

end

of

period

..........

$23.28

$22.27

$20.94

$17.67

$18.19

$22.23

Total

return

e

.......................

5.90%

7.41%

20.14%

9.75%

(9.30)%

12.16%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.10%

1.10%

1.16%

1.21%

1.18%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.46%

0.45%

0.46%

0.44%

0.43%

0.26%

h

Net

investment

income

(loss)

d

..........

1.83%

1.05%

1.26%

2.50%

1.39%

(0.22)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,679

$2,811

$2,507

$1,899

$2,144

$3,864

Portfolio

turnover

rate

................

3%

18%

17%

129%

32%

33%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.31

$20.97

$17.70

$18.23

$22.26

$19.82

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.26 0.28 0.29 0.43 0.23 (0.02)

Net

realized

and

unrealized

gains

(losses)

1.08 1.33 3.27 1.11 (1.97)

2.46 Total

from

investment

operations

........

1.34 1.61 3.56 1.54 (1.74)

2.44 Less

distributions

from:

Net

investment

income

..............

(0.37)

(0.27)

(0.29)

(0.38)

(1.10)

—

Net

realized

gains

.................

—

—

—

(1.69)

(1.19)

—

Total

distributions

...................

(0.37)

(0.27)

(0.29)

(2.07)

(2.29)

—

Net

asset

value,

end

of

period

..........

$23.28

$22.31

$20.97

$17.70

$18.23

$22.26

Total

return

e

.......................

5.99%

7.76%

20.36%

10.06%

(9.08)%

12.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.85%

0.85%

0.91%

0.96%

0.93%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.21%

0.20%

0.21%

0.19%

0.18%

0.12%

h

Net

investment

income

(loss)

d

..........

2.19%

1.30%

1.56%

2.53%

1.11%

(0.08)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$368

$384

$264

$248

$170

$176

Portfolio

turnover

rate

................

3%

18%

17%

129%

32%

33%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.33

$20.98

$17.70

$18.23

$22.28

$19.82

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.26 0.31 0.32 0.47 0.28 —

e

Net

realized

and

unrealized

gains

(losses)

1.10 1.33 3.28 1.09 (1.99)

2.46 Total

from

investment

operations

........

1.36 1.64 3.60 1.56 (1.71)

2.46 Less

distributions

from:

Net

investment

income

..............

(0.39)

(0.29)

(0.32)

(0.40)

(1.15)

—

Net

realized

gains

.................

—

—

—

(1.69)

(1.19)

—

Total

distributions

...................

(0.39)

(0.29)

(0.32)

(2.09)

(2.34)

—

Net

asset

value,

end

of

period

..........

$23.30

$22.33

$20.98

$17.70

$18.23

$22.28

Total

return

f

........................

6.08%

7.91%

20.59%

10.20%

(8.95)%

12.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.71%

0.71%

0.76%

0.81%

0.78%

0.45%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

0.06%

0.05%

0.06%

0.04%

0.03%

0.03%

i

Net

investment

income

d

...............

2.23%

1.45%

1.69%

2.74%

1.38%

0.01%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$15

$14

$14

$11

$10

$11

Portfolio

turnover

rate

................

3%

18%

17%

129%

32%

33%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

i

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.34

$20.99

$17.71

$18.24

$22.29

$17.80

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.27 0.33 0.36 0.58 0.30 0.17 Net

realized

and

unrealized

gains

(losses)

1.10 1.33 3.26 1.00 (1.99)

4.62 Total

from

investment

operations

........

1.37 1.66 3.62 1.58 (1.69)

4.79 Less

distributions

from:

Net

investment

income

..............

(0.41)

(0.31)

(0.34)

(0.42)

(1.17)

(0.30)

Net

realized

gains

.................

—

—

—

(1.69)

(1.19)

—

Total

distributions

...................

(0.41)

(0.31)

(0.34)

(2.11)

(2.36)

(0.30)

Net

asset

value,

end

of

period

..........

$23.30

$22.34

$20.99

$17.71

$18.24

$22.29

Total

return

d

.......................

6.13%

8.01%

20.68%

10.31%

(8.85)%

27.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.61%

0.60%

0.66%

0.71%

0.68%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

(0.04)%

g

(0.05)%

g

(0.04)%

g

(0.06)%

g

(0.07)%

g

—%

h,i

Net

investment

income

c

...............

2.29%

1.55%

1.92%

3.42%

1.48%

0.84%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,189

$3,877

$4,357

$5,245

$9,794

$10,882

Portfolio

turnover

rate

................

3%

18%

17%

129%

32%

33%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

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.

h

Includes

one-time

proxy

cost

of

0.01%.

i

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.31

$20.97

$17.69

$18.23

$22.27

$17.81

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.27 0.31 0.31 0.46 0.28 0.17 Net

realized

and

unrealized

gains

(losses)

1.09 1.32 3.29 1.09 (1.98)

4.60 Total

from

investment

operations

........

1.36 1.63 3.60 1.55 (1.70)

4.77 Less

distributions

from:

Net

investment

income

..............

(0.39)

(0.29)

(0.32)

(0.40)

(1.15)

(0.31)

Net

realized

gains

.................

—

—

—

(1.69)

(1.19)

—

Total

distributions

...................

(0.39)

(0.29)

(0.32)

(2.09)

(2.34)

(0.31)

Net

asset

value,

end

of

period

..........

$23.28

$22.31

$20.97

$17.69

$18.23

$22.27

Total

return

d

.......................

6.10%

7.88%

20.62%

10.15%

(8.89)%

26.97%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.71%

0.70%

0.76%

0.81%

0.78%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.06%

0.05%

0.06%

0.04%

0.03%

0.09%

g

Net

investment

income

c

...............

2.27%

1.45%

1.66%

2.71%

1.39%

0.84%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$228,100

$192,561

$137,680

$86,672

$67,397

$65,784

Portfolio

turnover

rate

................

3%

18%

17%

129%

32%

33%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Domestic

#### Equity

#### 61.0%
a,b

Putnam

Sustainable

Future

ETF

........................................

2,148,293

$

53,201,402

b

Putnam

Sustainable

Leaders

ETF

.......................................

3,024,218

111,079,527

164,280,929

#### Domestic

#### Fixed

#### Income

#### 17.2%
b

Putnam

ESG

Core

Bond

ETF

..........................................

525,243

25,936,447

b

Putnam

ESG

High

Yield

ETF

...........................................

228,198

11,957,438

b

Putnam

ESG

Ultra

Short

ETF

..........................................

171,098

8,691,778

46,585,663

#### Foreign

#### Equity

#### 21.4%
b

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

516,395

14,931,562

b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,514,723

42,457,686

57,389,248

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 226,441,454

####)
...............................................................

#### 268,255,840
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.2%
a

#### Money

#### Market

#### Funds

#### 0.2%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

481,617

481,617

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 481,617

####)
.....................................

#### 481,617

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 481,617

####)
..................................

#### 481,617

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 226,923,071

####)
99.8 #### %
...................................

#### $268,737,457

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 596,732

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $269,334,189
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.19

$13.29

$11.13

$11.07

$13.76

$10.77

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.14 0.13 0.11 0.24 0.12 0.04 Net

realized

and

unrealized

gains

(losses)

0.72 0.91 2.21 0.79 (1.20)

2.99 Total

from

investment

operations

........

0.86 1.04 2.32 1.03 (1.08)

3.03 Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.14)

(0.16)

(0.19)

(0.69)

(0.04)

Net

realized

gains

.................

(0.01)

—

—

(0.78)

(0.92)

—

Total

distributions

...................

(0.21)

(0.14)

(0.16)

(0.97)

(1.61)

(0.04)

Net

asset

value,

end

of

period

..........

$14.84

$14.19

$13.29

$11.13

$11.07

$13.76

Total

return

d

.......................

6.10%

7.92%

21.09%

10.55%

(9.33)%

28.18%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.99%

1.01%

1.08%

1.18%

1.16%

1.02%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.30%

0.29%

0.29%

0.28%

0.28%

0.34%

g

Net

investment

income

c

...............

1.84%

1.00%

0.89%

2.30%

0.94%

0.39%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$33,542

$33,299

$19,802

$5,727

$4,851

$4,412

Portfolio

turnover

rate

................

4%

18%

13%

133%

28%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.68

$12.78

$10.71

$10.65

$13.29

$10.47

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

0.07 0.03 0.05 0.16 0.04 (0.03)

Net

realized

and

unrealized

gains

(losses)

0.71 0.89 2.10 0.76 (1.17)

2.87 Total

from

investment

operations

........

0.78 0.92 2.15 0.92 (1.13)

2.84 Less

distributions

from:

Net

investment

income

..............

(0.04)

(0.02)

(0.08)

(0.08)

(0.59)

(0.02)

Net

realized

gains

.................

(0.01)

—

—

(0.78)

(0.92)

—

Total

distributions

...................

(0.05)

(0.02)

(0.08)

(0.86)

(1.51)

(0.02)

Net

asset

value,

end

of

period

..........

$14.41

$13.68

$12.78

$10.71

$10.65

$13.29

Total

return

d

.......................

5.71%

7.17%

20.12%

9.77%

(10.01)%

27.16%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.74%

1.76%

1.83%

1.93%

1.91%

1.77%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.05%

1.04%

1.04%

1.03%

1.03%

1.09%

g

Net

investment

income

(loss)

c

..........

0.97%

0.25%

0.46%

1.60%

0.34%

(0.27)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$374

$620

$654

$641

$599

$1,158

Portfolio

turnover

rate

................

4%

18%

13%

133%

28%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.64

$13.64

$11.44

$11.36

$13.74

$10.83

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.10 0.08 0.09 0.19 0.01 0.02 Net

realized

and

unrealized

gains

(losses)

0.76 0.94 2.24 0.83 (1.18)

2.97 Total

from

investment

operations

........

0.86 1.02 2.33 1.02 (1.17)

2.99 Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.02)

(0.13)

(0.16)

(0.29)

(0.08)

Net

realized

gains

.................

(0.01)

—

—

(0.78)

(0.92)

—

Total

distributions

...................

(0.14)

(0.02)

(0.13)

(0.94)

(1.21)

(0.08)

Net

asset

value,

end

of

period

..........

$15.36

$14.64

$13.64

$11.44

$11.36

$13.74

Total

return

d

.......................

5.94%

7.51%

20.54%

10.16%

(9.66)%

27.71%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.38%

1.41%

1.48%

1.58%

1.56%

1.36%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.70%

0.69%

0.69%

0.68%

0.68%

0.68%

g

Net

investment

income

c

...............

1.26%

0.60%

0.77%

1.81%

0.03%

0.15%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$90

$97

$126

$72

$39

$166

Portfolio

turnover

rate

................

4%

18%

13%

133%

28%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.31

$13.39

$11.22

$11.15

$13.84

$12.27

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.13 0.12 0.13 0.25 0.10 (0.03)

Net

realized

and

unrealized

gains

(losses)

0.73 0.91 2.19 0.77 (1.20)

1.60 Total

from

investment

operations

........

0.86 1.03 2.32 1.02 (1.10)

1.57 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.11)

(0.15)

(0.17)

(0.67)

—

Net

realized

gains

.................

(0.01)

—

—

(0.78)

(0.92)

—

Total

distributions

...................

(0.20)

(0.11)

(0.15)

(0.95)

(1.59)

—

Net

asset

value,

end

of

period

..........

$14.97

$14.31

$13.39

$11.22

$11.15

$13.84

Total

return

e

.......................

6.01%

7.76%

20.81%

10.40%

(9.42)%

12.80%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.13%

1.16%

1.23%

1.33%

1.31%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.45%

0.44%

0.44%

0.43%

0.43%

0.26%

h

Net

investment

income

(loss)

d

..........

1.74%

0.85%

1.08%

2.32%

0.79%

(0.24)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$5,495

$4,799

$3,906

$2,990

$2,904

$2,945

Portfolio

turnover

rate

................

4%

18%

13%

133%

28%

39%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.35

$13.42

$11.24

$11.17

$13.86

$12.27

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.15 0.15 0.16 0.25 0.13 (0.01)

Net

realized

and

unrealized

gains

(losses)

0.74 0.92 2.19 0.80 (1.20)

1.60 Total

from

investment

operations

........

0.89 1.07 2.35 1.05 (1.07)

1.59 Less

distributions

from:

Net

investment

income

..............

(0.22)

(0.14)

(0.17)

(0.20)

(0.70)

—

Net

realized

gains

.................

(0.01)

—

—

(0.78)

(0.92)

—

Total

distributions

...................

(0.23)

(0.14)

(0.17)

(0.98)

(1.62)

—

Net

asset

value,

end

of

period

..........

$15.01

$14.35

$13.42

$11.24

$11.17

$13.86

Total

return

e

.......................

6.20%

8.04%

21.15%

10.64%

(9.20)%

12.96%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.88%

0.91%

0.98%

1.08%

1.06%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.20%

0.19%

0.19%

0.18%

0.18%

0.12%

h

Net

investment

income

(loss)

d

..........

1.96%

1.10%

1.30%

2.39%

1.06%

(0.10)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$606

$563

$494

$382

$317

$336

Portfolio

turnover

rate

................

4%

18%

13%

133%

28%

39%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.37

$13.44

$11.25

$11.18

$13.87

$12.27

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.18 0.17 0.18 0.27 0.15 (—)

e

Net

realized

and

unrealized

gains

(losses)

0.72 0.92 2.20 0.79 (1.20)

1.60 Total

from

investment

operations

........

0.90 1.09 2.38 1.06 (1.05)

1.60 Less

distributions

from:

Net

investment

income

..............

(0.24)

(0.16)

(0.19)

(0.21)

(0.72)

—

Net

realized

gains

.................

(0.01)

—

—

(0.78)

(0.92)

—

Total

distributions

...................

(0.25)

(0.16)

(0.19)

(0.99)

(1.64)

—

Net

asset

value,

end

of

period

..........

$15.02

$14.37

$13.44

$11.25

$11.18

$13.87

Total

return

f

........................

6.29%

8.18%

21.36%

10.80%

(9.05)%

13.04%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.73%

0.76%

0.83%

0.93%

0.91%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

0.05%

0.04%

0.04%

0.03%

0.03%

0.03%

i

Net

investment

income

(loss)

d

..........

2.41%

1.25%

1.46%

2.55%

1.22%

(0.01)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$21

$15

$14

$11

$10

$11

Portfolio

turnover

rate

................

4%

18%

13%

133%

28%

39%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

i

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.38

$13.45

$11.26

$11.18

$13.88

$10.91

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.17 0.19 0.21 0.38 0.16 0.10 Net

realized

and

unrealized

gains

(losses)

0.73 0.91 2.18 0.70 (1.21)

3.00 Total

from

investment

operations

........

0.90 1.10 2.39 1.08 (1.05)

3.10 Less

distributions

from:

Net

investment

income

..............

(0.25)

(0.17)

(0.20)

(0.22)

(0.73)

(0.13)

Net

realized

gains

.................

(0.01)

—

—

(0.78)

(0.92)

—

Total

distributions

...................

(0.26)

(0.17)

(0.20)

(1.00)

(1.65)

(0.13)

Net

asset

value,

end

of

period

..........

$15.02

$14.38

$13.45

$11.26

$11.18

$13.88

Total

return

d

.......................

6.36%

8.28%

21.45%

11.01%

(9.03)%

28.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.64%

0.66%

0.73%

0.83%

0.81%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

(0.05)%

(0.06)%

(0.06)%

(0.07)%

(0.07)%

—%

g

Net

investment

income

c

...............

2.24%

1.35%

1.81%

3.59%

1.26%

0.84%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,782

$4,227

$1,788

$2,487

$6,073

$6,221

Portfolio

turnover

rate

................

4%

18%

13%

133%

28%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.41

$13.48

$11.29

$11.21

$13.91

$10.95

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.16 0.17 0.17 0.27 0.14 0.10 Net

realized

and

unrealized

gains

(losses)

0.74 0.92 2.21 0.80 (1.20)

2.99 Total

from

investment

operations

........

0.90 1.09 2.38 1.07 (1.06)

3.09 Less

distributions

from:

Net

investment

income

..............

(0.24)

(0.16)

(0.19)

(0.21)

(0.72)

(0.13)

Net

realized

gains

.................

(0.01)

—

—

(0.78)

(0.92)

—

Total

distributions

...................

(0.25)

(0.16)

(0.19)

(0.99)

(1.64)

(0.13)

Net

asset

value,

end

of

period

..........

$15.06

$14.41

$13.48

$11.29

$11.21

$13.91

Total

return

d

.......................

6.26%

8.18%

21.31%

10.89%

(9.07)%

28.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.74%

0.76%

0.83%

0.93%

0.91%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.05%

0.04%

0.04%

0.03%

0.03%

0.09%

g

Net

investment

income

c

...............

2.17%

1.25%

1.38%

2.50%

1.13%

0.78%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$127,551

$109,239

$73,334

$40,391

$28,572

$20,777

Portfolio

turnover

rate

................

4%

18%

13%

133%

28%

39%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Domestic

#### Equity

#### 64.5%
a,b

Putnam

Sustainable

Future

ETF

........................................

1,464,134

$

36,258,546

b

Putnam

Sustainable

Leaders

ETF

.......................................

2,043,148

75,044,826

111,303,372

#### Domestic

#### Fixed

#### Income

#### 12.4%
b

Putnam

ESG

Core

Bond

ETF

..........................................

252,301

12,458,598

b

Putnam

ESG

High

Yield

ETF

...........................................

109,620

5,744,022

b

Putnam

ESG

Ultra

Short

ETF

..........................................

61,556

3,127,045

21,329,665

#### Foreign

#### Equity

#### 22.7%
b

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

350,357

10,130,573

b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,034,085

28,985,403

39,115,976

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 146,321,177

####)
...............................................................

#### 171,749,013
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%
a

#### Money

#### Market

#### Funds

#### 0.5%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

847,187

847,187

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 847,187

####)
.....................................

#### 847,187

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 847,187

####)
..................................

#### 847,187

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 147,168,364

####)
100.1 #### %
..................................

#### $172,596,200

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (135,474)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $172,460,726
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.88

$13.89

$11.56

$11.07

$13.89

$11.00

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.14 0.12 0.06 0.22 0.10 0.03 Net

realized

and

unrealized

gains

(losses)

0.79 1.01 2.43 0.93 (1.18)

3.15 Total

from

investment

operations

........

0.93 1.13 2.49 1.15 (1.08)

3.18 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.14)

(0.16)

(0.17)

(0.70)

(0.02)

Net

realized

gains

.................

(0.32)

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...................

(0.51)

(0.14)

(0.16)

(0.66)

(1.74)

(0.29)

Net

asset

value,

end

of

period

..........

$15.30

$14.88

$13.89

$11.56

$11.07

$13.89

Total

return

d

.......................

6.27%

8.17%

21.73%

11.28%

(9.43)%

29.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.08%

1.14%

1.37%

1.71%

1.99%

2.78%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.29%

0.29%

0.29%

0.28%

0.28%

0.34%

g

Net

investment

income

c

...............

1.79%

0.82%

0.49%

2.09%

0.78%

0.24%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$18,867

$17,958

$8,988

$1,471

$984

$912

Portfolio

turnover

rate

................

5%

20%

29%

154%

52%

73%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.61

$13.62

$11.34

$10.86

$13.67

$10.89

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

0.08 0.01 0.05 0.14 0.01 (0.04)

Net

realized

and

unrealized

gains

(losses)

0.79 0.98 2.31 0.91 (1.17)

3.09 Total

from

investment

operations

........

0.87 0.99 2.36 1.05 (1.16)

3.05 Less

distributions

from:

Net

investment

income

..............

(0.09)

—

(0.08)

(0.08)

(0.61)

—

Net

realized

gains

.................

(0.32)

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...................

(0.41)

—

(0.08)

(0.57)

(1.65)

(0.27)

Net

asset

value,

end

of

period

..........

$15.07

$14.61

$13.62

$11.34

$10.86

$13.67

Total

return

d

.......................

5.93%

7.27%

20.93%

10.46%

(10.13)%

28.30%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.83%

1.89%

2.12%

2.46%

2.74%

3.53%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.04%

1.03%

1.04%

1.03%

1.03%

1.09%

g

Net

investment

income

(loss)

c

..........

1.02%

0.07%

0.41%

1.37%

0.06%

(0.34)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$294

$288

$307

$326

$296

$290

Portfolio

turnover

rate

................

5%

20%

29%

154%

52%

73%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.99

$13.97

$11.62

$11.12

$13.94

$11.09

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.13 0.06 0.07 0.19 0.05 0.01 Net

realized

and

unrealized

gains

(losses)

0.78 1.02 2.39 0.92 (1.19)

3.15 Total

from

investment

operations

........

0.91 1.08 2.46 1.11 (1.14)

3.16 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.06)

(0.11)

(0.12)

(0.64)

(0.04)

Net

realized

gains

.................

(0.32)

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...................

(0.48)

(0.06)

(0.11)

(0.61)

(1.68)

(0.31)

Net

asset

value,

end

of

period

..........

$15.42

$14.99

$13.97

$11.62

$11.12

$13.94

Total

return

d

.......................

6.05%

7.74%

21.33%

10.78%

(9.78)%

28.86%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.48%

1.54%

1.77%

2.11%

2.39%

3.12%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.69%

0.69%

0.69%

0.68%

0.68%

0.68%

g

Net

investment

income

c

...............

1.68%

0.42%

0.60%

1.76%

0.43%

0.10%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$30

$23

$21

$17

$16

$17

Portfolio

turnover

rate

................

5%

20%

29%

154%

52%

73%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.02

$13.95

$11.61

$11.12

$13.94

$12.31

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.14 0.10 0.11 0.21 0.09 (0.03)

Net

realized

and

unrealized

gains

(losses)

0.79 1.02 2.38 0.93 (1.19)

1.66 Total

from

investment

operations

........

0.93 1.12 2.49 1.14 (1.10)

1.63 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.05)

(0.15)

(0.16)

(0.68)

—

Net

realized

gains

.................

(0.32)

—

—

(0.49)

(1.04)

—

Total

distributions

...................

(0.50)

(0.05)

(0.15)

(0.65)

(1.72)

—

Net

asset

value,

end

of

period

..........

$15.45

$15.02

$13.95

$11.61

$11.12

$13.94

Total

return

e

.......................

6.20%

8.05%

21.59%

11.07%

(9.52)%

13.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.23%

1.29%

1.52%

1.86%

2.14%

1.69%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.44%

0.44%

0.44%

0.43%

0.43%

0.26%

h

Net

investment

income

(loss)

d

..........

1.80%

0.67%

0.84%

1.95%

0.68%

(0.25)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$94

$68

$86

$58

$40

$39

Portfolio

turnover

rate

................

5%

20%

29%

154%

52%

73%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.99

$13.98

$11.63

$11.14

$13.96

$12.31

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.15 0.13 0.13 0.23 0.11 (0.01)

Net

realized

and

unrealized

gains

(losses)

0.80 1.01 2.39 0.94 (1.18)

1.66 Total

from

investment

operations

........

0.95 1.14 2.52 1.17 (1.07)

1.65 Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.13)

(0.17)

(0.19)

(0.71)

—

Net

realized

gains

.................

(0.32)

—

—

(0.49)

(1.04)

—

Total

distributions

...................

(0.53)

(0.13)

(0.17)

(0.68)

(1.75)

—

Net

asset

value,

end

of

period

..........

$15.41

$14.99

$13.98

$11.63

$11.14

$13.96

Total

return

e

.......................

6.34%

8.25%

21.92%

11.38%

(9.32)%

13.40%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.98%

1.04%

1.27%

1.61%

1.89%

1.55%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.19%

0.19%

0.19%

0.18%

0.18%

0.12%

h

Net

investment

income

(loss)

d

..........

1.97%

0.92%

1.04%

2.10%

0.90%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$262

$210

$145

$81

$36

$32

Portfolio

turnover

rate

................

5%

20%

29%

154%

52%

73%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.03

$14.01

$11.65

$11.15

$13.97

$12.31

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.16 0.15 0.16 0.26 0.13 (—)

e

Net

realized

and

unrealized

gains

(losses)

0.81 1.02 2.39 0.92 (1.18)

1.66 Total

from

investment

operations

........

0.97 1.17 2.55 1.18 (1.05)

1.66 Less

distributions

from:

Net

investment

income

..............

(0.23)

(0.15)

(0.19)

(0.19)

(0.73)

—

Net

realized

gains

.................

(0.32)

—

—

(0.49)

(1.04)

—

Total

distributions

...................

(0.55)

(0.15)

(0.19)

(0.68)

(1.77)

—

Net

asset

value,

end

of

period

..........

$15.45

$15.03

$14.01

$11.65

$11.15

$13.97

Total

return

f

........................

6.43%

8.41%

22.08%

11.54%

(9.18)%

13.48%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.83%

0.89%

1.12%

1.46%

1.74%

1.46%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

0.04%

0.04%

0.04%

0.03%

0.03%

0.03%

i

Net

investment

income

(loss)

d

..........

2.05%

1.07%

1.25%

2.41%

1.07%

(0.02)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$15

$15

$14

$11

$10

$11

Portfolio

turnover

rate

................

5%

20%

29%

154%

52%

73%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

i

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.04

$14.02

$11.66

$11.16

$13.98

$11.11

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.17 0.17 0.21 0.31 0.13 0.10 Net

realized

and

unrealized

gains

(losses)

0.80 1.01 2.35 0.88 (1.17)

3.15 Total

from

investment

operations

........

0.97 1.18 2.56 1.19 (1.04)

3.25 Less

distributions

from:

Net

investment

income

..............

(0.24)

(0.16)

(0.20)

(0.20)

(0.74)

(0.11)

Net

realized

gains

.................

(0.32)

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...................

(0.56)

(0.16)

(0.20)

(0.69)

(1.78)

(0.38)

Net

asset

value,

end

of

period

..........

$15.45

$15.04

$14.02

$11.66

$11.16

$13.98

Total

return

d

.......................

6.46%

8.51%

22.17%

11.65%

(9.07)%

29.67%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.74%

0.79%

1.02%

1.36%

1.64%

2.45%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

(0.06)%

g

(0.06)%

g

(0.06)%

g

(0.07)%

g

(0.07)%

g

0.01%

h

Net

investment

income

c

...............

2.10%

1.17%

1.69%

2.89%

1.06%

0.76%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,688

$4,458

$1,664

$1,648

$1,909

$1,487

Portfolio

turnover

rate

................

5%

20%

29%

154%

52%

73%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

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.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.97

$13.96

$11.60

$11.11

$13.94

$11.08

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.16 0.15 0.14 0.26 0.10 0.09 Net

realized

and

unrealized

gains

(losses)

0.80 1.01 2.41 0.92 (1.16)

3.15 Total

from

investment

operations

........

0.96 1.16 2.55 1.18 (1.06)

3.24 Less

distributions

from:

Net

investment

income

..............

(0.23)

(0.15)

(0.19)

(0.20)

(0.73)

(0.11)

Net

realized

gains

.................

(0.32)

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...................

(0.55)

(0.15)

(0.19)

(0.69)

(1.77)

(0.38)

Net

asset

value,

end

of

period

..........

$15.38

$14.97

$13.96

$11.60

$11.11

$13.94

Total

return

d

.......................

6.41%

8.40%

22.19%

11.52%

(9.23)%

29.66%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.83%

0.89%

1.12%

1.46%

1.74%

2.53%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.04%

0.04%

0.04%

0.03%

0.03%

0.09%

g

Net

investment

income

c

...............

2.10%

1.07%

1.13%

2.40%

0.85%

0.67%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$55,014

$47,093

$28,999

$12,740

$7,863

$3,705

Portfolio

turnover

rate

................

5%

20%

29%

154%

52%

73%

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

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Domestic

#### Equity

#### 67.9%
a,b

Putnam

Sustainable

Future

ETF

........................................

713,676

$

17,673,829

b

Putnam

Sustainable

Leaders

ETF

.......................................

984,046

36,144,010

53,817,839

#### Domestic

#### Fixed

#### Income

#### 7.7%
b

Putnam

ESG

Core

Bond

ETF

..........................................

72,513

3,580,685

b

Putnam

ESG

High

Yield

ETF

...........................................

30,551

1,600,854

b

Putnam

ESG

Ultra

Short

ETF

..........................................

18,870

958,596

6,140,135

#### Foreign

#### Equity

#### 24.0%
b

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

170,114

4,918,846

b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

502,028

14,071,845

18,990,691

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 69,589,618

####)
................................................................

#### 78,948,665
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.1%
a

#### Money

#### Market

#### Funds

#### 0.1%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

56,806

56,806

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 56,806

####)
......................................

#### 56,806

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 56,806

####)
...................................

#### 56,806

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 69,646,424

####)
99.7 #### %
....................................

#### $79,005,471

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
.............................................

#### 260,025

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $79,265,496
a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.04

$12.48

$10.33

$9.72

$11.34

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.11 0.09 0.09 0.18 0.05 (0.02)

Net

realized

and

unrealized

gains

(losses)

0.73 0.93 2.19 0.86 (1.04)

1.36 Total

from

investment

operations

........

0.84 1.02 2.28 1.04 (0.99)

1.34 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.13)

(0.13)

(0.19)

(0.53)

—

Net

realized

gains

.................

(1.11)

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...................

(1.27)

(0.46)

(0.13)

(0.43)

(0.63)

—

Net

asset

value,

end

of

period

..........

$12.61

$13.04

$12.48

$10.33

$9.72

$11.34

Total

return

e

.......................

6.44%

8.37%

22.28%

11.38%

(9.42)%

13.40%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

10.47%

12.18%

11.76%

17.58%

41.83%

81.16%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.28%

0.28%

0.28%

0.28%

0.28%

0.18%

Net

investment

income

(loss)

d

..........

1.64%

0.76%

0.85%

1.90%

0.52%

(0.17)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$870

$305

$315

$183

$57

$18

Portfolio

turnover

rate

................

6%

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.89

$12.35

$10.24

$9.64

$11.29

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.06 —

e

0.02 0.14 (0.03)

(0.07)

Net

realized

and

unrealized

gains

(losses)

0.73 0.90 2.16 0.82 (1.03)

1.36 Total

from

investment

operations

........

0.79 0.90 2.18 0.96 (1.06)

1.29 Less

distributions

from:

Net

investment

income

..............

(0.01)

(0.03)

(0.07)

(0.12)

(0.49)

—

Net

realized

gains

.................

(1.11)

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...................

(1.12)

(0.36)

(0.07)

(0.36)

(0.59)

—

Net

asset

value,

end

of

period

..........

$12.56

$12.89

$12.35

$10.24

$9.64

$11.29

Total

return

f

........................

6.11%

7.50%

21.39%

10.54%

(10.05)%

12.90%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

11.65%

12.93%

12.51%

18.33%

42.58%

81.59%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

1.03%

1.03%

1.03%

1.03%

1.03%

0.61%

Net

investment

income

(loss)

d

..........

0.87%

0.01%

0.15%

1.44%

(0.32)%

(0.60)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$271

$394

$400

$262

$180

$84

Portfolio

turnover

rate

................

6%

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.06

$12.49

$10.34

$9.70

$11.32

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.03 0.04 0.06 0.16 0.04 (0.04)

Net

realized

and

unrealized

gains

(losses)

0.78 0.93 2.18 0.85 (1.09)

1.36 Total

from

investment

operations

........

0.81 0.97 2.24 1.01 (1.05)

1.32 Less

distributions

from:

Net

investment

income

..............

(0.05)

(0.07)

(0.09)

(0.13)

(0.47)

—

Net

realized

gains

.................

(1.11)

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...................

(1.16)

(0.40)

(0.09)

(0.37)

(0.57)

—

Net

asset

value,

end

of

period

..........

$12.71

$13.06

$12.49

$10.34

$9.70

$11.32

Total

return

e

.......................

6.20%

7.96%

21.78%

11.02%

(9.89)%

13.20%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

11.20%

12.57%

12.16%

17.98%

42.23%

81.39%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.69%

0.68%

0.68%

0.68%

0.68%

0.41%

Net

investment

income

(loss)

d

..........

0.40%

0.36%

0.51%

1.71%

0.41%

(0.40)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$14

$14

$14

$11

$10

$11

Portfolio

turnover

rate

................

6%

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.08

$12.52

$10.36

$9.72

$11.33

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.20 0.08 0.08 0.19 0.07 (0.03)

Net

realized

and

unrealized

gains

(losses)

0.65 0.91 2.19 0.84 (1.08)

1.36 Total

from

investment

operations

........

0.85 0.99 2.27 1.03 (1.01)

1.33 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.10)

(0.11)

(0.15)

(0.50)

—

Net

realized

gains

.................

(1.11)

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...................

(1.29)

(0.43)

(0.11)

(0.39)

(0.60)

—

Net

asset

value,

end

of

period

..........

$12.64

$13.08

$12.52

$10.36

$9.72

$11.33

Total

return

e

.......................

6.44%

8.13%

22.10%

11.29%

(9.58)%

13.30%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

10.86%

12.32%

11.91%

17.73%

41.98%

81.24%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.43%

0.43%

0.43%

0.43%

0.43%

0.26%

Net

investment

income

(loss)

d

..........

2.96%

0.61%

0.76%

1.96%

0.66%

(0.25)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$55

$17

$14

$11

$10

$11

Portfolio

turnover

rate

................

6%

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.11

$12.54

$10.37

$9.74

$11.35

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.13 0.11 0.11 0.21 0.10 (0.01)

Net

realized

and

unrealized

gains

(losses)

0.73 0.92 2.20 0.84 (1.08)

1.36 Total

from

investment

operations

........

0.86 1.03 2.31 1.05 (0.98)

1.35 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.13)

(0.14)

(0.18)

(0.53)

—

Net

realized

gains

.................

(1.11)

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...................

(1.28)

(0.46)

(0.14)

(0.42)

(0.63)

—

Net

asset

value,

end

of

period

..........

$12.69

$13.11

$12.54

$10.37

$9.74

$11.35

Total

return

e

.......................

6.50%

8.46%

22.46%

11.47%

(9.35)%

13.50%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

10.77%

12.07%

11.66%

17.48%

41.73%

81.10%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.19%

0.18%

0.18%

0.18%

0.18%

0.12%

Net

investment

income

(loss)

d

..........

1.84%

0.86%

1.00%

2.21%

0.91%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$14

$15

$14

$11

$10

$11

Portfolio

turnover

rate

................

6%

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.12

$12.55

$10.38

$9.75

$11.36

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.14 0.13 0.13 0.23 0.11 (—)

e

Net

realized

and

unrealized

gains

(losses)

0.73 0.92 2.19 0.83 (1.08)

1.36 Total

from

investment

operations

........

0.87 1.05 2.32 1.06 (0.97)

1.36 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.15)

(0.15)

(0.19)

(0.54)

—

Net

realized

gains

.................

(1.11)

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...................

(1.30)

(0.48)

(0.15)

(0.43)

(0.64)

—

Net

asset

value,

end

of

period

..........

$12.69

$13.12

$12.55

$10.38

$9.75

$11.36

Total

return

f

........................

6.59%

8.62%

22.59%

11.63%

(9.21)%

13.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

10.60%

11.92%

11.51%

17.33%

41.58%

81.01%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

0.03%

0.03%

0.03%

0.03%

0.03%

0.03%

Net

investment

income

(loss)

d

..........

2.07%

1.01%

1.15%

2.36%

1.06%

(0.02)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$32

$26

$14

$12

$10

$11

Portfolio

turnover

rate

................

6%

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.13

$12.56

$10.38

$9.75

$11.36

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.15 0.14 0.17 0.27 0.07 —

e

Net

realized

and

unrealized

gains

(losses)

0.73 0.92 2.17 0.80 (1.02)

1.36 Total

from

investment

operations

........

0.88 1.06 2.34 1.07 (0.95)

1.36 Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.16)

(0.16)

(0.20)

(0.56)

—

Net

realized

gains

.................

(1.11)

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...................

(1.31)

(0.49)

(0.16)

(0.44)

(0.66)

—

Net

asset

value,

end

of

period

..........

$12.70

$13.13

$12.56

$10.38

$9.75

$11.36

Total

return

f

........................

6.67%

8.71%

22.81%

11.76%

(9.11)%

13.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

10.55%

11.82%

11.41%

17.23%

41.48%

80.95%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

(0.07)%

i

(0.07)%

i

(0.07)%

i

(0.07)%

i

(0.07)%

i

(0.03)%

i

Net

investment

income

d

...............

2.18%

1.11%

1.59%

2.84%

0.67%

0.04%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$207

$171

$167

$189

$122

$26

Portfolio

turnover

rate

................

6%

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

i

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

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.12

$12.55

$10.38

$9.75

$11.36

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.14 0.13 0.13 0.23 0.11 (—)

e

Net

realized

and

unrealized

gains

(losses)

0.73 0.92 2.19 0.83 (1.08)

1.36 Total

from

investment

operations

........

0.87 1.05 2.32 1.06 (0.97)

1.36 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.15)

(0.15)

(0.19)

(0.54)

—

Net

realized

gains

.................

(1.11)

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...................

(1.30)

(0.48)

(0.15)

(0.43)

(0.64)

—

Net

asset

value,

end

of

period

..........

$12.69

$13.12

$12.55

$10.38

$9.75

$11.36

Total

return

f

........................

6.57%

8.62%

22.58%

11.65%

(9.21)%

13.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

10.61%

11.92%

11.51%

17.33%

41.58%

81.01%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

0.02%

0.03%

0.03%

0.03%

0.03%

0.03%

Net

investment

income

(loss)

d

..........

2.04%

1.01%

1.15%

2.43%

1.03%

(0.02)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$17

$16

$14

$12

$11

$11

Portfolio

turnover

rate

................

6%

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

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

and

exchange

traded

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

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.1%

#### Domestic

#### Equity

#### 70.1%
a,b

Putnam

Sustainable

Future

ETF

........................................

13,769

$

340,982

b

Putnam

Sustainable

Leaders

ETF

.......................................

18,984

697,282

1,038,264

#### Domestic

#### Fixed

#### Income

#### 4.3%
b

Putnam

ESG

Core

Bond

ETF

..........................................

688

33,973

b

Putnam

ESG

High

Yield

ETF

...........................................

16,453

b

Putnam

ESG

Ultra

Short

ETF

..........................................

13,056

63,482

#### Foreign

#### Equity

#### 24.7%
b

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

3,238

93,627

b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

9,686

271,499

365,126

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 1,306,976

####)
.................................................................

#### 1,466,872
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%
a

#### Money

#### Market

#### Funds

#### 0.5%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

7,828

7,828

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 7,828

####)
.......................................

#### 7,828

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 7,828

####)
....................................

#### 7,828

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,314,804

####)
99.6 #### %
.....................................

#### $1,474,700

#### Other

#### Assets,

#### less

#### Liabilities
0.4 #### %
.............................................

#### 5,679

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,480,379
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Period

#### Ended

#### January

#### 31,

#### 2026

#### a
(unaudited)

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

...................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

,

d

..........................................................................

0.09 Net

realized

and

unrealized

gains

(losses)

.............................................................

0.66 Total

from

investment

operations

......................................................................

0.75 Less

distributions

from:

Net

investment

income

............................................................................

(0.13)

Net

asset

value,

end

of

period

........................................................................

$10.62

Total

return

e

.....................................................................................

7.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

14.56%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

0.28%

Net

investment

income

d

.............................................................................

1.75%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

......................................................................

$11

Portfolio

turnover

rate

..............................................................................

6%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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

and

exchange

traded

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.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Period

#### Ended

#### January

#### 31,

#### 2026

#### a
(unaudited)

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

...................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

..........................................................................

0.05 Net

realized

and

unrealized

gains

(losses)

.............................................................

0.66 Total

from

investment

operations

......................................................................

0.71 Less

distributions

from:

Net

investment

income

............................................................................

(0.10)

Net

asset

value,

end

of

period

........................................................................

$10.61

Total

return

e

.....................................................................................

7.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

15.31%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

1.02%

Net

investment

income

d

.............................................................................

0.95%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

......................................................................

$11

Portfolio

turnover

rate

..............................................................................

6%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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

and

exchange

traded

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.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Period

#### Ended

#### January

#### 31,

#### 2026

#### a
(unaudited)

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

...................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

,

d

..........................................................................

0.07 Net

realized

and

unrealized

gains

(losses)

.............................................................

0.66 Total

from

investment

operations

......................................................................

0.73 Less

distributions

from:

Net

investment

income

............................................................................

(0.12)

Net

asset

value,

end

of

period

........................................................................

$10.61

Total

return

e

.....................................................................................

7.27%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

14.95%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

0.67%

Net

investment

income

d

.............................................................................

1.30%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

......................................................................

$11

Portfolio

turnover

rate

..............................................................................

6%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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

and

exchange

traded

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.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

sv

a

#### Period

#### Ended

#### January

#### 31,

#### 2026

#### a
(unaudited)

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

...................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

..........................................................................

0.03 Net

realized

and

unrealized

gains

(losses)

.............................................................

0.71 Total

from

investment

operations

......................................................................

0.74 Less

distributions

from:

Net

investment

income

............................................................................

(0.09)

Net

asset

value,

end

of

period

........................................................................

$10.65

Total

return

e

.....................................................................................

7.37%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

13.58%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

0.43%

Net

investment

income

d

.............................................................................

0.48%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

......................................................................

$11

Portfolio

turnover

rate

..............................................................................

6%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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

and

exchange

traded

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.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Period

#### Ended

#### January

#### 31,

#### 2026

#### a
(unaudited)

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

...................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

..........................................................................

0.10 Net

realized

and

unrealized

gains

(losses)

.............................................................

0.66 Total

from

investment

operations

......................................................................

0.76 Less

distributions

from:

Net

investment

income

............................................................................

(0.14)

Net

asset

value,

end

of

period

........................................................................

$10.62

Total

return

e

.....................................................................................

7.56%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

14.47%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

0.18%

Net

investment

income

d

.............................................................................

1.79%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

......................................................................

$11

Portfolio

turnover

rate

..............................................................................

6%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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

and

exchange

traded

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.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Period

#### Ended

#### January

#### 31,

#### 2026

#### a
(unaudited)

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

...................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

..........................................................................

0.10 Net

realized

and

unrealized

gains

(losses)

.............................................................

0.66 Total

from

investment

operations

......................................................................

0.76 Less

distributions

from:

Net

investment

income

............................................................................

(0.14)

Net

asset

value,

end

of

period

........................................................................

$10.62

Total

return

e

.....................................................................................

7.62%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

14.33%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

0.03%

Net

investment

income

d

.............................................................................

1.94%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

......................................................................

$11

Portfolio

turnover

rate

..............................................................................

6%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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

and

exchange

traded

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.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Period

#### Ended

#### January

#### 31,

#### 2026

#### a
(unaudited)

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

...................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

,

d

..........................................................................

0.11 Net

realized

and

unrealized

gains

(losses)

.............................................................

0.66 Total

from

investment

operations

......................................................................

0.77 Less

distributions

from:

Net

investment

income

............................................................................

(0.15)

Net

asset

value,

end

of

period

........................................................................

$10.62

Total

return

e

.....................................................................................

7.62%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

14.23%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

(0.06)%

Net

investment

income

d

.............................................................................

2.05%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

......................................................................

$1,001

Portfolio

turnover

rate

..............................................................................

6%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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

and

exchange

traded

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.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Period

#### Ended

#### January

#### 31,

#### 2026

#### a
(unaudited)

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

...................................................................

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

,

d

..........................................................................

0.10 Net

realized

and

unrealized

gains

(losses)

.............................................................

0.66 Total

from

investment

operations

......................................................................

0.76 Less

distributions

from:

Net

investment

income

............................................................................

(0.14)

Net

asset

value,

end

of

period

........................................................................

$10.62

Total

return

e

.....................................................................................

7.62%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

........................................................

14.31%

Expenses

net

of

waiver

and

payments

by

affiliates

g

........................................................

0.03%

Net

investment

income

d

.............................................................................

1.94%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

......................................................................

$11

Portfolio

turnover

rate

..............................................................................

6%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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

and

exchange

traded

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.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Domestic

#### Equity

#### 70.5%
a,b

Putnam

Sustainable

Future

ETF

........................................

10,084

$

249,725

b

Putnam

Sustainable

Leaders

ETF

.......................................

13,871

509,482

759,207

#### Domestic

#### Fixed

#### Income

#### 4.2%
b

Putnam

ESG

Core

Bond

ETF

..........................................

503

24,838

b

Putnam

ESG

High

Yield

ETF

...........................................

11,947

b

Putnam

ESG

Ultra

Short

ETF

..........................................

8,687

45,472

#### Foreign

#### Equity

#### 24.9%
b

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

2,393

69,194

b

Putnam

PanAgora

ESG

International

Equity

ETF

............................

7,103

199,097

268,291

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 1,021,474

####)
.................................................................

#### 1,072,970
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.3%
a

#### Money

#### Market

#### Funds

#### 0.3%
b,c

Putnam

Government

Money

Market

Fund

,

Class

G

,

3.484 %

...................

3,233

3,233

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 3,233

####)
.......................................

#### 3,233

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 3,233

####)
....................................

#### 3,233

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,024,707

####)
99.9 #### %
.....................................

#### $1,076,203

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 769

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,076,972
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Assets:

Investments

in

securities:

Cost

-

Controlled

affiliates

(Note

3f)

.........

$432,200,695

$255,480,170

$—

$—

Cost

-

Non-controlled

affiliates

(Note

3f)

.....

171,128,729

225,182,249

361,178,256

357,231,222

Value

-

Controlled

affiliates

(Note

3f)

........

439,396,868

257,852,011

—

—

Value

-

Non-controlled

affiliates

(Note

3f)

.....

198,617,703

250,326,189

400,478,905

414,366,111

Cash

.................................

25,895

—

—

—

Receivables:

Capital

shares

sold

.....................

196,910

2,708,531

698,797

1,149,410

Dividends

............................

3,275

4,625

3,399

3,645

Affiliates

.............................

25,683

3,617

16,811

31,910

Prepaid

expenses

.......................

56,171

49,561

50,541

50,684

Total

assets

.......................

638,322,505

510,944,534

401,248,453

415,601,760

Liabilities:

Payables:

Capital

shares

redeemed

................

297,397

423,876

857,997

1,014,810

Administrative

fees

.....................

1,633

1,057

1,059

953

Distribution

fees

.......................

5,536

7,471

10,019

8,735

Transfer

agent

fees

.....................

88,800

98,247

79,806

81,721

Trustees'

fees

and

expenses

..............

Distributions

to

shareholders

..............

—

—

—

Accrued

expenses

and

other

liabilities

........

189,847

40,678

41,310

42,243

Total

liabilities

......................

583,614

571,392

990,324

1,148,711

Net

assets,

at

value

..............

$637,738,891

$510,373,142

$400,258,129

$414,453,049

Net

assets

consist

of:

Paid-in

capital

..........................

$658,042,790

$493,515,697

$360,340,732

$358,176,410

Total

distributable

earnings

(losses)

..........

(20,303,899)

16,857,445

39,917,397

56,276,639

Net

assets,

at

value

..............

$637,738,891

$510,373,142

$400,258,129

$414,453,049

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

January

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$40,880,968

$26,626,637

$35,557,223

$32,741,897

Shares

outstanding

.....................

2,391,114

1,218,096

1,476,627

1,321,538

Net

asset

value

per

share

a,b

...............

$17.10

$21.86

$24.08

$24.78

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%,

94.25%,

94.25%

and

94.25%,

respectively)

b

...................

$17.81

$23.19

$25.55

$26.29

#### Class

#### C:
Net

assets,

at

value

....................

$337,510

$295,855

$460,351

$765,868

Shares

outstanding

.....................

20,282

14,842

22,179

37,712

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$16.64

$19.93

$20.76

$20.31

#### Class

#### R:
Net

assets,

at

value

....................

$1,342,210

$201,625

$711,938

$83,204

Shares

outstanding

.....................

78,654

10,079

31,602

3,114

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$17.06

$20.01

$22.53

$26.72

#### Class

#### R3:
Net

assets,

at

value

....................

$4,300,562

$6,268,975

$7,598,650

$4,680,021

Shares

outstanding

.....................

250,500

235,860

248,514

146,784

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$17.17

$26.58

$30.58

$31.88

#### Class

#### R4:
Net

assets,

at

value

....................

$1,149,803

$3,018,749

$1,301,772

$617,387

Shares

outstanding

.....................

66,858

113,559

42,590

19,356

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$17.20

$26.58

$30.56

$31.90

#### Class

#### R5:
Net

assets,

at

value

....................

$11,928

$12,505

$13,477

$14,179

Shares

outstanding

.....................

694

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$17.18

$26.58

$30.59

$31.89

#### Class

#### R6:
Net

assets,

at

value

....................

$3,065,972

$4,196,759

$5,452,039

$3,188,411

Shares

outstanding

.....................

178,494

157,821

178,200

99,918

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$17.18

$26.59

$30.60

$31.91

#### Class

#### Y:
Net

assets,

at

value

....................

$586,649,938

$469,752,037

$349,162,679

$372,362,082

Shares

outstanding

.....................

34,148,362

17,717,910

11,431,149

11,704,617

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$17.18

$26.51

$30.54

$31.81

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)

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Assets:

Investments

in

securities:

Cost

-

Controlled

affiliates

(Note

3f)

.........

$12,644,230

$11,253,976

$—

$—

Cost

-

Non-controlled

affiliates

(Note

3f)

.....

288,626,798

215,669,095

147,168,364

69,646,424

Value

-

Controlled

affiliates

(Note

3f)

........

16,857,329

14,931,562

—

—

Value

-

Non-controlled

affiliates

(Note

3f)

.....

335,019,629

253,805,895

172,596,200

79,005,471

Receivables:

Investment

securities

sold

................

—

—

—

308,462

Capital

shares

sold

.....................

899,134

699,898

429,534

252,256

Dividends

............................

2,445

1,950

1,233

614

Affiliates

.............................

30,199

28,483

20,848

13,516

Prepaid

expenses

.......................

50,181

47,609

50,268

50,517

Total

assets

.......................

352,858,917

269,515,397

173,098,083

79,630,836

Liabilities:

Payables:

Investment

securities

purchased

...........

—

—

413,848

—

Capital

shares

redeemed

................

306,473

78,154

137,986

304,969

Administrative

fees

.....................

958

575

726

Distribution

fees

.......................

9,044

8,463

8,760

4,348

Transfer

agent

fees

.....................

69,371

52,115

34,338

14,819

Reports

to

shareholders

fees

.............

15,616

15,948

15,871

14,823

Professional

fees

......................

22,910

23,361

23,513

24,017

Trustees'

fees

and

expenses

..............

Accrued

expenses

and

other

liabilities

........

2,652

2,496

2,293

2,112

Total

liabilities

......................

427,083

181,208

637,357

365,340

Net

assets,

at

value

..............

$352,431,834

$269,334,189

$172,460,726

$79,265,496

Net

assets

consist

of:

Paid-in

capital

..........................

$300,934,595

$226,111,044

$144,306,837

$68,571,270

Total

distributable

earnings

(losses)

..........

51,497,239

43,223,145

28,153,889

10,694,226

Net

assets,

at

value

..............

$352,431,834

$269,334,189

$172,460,726

$79,265,496

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

January

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$35,421,734

$33,030,219

$33,541,952

$18,867,218

Shares

outstanding

.....................

1,487,436

1,414,505

2,260,284

1,232,869

Net

asset

value

per

share

a,b

...............

$23.81

$23.35

$14.84

$15.30

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

...............

$25.26

$24.77

$15.75

$16.23

#### Class

#### C:
Net

assets,

at

value

....................

$492,628

$704,101

$373,835

$294,109

Shares

outstanding

.....................

24,723

31,631

25,946

19,521

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$19.93

$22.26

$14.41

$15.07

#### Class

#### R:
Net

assets,

at

value

....................

$59,486

$249,171

$90,410

$30,128

Shares

outstanding

.....................

2,315

10,938

5,888

1,953

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$25.70

$22.78

$15.36

$15.42

#### Class

#### R3:
Net

assets,

at

value

....................

$4,671,220

$2,679,057

$5,495,123

$94,050

Shares

outstanding

.....................

145,152

115,086

366,956

6,089

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$32.18

$23.28

$14.97

$15.45

#### Class

#### R4:
Net

assets,

at

value

....................

$1,244,974

$367,966

$605,608

$261,753

Shares

outstanding

.....................

38,690

15,804

40,353

16,989

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$32.18

$23.28

$15.01

$15.41

#### Class

#### R5:
Net

assets,

at

value

....................

$18,273

$15,108

$20,757

$15,476

Shares

outstanding

.....................

567

648

1,382

1,002

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$32.21

$23.30

$15.02

$15.45

#### Class

#### R6:
Net

assets,

at

value

....................

$4,235,150

$4,188,560

$4,781,711

$4,688,406

Shares

outstanding

.....................

131,433

179,734

318,252

303,364

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$32.22

$23.30

$15.02

$15.45

#### Class

#### Y:
Net

assets,

at

value

....................

$306,288,369

$228,100,007

$127,551,330

$55,014,356

Shares

outstanding

.....................

9,509,654

9,799,705

8,469,573

3,577,469

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$32.21

$23.28

$15.06

$15.38

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)

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
Assets:

Investments

in

securities:

Cost

-

Non-controlled

affiliates

(Note

3f)

.......................................

$1,314,804

$1,024,707

Value

-

Non-controlled

affiliates

(Note

3f)

.......................................

1,474,700

1,076,203

Receivables:

Capital

shares

sold

.......................................................

2,611

Dividends

..............................................................

Affiliates

...............................................................

2,279

33,250

Prepaid

expenses

.........................................................

80,780

—

Offering

costs

............................................................

—

61,884

Total

assets

.........................................................

1,560,418

1,171,466

Liabilities:

Payables:

Administrative

fees

.......................................................

Distribution

fees

.........................................................

Transfer

agent

fees

.......................................................

Reports

to

shareholders

fees

...............................................

9,590

Professional

fees

........................................................

30,182

26,411

Trustees'

fees

and

expenses

................................................

Accrued

expenses

and

other

liabilities

..........................................

39,635

67,902

Total

liabilities

........................................................

80,039

94,494

Net

assets,

at

value

................................................

$1,480,379

$1,076,972

Net

assets

consist

of:

Paid-in

capital

............................................................

$1,295,604

$1,013,815

Total

distributable

earnings

(losses)

............................................

184,775

63,157

Net

assets,

at

value

................................................

$1,480,379

$1,076,972

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

January

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund

#### Class

#### A:
Net

assets,

at

value

......................................................

$870,275

$11,087

Shares

outstanding

.......................................................

68,998

1,044

Net

asset

value

per

share

a,b

.................................................

$12.61

$10.62

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

...............

$13.38

$11.27

#### Class

#### C:
Net

assets,

at

value

......................................................

$270,754

$10,709

Shares

outstanding

.......................................................

21,561

1,010

Net

asset

value

and

maximum

offering

price

per

share

a,b

...........................

$12.56

$10.61

#### Class

#### R:
Net

assets,

at

value

......................................................

$14,034

$10,728

Shares

outstanding

.......................................................

1,104

1,011

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$12.71

$10.61

#### Class

#### R3:
Net

assets,

at

value

......................................................

$54,749

$10,741

Shares

outstanding

.......................................................

4,332

1,008

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$12.64

$10.65

#### Class

#### R4:
Net

assets,

at

value

......................................................

$14,212

$10,754

Shares

outstanding

.......................................................

1,120

1,013

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$12.69

$10.62

#### Class

#### R5:
Net

assets,

at

value

......................................................

$32,064

$10,762

Shares

outstanding

.......................................................

2,526

1,013

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$12.69

$10.62

#### Class

#### R6:
Net

assets,

at

value

......................................................

$207,395

$1,001,429

Shares

outstanding

.......................................................

16,333

94,279

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$12.70

$10.62

#### Class

#### Y:
Net

assets,

at

value

......................................................

$16,896

$10,762

Shares

outstanding

.......................................................

1,331

1,013

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$12.69

$10.62

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

six

months

ended

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Investment

income:

Dividends:

Controlled

affiliates

(Note

3f)

..............

$9,029,776

$4,124,381

$—

$—

Non-controlled

affiliates

(Note

3f)

..........

2,125,788

2,989,602

5,063,752

4,969,701

Total

investment

income

................

11,155,564

7,113,983

5,063,752

4,969,701

Expenses:

Management

fees

(Note

a)

................

1,508,702

1,097,664

944,316

1,001,370

Administrative

fees

(Note

b)

...............

8,784

5,932

5,269

5,344

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

53,768

34,727

45,448

42,659

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

1,936

1,752

2,668

3,906

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

3,327

1,558

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

5,576

8,159

9,527

5,656

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

25,369

16,525

21,628

20,292

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

1,741

816

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

5,841

8,538

9,967

5,911

&nbsp;&nbsp;&nbsp;&nbsp;Class

R4

............................

1,513

3,906

1,693

709

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

688

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

.............................

354,671

250,180

200,626

214,357

Custodian

fees

..........................

662

1,019

969

938

Reports

to

shareholders

fees

...............

22,128

18,329

17,270

17,833

Registration

and

filing

fees

.................

95,300

44,854

37,198

44,030

Professional

fees

........................

91,568

24,944

22,552

24,518

Trustees'

fees

and

expenses

...............

9,560

6,709

5,705

6,141

Other

.................................

2,588

1,656

2,001

1,904

Total

expenses

......................

2,193,644

1,525,997

1,330,230

1,396,687

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

...........................

(1,578,077)

(1,082,647)

(1,029,527)

(1,153,327)

Net

expenses

......................

615,567

443,350

300,703

243,360

Net

investment

income

.............

10,539,997

6,670,633

4,763,049

4,726,341

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Controlled

affiliates

(Note

3f)

............

139,672

—

—

—

Non-controlled

affiliates

(Note

3f)

.........

4,914,404

3,766,156

5,404,634

3,292,192

Capital

gain

distributions

from

Underlying

Funds:

Controlled

affiliates

(Note

3f)

............

523,560

—

—

—

Non-controlled

affiliates

(Note

3f)

.........

1,292,847

1,456,157

1,814,823

2,704,878

Net

realized

gain

(loss)

...............

6,870,483

5,222,313

7,219,457

5,997,070

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Controlled

affiliates

(Note

3f)

............

6,093,648

2,945,818

—

—

Non-controlled

affiliates

(Note

3f)

.........

1,079,940

1,747,778

3,846,709

8,854,004

Net

change

in

unrealized

appreciation

(depreciation)

......................

7,173,588

4,693,596

3,846,709

8,854,004

Net

realized

and

unrealized

gain

(loss)

.........

14,044,071

9,915,909

11,066,166

14,851,074

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$24,584,068

$16,586,542

$15,829,215

$19,577,415

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

January

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Investment

income:

Dividends:

Controlled

affiliates

(Note

3f)

..............

$344,702

$296,082

$—

$—

Non-controlled

affiliates

(Note

3f)

..........

3,721,972

2,670,605

1,850,484

811,449

Total

investment

income

................

4,066,674

2,966,687

1,850,484

811,449

Expenses:

Management

fees

(Note

a)

................

851,270

660,409

441,561

205,148

Administrative

fees

(Note

b)

...............

4,590

3,329

2,542

1,044

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

45,021

42,426

43,100

23,612

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

2,651

4,067

1,989

1,467

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

523

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

5,710

3,593

6,580

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

21,412

20,177

20,504

11,227

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

5,970

3,760

6,879

&nbsp;&nbsp;&nbsp;&nbsp;Class

R4

............................

1,504

615

782

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

536

520

580

572

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

.............................

172,500

127,068

72,887

31,193

Custodian

fees

..........................

771

586

Reports

to

shareholders

fees

...............

17,371

17,669

16,599

15,261

Registration

and

filing

fees

.................

38,691

45,780

38,303

36,983

Professional

fees

........................

20,620

18,145

15,054

12,179

Trustees'

fees

and

expenses

...............

4,957

3,720

2,409

1,142

Other

.................................

2,012

2,013

2,014

2,012

Total

expenses

......................

1,196,127

955,171

672,785

342,788

Expenses

waived/paid

by

affiliates

(N

ote

3f

and

3g)

...........................

(1,020,373)

(828,695)

(578,177)

(304,667)

Net

expenses

......................

175,754

126,476

94,608

38,121

Net

investment

income

.............

3,890,920

2,840,211

1,755,876

773,328

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Controlled

affiliates

(Note

3f)

............

298,394

247,681

—

—

Non-controlled

affiliates

(Note

3f)

.........

2,208,877

1,646,112

1,814,539

1,082,620

Capital

gain

distributions

from

Underlying

Funds:

Controlled

affiliates

(Note

3f)

............

550,531

472,880

—

—

Non-controlled

affiliates

(Note

3f)

.........

2,385,175

1,936,036

1,658,072

802,592

Net

realized

gain

(loss)

...............

5,442,977

4,302,709

3,472,611

1,885,212

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Controlled

affiliates

(Note

3f)

............

2,138,126

1,881,082

—

—

Non-controlled

affiliates

(Note

3f)

.........

6,911,710

5,496,702

4,612,715

1,910,676

Net

change

in

unrealized

appreciation

(depreciation)

......................

9,049,836

7,377,784

4,612,715

1,910,676

Net

realized

and

unrealized

gain

(loss)

.........

14,492,813

11,680,493

8,085,326

3,795,888

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$18,383,733

$14,520,704

$9,841,202

$4,569,216

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund

#### a
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

............................................

$11,037

$10,605

Expenses:

Management

fees

(Note

a)

..................................................

3,038

2,976

Administrative

fees

(Note

b)

.................................................

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

629

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

...............................................................

1,414

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

...............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

..............................................................

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

&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

.................................................

9,612

5,203

Registration

and

filing

fees

...................................................

27,149

—

Professional

fees

..........................................................

16,760

26,438

Trustees'

fees

and

expenses

.................................................

Organization

costs

.........................................................

—

22,500

Amortization

of

offering

costs

(Note

1d)

.........................................

—

59,980

Other

...................................................................

1,014

509

Total

expenses

........................................................

60,381

117,969

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

.............................

(58,078)

(118,092)

Net

expenses

........................................................

2,303

(123) Net

investment

income

...............................................

8,734

10,728

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

22,657

4,320

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

...........................................

11,574

11,149

Net

realized

gain

(loss)

.................................................

34,231

15,469

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

14,164

51,496

Net

realized

and

unrealized

gain

(loss)

...........................................

48,395

66,965

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$57,129

$77,693

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. 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.

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$10,539,997

$7,513,424

$6,670,633

$10,179,139

Net

realized

gain

(loss)

............

6,870,483

2,826,022

5,222,313

9,945,444

Net

change

in

unrealized

appreciation

(depreciation)

.................

7,173,588

206,756

4,693,596

(1,897,240)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

24,584,068

10,546,202

16,586,542

18,227,343

Distributions

to

shareholders:

Class

A

........................

(782,597)

(727,931)

(617,422)

(761,609)

Class

B

........................

—

(57) —

—

Class

C

........................

(4,887)

(14,789)

(3,524)

(15,739)

Class

R

........................

(22,109)

(16,204)

(5,167)

(802) Class

R3

.......................

(77,269)

(39,476)

(111,790)

(135,856)

Class

R4

.......................

(21,996)

(4,665)

(60,444)

(65,803)

Class

R5

.......................

(235) (397) (264) (300) Class

R6

.......................

(59,507)

(30,202)

(81,632)

(138,095)

Class

Y

........................

(11,710,114)

(6,713,366)

(9,556,067)

(7,555,746)

Total

distributions

to

shareholders

.....

(12,678,714)

(7,547,087)

(10,436,310)

(8,673,950)

Capital

share

transactions:

(Note

2)

Class

A

........................

(1,744,664)

17,991,363

(1,186,960)

1,696,407

Class

B

........................

—

(31,811)

—

(21,587)

Class

C

........................

(1,006,773)

548,516

(376,489)

(95,102)

Class

R

........................

67,642

642,940

132,721

10,710

Class

R3

.......................

(398,853)

3,205,881

(134,504)

(621,127)

Class

R4

.......................

35,550

964,619

132,943

(122,402)

Class

R5

.......................

(87) —

—

Class

R6

.......................

228,106

1,865,945

858,501

(2,051,868)

Class

Y

........................

(10,887,599)

407,488,904

101,585,179

100,379,950

Total

capital

share

transactions

.......

(13,706,484)

432,676,270

101,011,391

99,174,981

Net

increase

(decrease)

in

net

assets

.....................

(1,801,130)

435,675,385

107,161,623

108,728,374

Net

assets:

Beginning

of

period

................

639,540,021

203,864,636

403,211,519

294,483,145

End

of

period

.....................

$637,738,891

$639,540,021

$510,373,142

$403,211,519

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$4,763,049

$7,062,841

$4,726,341

$5,987,712

Net

realized

gain

(loss)

............

7,219,457

10,643,702

5,997,070

8,690,198

Net

change

in

unrealized

appreciation

(depreciation)

.................

3,846,709

1,267,104

8,854,004

7,795,510

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

15,829,215

18,973,647

19,577,415

22,473,420

Distributions

to

shareholders:

Class

A

........................

(725,254)

(818,746)

(720,355)

(658,314)

Class

C

........................

(3,324)

(22,438)

(14,677)

(14,568)

Class

R

........................

(12,893)

(15,247)

(1,788)

—

Class

R3

.......................

(111,400)

(104,449)

(71,672)

(43,308)

Class

R4

.......................

(22,067)

(20,297)

(11,586)

(9,711)

Class

R5

.......................

(243) (248) (269) (217) Class

R6

.......................

(102,375)

(157,641)

(72,109)

(32,707)

Class

Y

........................

(6,295,803)

(5,256,653)

(6,948,052)

(4,696,537)

Total

distributions

to

shareholders

.....

(7,273,359)

(6,395,719)

(7,840,508)

(5,455,362)

Capital

share

transactions:

(Note

2)

Class

A

........................

16,919

3,381,114

(1,986,520)

6,692,038

Class

B

........................

—

(55,870)

—

(98,437)

Class

C

........................

(808,380)

(27,946)

(196,764)

5,942

Class

R

........................

(68,379)

99,292

76,750

(88,252)

Class

R3

.......................

264,535

209,061

371,407

520,192

Class

R4

.......................

30,286

170,495

125,541

(59,588)

Class

R6

.......................

82,624

(2,381,487)

(387,324)

1,505,688

Class

Y

........................

35,529,753

58,536,207

28,340,814

78,571,858

Total

capital

share

transactions

.......

35,047,358

59,930,866

26,343,904

87,049,441

Net

increase

(decrease)

in

net

assets

.....................

43,603,214

72,508,794

38,080,811

104,067,499

Net

assets:

Beginning

of

period

................

356,654,915

284,146,121

376,372,238

272,304,739

End

of

period

.....................

$400,258,129

$356,654,915

$414,453,049

$376,372,238

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.

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$3,890,920

$4,175,953

$2,840,211

$2,807,997

Net

realized

gain

(loss)

............

5,442,977

7,308,647

4,302,709

5,922,138

Net

change

in

unrealized

appreciation

(depreciation)

.................

9,049,836

8,419,295

7,377,784

6,964,590

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

18,383,733

19,903,895

14,520,704

15,694,725

Distributions

to

shareholders:

Class

A

........................

(700,788)

(605,824)

(473,530)

(364,749)

Class

C

........................

(5,398)

(13,441)

(3,608)

(3,886)

Class

R

........................

(920) (103) (2,847)

(2,434)

Class

R3

.......................

(59,125)

(41,951)

(37,189)

(24,349)

Class

R4

.......................

(18,668)

(13,109)

(7,834)

(4,166)

Class

R5

.......................

(294) (195) (253) (188) Class

R6

.......................

(70,939)

(52,589)

(71,824)

(62,082)

Class

Y

........................

(4,921,303)

(3,208,388)

(3,747,182)

(2,261,681)

Total

distributions

to

shareholders

.....

(5,777,435)

(3,935,600)

(4,344,267)

(2,723,535)

Capital

share

transactions:

(Note

2)

Class

A

........................

(755,350)

5,967,068

(1,414,623)

9,358,669

Class

B

........................

—

(53,337)

—

(16,808)

Class

C

........................

(460,353)

(85,041)

(425,763)

(74,307)

Class

R

........................

10,169

(65,382)

29,785

66,164

Class

R3

.......................

255,969

110,109

(258,260)

133,910

Class

R4

.......................

151,837

40,203

(36,787)

97,945

Class

R5

.......................

1,074

2,217

—

—

Class

R6

.......................

(356,709)

715,258

140,114

(697,248)

Class

Y

........................

33,991,530

65,901,472

27,198,566

44,151,968

Total

capital

share

transactions

.......

32,838,167

72,532,567

25,233,032

53,020,293

Net

increase

(decrease)

in

net

assets

.....................

45,444,465

88,500,862

35,409,469

65,991,483

Net

assets:

Beginning

of

period

................

306,987,369

218,486,507

233,924,720

167,933,237

End

of

period

.....................

$352,431,834

$306,987,369

$269,334,189

$233,924,720

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$1,755,876

$1,491,231

$773,328

$542,881

Net

realized

gain

(loss)

............

3,472,611

4,132,148

1,885,212

2,143,313

Net

change

in

unrealized

appreciation

(depreciation)

.................

4,612,715

4,756,448

1,910,676

1,981,261

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

9,841,202

10,379,827

4,569,216

4,667,455

Distributions

to

shareholders:

Class

A

........................

(489,780)

(307,352)

(621,974)

(128,854)

Class

C

........................

(1,303)

(686) (7,787)

—

Class

R

........................

(872) (129) (918) (89) Class

R3

.......................

(71,953)

(35,203)

(2,864)

(172) Class

R4

.......................

(9,145)

(5,331)

(8,537)

(1,675)

Class

R5

.......................

(336) (164) (551) (148) Class

R6

.......................

(82,765)

(23,633)

(160,549)

(20,693)

Class

Y

........................

(2,110,005)

(1,056,853)

(1,918,069)

(395,557)

Total

distributions

to

shareholders

.....

(2,766,159)

(1,429,351)

(2,721,249)

(547,188)

Capital

share

transactions:

(Note

2)

Class

A

........................

(1,304,866)

11,644,515

397,683

7,947,746

Class

B

........................

—

(36,298)

—

(20,329)

Class

C

........................

(268,785)

(77,492)

(2,165)

(40,922)

Class

R

........................

(11,806)

(38,216)

6,880

—

Class

R3

.......................

469,081

602,736

24,744

(25,419)

Class

R4

.......................

17,007

32,738

46,678

51,854

Class

R5

.......................

5,375

—

—

—

Class

R6

.......................

362,956

2,297,411

107,384

2,587,707

Class

Y

........................

13,258,407

29,328,458

6,724,285

15,246,819

Total

capital

share

transactions

.......

12,527,369

43,753,852

7,305,489

25,747,456

Net

increase

(decrease)

in

net

assets

.....................

19,602,412

52,704,328

9,153,456

29,867,723

Net

assets:

Beginning

of

period

................

152,858,314

100,153,986

70,112,040

40,244,317

End

of

period

.....................

$172,460,726

$152,858,314

$79,265,496

$70,112,040

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.

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### a
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

..............................

$8,734

$4,599

$10,728

Net

realized

gain

(loss)

..............................

34,231

96,169

15,469

Net

change

in

unrealized

appreciation

(depreciation)

........

14,164

(26,912)

51,496

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................................

57,129

73,856

77,693

Distributions

to

shareholders:

Class

A

..........................................

(45,418)

(12,619)

(133) Class

C

..........................................

(22,340)

(12,128)

(103) Class

R

..........................................

(1,287)

(438) (118) Class

R3

.........................................

(5,016)

(476) (88) Class

R4

.........................................

(1,433)

(513) (137) Class

R5

.........................................

(3,034)

(624) (143) Class

R6

.........................................

(20,824)

(5,524)

(13,671)

Class

Y

..........................................

(1,686)

(547) (143) Total

distributions

to

shareholders

.......................

(101,038)

(32,869)

(14,536)

Capital

share

transactions:

(Note

2)

Class

A

..........................................

590,141

(22,256)

10,468

Class

C

..........................................

(117,865)

(22,017)

10,103

Class

R

..........................................

(1,047)

—

10,118

Class

R3

.........................................

40,920

2,720

9,028

Class

R4

.........................................

—

—

10,137

Class

R5

.........................................

7,422

10,506

10,143

Class

R6

.........................................

45,205

(5,282)

943,675

Class

Y

..........................................

1,427

1,221

10,143

Total

capital

share

transactions

.........................

566,203

(35,108)

1,013,815

Net

increase

(decrease)

in

net

assets

................

522,294

5,879

1,076,972

Net

assets:

Beginning

of

period

..................................

958,085

952,206

—

End

of

period

.......................................

$1,480,379

$958,085

$1,076,972

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

January

31,

2026. Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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)

and

exchange

traded

funds

(ETFs),

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

Sustainable

Retirement

2070

Fund.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. Effective

February

27,

2026,

the

Funds

will

be

renamed

as

follows:

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. ETFs

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

#### Current

#### Fund

#### Repositioned

#### Fund
Putnam

Sustainable

Retirement

Maturity

Fund

Putnam

Retirement

Advantage

Plus

Maturity

Fund

Putnam

Sustainable

Retirement

2030

Fund

Putnam

Retirement

Advantage

Plus

2030

Fund

Putnam

Sustainable

Retirement

2035

Fund

Putnam

Retirement

Advantage

Plus

2035

Fund

Putnam

Sustainable

Retirement

2040

Fund

Putnam

Retirement

Advantage

Plus

2040

Fund

Putnam

Sustainable

Retirement

2045

Fund

Putnam

Retirement

Advantage

Plus

2045

Fund

Putnam

Sustainable

Retirement

2050

Fund

Putnam

Retirement

Advantage

Plus

2050

Fund

Putnam

Sustainable

Retirement

2055

Fund

Putnam

Retirement

Advantage

Plus

2055

Fund

Putnam

Sustainable

Retirement

2060

Fund

Putnam

Retirement

Advantage

Plus

2060

Fund

Putnam

Sustainable

Retirement

2065

Fund

Putnam

Retirement

Advantage

Plus

2065

Fund

Putnam

Sustainable

Retirement

2070

Fund

Putnam

Retirement

Advantage

Plus

2070

Fund

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

January

31,

2026, 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).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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

and

ETFs.

Since

the

Underlying

Funds

and

ETFs

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

and

ETFs

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

twelve

months.

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)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

January

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

a

...................................

85,807

$1,455,859

45,646

$998,052

Shares

issued

in

reinvestment

of

distributions

..........

45,509

780,002

27,293

599,908

Shares

redeemed

...............................

(232,076)

(3,980,525)

(125,941)

(2,784,920)

Net

increase

(decrease)

..........................

(100,760)

$(1,744,664)

(53,002)

$(1,186,960)

Year

ended

July

31,

2025

Shares

sold

a

...................................

27,396

$450,257

341,986

$7,263,133

Shares

issued

in

reinvestment

of

distributions

..........

43,565

722,419

36,584

756,188

Shares

issued

on

reorganization

....................

1,258,247

21,163,714

—

—

Shares

redeemed

...............................

(263,337)

(4,345,027)

(299,859)

(6,322,914)

Net

increase

(decrease)

..........................

1,065,871

$17,991,363

78,711

$1,696,407

Class

B

#### Class

#### B

#### Shares:

#### \*
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(1,974)

(31,868)

(1,085)

(21,587)

Net

increase

(decrease)

..........................

(1,970)

$(31,811)

(1,085)

$(21,587)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

$7,960

1,290

$25,790

Shares

issued

in

reinvestment

of

distributions

..........

4,887

3,524

Shares

redeemed

a

..............................

(62,218)

(1,019,620)

(20,664)

(405,803)

Net

increase

(decrease)

..........................

(61,446)

$(1,006,773)

(19,198)

$(376,489)

Year

ended

July

31,

2025

Shares

sold

...................................

863

$13,882

4,135

$79,065

Shares

issued

in

reinvestment

of

distributions

..........

917

14,789

838

15,739

Shares

issued

on

reorganization

....................

55,848

913,675

—

—

Shares

redeemed

a

..............................

(24,574)

(393,830)

(10,020)

(189,906)

Net

increase

(decrease)

..........................

33,054

$548,516

(5,047)

$(95,102)

Class

R

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

3,339

$57,018

6,264

$128,420

Shares

issued

in

reinvestment

of

distributions

..........

1,292

22,109

5,167

Shares

redeemed

...............................

(669) (11,485)

(42) (866) Net

increase

(decrease)

..........................

3,962

$67,642

6,479

$132,721

Year

ended

July

31,

2025

Shares

sold

...................................

4,204

$70,257

531

$10,252

Shares

issued

in

reinvestment

of

distributions

..........

979

16,204

802

Shares

issued

on

reorganization

....................

38,034

638,595

—

—

Shares

redeemed

...............................

(4,873)

(82,116)

(17) (344) Net

increase

(decrease)

..........................

38,344

$642,940

556

$10,710

Class

R3

#### Class

#### R3

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

16,350

$281,131

11,986

$320,522

Shares

issued

in

reinvestment

of

distributions

..........

4,490

77,269

4,184

111,790

Shares

redeemed

...............................

(44,069)

(757,253)

(21,276)

(566,816)

Net

increase

(decrease)

..........................

(23,229)

$(398,853)

(5,106)

$(134,504)

Year

ended

July

31,

2025

Shares

sold

...................................

11,908

$198,500

43,576

$1,122,959

Shares

issued

in

reinvestment

of

distributions

..........

2,371

39,476

5,428

135,856

Shares

issued

on

reorganization

....................

200,870

3,392,684

—

—

Shares

redeemed

...............................

(25,447)

(424,779)

(74,142)

(1,879,942)

Net

increase

(decrease)

..........................

189,702

$3,205,881

(25,138)

$(621,127)

Class

R4

#### Class

#### R4

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

3,095

$53,387

6,290

$169,849

Shares

issued

in

reinvestment

of

distributions

..........

1,276

21,996

2,262

60,444

Shares

redeemed

...............................

(2,295)

(39,833)

(3,628)

(97,350)

Net

increase

(decrease)

..........................

2,076

$35,550

4,924

$132,943

Year

ended

July

31,

2025

Shares

sold

...................................

13,855

$230,581

9,970

$256,784

Shares

issued

in

reinvestment

of

distributions

..........

4,665

2,629

65,803

Shares

issued

on

reorganization

....................

58,835

995,490

—

—

Shares

redeemed

...............................

(16,276)

(266,117)

(17,570)

(444,989)

Net

increase

(decrease)

..........................

56,694

$964,619

(4,971)

$(122,402)

Class

R5

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

$128

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(2) (29) —

—

Net

increase

(decrease)

..........................

$107

—

$—

Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

issued

on

reorganization

....................

700

11,833

—

—

Shares

redeemed

...............................

(680) (11,920)

—

—

Net

increase

(decrease)

..........................

$(87)

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

24,858

$428,539

49,989

$1,330,319

Shares

issued

in

reinvestment

of

distributions

..........

3,456

59,507

3,054

81,632

Shares

redeemed

...............................

(15,107)

(259,940)

(20,728)

(553,450)

Net

increase

(decrease)

..........................

13,207

$228,106

32,315

$858,501

Year

ended

July

31,

2025

Shares

sold

...................................

98,026

$1,639,073

98,766

$2,529,871

Shares

issued

in

reinvestment

of

distributions

..........

1,808

30,202

5,517

138,095

Shares

issued

on

reorganization

....................

58,025

980,621

—

—

Shares

redeemed

...............................

(47,219)

(783,951)

(186,490)

(4,719,834)

Net

increase

(decrease)

..........................

110,640

$1,865,945

(82,207)

$(2,051,868)

Class

Y

#### Class

#### Y

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

1,962,804

$33,760,391

5,453,170

$145,923,930

Shares

issued

in

reinvestment

of

distributions

..........

679,916

11,709,631

358,577

9,556,067

Shares

redeemed

...............................

(3,280,328)

(56,357,621)

(2,017,783)

(53,894,818)

Net

increase

(decrease)

..........................

(637,608)

$(10,887,599)

3,793,964

$101,585,179

Year

ended

July

31,

2025

Shares

sold

...................................

2,985,512

$49,649,667

6,785,105

$173,009,791

Shares

issued

in

reinvestment

of

distributions

..........

402,998

6,712,025

302,714

7,555,746

Shares

issued

on

reorganization

....................

22,737,382

384,261,760

—

—

Shares

redeemed

...............................

(1,995,708)

(33,134,548)

(3,151,067)

(80,185,587)

Net

increase

(decrease)

..........................

24,130,184

$407,488,904

3,936,752

$100,379,950

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

a

...................................

98,139

$2,364,927

26,664

$659,454

Shares

issued

in

reinvestment

of

distributions

..........

29,521

716,776

28,742

717,409

Shares

redeemed

...............................

(125,868)

(3,064,784)

(134,306)

(3,363,383)

Net

increase

(decrease)

..........................

1,792

$16,919

(78,900)

$(1,986,520)

Year

ended

July

31,

2025

Shares

sold

a

...................................

526,942

$12,170,492

628,050

$14,741,851

Shares

issued

in

reinvestment

of

distributions

..........

35,979

809,886

28,642

654,765

Shares

redeemed

...............................

(420,811)

(9,599,264)

(378,037)

(8,704,578)

Net

increase

(decrease)

..........................

142,110

$3,381,114

278,655

$6,692,038

Class

B

#### Class

#### B

#### Shares:

#### \*
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

redeemed

...............................

(2,796)

(55,870)

(4,961)

(98,437)

Net

increase

(decrease)

..........................

(2,796)

$(55,870)

(4,961)

$(98,437)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

3,288

$68,607

1,590

$32,469

Shares

issued

in

reinvestment

of

distributions

..........

3,324

717

14,677

Shares

redeemed

a

..............................

(43,323)

(880,311)

(12,183)

(243,910)

Net

increase

(decrease)

..........................

(39,877)

$(808,380)

(9,876)

$(196,764)

Year

ended

July

31,

2025

Shares

sold

...................................

8,148

$157,872

6,589

$124,541

Shares

issued

in

reinvestment

of

distributions

..........

1,163

22,438

773

14,568

Shares

redeemed

a

..............................

(10,630)

(208,256)

(6,990)

(133,167)

Net

increase

(decrease)

..........................

(1,319)

$(27,946)

$5,942

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

8,522

$195,475

2,772

$74,967

Shares

issued

in

reinvestment

of

distributions

..........

567

12,893

1,788

Shares

redeemed

...............................

(12,411)

(276,747)

—

(5) Net

increase

(decrease)

..........................

(3,322)

$(68,379)

2,838

$76,750

Year

ended

July

31,

2025

Shares

sold

...................................

5,039

$110,602

$3,017

Shares

issued

in

reinvestment

of

distributions

..........

722

15,247

—

—

Shares

redeemed

...............................

(1,235)

(26,557)

(3,590)

(91,269)

Net

increase

(decrease)

..........................

4,526

$99,292

(3,468)

$(88,252)

Class

R3

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R3

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

16,959

$520,238

12,971

$414,043

Shares

issued

in

reinvestment

of

distributions

..........

3,613

111,400

2,231

71,672

Shares

redeemed

...............................

(11,946)

(367,103)

(3,545)

(114,308)

Net

increase

(decrease)

..........................

8,626

$264,535

11,657

$371,407

Year

ended

July

31,

2025

Shares

sold

...................................

41,600

$1,194,471

28,285

$839,270

Shares

issued

in

reinvestment

of

distributions

..........

3,670

104,449

1,479

43,308

Shares

redeemed

...............................

(37,606)

(1,089,859)

(12,082)

(362,386)

Net

increase

(decrease)

..........................

7,664

$209,061

17,682

$520,192

Class

R4

#### Class

#### R4

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

4,611

$141,920

5,117

$165,706

Shares

issued

in

reinvestment

of

distributions

..........

716

22,067

11,586

Shares

redeemed

...............................

(4,390)

(133,701)

(1,598)

(51,751)

Net

increase

(decrease)

..........................

937

$30,286

3,880

$125,541

Year

ended

July

31,

2025

Shares

sold

...................................

9,451

$274,159

5,324

$159,884

Shares

issued

in

reinvestment

of

distributions

..........

713

20,267

9,711

Shares

redeemed

...............................

(4,282)

(123,931)

(7,748)

(229,183)

Net

increase

(decrease)

..........................

5,882

$170,495

(2,092)

$(59,588)

Class

R5

#### Class

#### R5

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

—

$—

—

$—

Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

13,727

$422,270

11,046

$353,972

Shares

issued

in

reinvestment

of

distributions

..........

3,320

102,375

2,244

72,109

Shares

redeemed

...............................

(14,292)

(442,021)

(25,585)

(813,405)

Net

increase

(decrease)

..........................

2,755

$82,624

(12,295)

$(387,324)

Year

ended

July

31,

2025

Shares

sold

...................................

147,408

$4,305,895

105,042

$3,156,738

Shares

issued

in

reinvestment

of

distributions

..........

5,543

157,641

1,117

32,707

Shares

redeemed

...............................

(236,847)

(6,845,023)

(56,165)

(1,683,757)

Net

increase

(decrease)

..........................

(83,896)

$(2,381,487)

49,994

$1,505,688

Class

Y

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

2,599,739

$79,928,301

1,796,409

$57,222,449

Shares

issued

in

reinvestment

of

distributions

..........

204,476

6,295,803

216,855

6,948,052

Shares

redeemed

...............................

(1,649,191)

(50,694,351)

(1,123,274)

(35,829,687)

Net

increase

(decrease)

..........................

1,155,024

$35,529,753

889,990

$28,340,814

Year

ended

July

31,

2025

Shares

sold

...................................

4,926,688

$142,303,519

4,639,789

$137,588,922

Shares

issued

in

reinvestment

of

distributions

..........

185,028

5,256,653

160,895

4,696,537

Shares

redeemed

...............................

(3,096,224)

(89,023,965)

(2,151,780)

(63,713,601)

Net

increase

(decrease)

..........................

2,015,492

$58,536,207

2,648,904

$78,571,858

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

a

...................................

49,318

$1,155,679

35,668

$821,650

Shares

issued

in

reinvestment

of

distributions

..........

29,174

698,733

20,159

473,345

Shares

redeemed

...............................

(109,751)

(2,609,762)

(116,716)

(2,709,618)

Net

increase

(decrease)

..........................

(31,259)

$(755,350)

(60,889)

$(1,414,623)

Year

ended

July

31,

2025

Shares

sold

a

...................................

504,514

$11,205,130

585,694

$12,573,924

Shares

issued

in

reinvestment

of

distributions

..........

27,869

603,920

17,357

364,673

Shares

redeemed

...............................

(267,848)

(5,841,982)

(167,238)

(3,579,928)

Net

increase

(decrease)

..........................

264,535

$5,967,068

435,813

$9,358,669

Class

B

#### Class

#### B

#### Shares:

#### \*
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

redeemed

...............................

(2,922)

(53,337)

(818) (16,808)

Net

increase

(decrease)

..........................

(2,922)

$(53,337)

(818) $(16,808)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

932

$18,528

1,121

$24,763

Shares

issued

in

reinvestment

of

distributions

..........

5,398

3,608

Shares

redeemed

a

..............................

(25,010)

(484,279)

(20,953)

(454,134)

Net

increase

(decrease)

..........................

(23,809)

$(460,353)

(19,671)

$(425,763)

Year

ended

July

31,

2025

Shares

sold

...................................

3,612

$66,299

5,601

$112,884

Shares

issued

in

reinvestment

of

distributions

..........

742

13,441

3,886

Shares

redeemed

a

..............................

(8,866)

(164,781)

(9,415)

(191,077)

Net

increase

(decrease)

..........................

(4,512)

$(85,041)

(3,620)

$(74,307)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

$9,275

5,898

$133,898

Shares

issued

in

reinvestment

of

distributions

..........

920

2,847

Shares

redeemed

...............................

(1) (26) (4,818)

(106,960)

Net

increase

(decrease)

..........................

$10,169

1,204

$29,785

Year

ended

July

31,

2025

Shares

sold

...................................

1,463

$34,986

6,426

$136,195

Shares

issued

in

reinvestment

of

distributions

..........

2,434

Shares

redeemed

...............................

(4,168)

(100,471)

(3,455)

(72,465)

Net

increase

(decrease)

..........................

(2,701)

$(65,382)

3,090

$66,164

Class

R3

#### Class

#### R3

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

14,158

$453,610

14,441

$332,049

Shares

issued

in

reinvestment

of

distributions

..........

1,826

59,125

1,589

37,189

Shares

redeemed

...............................

(7,952)

(256,766)

(27,132)

(627,498)

Net

increase

(decrease)

..........................

8,032

$255,969

(11,102)

$(258,260)

Year

ended

July

31,

2025

Shares

sold

...................................

27,086

$793,927

18,967

$404,259

Shares

issued

in

reinvestment

of

distributions

..........

1,441

41,951

1,162

24,349

Shares

redeemed

...............................

(24,610)

(725,769)

(13,694)

(294,698)

Net

increase

(decrease)

..........................

3,917

$110,109

6,435

$133,910

Class

R4

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R4

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

4,542

$147,011

5,753

$132,906

Shares

issued

in

reinvestment

of

distributions

..........

577

18,668

7,834

Shares

redeemed

...............................

(434) (13,842)

(7,505)

(177,527)

Net

increase

(decrease)

..........................

4,685

$151,837

(1,417)

$(36,787)

Year

ended

July

31,

2025

Shares

sold

...................................

4,601

$136,302

5,956

$126,650

Shares

issued

in

reinvestment

of

distributions

..........

13,109

3,993

Shares

redeemed

...............................

(3,604)

(109,208)

(1,543)

(32,698)

Net

increase

(decrease)

..........................

1,447

$40,203

4,604

$97,945

Class

R5

#### Class

#### R5

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

$1,143

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(4) (120) —

—

Net

increase

(decrease)

..........................

$1,074

—

$—

Year

ended

July

31,

2025

Shares

sold

...................................

$2,302

—

$—

Shares

redeemed

...............................

(3) (85) —

—

Net

increase

(decrease)

..........................

$2,217

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

18,632

$597,411

16,716

$388,876

Shares

issued

in

reinvestment

of

distributions

..........

2,190

70,939

3,065

71,824

Shares

redeemed

...............................

(32,132)

(1,025,059)

(13,589)

(320,586)

Net

increase

(decrease)

..........................

(11,310)

$(356,709)

6,192

$140,114

Year

ended

July

31,

2025

Shares

sold

...................................

149,977

$4,519,148

149,484

$3,227,772

Shares

issued

in

reinvestment

of

distributions

..........

1,805

52,589

2,962

62,082

Shares

redeemed

...............................

(128,908)

(3,856,479)

(186,443)

(3,987,102)

Net

increase

(decrease)

..........................

22,874

$715,258

(33,997)

$(697,248)

Class

Y

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

1,682,057

$54,048,361

1,872,205

$43,529,287

Shares

issued

in

reinvestment

of

distributions

..........

151,474

4,904,729

160,136

3,747,182

Shares

redeemed

...............................

(775,154)

(24,961,560)

(864,584)

(20,077,903)

Net

increase

(decrease)

..........................

1,058,377

$33,991,530

1,167,757

$27,198,566

Year

ended

July

31,

2025

Shares

sold

...................................

4,001,778

$118,277,144

3,857,177

$82,168,391

Shares

issued

in

reinvestment

of

distributions

..........

109,747

3,195,832

108,008

2,261,681

Shares

redeemed

...............................

(1,883,273)

(55,571,504)

(1,899,183)

(40,278,104)

Net

increase

(decrease)

..........................

2,228,252

$65,901,472

2,066,002

$44,151,968

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

a

...................................

76,236

$1,117,468

68,082

$1,051,717

Shares

issued

in

reinvestment

of

distributions

..........

32,773

489,297

40,388

621,974

Shares

redeemed

...............................

(196,134)

(2,911,631)

(82,257)

(1,276,008)

Net

increase

(decrease)

..........................

(87,125)

$(1,304,866)

26,213

$397,683

Year

ended

July

31,

2025

Shares

sold

a

...................................

1,169,937

$15,891,956

704,449

$9,973,388

Shares

issued

in

reinvestment

of

distributions

..........

23,093

307,138

9,250

128,854

Shares

redeemed

...............................

(335,885)

(4,554,579)

(153,880)

(2,154,496)

Net

increase

(decrease)

..........................

857,145

$11,644,515

559,819

$7,947,746

Class

B

#### Class

#### B

#### Shares:

#### \*
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

redeemed

...............................

(2,772)

(36,298)

(1,484)

(20,329)

Net

increase

(decrease)

..........................

(2,772)

$(36,298)

(1,484)

$(20,329)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

1,197

$17,086

592

$8,942

Shares

issued

in

reinvestment

of

distributions

..........

1,303

513

7,787

Shares

redeemed

a

..............................

(20,694)

(287,174)

(1,262)

(18,894)

Net

increase

(decrease)

..........................

(19,407)

$(268,785)

(157) $(2,165)

Year

ended

July

31,

2025

Shares

sold

...................................

3,885

$50,026

1,770

$24,459

Shares

issued

in

reinvestment

of

distributions

..........

686

—

—

Shares

redeemed

a

..............................

(9,777)

(128,204)

(4,615)

(65,381)

Net

increase

(decrease)

..........................

(5,839)

$(77,492)

(2,845)

$(40,922)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

2,018

$30,824

$6,691

Shares

issued

in

reinvestment

of

distributions

..........

872

Shares

redeemed

...............................

(2,794)

(43,502)

—

—

Net

increase

(decrease)

..........................

(719) $(11,806)

$6,880

Year

ended

July

31,

2025

Shares

sold

...................................

2,932

$40,529

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(5,545)

(78,874)

—

—

Net

increase

(decrease)

..........................

(2,604)

$(38,216)

—

$—

Class

R3

#### Class

#### R3

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

39,191

$581,162

1,774

$27,731

Shares

issued

in

reinvestment

of

distributions

..........

4,775

71,953

2,364

Shares

redeemed

...............................

(12,395)

(184,034)

(342) (5,351)

Net

increase

(decrease)

..........................

31,571

$469,081

1,584

$24,744

Year

ended

July

31,

2025

Shares

sold

...................................

74,325

$1,019,410

2,495

$35,465

Shares

issued

in

reinvestment

of

distributions

..........

2,621

35,203

Shares

redeemed

...............................

(33,257)

(451,877)

(4,189)

(61,006)

Net

increase

(decrease)

..........................

43,689

$602,736

(1,685)

$(25,419)

Class

R4

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R4

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

2,010

$30,083

2,494

$39,061

Shares

issued

in

reinvestment

of

distributions

..........

606

9,145

551

8,537

Shares

redeemed

...............................

(1,466)

(22,221)

(59) (920) Net

increase

(decrease)

..........................

1,150

$17,007

2,986

$46,678

Year

ended

July

31,

2025

Shares

sold

...................................

4,330

$58,939

4,630

$65,838

Shares

issued

in

reinvestment

of

distributions

..........

5,187

1,541

Shares

redeemed

...............................

(2,308)

(31,388)

(1,096)

(15,525)

Net

increase

(decrease)

..........................

2,408

$32,738

3,644

$51,854

Class

R5

#### Class

#### R5

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

$5,391

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(6) (90) —

—

Net

increase

(decrease)

..........................

$5,375

—

$—

Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

48,294

$724,373

37,668

$588,735

Shares

issued

in

reinvestment

of

distributions

..........

5,477

82,765

10,325

160,549

Shares

redeemed

...............................

(29,448)

(444,182)

(40,978)

(641,900)

Net

increase

(decrease)

..........................

24,323

$362,956

7,015

$107,384

Year

ended

July

31,

2025

Shares

sold

...................................

283,358

$3,976,110

233,087

$3,390,606

Shares

issued

in

reinvestment

of

distributions

..........

1,756

23,633

1,473

20,693

Shares

redeemed

...............................

(124,110)

(1,702,332)

(56,874)

(823,592)

Net

increase

(decrease)

..........................

161,004

$2,297,411

177,686

$2,587,707

Class

Y

#### Class

#### Y

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

1,609,059

$24,073,733

804,928

$12,548,598

Shares

issued

in

reinvestment

of

distributions

..........

139,274

2,110,005

123,986

1,918,069

Shares

redeemed

...............................

(860,165)

(12,925,331)

(497,737)

(7,742,382)

Net

increase

(decrease)

..........................

888,168

$13,258,407

431,177

$6,724,285

Year

ended

July

31,

2025

Shares

sold

...................................

4,180,673

$57,357,525

2,150,516

$30,577,324

Shares

issued

in

reinvestment

of

distributions

..........

78,343

1,056,853

28,274

395,557

Shares

redeemed

...............................

(2,117,951)

(29,085,920)

(1,110,448)

(15,726,062)

Net

increase

(decrease)

..........................

2,141,065

$29,328,458

1,068,342

$15,246,819

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

a

...................................

43,450

$563,885

1,034

$10,360

Shares

issued

in

reinvestment

of

distributions

..........

3,582

45,418

Shares

redeemed

...............................

(1,446)

(19,162)

(2) (25) Net

increase

(decrease)

..........................

45,586

$590,141

1,044

$10,468

Year

ended

July

31,

2025

Shares

sold

a

...................................

11,669

$145,920

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

979

11,935

—

—

Shares

redeemed

...............................

(14,479)

(180,111)

—

—

Net

increase

(decrease)

..........................

(1,831)

$(22,256)

—

$—

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

$124

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

1,671

21,101

Shares

redeemed

a

..............................

(10,652)

(139,090)

—

—

Net

increase

(decrease)

..........................

(8,967)

$(117,865)

1,010

$10,103

Year

ended

July

31,

2025

Shares

sold

...................................

2,532

$31,463

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

969

11,729

—

—

Shares

redeemed

a

..............................

(5,359)

(65,209)

—

—

Net

increase

(decrease)

..........................

(1,858)

$(22,017)

—

$—

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

2,096

$27,982

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(2,096)

(29,029)

—

—

Net

increase

(decrease)

..........................

—

$(1,047)

1,011

$10,118

Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Class

R3

#### Class

#### R3

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

2,874

$39,490

3,706

$37,984

Shares

issued

in

reinvestment

of

distributions

..........

3,582

Shares

redeemed

...............................

(156) (2,152)

(2,706)

(29,044)

Net

increase

(decrease)

..........................

3,000

$40,920

1,008

$9,028

Year

ended

July

31,

2025

Shares

sold

...................................

$2,927

—

$—

Shares

redeemed

...............................

(17) (207) —

—

Net

increase

(decrease)

..........................

$2,720

—

$—

Class

R4

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R4

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

—

$—

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Net

increase

(decrease)

..........................

—

$—

1,013

$10,137

Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Class

R5

#### Class

#### R5

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

$6,157

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

1,570

Shares

redeemed

...............................

(24) (305) —

—

Net

increase

(decrease)

..........................

555

$7,422

1,013

$10,143

Year

ended

July

31,

2025

Shares

sold

...................................

873

$10,855

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(34) (435) —

—

Net

increase

(decrease)

..........................

846

$10,506

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

4,890

$65,400

93,000

$930,004

Shares

issued

in

reinvestment

of

distributions

..........

1,516

19,345

1,279

13,671

Shares

redeemed

...............................

(3,082)

(39,540)

—

—

Net

increase

(decrease)

..........................

3,324

$45,205

94,279

$943,675

Year

ended

July

31,

2025

Shares

sold

...................................

5,222

$65,683

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

4,973

—

—

Shares

redeemed

...............................

(5,945)

(75,938)

—

—

Net

increase

(decrease)

..........................

(317) $(5,282)

—

$—

Class

Y

#### Class

#### Y

#### Shares:
Six

Months

ended

January

31,

2026

Shares

sold

...................................

$1,224

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

Shares

redeemed

...............................

(2) (21) —

—

Net

increase

(decrease)

..........................

$1,427

1,013

$10,143

Year

ended

July

31,

2025

Shares

sold

...................................

$2,789

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(125) (1,578)

—

—

Net

increase

(decrease)

..........................

$1,221

—

$—

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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

Sustainable

Retirement Maturity

Fund,

the

annual

rate

is

0.46%.

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:

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

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

January

31,

2026. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.460%

0.475%

0.485%

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.495%

0.505%

0.516%

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.525%

0.536%

0.545%

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

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.

The

Funds

reimburse

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Funds

and

their

staff

who

provide

administrative

services

to

the

Funds.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

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.

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

period:

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
Gross

effective

investment

management

fee

rate

.....................................................

0.550%

#### Maximum

#### %

#### Approved

#### %
Class

A

......................................................................

0.35%

0.25%

Class

C

......................................................................

1.00%

1.00%

Class

R

......................................................................

1.00%

0.50%

Class

R3

.....................................................................

0.35%

0.25%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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.

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.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$1,383

$837

$1,971

$945

CDSC

retained

...........................

$49

$—

$79

$52

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$1,282

$847

$1,298

$921

CDSC

retained

...........................

$179

$53

$8

$10

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

.............

$176

$—

CDSC

retained

.............................................................

$11

$—

#### Maximum

#### %
Class

A

.....................................................................................

0.125%

Class

C

.....................................................................................

0.125%

Class

R

.....................................................................................

0.275%

Class

R3

....................................................................................

0.275%

Class

R4

....................................................................................

0.275%

Class

R5

....................................................................................

0.125%

Class

R6

....................................................................................

0.025%

Class

Y

.....................................................................................

0.125%

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

January

31,

2026,

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Dividend

#### Income

#### a

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

$

330,503,763

$

5,899,222

$

(10,658,141)

$

(16,287)

$

4,935,154

$

330,663,711

6,696,322

$

6,124,708

Putnam

ESG

High

Yield

ETF

...

107,502,179

3,400,789

(3,484,264)

155,959

1,158,494

108,733,157

2,075,084

3,428,628

a

#### Total

#### Controlled

#### Affiliates

#### ....
$438,005,942

$9,300,011

$(14,142,405)

$139,672

$6,093,648

$439,396,868

$9,553,336

#### Non-Controlled

#### Affiliates
Putnam

ESG

Ultra

Short

ETF

..

36,371,015

1,362,472

(1,237,733)

13,129

99,578

36,608,461

720,639

834,999

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

1,018,495

34,573,776

(33,909,618)

—

—

1,682,653

1,682,653

26,265

Putnam

PanAgora

ESG

International

Equity

ETF

......

26,622,100

1,197,221

(1,848,046)

501,266

1,310,234

27,782,775

991,180

2,202,707

a

Putnam

Sustainable

Future

ETF

.

46,032,801

1,386,911

(1,969,833)

583,857

(2,599,032)

43,434,704

1,753,910

—

Putnam

Sustainable

Leaders

ETF

91,905,636

1,299,473

(10,181,311)

3,816,152

2,269,160

89,109,110

2,426,058

354,664

#### Total

#### Non-Controlled

#### Affiliates
$201,950,047

$39,819,853

$(49,146,541)

$4,914,404

$1,079,940

$198,617,703

$3,418,635

#### Total

#### Affiliated

#### Securities

#### ....
$639,955,989

$49,119,864

$(63,288,946)

$5,054,076

$7,173,588

$638,014,571

$12,971,971

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

200,449,641

54,456,552

—

—

2,945,818

257,852,011

5,221,801

4,124,381

#### Non-Controlled

#### Affiliates
Putnam

ESG

High

Yield

ETF

...

27,981,593

8,632,645

—

—

362,709

36,976,947

705,675

1,019,841

a

Putnam

ESG

Ultra

Short

ETF

..

32,078,921

9,400,844

—

—

115,326

41,595,091

818,801

820,866

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

1,425,496

30,518,271

(30,958,424)

—

—

985,343

985,343

29,521

Putnam

PanAgora

ESG

International

Equity

ETF

......

22,849,080

5,521,493

(1,430,204)

398,978

1,155,979

28,495,326

1,016,601

2,199,674

a

Putnam

Sustainable

Future

ETF

.

39,772,920

9,101,656

(2,262,224)

671,989

(2,713,541)

44,570,800

1,799,786

—

Putnam

Sustainable

Leaders

ETF

78,644,710

20,478,813

(6,943,335)

2,695,189

2,827,305

97,702,682

2,660,024

375,857

#### Total

#### Non-Controlled

#### Affiliates
$202,752,720

$83,653,722

$(41,594,187)

$3,766,156

$1,747,778

$250,326,189

$4,445,759

#### Total

#### Affiliated

#### Securities

#### ....
$403,202,361

$138,110,274

$(41,594,187)

$3,766,156

$4,693,596

$508,178,200

$8,570,140

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Dividend

#### Income

#### a

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

$

114,932,462

$

18,616,484

$

(5,648,206)

$

18,315

$

1,686,097

$

129,605,152

2,624,654

$

2,232,644

Putnam

ESG

High

Yield

ETF

...

18,316,120

4,083,364

(703,651)

33,751

203,023

21,932,607

418,566

636,272

a

Putnam

ESG

Ultra

Short

ETF

..

23,665,591

4,762,327

(928,201)

7,415

71,782

27,578,914

542,892

581,150

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

1,083,371

23,079,982

(23,519,731)

—

—

643,622

643,622

21,798

Putnam

PanAgora

ESG

International

Equity

ETF

......

31,935,416

5,413,197

(1,990,361)

562,435

1,659,582

37,580,269

1,340,716

2,920,682

a

Putnam

Sustainable

Future

ETF

.

55,865,137

8,012,731

(2,434,221)

731,482

(3,421,427)

58,753,702

2,372,497

—

Putnam

Sustainable

Leaders

ETF

110,817,507

16,345,650

(10,477,406)

4,051,236

3,647,652

124,384,639

3,386,459

486,029

#### Total

#### Non-Controlled

#### Affiliates
$356,615,604

$80,313,735

$(45,701,777)

$5,404,634

$3,846,709

$400,478,905

$6,878,575

#### Total

#### Affiliated

#### Securities

#### ....
$356,615,604

$80,313,735

$(45,701,777)

$5,404,634

$3,846,709

$400,478,905

$6,878,575

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

81,553,168

8,666,932

(2,301,368)

948

1,222,792

89,142,472

1,805,238

1,546,801

Putnam

ESG

High

Yield

ETF

...

17,778,295

2,107,425

—

—

226,322

20,112,042

383,822

600,152

a

Putnam

ESG

Ultra

Short

ETF

..

20,419,111

3,380,531

—

—

66,909

23,866,551

469,814

507,073

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

1,838,471

22,987,666

(23,373,414)

—

—

1,452,723

1,452,723

23,413

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

8,947,270

613,714

(1,581,923)

436,122

1,062,142

9,477,325

327,765

519,118

a

Putnam

PanAgora

ESG

International

Equity

ETF

......

43,799,852

4,826,698

(876,230)

240,598

2,822,343

50,813,261

1,812,817

3,905,952

a

Putnam

Sustainable

Future

ETF

.

67,973,124

6,106,076

(150,907)

45,458

(3,259,588)

70,714,163

2,855,465

—

Putnam

Sustainable

Leaders

ETF

134,028,016

12,095,826

(6,618,418)

2,569,066

6,713,084

148,787,574

4,050,846

572,070

#### Total

#### Non-Controlled

#### Affiliates
$376,337,307

$60,784,868

$(34,902,260)

$3,292,192

$8,854,004

$414,366,111

$7,674,579

#### Total

#### Affiliated

#### Securities

#### ....
$376,337,307

$60,784,868

$(34,902,260)

$3,292,192

$8,854,004

$414,366,111

$7,674,579

a

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Controlled

#### Affiliates
Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

13,719,008

1,784,719

(1,082,918)

298,394

2,138,126

16,857,329

582,996

895,232

a

#### Non-Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

41,234,825

5,714,735

(3,003,589)

35,822

576,209

44,558,002

902,351

770,473

Putnam

ESG

High

Yield

ETF

...

14,843,241

2,397,246

—

—

189,283

17,429,770

332,633

510,343

a

Putnam

ESG

Ultra

Short

ETF

..

14,279,214

3,093,520

—

—

48,923

17,421,657

342,946

356,273

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

308,994

18,415,764

(17,963,915)

—

—

760,843

760,843

18,691

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Dividend

#### Income

#### a

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Putnam

PanAgora

ESG

International

Equity

ETF

......

$

42,691,169

$

6,385,570

$

(516,441)

$

140,133

$

2,846,823

$

51,547,254

1,839,003

$

3,927,281

a

Putnam

Sustainable

Future

ETF

.

60,306,239

8,208,277

—

—

(2,989,655)

65,524,861

2,645,919

—

Putnam

Sustainable

Leaders

ETF

119,544,689

15,196,711

(5,237,207)

2,032,922

6,240,127

137,777,242

3,751,082

524,087

#### Total

#### Non-Controlled

#### Affiliates
$293,208,371

$59,411,823

$(26,721,152)

$2,208,877

$6,911,710

$335,019,629

$6,107,148

#### Total

#### Affiliated

#### Securities

#### ....
$306,927,379

$61,196,542

$(27,804,070)

$2,507,271

$9,049,836

$351,876,958

$7,002,380

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Controlled

#### Affiliates
Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

11,815,159

1,885,925

(898,285)

247,681

1,881,082

14,931,562

516,395

768,962

a

#### Non-Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

24,655,153

3,090,718

(2,171,926)

15,583

346,919

25,936,447

525,243

453,611

Putnam

ESG

High

Yield

ETF

...

9,899,342

1,929,968

—

—

128,128

11,957,438

228,198

339,110

a

Putnam

ESG

Ultra

Short

ETF

..

6,700,685

1,967,893

—

—

23,200

8,691,778

171,098

172,482

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

726,400

13,389,779

(13,634,562)

—

—

481,617

481,617

14,418

Putnam

PanAgora

ESG

International

Equity

ETF

......

34,710,970

5,424,093

(117,167)

29,687

2,410,103

42,457,686

1,514,723

3,207,750

a

Putnam

Sustainable

Future

ETF

.

48,689,283

6,945,262

—

—

(2,433,143)

53,201,402

2,148,293

—

Putnam

Sustainable

Leaders

ETF

96,741,521

11,839,753

(4,124,084)

1,600,842

5,021,495

111,079,527

3,024,218

419,270

#### Total

#### Non-Controlled

#### Affiliates
$222,123,354

$44,587,466

$(20,047,739)

$1,646,112

$5,496,702

$253,805,895

$4,606,641

#### Total

#### Affiliated

#### Securities

#### ....
$233,938,513

$46,473,391

$(20,946,024)

$1,893,793

$7,377,784

$268,737,457

$5,375,603

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

11,859,095

1,540,264

(1,117,706)

34,092

142,853

12,458,598

252,301

220,000

Putnam

ESG

High

Yield

ETF

...

4,799,685

926,949

(45,245)

2,210

60,423

5,744,022

109,620

165,792

a

Putnam

ESG

Ultra

Short

ETF

..

2,707,012

439,957

(28,789)

8,806

3,127,045

61,556

67,284

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

484,116

8,628,248

(8,265,177)

—

—

847,187

847,187

10,108

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

8,151,023

1,163,655

(654,735)

182,540

1,288,090

10,130,573

350,357

532,680

a

Putnam

PanAgora

ESG

International

Equity

ETF

......

24,091,188

3,519,400

(333,244)

90,852

1,617,207

28,985,403

1,034,085

2,222,648

a

Putnam

Sustainable

Future

ETF

.

33,748,757

4,471,095

(296,766)

87,080

(1,751,620)

36,258,546

1,464,134

—

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Dividend

#### Income

#### a

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Putnam

Sustainable

Leaders

ETF

$

66,738,260

$

7,289,550

$

(3,647,646)

$

1,417,706

$

3,246,956

$

75,044,826

2,043,148

$

290,044

#### Total

#### Non-Controlled

#### Affiliates
$152,579,136

$27,979,118

$(14,389,308)

$1,814,539

$4,612,715

$172,596,200

$3,508,556

#### Total

#### Affiliated

#### Securities

#### ....
$152,579,136

$27,979,118

$(14,389,308)

$1,814,539

$4,612,715

$172,596,200

$3,508,556

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

3,306,253

530,655

(305,231)

4,851

44,157

3,580,685

72,513

61,257

Putnam

ESG

High

Yield

ETF

...

1,307,344

306,436

(29,860)

1,403

15,531

1,600,854

30,551

46,573

a

Putnam

ESG

Ultra

Short

ETF

..

832,471

145,972

(22,558)

2,680

958,596

18,870

20,420

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

241,717

4,387,224

(4,572,135)

—

—

56,806

56,806

4,172

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

3,946,226

622,125

(357,897)

100,636

607,756

4,918,846

170,114

258,422

a

Putnam

PanAgora

ESG

International

Equity

ETF

......

11,664,313

1,928,625

(334,177)

98,007

715,077

14,071,845

502,028

1,083,973

a

Putnam

Sustainable

Future

ETF

.

16,335,582

2,492,342

(344,983)

97,034

(906,146)

17,673,829

713,676

—

Putnam

Sustainable

Leaders

ETF

32,440,010

3,575,555

(2,083,834)

780,658

1,431,621

36,144,010

984,046

139,224

#### Total

#### Non-Controlled

#### Affiliates
$70,073,916

$13,988,934

$(8,050,675)

$1,082,620

$1,910,676

$79,005,471

$1,614,041

#### Total

#### Affiliated

#### Securities

#### ....
$70,073,916

$13,988,934

$(8,050,675)

$1,082,620

$1,910,676

$79,005,471

$1,614,041

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

25,250

12,223

(3,845)

33,973

688

Putnam

ESG

High

Yield

ETF

...

10,301

6,437

(418) 21

16,453

a

Putnam

ESG

Ultra

Short

ETF

..

6,583

6,951

(507) 2

13,056

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

4,811

458,308

(455,291)

—

—

7,828

7,828

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

55,545

33,752

(6,625)

1,859

9,096

93,627

3,238

3,739

a

Putnam

PanAgora

ESG

International

Equity

ETF

......

164,188

103,845

(9,159)

2,419

10,206

271,499

9,686

15,704

a

Putnam

Sustainable

Future

ETF

.

231,002

135,037

(9,599)

2,899

(18,357)

340,982

13,769

—

Putnam

Sustainable

Leaders

ETF

457,721

252,561

(41,192)

15,381

12,811

697,282

18,984

2,017

#### Total

#### Non-Controlled

#### Affiliates
$955,401

$1,009,114

$(526,636)

$22,657

$14,164

$1,474,700

$22,611

#### Total

#### Affiliated

#### Securities

#### ....
$955,401

$1,009,114

$(526,636)

$22,657

$14,164

$1,474,700

$22,611

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

also

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

each

class

of

shares

of

each

Fund

through

at

least

November

30,

2028

for

all

the

funds

(with

the

exception

of

Putnam

Sustainable

Retirement

2060

Fund

and

Putnam

Sustainable

Retirement

2070

Fund,

where

the

contractual

agreements are

through

November

30,

2035

and

November

30,

2026)

in

an

amount

sufficient

to

result

in

total

annual

fund

operating

expenses

for

the

following

class

shares

of

the

Funds

(exclusive

of

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

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

each

Fund

through

at

least

November

30,

2028

for

all

the

funds

(with

the

exception

of

Putnam

Sustainable

Retirement

2060

Fund,

where

the

contractual

agreement

is

through

November

30,

2035)

in

an

amount

equal

to

the

Funds'

acquired

Fund

fees

and

expenses.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Dividend

#### Income

#### a

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

ESG

Core

Bond

ETF

..

$

—

$

28,764

$

(4,092)

$

$

$

24,838

503

$

Putnam

ESG

High

Yield

ETF

...

—

12,201

(366) 3

11,947

a

Putnam

ESG

Ultra

Short

ETF

..

—

9,025

(355) —

8,687

Putnam

Government

Money

Market

Fund,

Class

G,

3.484%

.......

—

15,146

(11,913)

—

—

3,233

3,233

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

—

64,906

(6,239)

610

9,917

69,194

2,393

3,602

a

Putnam

PanAgora

ESG

International

Equity

ETF

......

—

195,655

(9,353)

747

12,048

199,097

7,103

15,128

a

Putnam

Sustainable

Future

ETF

.

—

266,209

(8,047)

(33) (8,404)

249,725

10,084

—

Putnam

Sustainable

Leaders

ETF

—

502,921

(34,075)

2,973

37,663

509,482

13,871

1,943

#### Total

#### Non-Controlled

#### Affiliates
$—

$1,094,827

$(74,440)

$4,320

$51,496

$1,076,203

$21,754

#### Total

#### Affiliated

#### Securities

#### ....
$—

$1,094,827

$(74,440)

$4,320

$51,496

$1,076,203

$21,754

a

Dividend

income

includes

capital

gain

distributions

received,

if

any,

from

underlying

funds,

and

are

presented

in

corresponding

line

item

in

the

Statement

of

Operations.

#### Annual

#### rates
Class

A

.....................................................................................

0.60%

Class

C

.....................................................................................

0.60%

Class

R

.....................................................................................

0.75%

Class

R3

....................................................................................

0.75%

Class

R4

....................................................................................

0.75%

Class

R5

....................................................................................

0.60%

Class

R6

....................................................................................

0.50%

Class

Y

.....................................................................................

0.60%

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Effective

February

27,

2026,

the

expenses

(excluding

certain

fees

and

expenses

as

previously

disclosed)

for

each

Class

of

each

Fund

will

be

limited

to

0.70%,

0.70%,

0.85%,

0.85%,

0.85%,

0.70%,

0.60%

and

0.70%

for

Class

A,

C,

R,

R3,

R4,

R5,

R6,

and

Y

shares,

respectively,

based

on

the

average

net

assets

of

each

Class.

h. #### Other

#### Affiliated

#### Transactions
At

January

31,

2026,

Putnam

Investment

Holdings,

LLC

owned

6.7%

of

Putnam

Sustainable

Retirement

2065

Fund's

outstanding

shares.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Funds

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At July

31,

2025,

the

deferred

losses

were

as

follows:

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

—

$

—

$

1,204

$

—

Long

term

.............................

58,381,314

14,740,367

5,622,473

5,606,373

Total

capital

loss

carryforwards

............

$58,381,314

\*

$14,740,367

$5,623,677

$5,606,373

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

..............................................

$

—

$

—

$

18,269

Long

term

..............................................

3,497,747

2,041,698

—

Total

capital

loss

carryforwards

.............................

$3,497,747

$2,041,698

$18,269

\*

Includes

$20,023,671

from

the

merged

Putnam

Sustainable

Retirement

2025

Fund

which

may

be

carried

over

to

offset

future

capital

gains,

subject

to

certain

limitations.

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Late-year

ordinary

loss

.........................................................................

$1,819

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

January

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

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

and

regulated

investment

companies.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

January

31,

2026,

were

as

follows:

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$604,743,738

$481,387,096

$361,686,879

$357,712,091

Unrealized

appreciation

.....................

$34,685,147

$27,515,781

$39,300,649

$57,134,889

Unrealized

depreciation

.....................

(1,414,314)

(724,677)

(508,623)

(480,869)

Net

unrealized

appreciation

(depreciation)

.......

$33,270,833

$26,791,104

$38,792,026

$56,654,020

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$301,452,133

$227,047,279

$147,224,871

$69,680,737

Unrealized

appreciation

.....................

$50,605,930

$41,814,386

$25,427,836

$9,359,047

Unrealized

depreciation

.....................

(181,105)

(124,208)

(56,507)

(34,313)

Net

unrealized

appreciation

(depreciation)

.......

$50,424,825

$41,690,178

$25,371,329

$9,324,734

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
a

a

a

Cost

of

investments

.........................................................

$1,315,197

$1,024,707

Unrealized

appreciation

.......................................................

$159,896

$59,900

Unrealized

depreciation

.......................................................

(393) (8,404)

Net

unrealized

appreciation

(depreciation)

.........................................

$159,503

$51,496

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Purchases

..............................

$14,546,089

$107,592,003

$57,233,753

$37,797,203

Sales

..................................

$29,379,328

$10,635,763

$22,182,046

$11,528,848

4. #### Income

#### Taxes
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

6. #### Concentration

#### of

#### Risk
Investing

in

exchange-traded

funds

with

a

focus

on

companies

or

issuers

that

exhibit

a

commitment

to

Environmental,

Social

and

Governance

(ESG)

factors

may

result

in

the

Fund

investing

in

certain

types

of

companies

or

issuers

that

underperform

the

market

as

a

whole.

In

evaluating

an

investment

opportunity, Advisers

make

investment

decisions

based

on

information

and

data

that

is

incomplete

or

inaccurate.

Due

to

changes

in

the

products

or

services

of

the

companies

and

issuers

in

which

the

Fund

invests,

the

Fund

may

temporarily

hold

securities

that

are

inconsistent

with

its

ESG

investment

criteria.

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

January

31,

2026,

all

of

the Funds'

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 1

inputs.

For

detailed

categories,

see

the

accompanying

Schedules

of

Investments.

8. #### Operating

#### Segments
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.

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Purchases

..............................

$42,780,777

$33,083,611

$19,350,870

$9,601,710

Sales

..................................

$9,840,155

$7,311,462

$6,124,131

$3,478,540

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2070

#### Fund
Purchases

................................................................

$550,805

$1,079,682

Sales

....................................................................

$71,345

$62,528

5. #### Investment

#### Transactions
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

other

than

those

already

disclosed

in

the

financial

statements.

#### Abbreviations

#### Selected

#### Portfolio

#### ETF
Exchange-Traded

Fund

8. #### Operating

#### Segments
(continued)

Putnam

Target

Date

Funds

franklintempleton.com

Semiannual

Report

#### BOARD

#### APPROVAL

#### OF

#### MANAGEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(unaudited)

#### Putnam

#### Retirement

#### Advantage

#### Plus

#### 2070

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
*Consideration* 

*of* 

*your* 

*fund's* 

*initial* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

May

16,

2025,

the

Board

of

Trustees

("Board")

of

your

fund,

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

"Putnam

Funds")

(the

"Independent

Trustees"),

approved

the

initial

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

the

initial

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

the

initial

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").

*General* 

*conclusions*

The

Board

oversees

the

management

of

the

Putnam

Funds

and,

as

required

by

law,

determines

annually

whether

to

approve

the

Putnam

Funds'

management

contracts,

including

with

respect

to

your

fund's

initial

management

contract

with

the

Advisor

and

the

initial

sub-advisory

contracts

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

#### 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

Prior

to

February

27,

2026,

the

fund

was

known

as

Putnam

Sustainable

Retirement

2070

Fund.

Putnam

Target

Date

Funds

franklintempleton.com

Semiannual

Report

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,

requested

and

evaluated

all

information

it

deemed

reasonably

necessary

under

the

circumstances

in

connection

with

its

initial

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

The

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)(6)

under

the

1940

Act,

assisted

the

Board

and

the

Contract

Committee

as

part

of

the

initial

contract

review

process.

As

part

of

this

process,

the

Board

and

the

Contract

Committee

considered,

where

applicable,

information

provided

by

the

Advisor

as

part

of

the

annual

contract

review

process

for

the

other

Putnam

Funds,

including

the

other

Putnam

Retirement

Advantage

Plus

Funds

(the

"RAP

Funds").

The

Contract

Committee

met

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided

regarding

your

fund.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

your

fund's

Management

Contracts.

Before

approving

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

terms

of

the

Management

Contracts

for

your

fund

would

be

identical

to

the

existing

management

and

subadvisory

contracts

for

the

RAP

Funds;

2. That

the

proposed

fee

schedule

to

be

in

effect

for

your

fund

would

represent

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

to

be

provided

to

your

fund,

the

fees

paid

by

competitive

funds,

the

costs

to

be

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

3. That

the

proposed

fee

schedule

to

be

in

effect

for

your

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

expected

asset

levels;

4. That

your

fund

would

be

expected

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

your

fund

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

5. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

6. 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

proposed

management

arrangements

for

your

fund

were

considered

in

light

of

fee

arrangements

for

the

other

RAP

Funds,

which

are

the

result

of

several

years

of

review

and

discussion

between

the

Independent

Trustees

and

the

Advisor,

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

for

the

other

RAP

Funds

in

the

current

and

prior

years.

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

considered

the

proposed

management

fee

schedule

to

be

in

effect

for

your

fund,

including

fee

levels

and

any

breakpoints.

The

Trustees

also

reviewed

the

expected

total

expenses

of

your

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

The

Trustees

considered

that

your

fund's

proposed

management

fee

is

set

each

fiscal

year

based

on

a

defined

fee

schedule

in

which

the

management

fee

rate

declines

as

your

fund

approaches

the

target

year

indicated

in

its

name.

Prior

to

February

27,

2026,

the

RAP

Funds

were

known

as

the

Putnam

Sustainable

Retirement

Funds.

Putnam

Target

Date

Funds

franklintempleton.com

Semiannual

Report

The

Trustees

also

focused

on

the

competitiveness

of

your

fund's

expected

total

expense

ratio.

The

Trustees

considered

that

your

fund

will

invest

its

assets

in

other

Putnam

Funds

that

themselves

pay

management

fees

to

Putnam

Management.

Your

fund

will

indirectly

bear

these

fees,

and

the

other

expenses

of

the

other

Putnam

Funds

in

which

it

will

invest.

The

Trustees

noted

that

the

Adviser

agreed

to

waive

fees,

reimburse

expenses

of,

or

reimburse

the

fund

through

at

least

November

30,

2026,

in

an

amount

equal

to

the

fund's

acquired

fund

fees

and

expenses.

The

Adviser

also

agreed

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

(0.60%

for

Class

A

shares,

Class

C

shares,

Class

R5

shares

and

Class

Y

shares,

0.75%

for

Class

R

shares,

Class

R3

shares

and

Class

R4

shares

and

0.50%

for

Class

R6

shares)

through

at

least

November

30,

2026. 3

The

Advisor's

commitment

to

this

expense

limitation

arrangement,

which

is

intended

to

support

an

effort

to

have

your

fund's

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

your

fund's

initial

Management

Contracts.

As

the

Advisor

could

not

report

any

financial

results

from

its

relationship

with

your

Fund

because

your

Fund

had

not

commenced

investment

operations,

the

Board

could

not

evaluate

the

Advisor's

profitability

with

respect

to

your

fund.

The

Trustees

concluded

that

the

fee

schedule

to

be

in

place

for

your

fund

would

represent

reasonable

compensation

for

the

services

to

be

provided

and

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

initial

contract

review

for

your

fund

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

the

RAP

Funds.

The

Trustees

also

reviewed

the

Fund's

proposed

fees

and

expenses

relative

to

competitor

funds.

*Investment* 

*performance*

Because

your

fund

was

not

yet

operational,

the

Trustees

were

not

able

to

consider

your

fund's

performance

before

their

initial

approval

of

your

fund's

Management

Contracts.

*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

to

be

provided

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

your

fund

makes

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

initial

review

of

your

fund's

proposed

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

proposed

investor

servicing

agreement

with

Putnam

Investor

Services,

Inc.

("PSERV")

and

its

proposed

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

considered

that

such

agreements

would

be

the

same

as

those

currently

in

place

for

the

RAP

Funds.

The

Trustees

concluded

that

the

fees

to

be

paid

by

your

fund

to

PSERV

and

Franklin

Distributors

for

such

services

would

be

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

to

be

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Effective

February

27,

2026,

the

total

expense

cap

on

each

class

of

the

Fund

increased

by

0.10%.

Putnam

Target

Date

Funds

franklintempleton.com

Semiannual

Report

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

to

be

provided

by

PSERV

would

be

required

for

the

operation

of

the

mutual

funds,

and

that

they

would

be

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

PSRF-SFSOI

03/26©

2026

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. <br>

Not applicable.

<br> ITEM 14. PURCHASES OF EQUITY 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.

(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. <br>

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. <br>

&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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

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-efp23295_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-efp23295_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: March 26, 2026

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: | March 26, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | March 26, 2026 |

---

## 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: | March 26, 2026 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | 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: | March 26, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | 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 **January 31, 2026** (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: March 26, 2026 | Date: March 26, 2026 |

---

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.