# EDGAR Filing Document

**Accession Number:** 0001295293
**File Stem:** 0001133228-26-007368
**Filing Date:** 2026-4
**Character Count:** 579495
**Document Hash:** fad6166733bbdc5df24e7ade1987b7dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007368.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007368

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 178

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**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:** 26920046

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

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

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

## Series and Classes Contracts Data

### Putnam Retirement Advantage Maturity Fund (Series ID: S000067465)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2026-03-1874200181600_PutnamRetirementAdvantageMaturityFund_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: **August 31**

Date of reporting period: **February 28, 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 Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [POMGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 Maturity Fund for the period September 1, 2025, to February 28, 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 | 0.33% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44771116 |
| **Total Number of Portfolio Holdings** | 2 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6550img003.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 Maturity Fund PAGE 1 39361-STSA-0426

94.15.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PLFGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 Maturity Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44771116 |
| **Total Number of Portfolio Holdings** | 2 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6551img003.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 Maturity Fund PAGE 1 39361-STSC-0426

94.15.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAKYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 Maturity Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44771116 |
| **Total Number of Portfolio Holdings** | 2 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6552img003.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 Maturity Fund PAGE 1 39361-STSR-0426

94.15.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAHMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 Maturity Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44771116 |
| **Total Number of Portfolio Holdings** | 2 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6553img003.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 Maturity Fund PAGE 1 39361-STSR3-0426

94.15.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAHNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 Maturity Fund for the period September 1, 2025, to February 28, 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 | 0.23% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44771116 |
| **Total Number of Portfolio Holdings** | 2 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6554img003.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 Maturity Fund PAGE 1 39361-STSR4-0426

94.15.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAHOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 Maturity Fund for the period September 1, 2025, to February 28, 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 | 0.08% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44771116 |
| **Total Number of Portfolio Holdings** | 2 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6555img003.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 Maturity Fund PAGE 1 39361-STSR5-0426

94.15.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PADLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 Maturity Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44771116 |
| **Total Number of Portfolio Holdings** | 2 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6556img003.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 Maturity Fund PAGE 1 39361-STSR6-0426

94.15.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage Maturity Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAETX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 Maturity Fund for the period September 1, 2025, to February 28, 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 | 0.08% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44771116 |
| **Total Number of Portfolio Holdings** | 2 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6557img003.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 Maturity Fund PAGE 1 39361-STSY-0426

94.15.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PDLTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2030 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $46994801 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6622img003.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 2030 Fund PAGE 1 39354-STSA-0426

74.919.25.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PDLKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2030 Fund for the period September 1, 2025, to February 28, 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>  | $52 | 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $46994801 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6623img003.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 2030 Fund PAGE 1 39354-STSC-0426

74.919.25.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PDKAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2030 Fund for the period September 1, 2025, to February 28, 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>  | $34 | 0.66% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $46994801 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6624img003.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 2030 Fund PAGE 1 39354-STSR-0426

74.919.25.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAFOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2030 Fund for the period September 1, 2025, to February 28, 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>  | $21 | 0.41% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $46994801 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6625img003.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 2030 Fund PAGE 1 39354-STSR3-0426

74.919.25.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAFQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2030 Fund for the period September 1, 2025, to February 28, 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>  | $8 | 0.16% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $46994801 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6626img003.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 2030 Fund PAGE 1 39354-STSR4-0426

74.919.25.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAFVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2030 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $46994801 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6627img003.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 2030 Fund PAGE 1 39354-STSR5-0426

74.919.25.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PDIZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2030 Fund for the period September 1, 2025, to February 28, 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) | -0.08% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $46994801 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6628img003.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 2030 Fund PAGE 1 39354-STSR6-0426

74.919.25.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2030 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PDGKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2030 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $46994801 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6629img003.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 2030 Fund PAGE 1 39354-STSY-0426

74.919.25.9 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PDFLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2035 Fund for the period September 1, 2025, to February 28, 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>  | $14 | 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $52979950 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6614img003.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 2035 Fund PAGE 1 39355-STSA-0426

90.25.24.6 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PDAWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2035 Fund for the period September 1, 2025, to February 28, 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 | 1.03% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $52979950 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6615img003.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 2035 Fund PAGE 1 39355-STSC-0426

90.25.24.6 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PDAKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2035 Fund for the period September 1, 2025, to February 28, 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 | 0.68% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $52979950 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6616img003.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 2035 Fund PAGE 1 39355-STSR-0426

90.25.24.6 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAFWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2035 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $52979950 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6617img003.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 2035 Fund PAGE 1 39355-STSR3-0426

90.25.24.6 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAFUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2035 Fund for the period September 1, 2025, to February 28, 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 | 0.17% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $52979950 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6618img003.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 2035 Fund PAGE 1 39355-STSR4-0426

90.25.24.6 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAFYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2035 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $52979950 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6619img003.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 2035 Fund PAGE 1 39355-STSR5-0426

90.25.24.6 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PCDLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2035 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $52979950 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6620img003.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 2035 Fund PAGE 1 39355-STSR6-0426

90.25.24.6 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [POWYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2035 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $52979950 |
| **Total Number of Portfolio Holdings** | 4 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6621img003.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 2035 Fund PAGE 1 39355-STSY-0426

90.25.24.6 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PCCLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2040 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $45033603 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6606img003.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 2040 Fund PAGE 1 39356-STSA-0426

96.63.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PBBZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2040 Fund for the period September 1, 2025, to February 28, 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>  | $50 | 0.98% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $45033603 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6607img003.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 2040 Fund PAGE 1 39356-STSC-0426

96.63.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PBAOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2040 Fund for the period September 1, 2025, to February 28, 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>  | $33 | 0.64% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $45033603 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6608img003.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 2040 Fund PAGE 1 39356-STSR-0426

96.63.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAGKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2040 Fund for the period September 1, 2025, to February 28, 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>  | $20 | 0.38% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $45033603 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6609img003.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 2040 Fund PAGE 1 39356-STSR3-0426

96.63.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAGJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2040 Fund for the period September 1, 2025, to February 28, 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>  | $7 | 0.14% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $45033603 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6610img003.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 2040 Fund PAGE 1 39356-STSR4-0426

96.63.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAGOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2040 Fund for the period September 1, 2025, to February 28, 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>  | $(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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $45033603 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6611img003.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 2040 Fund PAGE 1 39356-STSR5-0426

96.63.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PBAMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2040 Fund for the period September 1, 2025, to February 28, 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>  | $(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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $45033603 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6612img003.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 2040 Fund PAGE 1 39356-STSR6-0426

96.63.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PALZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2040 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $45033603 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6613img003.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 2040 Fund PAGE 1 39356-STSY-0426

96.63.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PALGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2045 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $32323024 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6598img003.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 2045 Fund PAGE 1 39357-STSA-0426

97.32.7 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAFPX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2045 Fund for the period September 1, 2025, to February 28, 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>  | $49 | 0.95% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $32323024 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6599img003.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 2045 Fund PAGE 1 39357-STSC-0426

97.32.7 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAFZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2045 Fund for the period September 1, 2025, to February 28, 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>  | $31 | 0.59% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $32323024 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6600img003.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 2045 Fund PAGE 1 39357-STSR-0426

97.32.7 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAGQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2045 Fund for the period September 1, 2025, to February 28, 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>  | $18 | 0.35% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $32323024 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6601img003.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 2045 Fund PAGE 1 39357-STSR3-0426

97.32.7 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAGUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2045 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $32323024 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6602img003.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 2045 Fund PAGE 1 39357-STSR4-0426

97.32.7 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAGWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2045 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $32323024 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6603img003.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 2045 Fund PAGE 1 39357-STSR5-0426

97.32.7 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAFMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2045 Fund for the period September 1, 2025, to February 28, 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>  | $(8) | -0.15% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $32323024 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6604img003.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 2045 Fund PAGE 1 39357-STSR6-0426

97.32.7 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAFJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2045 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $32323024 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6605img003.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 2045 Fund PAGE 1 39357-STSY-0426

97.32.7 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PAEZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2050 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $31256992 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6590img003.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 2050 Fund PAGE 1 39358-STSA-0426

98.81.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAENX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2050 Fund for the period September 1, 2025, to February 28, 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>  | $49 | 0.94% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $31256992 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6591img003.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 2050 Fund PAGE 1 39358-STSC-0426

98.81.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAEQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2050 Fund for the period September 1, 2025, to February 28, 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>  | $30 | 0.58% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $31256992 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6592img003.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 2050 Fund PAGE 1 39358-STSR-0426

98.81.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAGZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2050 Fund for the period September 1, 2025, to February 28, 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>  | $17 | 0.33% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $31256992 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6593img003.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 2050 Fund PAGE 1 39358-STSR3-0426

98.81.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAHAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2050 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $31256992 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6594img003.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 2050 Fund PAGE 1 39358-STSR4-0426

98.81.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAHDX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2050 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $31256992 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6595img003.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 2050 Fund PAGE 1 39358-STSR5-0426

98.81.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAEKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2050 Fund for the period September 1, 2025, to February 28, 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>  | $(8) | -0.16% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $31256992 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6596img003.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 2050 Fund PAGE 1 39358-STSR6-0426

98.81.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PHPDX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2050 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $31256992 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6597img003.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 2050 Fund PAGE 1 39358-STSY-0426

98.81.2 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PADYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2055 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $22842432 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6582img003.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 2055 Fund PAGE 1 39359-STSA-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PACWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2055 Fund for the period September 1, 2025, to February 28, 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>  | $48 | 0.93% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $22842432 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6583img003.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 2055 Fund PAGE 1 39359-STSC-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PACSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2055 Fund for the period September 1, 2025, to February 28, 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>  | $30 | 0.58% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $22842432 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6584img003.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 2055 Fund PAGE 1 39359-STSR-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAHEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2055 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $22842432 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6585img003.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 2055 Fund PAGE 1 39359-STSR3-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAHFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2055 Fund for the period September 1, 2025, to February 28, 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>  | $4 | 0.08% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $22842432 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6586img003.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 2055 Fund PAGE 1 39359-STSR4-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAHGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2055 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $22842432 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6587img003.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 2055 Fund PAGE 1 39359-STSR5-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PACJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2055 Fund for the period September 1, 2025, to February 28, 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>  | $(8) | -0.16% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $22842432 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6588img003.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 2055 Fund PAGE 1 39359-STSR6-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAAWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2055 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $22842432 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6589img003.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 2055 Fund PAGE 1 39359-STSY-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PAAVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2060 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $17225525 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6574img003.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 2060 Fund PAGE 1 39360-STSA-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAAPX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2060 Fund for the period September 1, 2025, to February 28, 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>  | $49 | 0.95% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $17225525 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6575img003.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 2060 Fund PAGE 1 39360-STSC-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAAMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2060 Fund for the period September 1, 2025, to February 28, 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>  | $31 | 0.59% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $17225525 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6576img003.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 2060 Fund PAGE 1 39360-STSR-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAHJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2060 Fund for the period September 1, 2025, to February 28, 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>  | $18 | 0.35% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $17225525 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6577img003.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 2060 Fund PAGE 1 39360-STSR3-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAHKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2060 Fund for the period September 1, 2025, to February 28, 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>  | $4 | 0.08% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $17225525 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6578img003.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 2060 Fund PAGE 1 39360-STSR4-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAHLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2060 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $17225525 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6579img003.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 2060 Fund PAGE 1 39360-STSR5-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAAKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2060 Fund for the period September 1, 2025, to February 28, 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>  | $(8) | -0.16% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $17225525 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6580img003.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 2060 Fund PAGE 1 39360-STSR6-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAKJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2060 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $17225525 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6581img003.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 2060 Fund PAGE 1 39360-STSY-0426

99.60.4 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PCJZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2065 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4269352 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6566img003.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 2065 Fund PAGE 1 39413-STSA-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PCKBX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2065 Fund for the period September 1, 2025, to February 28, 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>  | $49 | 0.95% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4269352 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6567img003.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 2065 Fund PAGE 1 39413-STSC-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PCKFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2065 Fund for the period September 1, 2025, to February 28, 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>  | $31 | 0.60% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4269352 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6568img003.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 2065 Fund PAGE 1 39413-STSR-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PCKGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2065 Fund for the period September 1, 2025, to February 28, 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>  | $18 | 0.35% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4269352 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6569img003.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 2065 Fund PAGE 1 39413-STSR3-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PCKHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2065 Fund for the period September 1, 2025, to February 28, 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>  | $5 | 0.10% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4269352 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6570img003.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 2065 Fund PAGE 1 39413-STSR4-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PCKIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2065 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4269352 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6571img003.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 2065 Fund PAGE 1 39413-STSR5-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PCKJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2065 Fund for the period September 1, 2025, to February 28, 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>  | $(8) | -0.15% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4269352 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6572img003.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 2065 Fund PAGE 1 39413-STSR6-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PCKEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2065 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4269352 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6573img003.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 2065 Fund PAGE 1 39413-STSY-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PAJFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2070 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1441247 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6558img003.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 2070 Fund PAGE 1 47520-STSA-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAJHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2070 Fund for the period September 1, 2025, to February 28, 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>  | $49 | 0.95% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1441247 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6559img003.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 2070 Fund PAGE 1 47520-STSC-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAJIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2070 Fund for the period September 1, 2025, to February 28, 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>  | $31 | 0.60% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1441247 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6560img003.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 2070 Fund PAGE 1 47520-STSR-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAJJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2070 Fund for the period September 1, 2025, to February 28, 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>  | $18 | 0.35% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1441247 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6561img003.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 2070 Fund PAGE 1 47520-STSR3-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAJKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2070 Fund for the period September 1, 2025, to February 28, 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>  | $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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1441247 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6562img003.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 2070 Fund PAGE 1 47520-STSR4-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAJLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2070 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1441247 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6563img003.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 2070 Fund PAGE 1 47520-STSR5-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAJMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2070 Fund for the period September 1, 2025, to February 28, 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>  | $(8) | -0.15% |

---

\* 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1441247 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6564img003.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 2070 Fund PAGE 1 47520-STSR6-0426

99.50.5 ------

---

| | |
|:---|:---|
| **Putnam Retirement Advantage 2070 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAJNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 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 2070 Fund for the period September 1, 2025, to February 28, 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 February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1441247 |
| **Total Number of Portfolio Holdings** | 3 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6565img003.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 2070 Fund PAGE 1 47520-STSY-0426

99.50.5 ------

&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
\|

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### 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

#### 130
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$10.84

$10.62

$9.63

$9.50

$11.26

$10.49

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

........

0.20 0.47 0.38 0.14 0.03 (0.01)

Net

realized

and

unrealized

gains

(losses)

0.48 0.21 1.00 0.22 (1.31)

0.95 Total

from

investment

operations

........

0.68 0.68 1.38 0.36 (1.28)

0.94 Less

distributions

from:

Net

investment

income

..............

(0.22)

(0.46)

(0.38)

(0.14)

(0.32)

(0.16)

Net

realized

gains

.................

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

...................

(0.30)

(0.46)

(0.39)

(0.23)

(0.48)

(0.17)

Net

asset

value,

end

of

period

..........

$11.22

$10.84

$10.62

$9.63

$9.50

$11.26

Total

return

d

.......................

6.35%

6.62%

14.72%

3.83%

(11.91)%

9.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.38%

2.24%

1.51%

1.63%

1.61%

2.46%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.33%

0.42%

0.41%

0.41%

0.57%

0.60%

Net

investment

income

(loss)

c

..........

3.58%

4.44%

3.75%

1.51%

0.25%

(0.06)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$6,080

$6,008

$718

$640

$441

$565

Portfolio

turnover

rate

................

8%

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$10.66

$10.44

$9.47

$9.37

$11.19

$10.49

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

........

0.15 0.39 0.30 0.06 (0.06)

0.05 Net

realized

and

unrealized

gains

(losses)

0.47 0.21 0.99 0.22 (1.29)

0.81 Total

from

investment

operations

........

0.62 0.60 1.29 0.28 (1.35)

0.86 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.38)

(0.31)

(0.09)

(0.31)

(0.15)

Net

realized

gains

.................

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

...................

(0.26)

(0.38)

(0.32)

(0.18)

(0.47)

(0.16)

Net

asset

value,

end

of

period

..........

$11.02

$10.66

$10.44

$9.47

$9.37

$11.19

Total

return

d

.......................

5.88%

5.88%

13.90%

3.06%

(12.59)%

8.25%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

2.08%

3.00%

2.26%

2.38%

2.36%

3.21%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.07%

1.18%

1.16%

1.16%

1.32%

1.35%

Net

investment

income

(loss)

c

..........

2.76%

3.67%

3.00%

0.63%

(0.56)%

0.49%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$12

$34

$11

$10

$9

$11

Portfolio

turnover

rate

................

8%

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$10.74

$10.52

$9.54

$9.43

$11.22

$10.49

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

........

0.17 0.42 0.33 0.09 (0.02)

0.09 Net

realized

and

unrealized

gains

(losses)

0.48 0.22 1.00 0.23 (1.29)

0.81 Total

from

investment

operations

........

0.65 0.64 1.33 0.32 (1.31)

0.90 Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.42)

(0.34)

(0.12)

(0.32)

(0.16)

Net

realized

gains

.................

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

...................

(0.28)

(0.42)

(0.35)

(0.21)

(0.48)

(0.17)

Net

asset

value,

end

of

period

..........

$11.11

$10.74

$10.52

$9.54

$9.43

$11.22

Total

return

d

.......................

6.11%

6.22%

14.32%

3.37%

(12.26)%

8.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.76%

2.64%

1.91%

2.03%

2.01%

2.86%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.72%

0.82%

0.81%

0.81%

0.97%

1.00%

Net

investment

income

(loss)

c

..........

3.21%

4.03%

3.35%

0.98%

(0.21)%

0.84%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$12

$13

$11

$10

$10

$11

Portfolio

turnover

rate

................

8%

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.80

$10.58

$9.59

$9.47

$11.24

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.22 0.45 0.36 0.12 —

d

0.12 Net

realized

and

unrealized

gains

(losses)

0.45 0.21 1.01 0.22 (1.29)

0.80 Total

from

investment

operations

........

0.67 0.66 1.37 0.34 (1.29)

0.92 Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.44)

(0.37)

(0.13)

(0.32)

(0.16)

Net

realized

gains

.................

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

...................

(0.29)

(0.44)

(0.38)

(0.22)

(0.48)

(0.17)

Net

asset

value,

end

of

period

..........

$11.18

$10.80

$10.58

$9.59

$9.47

$11.24

Total

return

e

.......................

6.27%

6.47%

14.63%

3.63%

(12.03)%

8.84%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.46%

2.39%

1.66%

1.78%

1.76%

2.61%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.45%

0.57%

0.56%

0.56%

0.72%

0.75%

Net

investment

income

c

...............

3.95%

4.29%

3.60%

1.23%

0.04%

1.09%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$12

$11

$11

$10

$10

$11

Portfolio

turnover

rate

................

8%

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.86

$10.64

$9.64

$9.51

$11.26

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.21 0.48 0.37 0.15 0.02 0.14 Net

realized

and

unrealized

gains

(losses)

0.48 0.21 1.03 0.22 (1.29)

0.80 Total

from

investment

operations

........

0.69 0.69 1.40 0.37 (1.27)

0.94 Less

distributions

from:

Net

investment

income

..............

(0.23)

(0.47)

(0.39)

(0.15)

(0.32)

(0.16)

Net

realized

gains

.................

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

...................

(0.31)

(0.47)

(0.40)

(0.24)

(0.48)

(0.17)

Net

asset

value,

end

of

period

..........

$11.24

$10.86

$10.64

$9.64

$9.51

$11.26

Total

return

d

.......................

6.40%

6.70%

14.92%

3.94%

(11.81)%

9.08%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.31%

2.14%

1.41%

1.53%

1.51%

2.36%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.23%

0.32%

0.31%

0.31%

0.47%

0.50%

Net

investment

income

c

...............

3.88%

4.54%

3.72%

1.55%

0.18%

1.34%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$30

$15

$14

$29

$22

$11

Portfolio

turnover

rate

................

8%

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.90

$10.67

$9.67

$9.53

$11.28

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.21 0.50 0.40 0.15 0.05 0.16 Net

realized

and

unrealized

gains

(losses)

0.47 0.21 1.02 0.24 (1.32)

0.81 Total

from

investment

operations

........

0.68 0.71 1.42 0.39 (1.27)

0.97 Less

distributions

from:

Net

investment

income

..............

(0.23)

(0.48)

(0.41)

(0.16)

(0.32)

(0.17)

Net

realized

gains

.................

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

...................

(0.31)

(0.48)

(0.42)

(0.25)

(0.48)

(0.18)

Net

asset

value,

end

of

period

..........

$11.27

$10.90

$10.67

$9.67

$9.53

$11.28

Total

return

d

.......................

6.35%

6.91%

15.04%

4.14%

(11.77)%

9.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.13%

1.99%

1.26%

1.38%

1.36%

2.21%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.08%

0.17%

0.16%

0.16%

0.32%

0.35%

Net

investment

income

c

...............

3.85%

4.68%

4.00%

1.63%

0.44%

1.49%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$12

$12

$11

$10

$10

$11

Portfolio

turnover

rate

................

8%

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$10.93

$10.69

$9.69

$9.56

$11.29

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.22 0.51 0.41 0.16 0.06 0.20 Net

realized

and

unrealized

gains

(losses)

0.48 0.23 1.02 0.23 (1.31)

0.78 Total

from

investment

operations

........

0.70 0.74 1.43 0.39 (1.25)

0.98 Less

distributions

from:

Net

investment

income

..............

(0.24)

(0.50)

(0.42)

(0.17)

(0.32)

(0.17)

Net

realized

gains

.................

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

...................

(0.32)

(0.50)

(0.43)

(0.26)

(0.48)

(0.18)

Net

asset

value,

end

of

period

..........

$11.31

$10.93

$10.69

$9.69

$9.56

$11.29

Total

return

d

.......................

6.48%

7.10%

15.14%

4.12%

(11.57)%

9.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.04%

1.89%

1.16%

1.28%

1.26%

2.11%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

(0.02)%

0.07%

0.06%

0.06%

0.22%

0.25%

Net

investment

income

c

...............

3.95%

4.78%

4.10%

1.73%

0.58%

1.86%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$38,526

$34,882

$15,790

$11,980

$12,192

$11,041

Portfolio

turnover

rate

................

8%

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$10.90

$10.67

$9.67

$9.53

$11.28

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.50 0.40 0.16 0.05 0.16 Net

realized

and

unrealized

gains

(losses)

0.46 0.21 1.02 0.23 (1.32)

0.81 Total

from

investment

operations

........

0.69 0.71 1.42 0.39 (1.27)

0.97 Less

distributions

from:

Net

investment

income

..............

(0.23)

(0.48)

(0.41)

(0.16)

(0.32)

(0.17)

Net

realized

gains

.................

(0.08)

—

(0.01)

(0.09)

(0.16)

(0.01)

Total

distributions

...................

(0.31)

(0.48)

(0.42)

(0.25)

(0.48)

(0.18)

Net

asset

value,

end

of

period

..........

$11.28

$10.90

$10.67

$9.67

$9.53

$11.28

Total

return

d

.......................

6.45%

6.90%

15.04%

4.14%

(11.77)%

9.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.12%

1.99%

1.26%

1.38%

1.36%

2.21%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.08%

0.17%

0.16%

0.16%

0.32%

0.35%

Net

investment

income

c

...............

4.08%

4.68%

4.00%

1.63%

0.43%

1.49%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$87

$35

$27

$24

$22

$11

Portfolio

turnover

rate

................

8%

58%

32%

33%

46%

41%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 94.2%

#### Domestic

#### Hybrid

#### 94.2%
a

Putnam

Multi-Asset

Income

Fund

,

Class

P

................................

3,643,714

$

42,194,210

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 39,326,016

####)
.......................

#### 42,194,210
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 5.9%
a

#### Management

#### Investment

#### Companies

#### 5.9%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

2,658,955

2,658,955

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 2,658,955

####)
.....................

#### 2,658,955

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,658,955

####)
.................................

#### 2,658,955

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 41,984,971

####)
100.1 #### %
...................................

#### $44,853,165

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (82,049)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $44,771,116
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.15

$10.82

$9.43

$9.53

$12.29

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.20 0.40 0.26 0.18 0.11 0.10 Net

realized

and

unrealized

gains

(losses)

0.45 0.41 1.43 0.38 (1.52)

1.77 Total

from

investment

operations

........

0.65 0.81 1.69 0.56 (1.41)

1.87 Less

distributions

from:

Net

investment

income

..............

(0.58)

(0.44)

(0.22)

(0.14)

(0.57)

(0.12)

Net

realized

gains

.................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

...................

(0.80)

(0.48)

(0.30)

(0.66)

(1.35)

(0.13)

Net

asset

value,

end

of

period

..........

$11.00

$11.15

$10.82

$9.43

$9.53

$12.29

Total

return

d

.......................

5.97%

7.84%

18.22%

6.36%

(12.89)%

17.86%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.07%

1.10%

1.45%

1.65%

1.64%

2.38%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.27%

0.27%

0.26%

0.25%

0.28%

0.28%

Net

investment

income

c

...............

3.57%

3.72%

2.58%

1.90%

1.07%

0.83%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$5,680

$5,352

$1,834

$951

$513

$195

Portfolio

turnover

rate

................

20%

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$10.97

$10.70

$9.34

$9.45

$12.23

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.15 0.31 0.19 0.10 0.05 0.02 Net

realized

and

unrealized

gains

(losses)

0.44 0.42 1.41 0.39 (1.52)

1.76 Total

from

investment

operations

........

0.59 0.73 1.60 0.49 (1.47)

1.78 Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.42)

(0.16)

(0.08)

(0.53)

(0.09)

Net

realized

gains

.................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

...................

(0.35)

(0.46)

(0.24)

(0.60)

(1.31)

(0.10)

Net

asset

value,

end

of

period

..........

$11.21

$10.97

$10.70

$9.34

$9.45

$12.23

Total

return

d

.......................

5.53%

7.01%

17.34%

5.58%

(13.50)%

16.99%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.81%

1.53%

2.20%

2.40%

2.39%

3.13%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.03%

1.03%

1.01%

1.00%

1.03%

1.03%

Net

investment

income

c

...............

2.63%

2.96%

1.91%

1.11%

0.49%

0.16%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$37

$108

$87

$115

$57

$27

Portfolio

turnover

rate

................

20%

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.18

$10.84

$9.44

$9.53

$12.26

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.17 0.36 0.22 0.14 0.10 0.08 Net

realized

and

unrealized

gains

(losses)

0.45 0.41 1.43 0.38 (1.55)

1.74 Total

from

investment

operations

........

0.62 0.77 1.65 0.52 (1.45)

1.82 Less

distributions

from:

Net

investment

income

..............

(0.58)

(0.39)

(0.17)

(0.09)

(0.50)

(0.10)

Net

realized

gains

.................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

...................

(0.80)

(0.43)

(0.25)

(0.61)

(1.28)

(0.11)

Net

asset

value,

end

of

period

..........

$11.00

$11.18

$10.84

$9.44

$9.53

$12.26

Total

return

d

.......................

5.68%

7.42%

17.75%

5.92%

(13.20)%

17.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.49%

1.66%

1.85%

2.05%

2.04%

2.78%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.66%

0.67%

0.66%

0.65%

0.68%

0.68%

Net

investment

income

c

...............

3.11%

3.31%

2.25%

1.50%

0.90%

0.71%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$52

$13

$13

$11

$10

$12

Portfolio

turnover

rate

................

20%

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.20

$10.86

$9.46

$9.54

$12.28

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.22 0.38 0.25 0.16 0.12 0.11 Net

realized

and

unrealized

gains

(losses)

0.41 0.42 1.43 0.39 (1.55)

1.74 Total

from

investment

operations

........

0.63 0.80 1.68 0.55 (1.43)

1.85 Less

distributions

from:

Net

investment

income

..............

(0.59)

(0.42)

(0.20)

(0.11)

(0.53)

(0.11)

Net

realized

gains

.................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

...................

(0.81)

(0.46)

(0.28)

(0.63)

(1.31)

(0.12)

Net

asset

value,

end

of

period

..........

$11.02

$11.20

$10.86

$9.46

$9.54

$12.28

Total

return

d

.......................

5.82%

7.67%

17.99%

6.30%

(13.03)%

17.70%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.23%

1.41%

1.60%

1.80%

1.79%

2.53%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.41%

0.42%

0.41%

0.40%

0.43%

0.43%

Net

investment

income

c

...............

3.96%

3.56%

2.50%

1.75%

1.15%

0.96%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$168

$13

$13

$11

$10

$12

Portfolio

turnover

rate

................

20%

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.33

$10.97

$9.47

$9.56

$12.30

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.22 0.42 0.28 0.19 0.11 0.14 Net

realized

and

unrealized

gains

(losses)

0.44 0.43 1.43 0.38 (1.51)

1.74 Total

from

investment

operations

........

0.66 0.85 1.71 0.57 (1.40)

1.88 Less

distributions

from:

Net

investment

income

..............

(0.60)

(0.45)

(0.13)

(0.14)

(0.56)

(0.12)

Net

realized

gains

.................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

...................

(0.82)

(0.49)

(0.21)

(0.66)

(1.34)

(0.13)

Net

asset

value,

end

of

period

..........

$11.17

$11.33

$10.97

$9.47

$9.56

$12.30

Total

return

d

.......................

5.99%

8.05%

18.21%

6.54%

(12.79)%

17.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.96%

1.09%

1.35%

1.55%

1.54%

2.28%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.16%

0.17%

0.16%

0.15%

0.18%

0.18%

Net

investment

income

c

...............

3.99%

3.81%

2.74%

2.02%

1.15%

1.21%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$199

$21

$19

$15

$101

$12

Portfolio

turnover

rate

................

20%

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.24

$10.89

$9.48

$9.57

$12.31

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.43 0.29 0.20 0.17 0.15 Net

realized

and

unrealized

gains

(losses)

0.42 0.42 1.43 0.38 (1.55)

1.74 Total

from

investment

operations

........

0.65 0.85 1.72 0.58 (1.38)

1.89 Less

distributions

from:

Net

investment

income

..............

(0.59)

(0.46)

(0.23)

(0.15)

(0.58)

(0.12)

Net

realized

gains

.................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

...................

(0.81)

(0.50)

(0.31)

(0.67)

(1.36)

(0.13)

Net

asset

value,

end

of

period

..........

$11.08

$11.24

$10.89

$9.48

$9.57

$12.31

Total

return

d

.......................

5.98%

8.17%

18.51%

6.64%

(12.64)%

18.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.82%

1.01%

1.20%

1.40%

1.39%

2.13%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.02%

0.02%

0.01%

—%

g

0.03%

0.03%

Net

investment

income

c

...............

4.05%

3.96%

2.89%

2.15%

1.55%

1.36%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$13

$13

$13

$11

$10

$12

Portfolio

turnover

rate

................

20%

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

g

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.24

$10.89

$9.49

$9.57

$12.31

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.44 0.30 0.21 0.16 0.16 Net

realized

and

unrealized

gains

(losses)

0.43 0.42 1.42 0.39 (1.53)

1.74 Total

from

investment

operations

........

0.66 0.86 1.72 0.60 (1.37)

1.90 Less

distributions

from:

Net

investment

income

..............

(0.60)

(0.47)

(0.24)

(0.16)

(0.59)

(0.13)

Net

realized

gains

.................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

...................

(0.82)

(0.51)

(0.32)

(0.68)

(1.37)

(0.14)

Net

asset

value,

end

of

period

..........

$11.08

$11.24

$10.89

$9.49

$9.57

$12.31

Total

return

d

.......................

6.07%

8.28%

18.50%

6.86%

(12.56)%

18.17%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.73%

0.76%

1.10%

1.30%

1.29%

2.03%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.08)%

(0.08)%

(0.09)%

(0.10)%

(0.07)%

(0.07)%

Net

investment

income

c

...............

4.05%

4.07%

2.96%

2.25%

1.49%

1.38%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$40,376

$32,590

$27,502

$13,477

$11,594

$11,404

Portfolio

turnover

rate

................

20%

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.23

$10.88

$9.48

$9.57

$12.31

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.21 0.43 0.29 0.20 0.17 0.15 Net

realized

and

unrealized

gains

(losses)

0.45 0.43 1.42 0.38 (1.55)

1.74 Total

from

investment

operations

........

0.66 0.86 1.71 0.58 (1.38)

1.89 Less

distributions

from:

Net

investment

income

..............

(0.59)

(0.47)

(0.23)

(0.15)

(0.58)

(0.12)

Net

realized

gains

.................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

(0.01)

Total

distributions

...................

(0.81)

(0.51)

(0.31)

(0.67)

(1.36)

(0.13)

Net

asset

value,

end

of

period

..........

$11.08

$11.23

$10.88

$9.48

$9.57

$12.31

Total

return

d

.......................

6.02%

8.23%

18.41%

6.65%

(12.64)%

18.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.82%

0.51%

1.20%

1.40%

1.39%

2.13%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.02%

0.02%

0.01%

—%

g

0.03%

0.03%

Net

investment

income

c

...............

3.80%

3.97%

2.76%

2.14%

1.54%

1.35%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$470

$737

$838

$14

$12

$12

Portfolio

turnover

rate

................

20%

56%

33%

35%

52%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

g

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 94.1%

#### Asset

#### Allocation

#### 74.9%
a

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

,

Class

P

....................

438,933

$

7,628,653

a

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

,

Class

P

.................

2,403,986

27,573,722

35,202,375

#### Domestic

#### Hybrid

#### 19.2%
a

Putnam

Multi-Asset

Income

Fund

,

Class

P

................................

778,372

9,013,546

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 42,346,039

####)
.......................

#### 44,215,921
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 5.9%
a

#### Management

#### Investment

#### Companies

#### 5.9%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

2,782,667

2,782,667

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 2,782,667

####)
.....................

#### 2,782,667

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,782,667

####)
.................................

#### 2,782,667

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 45,128,706

####)
100.0 #### %
...................................

#### $46,998,588

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

#### (3,787)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $46,994,801
†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.65

$11.24

$9.61

$9.54

$12.64

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.19 0.37 0.21 0.14 0.12 0.05 Net

realized

and

unrealized

gains

(losses)

0.60 0.73 1.85 0.66 (1.61)

2.22 Total

from

investment

operations

........

0.79 1.10 2.06 0.80 (1.49)

2.27 Less

distributions

from:

Net

investment

income

..............

(0.89)

(0.64)

(0.30)

(0.04)

(0.66)

(0.10)

Net

realized

gains

.................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

...................

(1.08)

(0.69)

(0.43)

(0.73)

(1.61)

(0.19)

Net

asset

value,

end

of

period

..........

$11.36

$11.65

$11.24

$9.61

$9.54

$12.64

Total

return

d

.......................

6.99%

10.30%

22.10%

9.21%

(13.69)%

21.67%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.04%

1.09%

1.44%

1.59%

1.63%

2.30%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.28%

0.26%

0.25%

0.22%

0.23%

0.22%

Net

investment

income

c

...............

3.32%

3.36%

2.00%

1.49%

1.16%

0.45%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$8,048

$7,187

$3,518

$1,566

$720

$449

Portfolio

turnover

rate

................

12%

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.51

$11.17

$9.55

$9.51

$12.58

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.15 0.29 0.04 0.08 0.03 0.01 Net

realized

and

unrealized

gains

(losses)

0.59 0.71 1.93 0.65 (1.60)

2.17 Total

from

investment

operations

........

0.74 1.00 1.97 0.73 (1.57)

2.18 Less

distributions

from:

Net

investment

income

..............

(0.27)

(0.61)

(0.22)

—

(0.55)

(0.07)

Net

realized

gains

.................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

...................

(0.46)

(0.66)

(0.35)

(0.69)

(1.50)

(0.16)

Net

asset

value,

end

of

period

..........

$11.79

$11.51

$11.17

$9.55

$9.51

$12.58

Total

return

d

.......................

6.54%

9.43%

21.13%

8.45%

(14.26)%

20.77%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.78%

1.84%

2.19%

2.34%

2.38%

3.05%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.03%

1.02%

1.00%

0.97%

0.98%

0.97%

Net

investment

income

c

...............

2.57%

2.61%

0.41%

0.87%

0.32%

0.12%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$23

$22

$143

$11

$26

$12

Portfolio

turnover

rate

................

12%

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.66

$11.24

$9.60

$9.53

$12.61

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.14 0.33 0.18 0.11 0.10 0.05 Net

realized

and

unrealized

gains

(losses)

0.63 0.72 1.85 0.65 (1.63)

2.17 Total

from

investment

operations

........

0.77 1.05 2.03 0.76 (1.53)

2.22 Less

distributions

from:

Net

investment

income

..............

(0.90)

(0.58)

(0.26)

—

(0.60)

(0.08)

Net

realized

gains

.................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

...................

(1.09)

(0.63)

(0.39)

(0.69)

(1.55)

(0.17)

Net

asset

value,

end

of

period

..........

$11.34

$11.66

$11.24

$9.60

$9.53

$12.61

Total

return

d

.......................

6.77%

9.80%

21.67%

8.75%

(14.00)%

21.19%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.45%

1.49%

1.84%

1.99%

2.03%

2.70%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.68%

0.67%

0.65%

0.62%

0.63%

0.62%

Net

investment

income

c

...............

2.32%

2.96%

1.72%

1.19%

0.92%

0.47%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$189

$14

$14

$11

$10

$12

Portfolio

turnover

rate

................

12%

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

sv

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.69

$11.27

$9.63

$9.54

$12.63

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.23 0.36 0.20 0.13 0.13 0.08 Net

realized

and

unrealized

gains

(losses)

0.55 0.71 1.85 0.67 (1.64)

2.17 Total

from

investment

operations

........

0.78 1.07 2.05 0.80 (1.51)

2.25 Less

distributions

from:

Net

investment

income

..............

(0.90)

(0.60)

(0.28)

(0.02)

(0.63)

(0.09)

Net

realized

gains

.................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

...................

(1.09)

(0.65)

(0.41)

(0.71)

(1.58)

(0.18)

Net

asset

value,

end

of

period

..........

$11.38

$11.69

$11.27

$9.63

$9.54

$12.63

Total

return

d

.......................

6.88%

10.04%

21.88%

9.15%

(13.84)%

21.48%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.21%

1.24%

1.59%

1.74%

1.78%

2.45%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.43%

0.41%

0.40%

0.37%

0.38%

0.37%

Net

investment

income

c

...............

3.96%

3.21%

1.97%

1.44%

1.17%

0.72%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$54

$14

$14

$11

$10

$12

Portfolio

turnover

rate

................

12%

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.70

$11.27

$9.63

$9.56

$12.65

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.17 0.39 0.22 0.15 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

0.63 0.72 1.86 0.66 (1.61)

2.17 Total

from

investment

operations

........

0.80 1.11 2.08 0.81 (1.48)

2.28 Less

distributions

from:

Net

investment

income

..............

(0.92)

(0.63)

(0.31)

(0.05)

(0.66)

(0.10)

Net

realized

gains

.................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

...................

(1.11)

(0.68)

(0.44)

(0.74)

(1.61)

(0.19)

Net

asset

value,

end

of

period

..........

$11.39

$11.70

$11.27

$9.63

$9.56

$12.65

Total

return

d

.......................

7.04%

10.43%

22.20%

9.29%

(13.59)%

21.77%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.94%

0.99%

1.34%

1.49%

1.53%

2.20%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.17%

0.16%

0.15%

0.12%

0.13%

0.12%

Net

investment

income

c

...............

2.94%

3.46%

2.16%

1.66%

1.23%

0.97%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$404

$58

$49

$32

$21

$12

Portfolio

turnover

rate

................

12%

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.73

$11.30

$9.65

$9.57

$12.66

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.22 0.40 0.24 0.17 0.17 0.13 Net

realized

and

unrealized

gains

(losses)

0.60 0.73 1.86 0.66 (1.64)

2.16 Total

from

investment

operations

........

0.82 1.13 2.10 0.83 (1.47)

2.29 Less

distributions

from:

Net

investment

income

..............

(0.92)

(0.65)

(0.32)

(0.06)

(0.67)

(0.10)

Net

realized

gains

.................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

...................

(1.11)

(0.70)

(0.45)

(0.75)

(1.62)

(0.19)

Net

asset

value,

end

of

period

..........

$11.44

$11.73

$11.30

$9.65

$9.57

$12.66

Total

return

d

.......................

7.16%

10.54%

22.39%

9.50%

(13.44)%

21.92%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.78%

0.84%

1.19%

1.34%

1.38%

2.05%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.03%

0.02%

—%

g

(0.03)%

h

(0.02)%

h

(0.03)%

h

Net

investment

income

c

...............

3.68%

3.60%

2.37%

1.84%

1.57%

1.12%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$14

$15

$14

$12

$11

$12

Portfolio

turnover

rate

................

12%

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

g

Amount

rounds

to

less

than

$0.01

per

share.

h

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.74

$11.31

$9.66

$9.58

$12.67

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.21 0.41 0.25 0.18 0.18 0.14 Net

realized

and

unrealized

gains

(losses)

0.61 0.73 1.86 0.66 (1.63)

2.17 Total

from

investment

operations

........

0.82 1.14 2.11 0.84 (1.45)

2.31 Less

distributions

from:

Net

investment

income

..............

(0.93)

(0.66)

(0.33)

(0.07)

(0.69)

(0.11)

Net

realized

gains

.................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

...................

(1.12)

(0.71)

(0.46)

(0.76)

(1.64)

(0.20)

Net

asset

value,

end

of

period

..........

$11.44

$11.74

$11.31

$9.66

$9.58

$12.67

Total

return

d

.......................

7.16%

10.65%

22.49%

9.61%

(13.34)%

22.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.69%

0.74%

1.09%

1.24%

1.28%

1.95%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

(0.07)%

(0.09)%

(0.10)%

(0.13)%

(0.12)%

(0.13)%

Net

investment

income

c

...............

3.64%

3.71%

2.45%

1.93%

1.68%

1.18%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$44,048

$38,064

$23,724

$14,440

$12,199

$12,118

Portfolio

turnover

rate

................

12%

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.73

$11.30

$9.65

$9.57

$12.66

$10.56

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.17 0.40 0.23 0.17 0.17 0.12 Net

realized

and

unrealized

gains

(losses)

0.64 0.73 1.87 0.66 (1.63)

2.17 Total

from

investment

operations

........

0.81 1.13 2.10 0.83 (1.46)

2.29 Less

distributions

from:

Net

investment

income

..............

(0.92)

(0.65)

(0.32)

(0.06)

(0.68)

(0.10)

Net

realized

gains

.................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

(0.09)

Total

distributions

...................

(1.11)

(0.70)

(0.45)

(0.75)

(1.63)

(0.19)

Net

asset

value,

end

of

period

..........

$11.43

$11.73

$11.30

$9.65

$9.57

$12.66

Total

return

d

.......................

7.09%

10.58%

22.39%

9.50%

(13.43)%

21.92%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.78%

0.84%

1.19%

1.34%

1.38%

2.05%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.03%

0.01%

—%

g

(0.03)%

h

(0.02)%

h

(0.03)%

h

Net

investment

income

c

...............

2.95%

3.61%

2.21%

1.84%

1.57%

1.06%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$201

$73

$49

$19

$18

$20

Portfolio

turnover

rate

................

12%

32%

34%

29%

51%

56%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

g

Amount

rounds

to

less

than

$0.01

per

share.

h

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 95.3%

#### Asset

#### Allocation

#### 90.1%
a

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

,

Class

P

....................

2,598,515

$

45,162,197

a

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

,

Class

P

.................

225,727

2,589,083

47,751,280

#### Domestic

#### Hybrid

#### 5.2%
a

Putnam

Multi-Asset

Income

Fund

,

Class

P

................................

238,451

2,761,257

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 48,663,061

####)
.......................

#### 50,512,537
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 4.6%
a

#### Management

#### Investment

#### Companies

#### 4.6%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

2,449,362

2,449,362

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 2,449,362

####)
.....................

#### 2,449,362

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,449,362

####)
.................................

#### 2,449,362

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 51,112,423

####)
99.9 #### %
....................................

#### $52,961,899

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 18,051

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $52,979,950
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.92

$11.42

$9.51

$9.66

$12.91

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.21 0.31 0.24 0.09 0.09 0.08 Net

realized

and

unrealized

gains

(losses)

0.73 0.97 2.00 0.83 (1.71)

2.47 Total

from

investment

operations

........

0.94 1.28 2.24 0.92 (1.62)

2.55 Less

distributions

from:

Net

investment

income

..............

(0.53)

(0.58)

(0.25)

(0.10)

(0.67)

(0.10)

Net

realized

gains

.................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

...................

(1.28)

(0.78)

(0.33)

(1.07)

(1.63)

(0.19)

Net

asset

value,

end

of

period

..........

$11.58

$11.92

$11.42

$9.51

$9.66

$12.91

Total

return

d

.......................

8.13%

11.89%

24.09%

10.90%

(14.47)%

24.45%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.08%

1.14%

1.60%

1.97%

2.07%

2.91%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.24%

0.22%

0.20%

0.18%

0.19%

0.18%

Net

investment

income

c

...............

3.51%

2.70%

2.35%

0.96%

0.83%

0.65%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$6,246

$5,556

$1,161

$485

$171

$70

Portfolio

turnover

rate

................

11%

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.83

$11.38

$9.48

$9.62

$12.86

$10.55

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

0.17 0.22 0.11 0.02 0.07 (0.02)

Net

realized

and

unrealized

gains

(losses)

0.72 0.96 2.05 0.84 (1.77)

2.48 Total

from

investment

operations

........

0.89 1.18 2.16 0.86 (1.70)

2.46 Less

distributions

from:

Net

investment

income

..............

(0.22)

(0.53)

(0.18)

(0.03)

(0.58)

(0.06)

Net

realized

gains

.................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

...................

(0.97)

(0.73)

(0.26)

(1.00)

(1.54)

(0.15)

Net

asset

value,

end

of

period

..........

$11.75

$11.83

$11.38

$9.48

$9.62

$12.86

Total

return

d

.......................

7.71%

10.96%

23.14%

10.12%

(15.12)%

23.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.83%

1.90%

2.35%

2.72%

2.82%

3.66%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.98%

0.97%

0.95%

0.93%

0.94%

0.93%

Net

investment

income

(loss)

c

..........

2.78%

1.95%

1.10%

0.26%

0.60%

(0.15)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$59

$53

$74

$26

$15

$14

Portfolio

turnover

rate

................

11%

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.94

$11.43

$9.50

$9.64

$12.89

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.16 0.26 0.19 0.07 0.12 0.03 Net

realized

and

unrealized

gains

(losses)

0.75 0.97 2.02 0.82 (1.79)

2.48 Total

from

investment

operations

........

0.91 1.23 2.21 0.89 (1.67)

2.51 Less

distributions

from:

Net

investment

income

..............

(0.52)

(0.52)

(0.20)

(0.06)

(0.62)

(0.08)

Net

realized

gains

.................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

...................

(1.27)

(0.72)

(0.28)

(1.03)

(1.58)

(0.17)

Net

asset

value,

end

of

period

..........

$11.58

$11.94

$11.43

$9.50

$9.64

$12.89

Total

return

d

.......................

7.84%

11.45%

23.65%

10.45%

(14.87)%

24.03%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.49%

1.55%

2.00%

2.37%

2.47%

3.31%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.64%

0.62%

0.60%

0.58%

0.59%

0.58%

Net

investment

income

c

...............

2.74%

2.30%

1.88%

0.79%

1.10%

0.26%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$121

$15

$14

$12

$11

$12

Portfolio

turnover

rate

................

11%

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.96

$11.45

$9.52

$9.66

$12.90

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.30 0.29 0.22 0.10 0.15 0.06 Net

realized

and

unrealized

gains

(losses)

0.62 0.97 2.01 0.81 (1.78)

2.47 Total

from

investment

operations

........

0.92 1.26 2.23 0.91 (1.63)

2.53 Less

distributions

from:

Net

investment

income

..............

(0.54)

(0.55)

(0.22)

(0.08)

(0.65)

(0.09)

Net

realized

gains

.................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

...................

(1.29)

(0.75)

(0.30)

(1.05)

(1.61)

(0.18)

Net

asset

value,

end

of

period

..........

$11.59

$11.96

$11.45

$9.52

$9.66

$12.90

Total

return

d

.......................

7.97%

11.70%

23.88%

10.75%

(14.56)%

24.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.21%

1.30%

1.75%

2.12%

2.22%

3.06%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.38%

0.37%

0.35%

0.33%

0.34%

0.33%

Net

investment

income

c

...............

5.22%

2.55%

2.13%

1.04%

1.35%

0.51%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$75

$15

$15

$12

$11

$12

Portfolio

turnover

rate

................

11%

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.97

$11.46

$9.52

$9.67

$12.93

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.21 0.32 0.24 0.11 0.09 0.09 Net

realized

and

unrealized

gains

(losses)

0.74 0.97 2.02 0.82 (1.71)

2.47 Total

from

investment

operations

........

0.95 1.29 2.26 0.93 (1.62)

2.56 Less

distributions

from:

Net

investment

income

..............

(0.53)

(0.58)

(0.24)

(0.11)

(0.68)

(0.09)

Net

realized

gains

.................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

...................

(1.28)

(0.78)

(0.32)

(1.08)

(1.64)

(0.18)

Net

asset

value,

end

of

period

..........

$11.64

$11.97

$11.46

$9.52

$9.67

$12.93

Total

return

d

.......................

8.18%

11.93%

24.30%

11.02%

(14.46)%

24.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.97%

1.05%

1.50%

1.87%

1.97%

2.81%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.14%

0.12%

0.10%

0.08%

0.09%

0.08%

Net

investment

income

c

...............

3.59%

2.80%

2.35%

1.23%

0.91%

0.75%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$85

$76

$76

$58

$41

$12

Portfolio

turnover

rate

................

11%

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.99

$11.48

$9.54

$9.68

$12.94

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.33 0.26 0.13 0.19 0.11 Net

realized

and

unrealized

gains

(losses)

0.73 0.98 2.02 0.82 (1.79)

2.47 Total

from

investment

operations

........

0.96 1.31 2.28 0.95 (1.60)

2.58 Less

distributions

from:

Net

investment

income

..............

(0.54)

(0.60)

(0.26)

(0.12)

(0.70)

(0.10)

Net

realized

gains

.................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

...................

(1.29)

(0.80)

(0.34)

(1.09)

(1.66)

(0.19)

Net

asset

value,

end

of

period

..........

$11.66

$11.99

$11.48

$9.54

$9.68

$12.94

Total

return

d

.......................

8.28%

12.10%

24.40%

11.21%

(14.32)%

24.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.83%

0.90%

1.35%

1.72%

1.82%

2.66%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.02)%

(0.03)%

(0.05)%

(0.07)%

(0.06)%

(0.07)%

Net

investment

income

c

...............

3.89%

2.95%

2.53%

1.44%

1.75%

0.90%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$15

$15

$15

$12

$11

$12

Portfolio

turnover

rate

................

11%

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

g

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.01

$11.49

$9.55

$9.69

$12.95

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.35 0.26 0.14 0.21 0.11 Net

realized

and

unrealized

gains

(losses)

0.74 0.98 2.03 0.82 (1.80)

2.48 Total

from

investment

operations

........

0.97 1.33 2.29 0.96 (1.59)

2.59 Less

distributions

from:

Net

investment

income

..............

(0.56)

(0.61)

(0.27)

(0.13)

(0.71)

(0.10)

Net

realized

gains

.................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

...................

(1.31)

(0.81)

(0.35)

(1.10)

(1.67)

(0.19)

Net

asset

value,

end

of

period

..........

$11.67

$12.01

$11.49

$9.55

$9.69

$12.95

Total

return

d

.......................

8.31%

12.32%

24.48%

11.33%

(14.21)%

24.89%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.74%

0.80%

1.25%

1.62%

1.72%

2.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.12)%

(0.13)%

(0.15)%

(0.17)%

(0.16)%

(0.17)%

Net

investment

income

c

...............

3.85%

3.05%

2.54%

1.49%

1.92%

0.98%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$38,344

$32,843

$22,074

$9,900

$6,909

$7,183

Portfolio

turnover

rate

................

11%

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

g

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$11.98

$11.48

$9.54

$9.68

$12.94

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.33 0.25 0.11 0.19 0.11 Net

realized

and

unrealized

gains

(losses)

0.73 0.97 2.03 0.84 (1.79)

2.47 Total

from

investment

operations

........

0.96 1.30 2.28 0.95 (1.60)

2.58 Less

distributions

from:

Net

investment

income

..............

(0.54)

(0.60)

(0.26)

(0.12)

(0.70)

(0.10)

Net

realized

gains

.................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

(0.09)

Total

distributions

...................

(1.29)

(0.80)

(0.34)

(1.09)

(1.66)

(0.19)

Net

asset

value,

end

of

period

..........

$11.65

$11.98

$11.48

$9.54

$9.68

$12.94

Total

return

d

.......................

8.30%

12.08%

24.44%

11.21%

(14.32)%

24.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.83%

0.90%

1.35%

1.72%

1.82%

2.66%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.02)%

(0.03)%

(0.05)%

(0.07)%

(0.06)%

(0.07)%

Net

investment

income

c

...............

3.77%

2.95%

2.45%

1.18%

1.75%

0.90%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$89

$82

$38

$28

$11

$12

Portfolio

turnover

rate

................

11%

39%

29%

27%

47%

45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

g

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 96.5%

#### Asset

#### Allocation

#### 96.5%
a

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

,

Class

P

....................

1,394,599

$

24,238,132

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

849,446

19,239,963

43,478,095

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 41,635,840

####)
.......................

#### 43,478,095
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 3.4%
a

#### Management

#### Investment

#### Companies

#### 3.4%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

1,541,988

1,541,988

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 1,541,988

####)
.....................

#### 1,541,988

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,541,988

####)
.................................

#### 1,541,988

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 43,177,828

####)
99.9 #### %
....................................

#### $45,020,083

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 13,520

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $45,033,603
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.70

$11.85

$9.69

$9.68

$13.14

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.24 0.23 0.19 0.08 0.12 0.09 Net

realized

and

unrealized

gains

(losses)

0.88 1.24 2.23 0.96 (1.81)

2.64 Total

from

investment

operations

........

1.12 1.47 2.42 1.04 (1.69)

2.73 Less

distributions

from:

Net

investment

income

..............

(0.46)

(0.55)

(0.26)

(0.11)

(0.70)

(0.10)

Net

realized

gains

.................

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

...................

(1.40)

(0.62)

(0.26)

(1.03)

(1.77)

(0.14)

Net

asset

value,

end

of

period

..........

$12.42

$12.70

$11.85

$9.69

$9.68

$13.14

Total

return

d

.......................

9.14%

12.95%

25.39%

12.05%

(15.04)%

26.05%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.20%

1.33%

1.69%

1.94%

2.00%

2.79%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.20%

0.19%

0.17%

0.15%

0.17%

0.17%

Net

investment

income

c

...............

3.77%

1.93%

1.78%

0.90%

1.14%

0.76%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,821

$3,309

$1,156

$549

$385

$204

Portfolio

turnover

rate

................

11%

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.63

$11.80

$9.66

$9.65

$13.09

$10.55

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

........

0.20 0.14 0.01 0.01 0.09 (0.05)

Net

realized

and

unrealized

gains

(losses)

0.87 1.24 2.33 0.95 (1.86)

2.69 Total

from

investment

operations

........

1.07 1.38 2.34 0.96 (1.77)

2.64 Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.48)

(0.20)

(0.03)

(0.60)

(0.06)

Net

realized

gains

.................

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

...................

(1.04)

(0.55)

(0.20)

(0.95)

(1.67)

(0.10)

Net

asset

value,

end

of

period

..........

$12.66

$12.63

$11.80

$9.66

$9.65

$13.09

Total

return

d

.......................

8.80%

12.06%

24.51%

11.14%

(15.63)%

25.17%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.95%

2.08%

2.44%

2.69%

2.75%

3.54%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.95%

0.94%

0.92%

0.90%

0.92%

0.92%

Net

investment

income

(loss)

c

..........

3.19%

1.17%

0.13%

0.13%

0.77%

(0.42)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$35

$38

$140

$28

$21

$24

Portfolio

turnover

rate

................

11%

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.67

$11.87

$9.69

$9.67

$13.12

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.25 0.18 0.05 0.05 0.13 0.03 Net

realized

and

unrealized

gains

(losses)

0.84 1.23 2.34 0.95 (1.87)

2.66 Total

from

investment

operations

........

1.09 1.41 2.39 1.00 (1.74)

2.69 Less

distributions

from:

Net

investment

income

..............

(0.44)

(0.54)

(0.21)

(0.06)

(0.64)

(0.08)

Net

realized

gains

.................

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

...................

(1.38)

(0.61)

(0.21)

(0.98)

(1.71)

(0.12)

Net

asset

value,

end

of

period

..........

$12.38

$12.67

$11.87

$9.69

$9.67

$13.12

Total

return

d

.......................

8.93%

12.41%

25.08%

11.59%

(15.41)%

25.59%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.61%

1.73%

2.09%

2.34%

2.40%

3.19%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.59%

0.59%

0.57%

0.55%

0.57%

0.57%

Net

investment

income

c

...............

4.04%

1.52%

0.47%

0.54%

1.13%

0.22%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$419

$172

$150

$12

$11

$13

Portfolio

turnover

rate

................

11%

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.74

$11.89

$9.71

$9.69

$13.14

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.24 0.21 0.23 0.07 0.15 0.06 Net

realized

and

unrealized

gains

(losses)

0.88 1.23 2.19 0.95 (1.86)

2.66 Total

from

investment

operations

........

1.12 1.44 2.42 1.02 (1.71)

2.72 Less

distributions

from:

Net

investment

income

..............

(0.43)

(0.52)

(0.24)

(0.08)

(0.67)

(0.09)

Net

realized

gains

.................

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

...................

(1.37)

(0.59)

(0.24)

(1.00)

(1.74)

(0.13)

Net

asset

value,

end

of

period

..........

$12.49

$12.74

$11.89

$9.71

$9.69

$13.14

Total

return

d

.......................

9.11%

12.69%

25.31%

11.88%

(15.16)%

25.88%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.34%

1.48%

1.84%

2.09%

2.15%

2.94%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.35%

0.34%

0.32%

0.30%

0.32%

0.32%

Net

investment

income

c

...............

3.73%

1.78%

2.18%

0.79%

1.38%

0.47%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$16

$16

$15

$12

$11

$13

Portfolio

turnover

rate

................

11%

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.76

$11.90

$9.71

$9.71

$13.16

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.19 0.24 0.26 0.11 0.05 0.09 Net

realized

and

unrealized

gains

(losses)

0.95 1.24 2.19 0.93 (1.73)

2.65 Total

from

investment

operations

........

1.14 1.48 2.45 1.04 (1.68)

2.74 Less

distributions

from:

Net

investment

income

..............

(0.44)

(0.55)

(0.26)

(0.12)

(0.70)

(0.09)

Net

realized

gains

.................

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

...................

(1.38)

(0.62)

(0.26)

(1.04)

(1.77)

(0.13)

Net

asset

value,

end

of

period

..........

$12.52

$12.76

$11.90

$9.71

$9.71

$13.16

Total

return

d

.......................

9.18%

12.99%

25.70%

12.05%

(14.92)%

26.17%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.04%

1.23%

1.59%

1.84%

1.90%

2.69%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.09%

0.09%

0.07%

0.05%

0.07%

0.07%

Net

investment

income

c

...............

2.87%

2.02%

2.48%

1.21%

0.47%

0.72%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$41

$80

$72

$74

$79

$13

Portfolio

turnover

rate

................

11%

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.78

$11.92

$9.73

$9.72

$13.17

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.27 0.26 0.27 0.11 0.20 0.10 Net

realized

and

unrealized

gains

(losses)

0.88 1.24 2.20 0.94 (1.86)

2.66 Total

from

investment

operations

........

1.15 1.50 2.47 1.05 (1.66)

2.76 Less

distributions

from:

Net

investment

income

..............

(0.48)

(0.57)

(0.28)

(0.12)

(0.72)

(0.10)

Net

realized

gains

.................

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

...................

(1.42)

(0.64)

(0.28)

(1.04)

(1.79)

(0.14)

Net

asset

value,

end

of

period

..........

$12.51

$12.78

$11.92

$9.73

$9.72

$13.17

Total

return

d

.......................

9.31%

13.18%

25.83%

12.23%

(14.77)%

26.32%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.95%

1.08%

1.44%

1.69%

1.75%

2.54%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.05)%

(0.06)%

(0.08)%

(0.10)%

(0.08)%

(0.08)%

Net

investment

income

c

...............

4.14%

2.18%

2.58%

1.19%

1.77%

0.87%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$16

$16

$15

$12

$11

$13

Portfolio

turnover

rate

................

11%

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.79

$11.93

$9.73

$9.72

$13.18

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.26 0.27 0.28 0.12 0.21 0.11 Net

realized

and

unrealized

gains

(losses)

0.89 1.24 2.20 0.94 (1.86)

2.66 Total

from

investment

operations

........

1.15 1.51 2.48 1.06 (1.65)

2.77 Less

distributions

from:

Net

investment

income

..............

(0.49)

(0.58)

(0.28)

(0.13)

(0.74)

(0.10)

Net

realized

gains

.................

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

...................

(1.43)

(0.65)

(0.28)

(1.05)

(1.81)

(0.14)

Net

asset

value,

end

of

period

..........

$12.51

$12.79

$11.93

$9.73

$9.72

$13.18

Total

return

d

.......................

9.30%

13.29%

26.04%

12.36%

(14.76)%

26.46%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.85%

0.98%

1.34%

1.59%

1.65%

2.44%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.15)%

(0.16)%

(0.18)%

(0.20)%

(0.18)%

(0.18)%

Net

investment

income

c

...............

4.12%

2.27%

2.64%

1.31%

1.91%

0.95%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$27,524

$23,008

$15,302

$9,338

$7,846

$7,504

Portfolio

turnover

rate

................

11%

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.77

$11.92

$9.73

$9.71

$13.17

$10.55

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.29 0.26 0.27 —

d

0.20 0.10 Net

realized

and

unrealized

gains

(losses)

0.87 1.23 2.20 1.06 (1.87)

2.66 Total

from

investment

operations

........

1.16 1.49 2.47 1.06 (1.67)

2.76 Less

distributions

from:

Net

investment

income

..............

(0.49)

(0.57)

(0.28)

(0.12)

(0.72)

(0.10)

Net

realized

gains

.................

(0.94)

(0.07)

—

(0.92)

(1.07)

(0.04)

Total

distributions

...................

(1.43)

(0.64)

(0.28)

(1.04)

(1.79)

(0.14)

Net

asset

value,

end

of

period

..........

$12.50

$12.77

$11.92

$9.73

$9.71

$13.17

Total

return

e

.......................

9.35%

13.13%

25.87%

12.35%

(14.85)%

26.32%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.97%

1.08%

1.44%

1.69%

1.75%

2.54%

Expenses

net

of

waiver

and

payments

by

affiliates

g,h

.........................

(0.06)%

(0.06)%

(0.08)%

(0.10)%

(0.08)%

(0.08)%

Net

investment

income

c

...............

4.59%

2.17%

2.54%

0.01%

1.77%

0.86%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$451

$212

$143

$95

$11

$13

Portfolio

turnover

rate

................

11%

30%

22%

29%

33%

44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

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

in

which

the

Fund

invests.

h

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 97.2%

#### Asset

#### Allocation

#### 97.2%
a

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

,

Class

P

....................

162,316

$

2,821,060

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

1,262,749

28,601,266

31,422,326

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 29,075,285

####)
.......................

#### 31,422,326
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.7%
a

#### Management

#### Investment

#### Companies

#### 2.7%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

877,570

877,570

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 877,570

####)
.......................

#### 877,570

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 877,570

####)
..................................

#### 877,570

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 29,952,855

####)
99.9 #### %
....................................

#### $32,299,896

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 23,128

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $32,323,024
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.55

$11.68

$9.70

$9.54

$13.23

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.23 0.20 0.16 0.06 0.04 0.06 Net

realized

and

unrealized

gains

(losses)

0.93 1.31 2.33 1.04 (1.74)

2.80 Total

from

investment

operations

........

1.16 1.51 2.49 1.10 (1.70)

2.86 Less

distributions

from:

Net

investment

income

..............

(0.41)

(0.50)

(0.26)

(0.07)

(0.73)

(0.09)

Net

realized

gains

.................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...................

(1.20)

(0.64)

(0.51)

(0.94)

(1.99)

(0.23)

Net

asset

value,

end

of

period

..........

$12.51

$12.55

$11.68

$9.70

$9.54

$13.23

Total

return

d

.......................

9.51%

13.57%

26.60%

12.96%

(15.35)%

27.38%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.21%

1.32%

2.00%

2.58%

2.84%

4.17%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.19%

0.18%

0.17%

0.15%

0.17%

0.17%

Net

investment

income

c

...............

3.63%

1.72%

1.51%

0.66%

0.38%

0.53%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,057

$1,702

$780

$329

$160

$19

Portfolio

turnover

rate

................

10%

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.44

$11.63

$9.67

$9.50

$13.17

$10.60

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

........

0.18 0.11 0.11 0.01 0.06 (0.01)

Net

realized

and

unrealized

gains

(losses)

0.94 1.30 2.29 1.03 (1.84)

2.79 Total

from

investment

operations

........

1.12 1.41 2.40 1.04 (1.78)

2.78 Less

distributions

from:

Net

investment

income

..............

(0.34)

(0.46)

(0.19)

—

(0.63)

(0.07)

Net

realized

gains

.................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...................

(1.13)

(0.60)

(0.44)

(0.87)

(1.89)

(0.21)

Net

asset

value,

end

of

period

..........

$12.43

$12.44

$11.63

$9.67

$9.50

$13.17

Total

return

d

.......................

9.19%

12.66%

25.60%

12.17%

(16.00)%

26.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.96%

2.07%

2.75%

3.33%

3.59%

4.92%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.94%

0.93%

0.92%

0.90%

0.92%

0.92%

Net

investment

income

(loss)

c

..........

2.91%

0.97%

1.03%

0.13%

0.58%

(0.12)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$64

$55

$25

$13

$11

$13

Portfolio

turnover

rate

................

10%

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.57

$11.69

$9.71

$9.52

$13.20

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.27 0.15 0.16 0.05 0.10 0.03 Net

realized

and

unrealized

gains

(losses)

0.87 1.32 2.28 1.03 (1.85)

2.79 Total

from

investment

operations

........

1.14 1.47 2.44 1.08 (1.75)

2.82 Less

distributions

from:

Net

investment

income

..............

(0.42)

(0.45)

(0.21)

(0.02)

(0.67)

(0.08)

Net

realized

gains

.................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...................

(1.21)

(0.59)

(0.46)

(0.89)

(1.93)

(0.22)

Net

asset

value,

end

of

period

..........

$12.50

$12.57

$11.69

$9.71

$9.52

$13.20

Total

return

d

.......................

9.35%

13.12%

26.00%

12.60%

(15.74)%

26.94%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.65%

1.72%

2.40%

2.98%

3.24%

4.57%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.58%

0.58%

0.57%

0.55%

0.57%

0.57%

Net

investment

income

c

...............

4.30%

1.32%

1.50%

0.49%

0.93%

0.23%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$683

$17

$15

$12

$11

$13

Portfolio

turnover

rate

................

10%

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

sv

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.59

$11.71

$9.72

$9.54

$13.22

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.28 0.18 0.18 0.07 0.13 0.06 Net

realized

and

unrealized

gains

(losses)

0.89 1.32 2.30 1.02 (1.85)

2.79 Total

from

investment

operations

........

1.17 1.50 2.48 1.09 (1.72)

2.85 Less

distributions

from:

Net

investment

income

..............

(0.41)

(0.48)

(0.24)

(0.04)

(0.70)

(0.09)

Net

realized

gains

.................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...................

(1.20)

(0.62)

(0.49)

(0.91)

(1.96)

(0.23)

Net

asset

value,

end

of

period

..........

$12.56

$12.59

$11.71

$9.72

$9.54

$13.22

Total

return

d

.......................

9.50%

13.37%

26.37%

12.78%

(15.49)%

27.23%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.34%

1.47%

2.15%

2.73%

2.99%

4.32%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.33%

0.33%

0.32%

0.30%

0.32%

0.32%

Net

investment

income

c

...............

4.49%

1.57%

1.75%

0.74%

1.18%

0.48%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$26

$16

$15

$12

$11

$13

Portfolio

turnover

rate

................

10%

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.60

$11.72

$9.73

$9.55

$13.24

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.23 0.21 0.19 0.08 0.10 0.09 Net

realized

and

unrealized

gains

(losses)

0.95 1.32 2.31 1.05 (1.80)

2.79 Total

from

investment

operations

........

1.18 1.53 2.50 1.13 (1.70)

2.88 Less

distributions

from:

Net

investment

income

..............

(0.41)

(0.51)

(0.26)

(0.08)

(0.73)

(0.10)

Net

realized

gains

.................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...................

(1.20)

(0.65)

(0.51)

(0.95)

(1.99)

(0.24)

Net

asset

value,

end

of

period

..........

$12.58

$12.60

$11.72

$9.73

$9.55

$13.24

Total

return

d

.......................

9.62%

13.68%

26.67%

13.17%

(15.34)%

27.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.09%

1.22%

1.90%

2.48%

2.74%

4.07%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.09%

0.08%

0.07%

0.05%

0.07%

0.07%

Net

investment

income

c

...............

3.68%

1.81%

1.83%

0.87%

0.94%

0.73%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$72

$60

$71

$42

$28

$13

Portfolio

turnover

rate

................

10%

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.63

$11.75

$9.75

$9.56

$13.25

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.25 0.23 0.23 0.11 0.17 0.10 Net

realized

and

unrealized

gains

(losses)

0.94 1.31 2.29 1.03 (1.85)

2.79 Total

from

investment

operations

........

1.19 1.54 2.52 1.14 (1.68)

2.89 Less

distributions

from:

Net

investment

income

..............

(0.43)

(0.52)

(0.27)

(0.08)

(0.75)

(0.10)

Net

realized

gains

.................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...................

(1.22)

(0.66)

(0.52)

(0.95)

(2.01)

(0.24)

Net

asset

value,

end

of

period

..........

$12.60

$12.63

$11.75

$9.75

$9.56

$13.25

Total

return

d

.......................

9.68%

13.77%

26.87%

13.36%

(15.19)%

27.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.95%

1.07%

1.75%

2.33%

2.59%

3.92%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.06)%

(0.07)%

(0.08)%

(0.10)%

(0.08)%

(0.08)%

Net

investment

income

c

...............

3.91%

1.97%

2.15%

1.14%

1.58%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$17

$17

$16

$12

$11

$13

Portfolio

turnover

rate

................

10%

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.64

$11.76

$9.76

$9.57

$13.26

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.25 0.24 0.22 0.11 0.19 0.11 Net

realized

and

unrealized

gains

(losses)

0.95 1.32 2.31 1.04 (1.86)

2.79 Total

from

investment

operations

........

1.20 1.56 2.53 1.15 (1.67)

2.90 Less

distributions

from:

Net

investment

income

..............

(0.44)

(0.54)

(0.28)

(0.09)

(0.76)

(0.10)

Net

realized

gains

.................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...................

(1.23)

(0.68)

(0.53)

(0.96)

(2.02)

(0.24)

Net

asset

value,

end

of

period

..........

$12.61

$12.64

$11.76

$9.76

$9.57

$13.26

Total

return

d

.......................

9.78%

13.89%

26.95%

13.48%

(15.08)%

27.81%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.86%

0.97%

1.65%

2.23%

2.49%

3.82%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.16)%

(0.17)%

(0.18)%

(0.20)%

(0.18)%

(0.18)%

Net

investment

income

c

...............

3.98%

2.07%

2.03%

1.21%

1.73%

0.94%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$28,227

$23,793

$16,361

$5,676

$4,165

$3,930

Portfolio

turnover

rate

................

10%

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.62

$11.75

$9.75

$9.56

$13.25

$10.60

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.31 0.23 0.23 0.11 0.17 0.10 Net

realized

and

unrealized

gains

(losses)

0.88 1.31 2.29 1.03 (1.85)

2.79 Total

from

investment

operations

........

1.19 1.54 2.52 1.14 (1.68)

2.89 Less

distributions

from:

Net

investment

income

..............

(0.42)

(0.53)

(0.27)

(0.08)

(0.75)

(0.10)

Net

realized

gains

.................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

(0.14)

Total

distributions

...................

(1.21)

(0.67)

(0.52)

(0.95)

(2.01)

(0.24)

Net

asset

value,

end

of

period

..........

$12.60

$12.62

$11.75

$9.75

$9.56

$13.25

Total

return

d

.......................

9.71%

13.77%

26.86%

13.37%

(15.19)%

27.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.95%

1.07%

1.75%

2.33%

2.59%

3.92%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.05)%

(0.07)%

(0.08)%

(0.10)%

(0.08)%

(0.08)%

Net

investment

income

c

...............

4.71%

1.97%

2.15%

1.14%

1.57%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$110

$148

$17

$13

$12

$13

Portfolio

turnover

rate

................

10%

28%

21%

22%

39%

59%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 98.7%

#### Asset

#### Allocation

#### 98.7%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

202,653

$

3,509,945

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

1,206,493

27,327,065

30,837,010

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 28,750,945

####)
.......................

#### 30,837,010
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.2%
a

#### Management

#### Investment

#### Companies

#### 1.2%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

389,064

389,064

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 389,064

####)
.......................

#### 389,064

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 389,064

####)
..................................

#### 389,064

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 29,140,009

####)
99.9 #### %
....................................

#### $31,226,074

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 30,918

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $31,256,992
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.24

$12.29

$10.09

$9.66

$13.43

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.21 0.19 0.11 0.07 0.06 0.06 Net

realized

and

unrealized

gains

(losses)

1.05 1.46 2.56 1.19 (1.83)

2.96 Total

from

investment

operations

........

1.26 1.65 2.67 1.26 (1.77)

3.02 Less

distributions

from:

Net

investment

income

..............

(0.38)

(0.49)

(0.22)

(0.06)

(0.75)

(0.10)

Net

realized

gains

.................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...................

(1.25)

(0.70)

(0.47)

(0.83)

(2.00)

(0.22)

Net

asset

value,

end

of

period

..........

$13.25

$13.24

$12.29

$10.09

$9.66

$13.43

Total

return

d

.......................

9.81%

14.17%

27.33%

14.28%

(15.71)%

28.67%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.38%

1.60%

2.48%

3.27%

3.71%

6.11%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.19%

0.19%

0.18%

0.16%

0.17%

0.18%

Net

investment

income

c

...............

3.16%

1.50%

0.95%

0.69%

0.59%

0.53%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,033

$2,533

$649

$261

$171

$37

Portfolio

turnover

rate

................

7%

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.10

$12.18

$10.03

$9.63

$13.37

$10.63

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

........

0.17 0.09 c

(0.06)

—

d

—

d

(0.01)

Net

realized

and

unrealized

gains

(losses)

1.04 1.45 2.64 1.17 (1.85)

2.94 Total

from

investment

operations

........

1.21 1.54 2.58 1.17 (1.85)

2.93 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.41)

(0.18)

—

d

(0.64)

(0.07)

Net

realized

gains

.................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...................

(1.18)

(0.62)

(0.43)

(0.77)

(1.89)

(0.19)

Net

asset

value,

end

of

period

..........

$13.13

$13.10

$12.18

$10.03

$9.63

$13.37

Total

return

e

.......................

9.49%

13.26%

26.51%

13.29%

(16.28)%

27.78%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

2.11%

2.35%

3.23%

4.02%

4.46%

6.86%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.93%

0.94%

0.93%

0.91%

0.92%

0.93%

Net

investment

income

(loss)

c

..........

2.58%

0.75%

(0.50)%

—%

0.03%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$184

$108

$113

$15

$18

$13

Portfolio

turnover

rate

................

7%

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.25

$12.30

$10.09

$9.65

$13.40

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.15 0.14 0.11 0.04 0.08 0.03 Net

realized

and

unrealized

gains

(losses)

1.08 1.46 2.53 1.17 (1.90)

2.94 Total

from

investment

operations

........

1.23 1.60 2.64 1.21 (1.82)

2.97 Less

distributions

from:

Net

investment

income

..............

(0.38)

(0.44)

(0.18)

—

d

(0.68)

(0.08)

Net

realized

gains

.................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...................

(1.25)

(0.65)

(0.43)

(0.77)

(1.93)

(0.20)

Net

asset

value,

end

of

period

..........

$13.23

$13.25

$12.30

$10.09

$9.65

$13.40

Total

return

e

.......................

9.58%

13.67%

26.91%

13.75%

(16.02)%

28.21%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.72%

2.00%

2.88%

3.67%

4.11%

6.51%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.58%

0.59%

0.58%

0.56%

0.57%

0.58%

Net

investment

income

c

...............

2.23%

1.10%

0.99%

0.40%

0.71%

0.23%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$62

$17

$16

$12

$11

$13

Portfolio

turnover

rate

................

7%

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.28

$12.32

$10.11

$9.67

$13.42

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.21 0.17 0.14 0.06 0.11 0.06 Net

realized

and

unrealized

gains

(losses)

1.05 1.47 2.52 1.18 (1.89)

2.94 Total

from

investment

operations

........

1.26 1.64 2.66 1.24 (1.78)

3.00 Less

distributions

from:

Net

investment

income

..............

(0.35)

(0.47)

(0.20)

(0.03)

(0.72)

(0.09)

Net

realized

gains

.................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...................

(1.22)

(0.68)

(0.45)

(0.80)

(1.97)

(0.21)

Net

asset

value,

end

of

period

..........

$13.32

$13.28

$12.32

$10.11

$9.67

$13.42

Total

return

d

.......................

9.76%

14.01%

27.14%

14.04%

(15.78)%

28.50%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.50%

1.75%

2.63%

3.42%

3.86%

6.26%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.34%

0.34%

0.33%

0.31%

0.32%

0.33%

Net

investment

income

c

...............

3.05%

1.35%

1.24%

0.65%

0.95%

0.48%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$17

$17

$16

$12

$11

$13

Portfolio

turnover

rate

................

7%

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.30

$12.34

$10.12

$9.68

$13.44

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.38 0.20 0.15 0.08 0.08 0.09 Net

realized

and

unrealized

gains

(losses)

0.89 1.47 2.54 1.19 (1.84)

2.94 Total

from

investment

operations

........

1.27 1.67 2.69 1.27 (1.76)

3.03 Less

distributions

from:

Net

investment

income

..............

(0.40)

(0.50)

(0.22)

(0.06)

(0.75)

(0.10)

Net

realized

gains

.................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...................

(1.27)

(0.71)

(0.47)

(0.83)

(2.00)

(0.22)

Net

asset

value,

end

of

period

..........

$13.30

$13.30

$12.34

$10.12

$9.68

$13.44

Total

return

d

.......................

9.87%

14.28%

27.48%

14.39%

(15.62)%

28.79%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.24%

1.50%

2.38%

3.17%

3.61%

6.01%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.08%

0.09%

0.08%

0.06%

0.07%

0.08%

Net

investment

income

c

...............

5.79%

1.60%

1.39%

0.86%

0.73%

0.73%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$315

$47

$38

$26

$30

$13

Portfolio

turnover

rate

................

7%

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.32

$12.36

$10.13

$9.69

$13.45

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.23 0.22 0.18 0.10 0.15 0.11 Net

realized

and

unrealized

gains

(losses)

1.06 1.47 2.54 1.18 (1.89)

2.93 Total

from

investment

operations

........

1.29 1.69 2.72 1.28 (1.74)

3.04 Less

distributions

from:

Net

investment

income

..............

(0.40)

(0.52)

(0.24)

(0.07)

(0.77)

(0.10)

Net

realized

gains

.................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...................

(1.27)

(0.73)

(0.49)

(0.84)

(2.02)

(0.22)

Net

asset

value,

end

of

period

..........

$13.34

$13.32

$12.36

$10.13

$9.69

$13.45

Total

return

d

.......................

9.97%

14.40%

27.76%

14.51%

(15.48)%

28.94%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.12%

1.35%

2.23%

3.02%

3.46%

5.86%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.06)%

(0.06)%

(0.07)%

(0.09)%

(0.08)%

(0.07)%

Net

investment

income

c

...............

3.45%

1.75%

1.64%

1.05%

1.35%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$17

$17

$16

$12

$11

$13

Portfolio

turnover

rate

................

7%

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.33

$12.37

$10.14

$9.70

$13.46

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b

,c

............

0.24 0.23 0.18 0.12 0.15 0.11 Net

realized

and

unrealized

gains

(losses)

1.06 1.47 2.55 1.17 (1.88)

2.95 Total

from

investment

operations

........

1.30 1.70 2.73 1.29 (1.73)

3.06 Less

distributions

from:

Net

investment

income

..............

(0.41)

(0.53)

(0.25)

(0.08)

(0.78)

(0.11)

Net

realized

gains

.................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...................

(1.28)

(0.74)

(0.50)

(0.85)

(2.03)

(0.23)

Net

asset

value,

end

of

period

..........

$13.35

$13.33

$12.37

$10.14

$9.70

$13.46

Total

return

d

.......................

10.06%

14.51%

27.84%

14.62%

(15.37)%

29.08%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.03%

1.25%

2.13%

2.92%

3.36%

5.76%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.16)%

(0.16)%

(0.17)%

(0.19)%

(0.18)%

(0.17)%

Net

investment

income

c

...............

3.52%

1.85%

1.61%

1.26%

1.38%

0.91%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$19,063

$14,743

$8,788

$3,551

$2,899

$2,274

Portfolio

turnover

rate

................

7%

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.32

$12.36

$10.13

$9.69

$13.45

$10.63

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.22 0.18 0.10 0.15 0.10 Net

realized

and

unrealized

gains

(losses)

1.06 1.47 2.54 1.18 (1.89)

2.94 Total

from

investment

operations

........

1.29 1.69 2.72 1.28 (1.74)

3.04 Less

distributions

from:

Net

investment

income

..............

(0.40)

(0.52)

(0.24)

(0.07)

(0.77)

(0.10)

Net

realized

gains

.................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

(0.12)

Total

distributions

...................

(1.27)

(0.73)

(0.49)

(0.84)

(2.02)

(0.22)

Net

asset

value,

end

of

period

..........

$13.34

$13.32

$12.36

$10.13

$9.69

$13.45

Total

return

d

.......................

10.01%

14.41%

27.76%

14.51%

(15.48)%

28.94%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.12%

1.35%

2.23%

3.02%

3.46%

5.86%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.06)%

(0.06)%

(0.07)%

(0.09)%

(0.08)%

(0.07)%

Net

investment

income

c

...............

3.36%

1.75%

1.63%

1.04%

1.35%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$152

$140

$18

$14

$11

$13

Portfolio

turnover

rate

................

7%

45%

21%

37%

25%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 99.4%

#### Asset

#### Allocation

#### 99.4%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

449,465

$

7,784,739

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

659,089

14,928,363

22,713,102

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 21,060,020

####)
.......................

#### 22,713,102
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.4%
a

#### Management

#### Investment

#### Companies

#### 0.4%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

98,895

98,895

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 98,895

####)
........................

#### 98,895

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 98,895

####)
...................................

#### 98,895

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 21,158,915

####)
99.8 #### %
....................................

#### $22,811,997

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 30,435

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $22,842,432
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.23

$12.13

$10.25

$9.48

$13.66

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.18 0.15 0.10 0.04 0.08 0.06 Net

realized

and

unrealized

gains

(losses)

1.12 1.55 2.62 1.31 (1.83)

3.07 Total

from

investment

operations

........

1.30 1.70 2.72 1.35 (1.75)

3.13 Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.44)

(0.18)

(0.03)

(0.75)

(0.10)

Net

realized

gains

.................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...................

(1.15)

(0.60)

(0.84)

(0.58)

(2.43)

(0.13)

Net

asset

value,

end

of

period

..........

$13.38

$13.23

$12.13

$10.25

$9.48

$13.66

Total

return

d

.......................

10.09%

14.71%

28.16%

15.26%

(15.91)%

29.56%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.56%

1.90%

3.22%

5.29%

7.94%

13.14%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.20%

0.20%

0.19%

0.17%

0.18%

0.18%

Net

investment

income

c

...............

2.62%

1.23%

0.88%

0.42%

0.75%

0.50%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,472

$2,238

$625

$372

$118

$71

Portfolio

turnover

rate

................

10%

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$12.99

$11.93

$10.15

$9.44

$13.59

$10.66

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

0.09 0.06 0.02 0.02 0.02 (0.01)

Net

realized

and

unrealized

gains

(losses)

1.14 1.53 2.58 1.24 (1.85)

3.04 Total

from

investment

operations

........

1.23 1.59 2.60 1.26 (1.83)

3.03 Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.37)

(0.16)

—

(0.64)

(0.07)

Net

realized

gains

.................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...................

(0.97)

(0.53)

(0.82)

(0.55)

(2.32)

(0.10)

Net

asset

value,

end

of

period

..........

$13.25

$12.99

$11.93

$10.15

$9.44

$13.59

Total

return

d

.......................

9.67%

13.87%

27.21%

14.32%

(16.48)%

28.59%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

2.27%

2.66%

3.97%

6.04%

8.69%

13.89%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.95%

0.95%

0.94%

0.92%

0.93%

0.93%

Net

investment

income

(loss)

c

..........

1.28%

0.48%

0.17%

0.16%

0.17%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$63

$105

$71

$13

$11

$13

Portfolio

turnover

rate

................

10%

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.18

$12.09

$10.21

$9.46

$13.62

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.29 0.10 0.06 0.05 0.06 0.03 Net

realized

and

unrealized

gains

(losses)

0.97 1.55 2.61 1.25 (1.85)

3.04 Total

from

investment

operations

........

1.26 1.65 2.67 1.30 (1.79)

3.07 Less

distributions

from:

Net

investment

income

..............

(0.33)

(0.40)

(0.13)

—

(0.69)

(0.08)

Net

realized

gains

.................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...................

(1.16)

(0.56)

(0.79)

(0.55)

(2.37)

(0.11)

Net

asset

value,

end

of

period

..........

$13.28

$13.18

$12.09

$10.21

$9.46

$13.62

Total

return

d

.......................

9.85%

14.27%

27.70%

14.73%

(16.22)%

29.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.90%

2.31%

3.62%

5.69%

8.34%

13.54%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.59%

0.60%

0.59%

0.57%

0.58%

0.58%

Net

investment

income

c

...............

4.45%

0.83%

0.55%

0.53%

0.53%

0.23%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$155

$24

$16

$12

$11

$13

Portfolio

turnover

rate

................

10%

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.23

$12.14

$10.25

$9.48

$13.64

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.17 0.13 0.09 0.07 0.09 0.06 Net

realized

and

unrealized

gains

(losses)

1.11 1.56 2.62 1.26 (1.85)

3.04 Total

from

investment

operations

........

1.28 1.69 2.71 1.33 (1.76)

3.10 Less

distributions

from:

Net

investment

income

..............

(0.29)

(0.44)

(0.16)

(0.01)

(0.72)

(0.09)

Net

realized

gains

.................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...................

(1.12)

(0.60)

(0.82)

(0.56)

(2.40)

(0.12)

Net

asset

value,

end

of

period

..........

$13.39

$13.23

$12.14

$10.25

$9.48

$13.64

Total

return

d

.......................

9.98%

14.55%

27.98%

14.99%

(15.97)%

29.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.71%

2.06%

3.37%

5.44%

8.09%

13.29%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.35%

0.35%

0.34%

0.32%

0.33%

0.33%

Net

investment

income

c

...............

2.59%

1.08%

0.80%

0.78%

0.78%

0.48%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$21

$17

$16

$12

$11

$13

Portfolio

turnover

rate

................

10%

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.64

$12.15

$10.26

$9.49

$13.66

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.37 0.17 0.11 0.08 0.09 0.09 Net

realized

and

unrealized

gains

(losses)

0.97 1.60 2.62 1.28 (1.83)

3.04 Total

from

investment

operations

........

1.34 1.77 2.73 1.36 (1.74)

3.13 Less

distributions

from:

Net

investment

income

..............

(0.34)

(0.12)

(0.18)

(0.04)

(0.75)

(0.10)

Net

realized

gains

.................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...................

(1.17)

(0.28)

(0.84)

(0.59)

(2.43)

(0.13)

Net

asset

value,

end

of

period

..........

$13.81

$13.64

$12.15

$10.26

$9.49

$13.66

Total

return

d

.......................

10.14%

14.85%

28.26%

15.36%

(15.81)%

29.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.41%

1.81%

3.12%

5.19%

7.84%

13.04%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.08%

0.10%

0.09%

0.07%

0.08%

0.08%

Net

investment

income

c

...............

5.45%

1.33%

0.99%

0.83%

0.80%

0.73%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$221

$32

$24

$27

$20

$13

Portfolio

turnover

rate

................

10%

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.31

$12.18

$10.28

$9.50

$13.67

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.20 0.18 0.13 0.11 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

1.13 1.56 2.63 1.27 (1.85)

3.03 Total

from

investment

operations

........

1.33 1.74 2.76 1.38 (1.72)

3.14 Less

distributions

from:

Net

investment

income

..............

(0.34)

(0.45)

(0.20)

(0.05)

(0.77)

(0.10)

Net

realized

gains

.................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...................

(1.17)

(0.61)

(0.86)

(0.60)

(2.45)

(0.13)

Net

asset

value,

end

of

period

..........

$13.47

$13.31

$12.18

$10.28

$9.50

$13.67

Total

return

d

.......................

10.25%

14.99%

28.48%

15.56%

(15.67)%

29.73%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.31%

1.66%

2.97%

5.04%

7.69%

12.89%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.06)%

(0.05)%

(0.06)%

(0.08)%

(0.07)%

(0.07)%

Net

investment

income

c

...............

2.94%

1.48%

1.20%

1.18%

1.18%

0.88%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$18

$18

$16

$13

$11

$13

Portfolio

turnover

rate

................

10%

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.30

$12.19

$10.28

$9.51

$13.68

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.21 0.19 0.12 0.11 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

1.12 1.56 2.66 1.27 (1.84)

3.05 Total

from

investment

operations

........

1.33 1.75 2.78 1.38 (1.71)

3.16 Less

distributions

from:

Net

investment

income

..............

(0.35)

(0.48)

(0.21)

(0.06)

(0.78)

(0.11)

Net

realized

gains

.................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...................

(1.18)

(0.64)

(0.87)

(0.61)

(2.46)

(0.14)

Net

asset

value,

end

of

period

..........

$13.45

$13.30

$12.19

$10.28

$9.51

$13.68

Total

return

d

.......................

10.28%

15.09%

28.70%

15.57%

(15.55)%

29.87%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.22%

1.56%

2.87%

4.94%

7.59%

12.79%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.16)%

(0.15)%

(0.16)%

(0.18)%

(0.17)%

(0.17)%

Net

investment

income

c

...............

3.04%

1.58%

1.13%

1.13%

1.16%

0.91%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$14,248

$10,818

$6,620

$2,051

$1,050

$748

Portfolio

turnover

rate

................

10%

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 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

.....

$13.29

$12.18

$10.28

$9.51

$13.67

$10.66

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.17 0.18 0.13 0.11 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

1.15 1.56 2.63 1.26 (1.84)

3.03 Total

from

investment

operations

........

1.32 1.74 2.76 1.37 (1.71)

3.14 Less

distributions

from:

Net

investment

income

..............

(0.33)

(0.47)

(0.20)

(0.05)

(0.77)

(0.10)

Net

realized

gains

.................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

(0.03)

Total

distributions

...................

(1.16)

(0.63)

(0.86)

(0.60)

(2.45)

(0.13)

Net

asset

value,

end

of

period

..........

$13.45

$13.29

$12.18

$10.28

$9.51

$13.67

Total

return

d

.......................

10.25%

14.97%

28.49%

15.44%

(15.58)%

29.74%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.29%

1.66%

2.97%

5.04%

7.69%

12.89%

Expenses

net

of

waiver

and

payments

by

affiliates

f,g

.........................

(0.05)%

(0.05)%

(0.06)%

(0.08)%

(0.07)%

(0.07)%

Net

investment

income

c

...............

2.58%

1.48%

1.21%

1.17%

1.18%

0.89%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$27

$32

$24

$18

$14

$16

Portfolio

turnover

rate

................

10%

31%

19%

28%

25%

61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Total

return

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

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.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### 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

#### 99.5%

#### Asset

#### Allocation

#### 99.5%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

587,596

$

10,177,164

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

307,021

6,954,015

17,131,179

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 15,635,157

####)
.......................

#### 17,131,179
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.4%
a

#### Management

#### Investment

#### Companies

#### 0.4%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

68,426

68,426

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 68,426

####)
........................

#### 68,426

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 68,426

####)
...................................

#### 68,426

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 15,703,583

####)
99.9 #### %
....................................

#### $17,199,605

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 25,920

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $17,225,525
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.74

$12.62

$10.36

$9.43

$11.88

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.19 0.13 0.05 0.03 0.08 (0.02)

Net

realized

and

unrealized

gains

(losses)

1.19 1.69 2.80 1.36 (1.86)

1.90 Total

from

investment

operations

........

1.38 1.82 2.85 1.39 (1.78)

1.88 Less

distributions

from:

Net

investment

income

..............

(0.29)

(0.44)

(0.14)

(0.02)

(0.67)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...................

(0.99)

(0.70)

(0.59)

(0.46)

(0.67)

—

Net

asset

value,

end

of

period

..........

$14.13

$13.74

$12.62

$10.36

$9.43

$11.88

Total

return

e

.......................

10.22%

15.14%

28.63%

15.57%

(15.94)%

18.80%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

3.42%

5.83%

11.66%

28.68%

70.55%

99.45%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.20%

0.18%

0.20%

0.18%

0.18%

0.12%

Net

investment

income

(loss)

c

..........

2.65%

1.02%

0.47%

0.32%

0.79%

(0.12)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$842

$1,004

$645

$234

$42

$21

Portfolio

turnover

rate

................

24%

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.52

$12.45

$10.26

$9.40

$11.82

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.11 0.03 (0.02)

—

e

0.01 (0.07)

Net

realized

and

unrealized

gains

(losses)

1.20 1.67 2.76 1.30 (1.86)

1.89 Total

from

investment

operations

........

1.31 1.70 2.74 1.30 (1.85)

1.82 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.37)

(0.10)

—

(0.57)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...................

(0.88)

(0.63)

(0.55)

(0.44)

(0.57)

—

Net

asset

value,

end

of

period

..........

$13.95

$13.52

$12.45

$10.26

$9.40

$11.82

Total

return

f

........................

9.84%

14.29%

27.72%

14.54%

(16.50)%

18.20%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

4.18%

6.59%

12.41%

29.43%

71.30%

99.96%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

0.95%

0.94%

0.95%

0.93%

0.93%

0.63%

Net

investment

income

(loss)

c

..........

1.53%

0.27%

(0.18)%

(0.03)%

0.06%

(0.63)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$100

$84

$67

$32

$12

$12

Portfolio

turnover

rate

................

24%

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.68

$12.57

$10.33

$9.42

$11.85

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.13 0.08 0.04 0.04 0.05 (0.04)

Net

realized

and

unrealized

gains

(losses)

1.22 1.68 2.76 1.31 (1.87)

1.89 Total

from

investment

operations

........

1.35 1.76 2.80 1.35 (1.82)

1.85 Less

distributions

from:

Net

investment

income

..............

(0.23)

(0.39)

(0.11)

—

(0.61)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...................

(0.93)

(0.65)

(0.56)

(0.44)

(0.61)

—

Net

asset

value,

end

of

period

..........

$14.10

$13.68

$12.57

$10.33

$9.42

$11.85

Total

return

e

.......................

10.04%

14.69%

28.10%

15.06%

(16.26)%

18.50%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

3.83%

6.24%

12.06%

29.08%

70.95%

99.72%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.60%

0.59%

0.60%

0.58%

0.58%

0.39%

Net

investment

income

(loss)

c

..........

1.88%

0.62%

0.38%

0.41%

0.47%

(0.39)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$24

$23

$19

$11

$10

$12

Portfolio

turnover

rate

................

24%

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.78

$12.66

$10.38

$9.44

$11.87

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.15 0.03 0.07 0.06 0.08 (0.02)

Net

realized

and

unrealized

gains

(losses)

1.23 1.77 2.78 1.32 (1.87)

1.89 Total

from

investment

operations

........

1.38 1.80 2.85 1.38 (1.79)

1.87 Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.42)

(0.12)

—

e

(0.64)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...................

(0.82)

(0.68)

(0.57)

(0.44)

(0.64)

—

Net

asset

value,

end

of

period

..........

$14.34

$13.78

$12.66

$10.38

$9.44

$11.87

Total

return

f

........................

10.20%

14.88%

28.47%

15.37%

(16.03)%

18.70%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

3.59%

5.99%

11.81%

28.83%

70.70%

99.55%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

0.35%

0.34%

0.35%

0.33%

0.33%

0.22%

Net

investment

income

(loss)

c

..........

2.17%

1.29%

0.59%

0.66%

0.72%

(0.22)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$22

$16

$15

$11

$10

$12

Portfolio

turnover

rate

................

24%

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.80

$12.66

$10.38

$9.46

$11.89

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

........

0.17 0.14 0.09 0.08 0.06 (0.01)

Net

realized

and

unrealized

gains

(losses)

1.22 1.70 2.79 1.32 (1.82)

1.90 Total

from

investment

operations

........

1.39 1.84 2.88 1.40 (1.76)

1.89 Less

distributions

from:

Net

investment

income

..............

(0.29)

(0.44)

(0.15)

(0.04)

(0.67)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...................

(0.99)

(0.70)

(0.60)

(0.48)

(0.67)

—

Net

asset

value,

end

of

period

..........

$14.20

$13.80

$12.66

$10.38

$9.46

$11.89

Total

return

e

.......................

10.31%

15.29%

28.81%

15.55%

(15.79)%

18.90%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

3.32%

5.74%

11.56%

28.58%

70.45%

99.39%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.10%

0.09%

0.10%

0.08%

0.08%

0.06%

Net

investment

income

(loss)

c

..........

2.39%

1.12%

0.81%

0.86%

0.54%

(0.06)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$107

$85

$75

$57

$34

$12

Portfolio

turnover

rate

................

24%

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.83

$12.70

$10.40

$9.47

$11.90

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.18 0.16 0.11 0.10 0.12 0.01 Net

realized

and

unrealized

gains

(losses)

1.23 1.70 2.80 1.31 (1.87)

1.89 Total

from

investment

operations

........

1.41 1.86 2.91 1.41 (1.75)

1.90 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.47)

(0.16)

(0.04)

(0.68)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...................

(1.01)

(0.73)

(0.61)

(0.48)

(0.68)

—

Net

asset

value,

end

of

period

..........

$14.23

$13.83

$12.70

$10.40

$9.47

$11.90

Total

return

e

.......................

10.41%

15.37%

29.08%

15.71%

(15.66)%

19.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

3.18%

5.58%

11.41%

28.43%

70.30%

99.29%

Expenses

net

of

waiver

and

payments

by

affiliates

g

,h

.........................

(0.05)%

(0.06)%

(0.05)%

(0.07)%

(0.07)%

(0.04)%

Net

investment

income

c

...............

2.58%

1.27%

0.99%

1.06%

1.11%

0.04%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$19

$17

$15

$12

$10

$12

Portfolio

turnover

rate

................

24%

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

h

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.83

$12.70

$10.40

$9.47

$11.91

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.19 0.17 0.12 0.08 0.06 0.01 Net

realized

and

unrealized

gains

(losses)

1.22 1.70 2.80 1.34 (1.80)

1.90 Total

from

investment

operations

........

1.41 1.87 2.92 1.42 (1.74)

1.91 Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.48)

(0.17)

(0.05)

(0.70)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...................

(1.02)

(0.74)

(0.62)

(0.49)

(0.70)

—

Net

asset

value,

end

of

period

..........

$14.22

$13.83

$12.70

$10.40

$9.47

$11.91

Total

return

e

.......................

10.42%

15.50%

29.20%

15.83%

(15.65)%

19.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

3.09%

5.48%

11.31%

28.33%

70.20%

99.22%

Expenses

net

of

waiver

and

payments

by

affiliates

g,h

.........................

(0.15)%

(0.17)%

(0.15)%

(0.17)%

(0.17)%

(0.11)%

Net

investment

income

c

...............

2.76%

1.37%

1.05%

0.81%

0.60%

0.11%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,094

$2,011

$275

$141

$36

$12

Portfolio

turnover

rate

................

24%

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

h

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.83

$12.69

$10.40

$9.46

$11.90

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

............

0.18 0.16 0.15 0.10 0.12 —

e

Net

realized

and

unrealized

gains

(losses)

1.22 1.71 2.75 1.32 (1.87)

1.90 Total

from

investment

operations

........

1.40 1.87 2.90 1.42 (1.75)

1.90 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.47)

(0.16)

(0.04)

(0.69)

—

Net

realized

gains

.................

(0.70)

(0.26)

(0.45)

(0.44)

—

—

Total

distributions

...................

(1.01)

(0.73)

(0.61)

(0.48)

(0.69)

—

Net

asset

value,

end

of

period

..........

$14.22

$13.83

$12.69

$10.40

$9.46

$11.90

Total

return

f

........................

10.34%

15.47%

28.97%

15.83%

(15.73)%

19.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

..........................

3.18%

5.58%

11.41%

28.43%

70.30%

99.29%

Expenses

net

of

waiver

and

payments

by

affiliates

h

,

i

.........................

(0.05)%

(0.07)%

(0.05)%

(0.07)%

(0.07)%

(0.04)%

Net

investment

income

c

...............

2.56%

1.27%

1.37%

1.04%

1.11%

0.04%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$62

$52

$17

$25

$22

$27

Portfolio

turnover

rate

................

24%

48%

33%

13%

10%

1%

a

For

the

period

December

30,

2020

(commencement

of

operations)

to

August

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

i

Management

fees

and

asset

allocation

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 98.7%

#### Asset

#### Allocation

#### 98.7%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

190,900

$

3,306,382

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

40,098

908,226

4,214,608

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 3,840,576

####)
........................

#### 4,214,608
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%
a

#### Management

#### Investment

#### Companies

#### 0.5%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

19,576

19,576

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 19,576

####)
........................

#### 19,576

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 19,576

####)
...................................

#### 19,576

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,860,152

####)
99.2 #### %
.....................................

#### $4,234,184

#### Other

#### Assets,

#### less

#### Liabilities
0.8 #### %
.............................................

#### 35,168

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $4,269,352
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.40

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

.........................................................

0.14 (—)

e

Net

realized

and

unrealized

gains

(losses)

................................................

0.91 0.40 Total

from

investment

operations

.........................................................

1.05 0.40 Less

distributions

from:

Net

investment

income

...............................................................

(0.21)

—

Net

asset

value,

end

of

period

...........................................................

$11.24

$10.40

Total

return

f

.........................................................................

10.17%

4.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

...........................................

11.78%

27.18%

Expenses

net

of

waiver

and

payments

by

affiliates

h

...........................................

0.20%

0.20%

Net

investment

income

(loss)

d

...........................................................

2.60%

(0.24)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

.........................................................

$265

$30

Portfolio

turnover

rate

.................................................................

4%

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.40

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

.........................................................

0.08 (0.01)

Net

realized

and

unrealized

gains

(losses)

................................................

0.94 0.41 Total

from

investment

operations

.........................................................

1.02 0.40 Less

distributions

from:

Net

investment

income

...............................................................

(0.19)

—

Net

asset

value,

end

of

period

...........................................................

$11.23

$10.40

Total

return

e

........................................................................

9.86%

4.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

...........................................

15.33%

28.16%

Expenses

net

of

waiver

and

payments

by

affiliates

g

...........................................

0.95%

0.96%

Net

investment

income

(loss)

d

...........................................................

1.48%

(0.92)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

.........................................................

$11

$10

Portfolio

turnover

rate

.................................................................

4%

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.41

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

.........................................................

0.10 (—)

e

Net

realized

and

unrealized

gains

(losses)

................................................

0.92 0.41 Total

from

investment

operations

.........................................................

1.02 0.41 Less

distributions

from:

Net

investment

income

...............................................................

(0.20)

—

Net

asset

value,

end

of

period

...........................................................

$11.23

$10.41

Total

return

f

.........................................................................

9.90%

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

...........................................

14.97%

27.82%

Expenses

net

of

waiver

and

payments

by

affiliates

h

...........................................

0.60%

0.62%

Net

investment

income

(loss)

d

...........................................................

1.83%

(0.58)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

.........................................................

$11

$10

Portfolio

turnover

rate

.................................................................

4%

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.41

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

.........................................................

0.11 (—)

e

Net

realized

and

unrealized

gains

(losses)

................................................

0.93 0.41 Total

from

investment

operations

.........................................................

1.04 0.41 Less

distributions

from:

Net

investment

income

...............................................................

(0.21)

—

Net

asset

value,

end

of

period

...........................................................

$11.24

$10.41

Total

return

f

.........................................................................

10.09%

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

...........................................

15.75%

27.58%

Expenses

net

of

waiver

and

payments

by

affiliates

h

...........................................

0.35%

0.39%

Net

investment

income

(loss)

d

...........................................................

2.08%

(0.35)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

.........................................................

$11

$10

Portfolio

turnover

rate

.................................................................

4%

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.41

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

.........................................................

0.22 (—)

e

Net

realized

and

unrealized

gains

(losses)

................................................

0.84 0.41 Total

from

investment

operations

.........................................................

1.06 0.41 Less

distributions

from:

Net

investment

income

...............................................................

(0.22)

—

Net

asset

value,

end

of

period

...........................................................

$11.25

$10.41

Total

return

f

.........................................................................

10.25%

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

...........................................

15.21%

27.34%

Expenses

net

of

waiver

and

payments

by

affiliates

h

...........................................

0.09%

0.14%

Net

investment

income

(loss)

d

...........................................................

4.11%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

.........................................................

$45

$10

Portfolio

turnover

rate

.................................................................

4%

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.41

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

.............................................................

0.13 —

e

Net

realized

and

unrealized

gains

(losses)

................................................

0.94 0.41 Total

from

investment

operations

.........................................................

1.07 0.41 Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

of

period

...........................................................

$11.25

$10.41

Total

return

f

.........................................................................

10.35%

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

...........................................

14.34%

27.19%

Expenses

net

of

waiver

and

payments

by

affiliates

h

...........................................

(0.05)%

(0.01)%

Net

investment

income

d

................................................................

2.48%

0.05%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

.........................................................

$11

$10

Portfolio

turnover

rate

.................................................................

4%

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.41

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

.............................................................

0.14 —

e

Net

realized

and

unrealized

gains

(losses)

................................................

0.93 0.41 Total

from

investment

operations

.........................................................

1.07 0.41 Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

of

period

...........................................................

$11.25

$10.41

Total

return

f

.........................................................................

10.39%

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

...........................................

14.25%

27.10%

Expenses

net

of

waiver

and

payments

by

affiliates

h

...........................................

(0.15)%

(0.11)%

Net

investment

income

d

................................................................

2.57%

0.14%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

.........................................................

$1,073

$968

Portfolio

turnover

rate

.................................................................

4%

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

......................................................

$10.41

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

.............................................................

0.13 —

e

Net

realized

and

unrealized

gains

(losses)

................................................

0.94 0.41 Total

from

investment

operations

.........................................................

1.07 0.41 Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

of

period

...........................................................

$11.25

$10.41

Total

return

f

.........................................................................

10.35%

4.10%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

...........................................

14.33%

27.19%

Expenses

net

of

waiver

and

payments

by

affiliates

h

...........................................

(0.05)%

(0.01)%

Net

investment

income

d

................................................................

2.48%

0.05%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

.........................................................

$11

$10

Portfolio

turnover

rate

.................................................................

4%

—%

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Retirement

#### Advantage

#### 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

#### 96.4%

#### Asset

#### Allocation

#### 96.4%
a

Putnam

Dynamic

Asset

Allocation

Equity

Fund

,

Class

P

.......................

62,943

$

1,090,177

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund

,

Class

P

......................

13,203

299,042

1,389,219

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 1,287,493

####)
........................

#### 1,389,219
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%
a

#### Management

#### Investment

#### Companies

#### 0.5%
a,b

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.852 %

.......................

6,561

6,561

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 6,561

####)
.........................

#### 6,561

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 6,561

####)
....................................

#### 6,561

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,294,054

####)
96.9 #### %
.....................................

#### $1,395,780

#### Other

#### Assets,

#### less

#### Liabilities
3.1 #### %
.............................................

#### 45,467

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,441,247
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
Assets:

Investments

in

securities:

Cost

-

Non-controlled

affiliates

(Note

3f)

.....

$41,984,971

$45,128,706

$51,112,423

$43,177,828

Value

-

Non-controlled

affiliates

(Note

3f)

.....

44,853,165

46,998,588

52,961,899

45,020,083

Cash

.................................

35,064

5,022

1,202

Receivables:

Investment

securities

sold

................

—

1,291

33,291

Capital

shares

sold

.....................

91,413

44,082

42,143

57,304

Affiliates

.............................

25,278

14,538

15,427

15,371

Prepaid

expenses

.......................

51,530

46,318

45,867

46,019

Total

assets

.......................

45,056,450

47,109,839

53,099,829

45,138,817

Liabilities:

Payables:

Investment

securities

purchased

...........

21,004

49,059

37,795

55,380

Capital

shares

redeemed

................

1,863

20,809

34,735

8,109

Administrative

fees

.....................

Distribution

fees

.......................

1,181

1,166

1,638

1,296

Transfer

agent

fees

.....................

3,397

4,041

5,189

4,116

Reports

to

shareholders

fees

.............

—

18,263

18,216

20,080

Professional

fees

......................

49,147

17,384

17,942

11,903

Trustees'

fees

and

expenses

..............

Distributions

to

shareholders

..............

69,147

—

—

—

Accrued

expenses

and

other

liabilities

........

139,574

4,301

4,292

4,301

Total

liabilities

......................

285,334

115,038

119,879

105,214

Net

assets,

at

value

..............

$44,771,116

$46,994,801

$52,979,950

$45,033,603

Net

assets

consist

of:

Paid-in

capital

..........................

$41,863,227

$45,101,269

$50,130,547

$42,209,494

Total

distributable

earnings

(losses)

..........

2,907,889

1,893,532

2,849,403

2,824,109

Net

assets,

at

value

..............

$44,771,116

$46,994,801

$52,979,950

$45,033,603

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$6,079,892

$5,679,845

$8,047,650

$6,245,871

Shares

outstanding

.....................

542,077

516,516

708,361

539,452

Net

asset

value

per

share

a,b

...............

$11.22

$11.00

$11.36

$11.58

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%,

94.25%,

94.25%

and

94.25%,

respectively)

b

...................

$11.69

$11.67

$12.05

$12.29

#### Class

#### C:
Net

assets,

at

value

....................

$12,438

$36,935

$22,969

$58,827

Shares

outstanding

.....................

1,129

3,294

1,948

5,006

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$11.02

$11.21

$11.79

$11.75

#### Class

#### R:
Net

assets,

at

value

....................

$11,654

$52,329

$188,501

$120,777

Shares

outstanding

.....................

1,049

4,756

16,622

10,431

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.11

$11.00

$11.34

$11.58

#### Class

#### R3:
Net

assets,

at

value

....................

$11,762

$167,669

$53,945

$74,849

Shares

outstanding

.....................

1,053

15,210

4,738

6,456

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.18

$11.02

$11.38

$11.59

#### Class

#### R4:
Net

assets,

at

value

....................

$30,160

$198,600

$403,543

$84,980

Shares

outstanding

.....................

2,684

17,787

35,417

7,302

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.24

$11.17

$11.39

$11.64

#### Class

#### R5:
Net

assets,

at

value

....................

$11,927

$13,267

$14,314

$15,019

Shares

outstanding

.....................

1,058

1,197

1,251

1,288

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.27

$11.08

$11.44

$11.66

#### Class

#### R6:
Net

assets,

at

value

....................

$38,526,132

$40,376,017

$44,047,566

$38,344,095

Shares

outstanding

.....................

3,406,444

3,642,888

3,850,482

3,286,920

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.31

$11.08

$11.44

$11.67

#### Class

#### Y:
Net

assets,

at

value

....................

$87,151

$470,139

$201,462

$89,185

Shares

outstanding

.....................

7,727

42,442

17,631

7,658

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.28

$11.08

$11.43

$11.65

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)

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Assets:

Investments

in

securities:

Cost

-

Non-controlled

affiliates

(Note

3f)

.....

$29,952,855

$29,140,009

$21,158,915

$15,703,583

Value

-

Non-controlled

affiliates

(Note

3f)

.....

32,299,896

31,226,074

22,811,997

17,199,605

Cash

.................................

842

592

Receivables:

Investment

securities

sold

................

25,446

951

—

Capital

shares

sold

.....................

32,294

42,690

29,929

33,872

Affiliates

.............................

14,307

14,414

12,392

11,170

Prepaid

expenses

.......................

46,004

46,207

45,725

45,649

Total

assets

.......................

32,393,453

31,355,423

22,901,003

17,290,390

Liabilities:

Payables:

Investment

securities

purchased

...........

29,562

37,863

29,930

33,814

Capital

shares

redeemed

................

27,277

1,538

Administrative

fees

.....................

Distribution

fees

.......................

912

685

736

582

Transfer

agent

fees

.....................

3,058

2,806

2,219

1,733

Reports

to

shareholders

fees

.............

20,870

21,032

20,659

24,448

Professional

fees

......................

11,622

4,418

675

—

Trustees'

fees

and

expenses

..............

Accrued

expenses

and

other

liabilities

........

4,311

4,312

4,325

2,736

Total

liabilities

......................

70,429

98,431

58,571

64,865

Net

assets,

at

value

..............

$32,323,024

$31,256,992

$22,842,432

$17,225,525

Net

assets

consist

of:

Paid-in

capital

..........................

$29,013,768

$28,081,100

$20,553,681

$15,186,323

Total

distributable

earnings

(losses)

..........

3,309,256

3,175,892

2,288,751

2,039,202

Net

assets,

at

value

..............

$32,323,024

$31,256,992

$22,842,432

$17,225,525

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$3,821,446

$2,057,495

$3,032,662

$2,471,876

Shares

outstanding

.....................

307,648

164,440

228,809

184,806

Net

asset

value

per

share

a,b

...............

$12.42

$12.51

$13.25

$13.38

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

...............

$13.18

$13.27

$14.06

$14.20

#### Class

#### C:
Net

assets,

at

value

....................

$35,196

$64,285

$183,788

$62,844

Shares

outstanding

.....................

2,781

5,172

14,001

4,743

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$12.66

$12.43

$13.13

$13.25

#### Class

#### R:
Net

assets,

at

value

....................

$419,413

$683,122

$62,443

$155,295

Shares

outstanding

.....................

33,870

54,668

4,719

11,697

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.38

$12.50

$13.23

$13.28

#### Class

#### R3:
Net

assets,

at

value

....................

$15,719

$26,376

$16,960

$21,344

Shares

outstanding

.....................

1,259

2,100

1,273

1,594

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.49

$12.56

$13.32

$13.39

#### Class

#### R4:
Net

assets,

at

value

....................

$40,578

$71,797

$314,554

$220,905

Shares

outstanding

.....................

3,240

5,709

23,644

15,998

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.52

$12.58

$13.30

$13.81

#### Class

#### R5:
Net

assets,

at

value

....................

$15,950

$16,702

$17,209

$17,959

Shares

outstanding

.....................

1,275

1,325

1,290

1,334

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.51

$12.60

$13.34

$13.47

#### Class

#### R6:
Net

assets,

at

value

....................

$27,523,872

$28,227,292

$19,062,855

$14,248,176

Shares

outstanding

.....................

2,199,418

2,238,818

1,428,068

1,059,601

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.51

$12.61

$13.35

$13.45

#### Class

#### Y:
Net

assets,

at

value

....................

$450,850

$109,923

$151,961

$27,126

Shares

outstanding

.....................

36,081

8,725

11,395

2,017

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$12.50

$12.60

$13.34

$13.45

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)

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Assets:

Investments

in

securities:

Cost

-

Non-controlled

affiliates

(Note

3f)

.......................................

$3,860,152

$1,294,054

Value

-

Non-controlled

affiliates

(Note

3f)

.......................................

4,234,184

1,395,780

Cash

...................................................................

6,427

—

Receivables:

Capital

shares

sold

.......................................................

8,359

Affiliates

...............................................................

—

54,049

Prepaid

expenses

.........................................................

50,799

8,926

Offering

costs

............................................................

—

51,677

Total

assets

.........................................................

4,299,769

1,510,444

Liabilities:

Payables:

Investment

securities

purchased

.............................................

9,391

Management

fees

........................................................

5,113

—

Administrative

fees

.......................................................

Distribution

fees

.........................................................

Transfer

agent

fees

.......................................................

Reports

to

shareholders

fees

...............................................

29,603

29,834

Professional

fees

........................................................

—

(4,262)

Trustees'

fees

and

expenses

................................................

—

Funds

advanced

by

custodian

................................................

—

Accrued

expenses

and

other

liabilities

..........................................

(14,180)

43,305

Total

liabilities

........................................................

30,417

69,197

Net

assets,

at

value

................................................

$4,269,352

$1,441,247

Net

assets

consist

of:

Paid-in

capital

............................................................

$3,748,756

$1,302,528

Total

distributable

earnings

(losses)

............................................

520,596

138,719

Net

assets,

at

value

................................................

$4,269,352

$1,441,247

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Class

#### A:
Net

assets,

at

value

......................................................

$841,671

$265,396

Shares

outstanding

.......................................................

59,571

23,610

Net

asset

value

per

share

a,b

.................................................

$14.13

$11.24

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

...............

$14.99

$11.93

#### Class

#### C:
Net

assets,

at

value

......................................................

$99,971

$11,422

Shares

outstanding

.......................................................

7,167

1,017

Net

asset

value

and

maximum

offering

price

per

share

a,b

...........................

$13.95

$11.23

#### Class

#### R:
Net

assets,

at

value

......................................................

$23,753

$11,445

Shares

outstanding

.......................................................

1,685

1,019

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.10

$11.23

#### Class

#### R3:
Net

assets,

at

value

......................................................

$22,025

$11,461

Shares

outstanding

.......................................................

1,536

1,020

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.34

$11.24

#### Class

#### R4:
Net

assets,

at

value

......................................................

$106,975

$45,146

Shares

outstanding

.......................................................

7,536

4,013

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.20

$11.25

#### Class

#### R5:
Net

assets,

at

value

......................................................

$19,483

$11,487

Shares

outstanding

.......................................................

1,369

1,021

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.23

$11.25

#### Class

#### R6:
Net

assets,

at

value

......................................................

$3,093,790

$1,073,403

Shares

outstanding

.......................................................

217,538

95,402

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.22

$11.25

#### Class

#### Y:
Net

assets,

at

value

......................................................

$61,684

$11,487

Shares

outstanding

.......................................................

4,338

1,021

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.22

$11.25

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

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

..........

$815,685

$787,178

$854,984

$761,037

Expenses:

Management

fees

(Note

a)

................

74,856

74,346

91,842

80,043

Administrative

fees

(Note

b)

...............

562

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

7,469

6,627

9,533

7,430

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

3,492

3,059

4,447

3,447

&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

............................

4,432

4,225

4,956

4,296

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

.............................

Reports

to

shareholders

fees

...............

11,483

10,975

11,164

10,533

Registration

and

filing

fees

.................

40,229

32,248

33,248

33,008

Professional

fees

........................

89,856

20,270

20,718

18,448

Trustees'

fees

and

expenses

...............

633

608

733

613

Other

.................................

(6,800)

1,514

1,584

1,563

Total

expenses

......................

226,458

155,389

180,103

160,884

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

...........................

(220,396)

(161,657)

(183,435)

(172,926)

Net

expenses

......................

6,062

(6,268)

(3,332)

(12,042)

Net

investment

income

.............

809,623

793,446

858,316

773,079

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

332,479

144,244

757,685

303,817

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

.........

—

557,752

1,675,269

1,702,152

Net

realized

gain

(loss)

...............

332,479

701,996

2,432,954

2,005,969

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

1,483,077

874,830

8,227

456,444

Net

realized

and

unrealized

gain

(loss)

.........

1,815,556

1,576,826

2,441,181

2,462,413

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$2,625,179

$2,370,272

$3,299,497

$3,235,492

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

..........

$571,436

$544,311

$337,388

$216,420

Expenses:

Management

fees

(Note

a)

................

57,978

58,676

42,321

32,349

Administrative

fees

(Note

b)

...............

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

4,465

2,383

3,510

2,936

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

688

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

820

1,232

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

2,074

1,109

1,628

1,360

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

677

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R4

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

3,044

3,210

2,083

1,530

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

.............................

Reports

to

shareholders

fees

...............

10,644

10,124

9,795

9,850

Registration

and

filing

fees

.................

32,365

32,607

32,232

32,187

Professional

fees

........................

16,332

15,462

13,902

12,955

Trustees'

fees

and

expenses

...............

Other

.................................

1,260

1,472

1,731

1,615

Total

expenses

......................

130,735

128,257

108,954

96,100

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

...........................

(144,893)

(145,900)

(118,941)

(102,688)

Net

expenses

......................

(14,158)

(17,643)

(9,987)

(6,588)

Net

investment

income

.............

585,594

561,954

347,375

223,008

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

673,448

497,402

146,600

260,517

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

.........

1,313,290

1,291,026

833,357

559,176

Net

realized

gain

(loss)

...............

1,986,738

1,788,428

979,957

819,693

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

.........

(14,500)

285,445

577,406

409,365

Net

realized

and

unrealized

gain

(loss)

.........

1,972,238

2,073,873

1,557,363

1,229,058

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$2,557,832

$2,635,827

$1,904,738

$1,452,066

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

............................................

$50,737

$16,489

Expenses:

Management

fees

(Note

a)

..................................................

8,438

2,950

Administrative

fees

(Note

b)

.................................................

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

1,271

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

...............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

...............................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

..............................................................

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

601

&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

.................................................

12,935

44,455

Registration

and

filing

fees

...................................................

16,565

1,622

Professional

fees

..........................................................

18,460

10,461

Trustees'

fees

and

expenses

.................................................

Amortization

of

offering

costs

(Note

d)

.........................................

—

59,186

Other

...................................................................

1,786

1,439

Total

expenses

........................................................

61,287

120,882

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

.............................

(61,610)

(121,315)

Net

expenses

........................................................

(323) (433) Net

investment

income

...............................................

51,060

16,922

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

64,230

4,291

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

...........................................

136,772

44,398

Net

realized

gain

(loss)

.................................................

201,002

48,689

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

125,523

60,591

Net

realized

and

unrealized

gain

(loss)

...........................................

326,525

109,280

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$377,585

$126,202

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

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$809,623

$1,044,684

$793,446

$1,465,969

Net

realized

gain

(loss)

............

332,479

1,137,345

701,996

2,937,331

Net

change

in

unrealized

appreciation

(depreciation)

.................

1,483,077

(447,815)

874,830

(1,450,613)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

2,625,179

1,734,214

2,370,272

2,952,687

Distributions

to

shareholders:

Class

A

........................

(161,632)

(84,568)

(382,237)

(86,597)

Class

C

........................

(465) (494) (1,447)

(10,372)

Class

R

........................

(302) (446) (3,616)

(508) Class

R3

.......................

(851) (468) (11,302)

(541) Class

R4

.......................

(684) (650) (11,987)

(850) Class

R5

.......................

(333) (513) (980) (600) Class

R6

.......................

(1,020,071)

(949,718)

(2,418,271)

(1,511,257)

Class

Y

........................

(1,099)

(1,296)

(31,277)

(37,467)

Total

distributions

to

shareholders

.....

(1,185,437)

(1,038,153)

(2,861,117)

(1,648,192)

Capital

share

transactions:

(Note

2)

Class

A

........................

(134,941)

5,149,501

401,100

3,270,312

Class

C

........................

(22,756)

22,683

(72,795)

16,162

Class

R

........................

(1,707)

1,666

41,103

(67) Class

R3

.......................

(390) 10

160,366

Class

R4

.......................

14,364

184,103

1,489

Class

R5

.......................

—

—

Class

R6

.......................

2,415,771

18,538,495

8,191,816

4,055,920

Class

Y

........................

50,766

6,984

(266,835)

(119,415)

Total

capital

share

transactions

.......

2,321,107

23,719,803

8,638,858

7,224,411

Net

increase

(decrease)

in

net

assets

.....................

3,760,849

24,415,864

8,148,013

8,528,906

Net

assets:

Beginning

of

period

................

41,010,267

16,594,403

38,846,788

30,317,882

End

of

period

.....................

$44,771,116

$41,010,267

$46,994,801

$38,846,788

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

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$858,316

$1,402,819

$773,079

$977,961

Net

realized

gain

(loss)

............

2,432,954

4,032,112

2,005,969

4,233,988

Net

change

in

unrealized

appreciation

(depreciation)

.................

8,227

(1,226,741)

456,444

(1,278,270)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

3,299,497

4,208,190

3,235,492

3,933,679

Distributions

to

shareholders:

Class

A

........................

(676,623)

(296,139)

(613,405)

(104,306)

Class

C

........................

(871) (10,071)

(4,475)

(5,465)

Class

R

........................

(16,514)

(768) (11,899)

(915) Class

R3

.......................

(4,848)

(807) (7,617)

(957) Class

R4

.......................

(35,672)

(3,226)

(8,315)

(4,376)

Class

R5

.......................

(1,387)

(871) (1,667)

(1,025)

Class

R6

.......................

(3,646,905)

(1,972,814)

(3,635,449)

(2,100,056)

Class

Y

........................

(8,694)

(3,007)

(8,909)

(6,116)

Total

distributions

to

shareholders

.....

(4,391,514)

(2,287,703)

(4,291,736)

(2,223,216)

Capital

share

transactions:

(Note

2)

Class

A

........................

1,023,267

3,337,827

843,992

4,065,715

Class

C

........................

771

(124,973)

6,190

(34,781)

Class

R

........................

181,144

109,251

Class

R3

.......................

41,464

64,224

Class

R4

.......................

366,625

7,073

11,256

(3,689)

Class

R5

.......................

—

—

Class

R6

.......................

6,881,172

12,761,095

6,390,011

9,410,030

Class

Y

........................

130,862

20,917

9,410

40,654

Total

capital

share

transactions

.......

8,625,305

16,001,954

7,434,334

13,478,121

Net

increase

(decrease)

in

net

assets

.....................

7,533,288

17,922,441

6,378,090

15,188,584

Net

assets:

Beginning

of

period

................

45,446,662

27,524,221

38,655,513

23,466,929

End

of

period

.....................

$52,979,950

$45,446,662

$45,033,603

$38,655,513

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

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$585,594

$498,637

$561,954

$446,306

Net

realized

gain

(loss)

............

1,986,738

2,573,960

1,788,428

2,530,345

Net

change

in

unrealized

appreciation

(depreciation)

.................

(14,500)

(59,966)

285,445

12,960

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

2,557,832

3,012,631

2,635,827

2,989,611

Distributions

to

shareholders:

Class

A

........................

(379,807)

(62,630)

(178,106)

(50,317)

Class

C

........................

(3,449)

(7,318)

(5,387)

(1,913)

Class

R

........................

(41,787)

(7,971)

(59,957)

(761) Class

R3

.......................

(1,731)

(746) (2,423)

(803) Class

R4

.......................

(4,174)

(3,705)

(6,004)

(4,174)

Class

R5

.......................

(1,813)

(814) (1,616)

(874) Class

R6

.......................

(2,648,933)

(995,616)

(2,456,687)

(1,106,055)

Class

Y

........................

(45,294)

(9,219)

(5,369)

(2,897)

Total

distributions

to

shareholders

.....

(3,126,988)

(1,088,019)

(2,715,549)

(1,167,794)

Capital

share

transactions:

(Note

2)

Class

A

........................

581,745

1,928,789

361,753

803,394

Class

C

........................

(3,342)

(112,688)

9,352

26,873

Class

R

........................

262,529

10,629

690,808

753

Class

R3

.......................

—

10,432

Class

R4

.......................

(40,407)

2,275

12,232

(15,258)

Class

R5

.......................

—

—

Class

R6

.......................

4,986,559

6,048,260

4,489,179

5,744,563

Class

Y

........................

254,348

55,363

(44,535)

125,842

Total

capital

share

transactions

.......

6,041,432

7,932,648

5,529,221

6,686,179

Net

increase

(decrease)

in

net

assets

.....................

5,472,276

9,857,260

5,449,499

8,507,996

Net

assets:

Beginning

of

period

................

26,850,748

16,993,488

25,807,493

17,299,497

End

of

period

.....................

$32,323,024

$26,850,748

$31,256,992

$25,807,493

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

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$347,375

$256,942

$223,008

$157,248

Net

realized

gain

(loss)

............

979,957

2,002,609

819,693

1,306,853

Net

change

in

unrealized

appreciation

(depreciation)

.................

577,406

(184,700)

409,365

153,566

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

1,904,738

2,074,851

1,452,066

1,617,667

Distributions

to

shareholders:

Class

A

........................

(257,734)

(39,025)

(195,657)

(32,859)

Class

C

........................

(14,780)

(5,921)

(4,329)

(3,067)

Class

R

........................

(5,536)

(826) (12,377)

(843) Class

R3

.......................

(1,557)

(870) (1,726)

(793) Class

R4

.......................

(27,508)

(2,296)

(17,368)

(587) Class

R5

.......................

(1,640)

(942) (1,559)

(823) Class

R6

.......................

(1,578,888)

(726,124)

(1,078,470)

(423,925)

Class

Y

........................

(13,372)

(1,070)

(2,293)

(1,343)

Total

distributions

to

shareholders

.....

(1,901,015)

(777,074)

(1,313,779)

(464,240)

Capital

share

transactions:

(Note

2)

Class

A

........................

496,551

1,679,485

204,355

1,428,960

Class

C

........................

78,471

(15,190)

(44,749)

25,241

Class

R

........................

48,166

136,388

5,816

Class

R3

.......................

—

3,769

Class

R4

.......................

279,650

5,222

195,989

4,617

Class

R5

.......................

—

—

Class

R6

.......................

4,303,180

4,890,879

3,313,046

3,247,855

Class

Y

........................

11,943

109,982

(5,341)

5,071

Total

capital

share

transactions

.......

5,217,961

6,670,437

3,803,457

4,717,585

Net

increase

(decrease)

in

net

assets

.....................

5,221,684

7,968,214

3,941,744

5,871,012

Net

assets:

Beginning

of

period

................

17,620,748

9,652,534

13,283,781

7,412,769

End

of

period

.....................

$22,842,432

$17,620,748

$17,225,525

$13,283,781

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

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$51,060

$26,657

$16,922

$83

Net

realized

gain

(loss)

............

201,002

280,333

48,689

—

Net

change

in

unrealized

appreciation

(depreciation)

.................

125,523

73,616

60,591

41,135

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

377,585

380,606

126,202

41,218

Distributions

to

shareholders:

Class

A

........................

(81,722)

(33,198)

(4,876)

—

Class

C

........................

(5,857)

(3,955)

(190) —

Class

R

........................

(1,530)

(1,058)

(205) —

Class

R3

.......................

(1,084)

(792) (214) —

Class

R4

.......................

(6,789)

(4,265)

(868) —

Class

R5

.......................

(1,337)

(859) (230) —

Class

R6

.......................

(187,106)

(53,979)

(21,887)

—

Class

Y

........................

(4,119)

(1,041)

(231) —

Total

distributions

to

shareholders

.....

(289,544)

(99,147)

(28,701)

—

Capital

share

transactions:

(Note

2)

Class

A

........................

(181,138)

205,011

221,975

29,678

Class

C

........................

13,220

3,215

10,000

Class

R

........................

572

10,000

Class

R3

.......................

5,239

174,556

10,000

Class

R4

.......................

19,068

(383) 33,485

10,000

Class

R5

.......................

1,616

10,000

Class

R6

.......................

1,022,689

1,472,371

26,320

930,000

Class

Y

........................

8,323

26,461

10,000

Total

capital

share

transactions

.......

889,469

1,881,956

282,850

1,019,678

Net

increase

(decrease)

in

net

assets

.....................

977,510

2,163,415

380,351

1,060,896

Net

assets:

Beginning

of

period

................

3,291,842

1,128,427

1,060,896

—

End

of

period

.....................

$4,269,352

$3,291,842

$1,441,247

$1,060,896

a

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(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),

including

affiliated

funds

managed

by

Franklin

Templeton

(FT

Underlying

Funds).

The

Funds

offer eight classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R3,

Class

R4,

Class

R5,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

August

1,

2025,

the

Trust

began

offering

shares

of

the

Putnam

Retirement

Advantage

2070

Fund.

Effective July

15,

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.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

#### Current

#### Fund

#### Repositioned

#### Fund
Putnam

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Franklin

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Franklin

Retirement

Advantage

2060

Fund

Putnam

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Franklin

Retirement

Advantage

2070

Fund

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

February

28,

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.

Since

the

Underlying

Funds

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

d. #### Organization

#### and

#### Offering

#### Costs
Offering

costs

are

amortized

on

a

straight

line

basis

over

the

first

twelve

months

of

operations.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

February

28,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

a

...................................

23,473

$259,844

83,995

$959,319

Shares

issued

in

reinvestment

of

distributions

..........

14,449

159,543

35,359

382,237

Shares

redeemed

...............................

(50,035)

(554,328)

(82,733)

(940,456)

Net

increase

(decrease)

..........................

(12,113)

$(134,941)

36,621

$401,100

Year

ended

August

31,

2025

Shares

sold

a

...................................

267,711

$2,799,814

382,651

$4,039,670

Shares

issued

in

reinvestment

of

distributions

..........

7,877

78,970

8,351

86,597

Shares

issued

on

reorganization

....................

227,868

2,445,028

—

—

Shares

redeemed

...............................

(16,850)

(174,311)

(80,616)

(855,955)

Net

increase

(decrease)

..........................

486,606

$5,149,501

310,386

$3,270,312

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

$8

$2,242

Shares

issued

in

reinvestment

of

distributions

..........

1,447

Shares

redeemed

a

..............................

(2,105)

(22,958)

(6,867)

(76,484)

Net

increase

(decrease)

..........................

(2,085)

$(22,756)

(6,537)

$(72,795)

Year

ended

August

31,

2025

Shares

sold

...................................

6,800

$71,728

19,905

$213,924

Shares

issued

in

reinvestment

of

distributions

..........

958

9,834

Shares

issued

on

reorganization

....................

7,738

81,640

—

—

Shares

redeemed

a

..............................

(12,378)

(130,784)

(19,156)

(207,596)

Net

increase

(decrease)

..........................

2,169

$22,683

1,707

$16,162

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

3,337

$38,428

Shares

issued

in

reinvestment

of

distributions

..........

2,675

Shares

redeemed

...............................

(157) (1,716)

—

—

Net

increase

(decrease)

..........................

(156) $(1,707)

3,584

$41,103

Year

ended

August

31,

2025

Shares

sold

...................................

$1,658

$1,387

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

issued

on

reorganization

....................

1,224

13,012

—

—

Shares

redeemed

...............................

(1,224)

(13,012)

(130) (1,454)

Net

increase

(decrease)

..........................

$1,666

—

$(67)

Class

R3

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R3

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

5,379

$59,000

13,074

$150,032

Shares

issued

in

reinvestment

of

distributions

..........

546

954

10,334

Shares

redeemed

...............................

(5,429)

(59,936)

—

—

Net

increase

(decrease)

..........................

—

$(390)

14,028

$160,366

Year

ended

August

31,

2025

Shares

sold

...................................

—

$10

—

$5

Shares

issued

on

reorganization

....................

1,073

11,468

—

—

Shares

redeemed

...............................

(1,073)

(11,468)

—

—

Net

increase

(decrease)

..........................

—

$10

—

$5

Class

R4

#### Class

#### R4

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

1,264

$14,064

14,944

$173,147

Shares

issued

in

reinvestment

of

distributions

..........

1,003

11,014

Shares

redeemed

...............................

(5) (59) (5) (58) Net

increase

(decrease)

..........................

1,291

$14,364

15,942

$184,103

Year

ended

August

31,

2025

Shares

sold

...................................

$2,353

$1,307

Shares

issued

in

reinvestment

of

distributions

..........

Shares

issued

on

reorganization

....................

1,085

11,664

—

—

Shares

redeemed

...............................

(1,276)

(13,714)

(8) (93) Net

increase

(decrease)

..........................

$454

$1,489

Class

R5

#### Class

#### R5

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

Shares

sold

...................................

—

$10

—

$5

Shares

issued

on

reorganization

....................

1,077

11,620

—

—

Shares

redeemed

...............................

(1,077)

(11,620)

—

—

Net

increase

(decrease)

..........................

—

$10

—

$5

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

375,887

$4,220,273

850,770

$9,440,647

Shares

issued

in

reinvestment

of

distributions

..........

79,261

882,511

195,852

2,132,830

Shares

redeemed

...............................

(240,309)

(2,687,013)

(303,143)

(3,381,661)

Net

increase

(decrease)

..........................

214,839

$2,415,771

743,479

$8,191,816

Year

ended

August

31,

2025

Shares

sold

...................................

992,863

$10,647,372

1,321,973

$14,374,372

Shares

issued

in

reinvestment

of

distributions

..........

86,633

795,109

132,876

1,385,893

Shares

issued

on

reorganization

....................

1,594,063

17,247,760

—

—

Shares

redeemed

...............................

(958,392)

(10,151,746)

(1,080,059)

(11,704,345)

Net

increase

(decrease)

..........................

1,715,167

$18,538,495

374,790

$4,055,920

Class

Y

#### Class

#### Y

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

4,436

$50,000

1,028

$11,221

Shares

issued

in

reinvestment

of

distributions

..........

766

2,872

31,277

Shares

redeemed

...............................

—

—

(27,111)

(309,333)

Net

increase

(decrease)

..........................

4,506

$50,766

(23,211)

$(266,835)

Year

ended

August

31,

2025

Shares

sold

...................................

572

$6,202

10,567

$116,824

Shares

issued

in

reinvestment

of

distributions

..........

782

3,534

36,861

Shares

issued

on

reorganization

....................

1,652

17,822

—

—

Shares

redeemed

...............................

(1,652)

(17,822)

(25,454)

(273,100)

Net

increase

(decrease)

..........................

646

$6,984

(11,353)

$(119,415)

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

a

...................................

54,995

$633,722

29,212

$352,035

Shares

issued

in

reinvestment

of

distributions

..........

60,629

676,623

54,140

613,405

Shares

redeemed

...............................

(24,014)

(287,078)

(9,959)

(121,448)

Net

increase

(decrease)

..........................

91,610

$1,023,267

73,393

$843,992

Year

ended

August

31,

2025

Shares

sold

a

...................................

365,503

$4,039,197

378,667

$4,227,254

Shares

issued

in

reinvestment

of

distributions

..........

27,728

296,139

9,642

104,132

Shares

redeemed

...............................

(89,401)

(997,509)

(23,893)

(265,671)

Net

increase

(decrease)

..........................

303,830

$3,337,827

364,416

$4,065,715

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

$1,790

Shares

issued

in

reinvestment

of

distributions

..........

871

4,475

Shares

redeemed

a

..............................

(8) (100) (6) (75) Net

increase

(decrease)

..........................

$771

530

$6,190

Year

ended

August

31,

2025

Shares

sold

...................................

3,313

$37,483

18,790

$209,017

Shares

issued

in

reinvestment

of

distributions

..........

875

9,271

4,558

Shares

redeemed

a

..............................

(15,123)

(171,727)

(21,226)

(248,356)

Net

increase

(decrease)

..........................

(10,935)

$(124,973)

(2,013)

$(34,781)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

21,155

$252,343

15,204

$185,760

Shares

issued

in

reinvestment

of

distributions

..........

1,361

15,176

908

10,296

Shares

redeemed

...............................

(7,121)

(86,375)

(6,955)

(86,805)

Net

increase

(decrease)

..........................

15,395

$181,144

9,157

$109,251

Year

ended

August

31,

2025

Shares

sold

...................................

—

$5

$164

Net

increase

(decrease)

..........................

—

$5

$164

Class

R3

#### Class

#### R3

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

6,780

$81,653

4,658

$58,255

Shares

issued

in

reinvestment

of

distributions

..........

3,495

526

5,969

Shares

redeemed

...............................

(3,589)

(43,684)

—

—

Net

increase

(decrease)

..........................

3,503

$41,464

5,184

$64,224

Year

ended

August

31,

2025

Shares

sold

...................................

—

$5

—

$14

Net

increase

(decrease)

..........................

—

$5

—

$14

Class

R4

#### Class

#### R4

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

27,432

$332,682

1,145

$13,840

Shares

issued

in

reinvestment

of

distributions

..........

3,064

34,283

586

6,671

Shares

redeemed

...............................

(29) (340) (750) (9,255)

Net

increase

(decrease)

..........................

30,467

$366,625

981

$11,256

Year

ended

August

31,

2025

Shares

sold

...................................

1,172

$13,109

660

$7,563

Shares

issued

in

reinvestment

of

distributions

..........

2,375

3,381

Shares

redeemed

...............................

(775) (8,411)

(1,282)

(14,633)

Net

increase

(decrease)

..........................

619

$7,073

(310) $(3,689)

Class

R5

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

Shares

sold

...................................

—

$5

—

$14

Net

increase

(decrease)

..........................

—

$5

—

$14

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

565,842

$6,550,767

408,911

$4,868,577

Shares

issued

in

reinvestment

of

distributions

..........

277,888

3,120,684

303,304

3,460,703

Shares

redeemed

...............................

(235,339)

(2,790,279)

(160,536)

(1,939,269)

Net

increase

(decrease)

..........................

608,391

$6,881,172

551,679

$6,390,011

Year

ended

August

31,

2025

Shares

sold

...................................

1,561,028

$17,494,992

1,154,772

$13,403,718

Shares

issued

in

reinvestment

of

distributions

..........

162,255

1,740,998

185,973

2,017,809

Shares

redeemed

...............................

(579,518)

(6,474,895)

(526,073)

(6,011,497)

Net

increase

(decrease)

..........................

1,143,765

$12,761,095

814,672

$9,410,030

Class

Y

#### Class

#### Y

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

10,669

$122,193

$501

Shares

issued

in

reinvestment

of

distributions

..........

775

8,694

781

8,909

Shares

redeemed

...............................

(2) (25) —

—

Net

increase

(decrease)

..........................

11,442

$130,862

822

$9,410

Year

ended

August

31,

2025

Shares

sold

...................................

2,950

$32,529

5,052

$58,115

Shares

issued

in

reinvestment

of

distributions

..........

2,130

5,082

Shares

redeemed

...............................

(1,255)

(13,742)

(2,022)

(22,543)

Net

increase

(decrease)

..........................

1,894

$20,917

3,499

$40,654

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

a

...................................

26,632

$343,095

21,515

$275,566

Shares

issued

in

reinvestment

of

distributions

..........

31,363

379,807

14,497

176,576

Shares

redeemed

...............................

(10,858)

(141,157)

(7,202)

(90,389)

Net

increase

(decrease)

..........................

47,137

$581,745

28,810

$361,753

Year

ended

August

31,

2025

Shares

sold

a

...................................

172,118

$2,037,773

89,232

$1,040,024

Shares

issued

in

reinvestment

of

distributions

..........

5,494

62,630

4,320

48,473

Shares

redeemed

...............................

(14,623)

(171,614)

(24,755)

(285,103)

Net

increase

(decrease)

..........................

162,989

$1,928,789

68,797

$803,394

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

$4,554

$5,537

Shares

issued

in

reinvestment

of

distributions

..........

3,449

3,939

Shares

redeemed

a

..............................

(896) (11,345)

(10) (124) Net

increase

(decrease)

..........................

(264) $(3,342)

747

$9,352

Year

ended

August

31,

2025

Shares

sold

...................................

4,983

$59,698

2,616

$30,636

Shares

issued

in

reinvestment

of

distributions

..........

583

6,645

1,145

Shares

redeemed

a

..............................

(14,421)

(179,031)

(411) (4,908)

Net

increase

(decrease)

..........................

(8,855)

$(112,688)

2,307

$26,873

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

18,146

$237,767

48,513

$632,426

Shares

issued

in

reinvestment

of

distributions

..........

3,459

41,787

4,797

58,382

Shares

redeemed

...............................

(1,296)

(17,025)

—

—

Net

increase

(decrease)

..........................

20,309

$262,529

53,310

$690,808

Year

ended

August

31,

2025

Shares

sold

...................................

2,030

$24,209

$750

Shares

issued

in

reinvestment

of

distributions

..........

632

7,215

—

—

Shares

redeemed

...............................

(1,759)

(20,795)

—

Net

increase

(decrease)

..........................

903

$10,629

$753

Class

R3

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R3

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

721

$9,571

Shares

issued

in

reinvestment

of

distributions

..........

—

—

861

Net

increase

(decrease)

..........................

—

$—

792

$10,432

Year

ended

August

31,

2025

Shares

sold

...................................

—

$10

—

$—

Shares

redeemed

...............................

—

—

—

Net

increase

(decrease)

..........................

—

$10

—

$6

Class

R4

#### Class

#### R4

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

1,235

$16,343

522

$6,691

Shares

issued

in

reinvestment

of

distributions

..........

2,426

6,004

Shares

redeemed

...............................

(4,429)

(59,176)

(36) (463) Net

increase

(decrease)

..........................

(2,995)

$(40,407)

977

$12,232

Year

ended

August

31,

2025

Shares

sold

...................................

$410

1,182

$13,864

Shares

issued

in

reinvestment

of

distributions

..........

2,924

3,322

Shares

redeemed

...............................

(91) (1,059)

(2,790)

(32,444)

Net

increase

(decrease)

..........................

$2,275

(1,313)

$(15,258)

Class

R5

#### Class

#### R5

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

Shares

sold

...................................

—

$10

—

$—

Shares

redeemed

...............................

—

—

—

Net

increase

(decrease)

..........................

—

$10

—

$6

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

350,831

$4,486,142

310,733

$4,011,166

Shares

issued

in

reinvestment

of

distributions

..........

208,242

2,540,553

189,850

2,329,458

Shares

redeemed

...............................

(158,386)

(2,040,136)

(143,792)

(1,851,445)

Net

increase

(decrease)

..........................

400,687

$4,986,559

356,791

$4,489,179

Year

ended

August

31,

2025

Shares

sold

...................................

755,442

$9,009,592

697,012

$8,255,241

Shares

issued

in

reinvestment

of

distributions

..........

85,254

977,014

92,984

1,048,860

Shares

redeemed

...............................

(324,918)

(3,938,346)

(299,668)

(3,559,538)

Net

increase

(decrease)

..........................

515,778

$6,048,260

490,328

$5,744,563

Class

Y

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

16,651

$220,752

4,018

$50,427

Shares

issued

in

reinvestment

of

distributions

..........

3,719

45,294

3,763

Shares

redeemed

...............................

(888) (11,698)

(7,346)

(98,725)

Net

increase

(decrease)

..........................

19,482

$254,348

(3,021)

$(44,535)

Year

ended

August

31,

2025

Shares

sold

...................................

5,180

$61,996

11,535

$140,278

Shares

issued

in

reinvestment

of

distributions

..........

734

8,402

2,012

Shares

redeemed

...............................

(1,275)

(15,035)

(1,409)

(16,448)

Net

increase

(decrease)

..........................

4,639

$55,363

10,305

$125,842

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

a

...................................

21,821

$295,295

29,069

$391,440

Shares

issued

in

reinvestment

of

distributions

..........

19,995

257,734

15,061

195,657

Shares

redeemed

...............................

(4,278)

(56,478)

(28,508)

(382,742)

Net

increase

(decrease)

..........................

37,538

$496,551

15,622

$204,355

Year

ended

August

31,

2025

Shares

sold

a

...................................

153,850

$1,879,394

123,099

$1,497,809

Shares

issued

in

reinvestment

of

distributions

..........

3,304

39,025

2,794

32,859

Shares

redeemed

...............................

(18,642)

(238,934)

(8,217)

(101,708)

Net

increase

(decrease)

..........................

138,512

$1,679,485

117,676

$1,428,960

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

4,839

$66,554

682

$9,121

Shares

issued

in

reinvestment

of

distributions

..........

1,040

13,294

3,060

Shares

redeemed

a

..............................

(107) (1,377)

(4,261)

(56,930)

Net

increase

(decrease)

..........................

5,772

$78,471

(3,342)

$(44,749)

Year

ended

August

31,

2025

Shares

sold

...................................

1,598

$19,515

3,270

$39,668

Shares

issued

in

reinvestment

of

distributions

..........

5,136

2,372

Shares

redeemed

a

..............................

(3,055)

(39,841)

(1,348)

(16,799)

Net

increase

(decrease)

..........................

(1,020)

$(15,190)

2,126

$25,241

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

4,043

$56,542

9,037

$125,565

Shares

issued

in

reinvestment

of

distributions

..........

3,951

841

10,851

Shares

redeemed

...............................

(895) (12,327)

(2) (28) Net

increase

(decrease)

..........................

3,455

$48,166

9,876

$136,388

Year

ended

August

31,

2025

Shares

sold

...................................

—

$19

$5,776

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

—

—

(5) (62) Net

increase

(decrease)

..........................

—

$19

$5,816

Class

R3

#### Class

#### R3

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

$3,527

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Net

increase

(decrease)

..........................

—

$—

$3,769

Year

ended

August

31,

2025

Shares

sold

...................................

—

$20

—

$12

Net

increase

(decrease)

..........................

—

$20

—

$12

Class

R4

#### Class

#### R4

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

18,990

$265,802

12,626

$181,982

Shares

issued

in

reinvestment

of

distributions

..........

1,999

25,868

1,180

15,803

Shares

redeemed

...............................

(857) (12,020)

(126) (1,796)

Net

increase

(decrease)

..........................

20,132

$279,650

13,680

$195,989

Year

ended

August

31,

2025

Shares

sold

...................................

839

$10,424

$5,740

Shares

issued

in

reinvestment

of

distributions

..........

1,378

Shares

redeemed

...............................

(550) (6,580)

(117) (1,340)

Net

increase

(decrease)

..........................

$5,222

$4,617

Class

R5

#### Class

#### R5

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

Shares

sold

...................................

—

$20

—

$13

Net

increase

(decrease)

..........................

—

$20

—

$13

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

258,795

$3,512,009

213,938

$2,914,875

Shares

issued

in

reinvestment

of

distributions

..........

118,486

1,536,763

77,933

1,017,806

Shares

redeemed

...............................

(54,930)

(745,592)

(45,669)

(619,635)

Net

increase

(decrease)

..........................

322,351

$4,303,180

246,202

$3,313,046

Year

ended

August

31,

2025

Shares

sold

...................................

632,024

$7,908,893

389,931

$4,776,310

Shares

issued

in

reinvestment

of

distributions

..........

59,464

705,241

33,294

392,867

Shares

redeemed

...............................

(296,229)

(3,723,255)

(153,102)

(1,921,322)

Net

increase

(decrease)

..........................

395,259

$4,890,879

270,123

$3,247,855

Class

Y

#### Class

#### Y

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

$240

$2,080

Shares

issued

in

reinvestment

of

distributions

..........

905

11,727

736

Shares

redeemed

...............................

(2) (24) (593) (8,157)

Net

increase

(decrease)

..........................

920

$11,943

(388) $(5,341)

Year

ended

August

31,

2025

Shares

sold

...................................

9,015

$109,880

$6,003

Shares

issued

in

reinvestment

of

distributions

..........

Shares

redeemed

...............................

(2) (25) (122) (1,430)

Net

increase

(decrease)

..........................

9,024

$109,982

$5,071

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

a

...................................

17,387

$247,503

20,272

$217,149

Shares

issued

in

reinvestment

of

distributions

..........

5,956

81,722

4,876

Shares

redeemed

...............................

(36,871)

(510,363)

(5) (50) Net

increase

(decrease)

..........................

(13,528)

$(181,138)

20,714

$221,975

Year

ended

August

31,

2025

Shares

sold

a

...................................

61,943

$779,362

2,896

$29,678

Shares

issued

in

reinvestment

of

distributions

..........

2,723

33,198

—

—

Shares

redeemed

...............................

(42,675)

(607,549)

—

—

Net

increase

(decrease)

..........................

21,991

$205,011

2,896

$29,678

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

637

$8,830

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

4,843

Shares

redeemed

a

..............................

(32) (453) —

—

Net

increase

(decrease)

..........................

962

$13,220

$190

Year

ended

August

31,

2025

Shares

sold

...................................

2,872

$36,072

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

3,223

—

—

Shares

redeemed

a

..............................

(2,329)

(36,080)

—

—

Net

increase

(decrease)

..........................

810

$3,215

1,000

$10,000

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$452

$205

Year

ended

August

31,

2025

Shares

sold

...................................

$1,429

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

—

(1,153)

—

—

Net

increase

(decrease)

..........................

$572

1,000

$10,000

Class

R3

#### Class

#### R3

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

$5,111

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$5,239

$214

Year

ended

August

31,

2025

Shares

sold

...................................

—

$478

1,000

$10,000

Shares

redeemed

...............................

—

174,078

—

—

Net

increase

(decrease)

..........................

—

$174,556

1,000

$10,000

Class

R4

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R4

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

1,009

$14,373

2,933

$32,617

Shares

issued

in

reinvestment

of

distributions

..........

5,620

868

Shares

redeemed

...............................

(65) (925) —

—

Net

increase

(decrease)

..........................

1,352

$19,068

3,013

$33,485

Year

ended

August

31,

2025

Shares

sold

...................................

2,133

$27,261

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

3,435

—

—

Shares

redeemed

...............................

(2,133)

(31,079)

—

—

Net

increase

(decrease)

..........................

$(383)

1,000

$10,000

Class

R5

#### Class

#### R5

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

$1,484

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Shares

redeemed

...............................

(1) (15) —

—

Net

increase

(decrease)

..........................

$1,616

$230

Year

ended

August

31,

2025

Shares

sold

...................................

$999

1,000

$10,000

Shares

redeemed

...............................

—

(846) —

—

Net

increase

(decrease)

..........................

$153

1,000

$10,000

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

87,078

$1,242,138

$4,433

Shares

issued

in

reinvestment

of

distributions

..........

13,328

183,935

2,004

21,887

Shares

redeemed

...............................

(28,234)

(403,384)

—

—

Net

increase

(decrease)

..........................

72,172

$1,022,689

2,402

$26,320

Year

ended

August

31,

2025

Shares

sold

...................................

147,404

$1,884,452

93,000

$930,000

Shares

issued

in

reinvestment

of

distributions

..........

4,338

53,101

—

—

Shares

redeemed

...............................

(28,056)

(465,182)

—

—

Net

increase

(decrease)

..........................

123,686

$1,472,371

93,000

$930,000

Class

Y

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

Retirement

Advantage

Maturity

Fund,

the

annual

rate

is

0.36%.

For

each

of

the

other

Funds,

the

annual

rate

is

based

on

the

number

of

years

remaining

(determined

as

of

September

30th

of

each

year

and

applicable

through

September

30th

of

the

following

year)

until

the

date

referenced

in

the

Fund's

name

(the

"Target

Date").

"Average

net

assets"

means

the

average

of

all

of

the

determinations

of

a

Fund's

net

asset

value

at

the

close

of

business

on

each

business

day

during

each

month.

The

annual

rate

for

each

Fund

for

the

reporting

period

were:

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### b

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Six

Months

ended

February

28,

2026

Shares

sold

...................................

$5,421

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

2,927

Shares

redeemed

...............................

(2) (25) —

—

Net

increase

(decrease)

..........................

589

$8,323

$231

Year

ended

August

31,

2025

Shares

sold

...................................

2,758

$34,194

1,000

$10,000

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(391) (7,914)

—

—

Net

increase

(decrease)

..........................

2,382

$26,461

1,000

$10,000

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. b

For

the

period

August

1,

2025

(commencement

of

operations)

to

August

31,

2025. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund
Gross

effective

investment

management

fee

rate

........

0.360%

0.373%

0.383%

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

Funds.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Funds.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Funds

have

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds.

The

Plans

provide

payments

by

the

Funds

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Funds

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund
Gross

effective

investment

management

fee

rate

........

0.393%

0.403%

0.414%

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund
Gross

effective

investment

management

fee

rate

........

0.423%

0.434%

0.443%

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Gross

effective

investment

management

fee

rate

........

0.450%

#### 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

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:

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

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$16

$255

$3,257

$1,126

CDSC

retained

...........................

$—

$—

$9

$57

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$950

$1,162

$462

$419

CDSC

retained

...........................

$113

$21

$30

$41

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$897

$—

#### 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)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

such

Underlying

Fund.

The

Funds

do

not

invest

in

FT

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

Underlying

Funds,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

the

Underlying

Funds.

For

certain

Funds,

and

specific

classes

of

shares

within

those

Funds,

the

acquired

fund

fee

and

expense

waiver

may

exceed

the

contractually

capped

net

expense

ratio

of

a

share

class,

resulting

in

a

negative

net

expense

ratio

for

that

share

class.

When

there

is

a

significant

concentration

of

shareholder

investments

in

share

classes

with

negative

net

expense

ratios,

this

may

result

in

negative

total

expenses,

as

disclosed

in

the

Statements

of

Operations.

Investments

in

FT

Underlying

Funds

for

the

period

ended

February

28,

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

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Multi-Asset

Income

Fund,

Class

P

.................

$

38,511,374

$

5,142,771

$

(3,275,491)

$

332,479

$

1,483,077

$

42,194,210

3,643,714

$

765,324

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

2,407,489

612,532

(361,066)

—

—

2,658,955

2,658,955

50,361

#### Total

#### Non-Controlled

#### Affiliates
$40,918,863

$5,755,303

$(3,636,557)

$332,479

$1,483,077

$44,853,165

$815,685

#### Total

#### Affiliated

#### Securities

#### ....
$40,918,863

$5,755,303

$(3,636,557)

$332,479

$1,483,077

$44,853,165

$815,685

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

P

......

9,070,283

2,313,228

(3,875,696)

(65,264)

186,102

7,628,653

438,933

448,681

a

Putnam

Dynamic

Asset

Allocation

Conservative

Fund,

Class

P

....

20,642,745

9,199,395

(2,823,610)

136,731

418,461

27,573,722

2,403,986

704,592

a

Putnam

Multi-Asset

Income

Fund,

Class

P

.................

6,854,245

2,739,062

(922,805)

72,777

270,267

9,013,546

778,372

143,701

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

2,279,591

881,833

(378,757)

—

—

2,782,667

2,782,667

47,956

#### Total

#### Non-Controlled

#### Affiliates
$38,846,864

$15,133,518

$(8,000,868)

$144,244

$874,830

$46,998,588

$1,344,930

#### Total

#### Affiliated

#### Securities

#### ....
$38,846,864

$15,133,518

$(8,000,868)

$144,244

$874,830

$46,998,588

$1,344,930

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

P

......

40,519,404

9,289,339

(5,265,828)

745,628

(126,346)

45,162,197

2,598,515

2,384,913

a

Putnam

Dynamic

Asset

Allocation

Conservative

Fund,

Class

P

....

1,353,220

1,345,671

(157,253)

5,047

42,398

2,589,083

225,727

60,589

a

Putnam

Multi-Asset

Income

Fund,

Class

P

.................

1,496,536

1,377,365

(211,829)

7,010

92,175

2,761,257

238,451

39,763

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

#### Retirement

#### Advantage

#### 2035

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

$

2,071,459

$

637,710

$

(259,807)

$

—

$

—

$

2,449,362

2,449,362

$

44,988

#### Total

#### Non-Controlled

#### Affiliates
$45,440,619

$12,650,085

$(5,894,717)

$757,685

$8,227

$52,961,899

$2,530,253

#### Total

#### Affiliated

#### Securities

#### ....
$45,440,619

$12,650,085

$(5,894,717)

$757,685

$8,227

$52,961,899

$2,530,253

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

P

......

19,040,470

6,121,257

(1,225,429)

88,844

212,990

24,238,132

1,394,599

1,209,105

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

........

18,301,119

3,647,243

(3,166,826)

214,973

243,454

19,239,963

849,446

1,225,671

a

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

1,300,177

402,621

(160,810)

—

—

1,541,988

1,541,988

28,413

#### Total

#### Non-Controlled

#### Affiliates
$38,641,766

$10,171,121

$(4,553,065)

$303,817

$456,444

$45,020,083

$2,463,189

#### Total

#### Affiliated

#### Securities

#### ....
$38,641,766

$10,171,121

$(4,553,065)

$303,817

$456,444

$45,020,083

$2,463,189

a

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Balanced

Fund,

Class

P

......

1,816,496

1,159,187

(186,286)

3,700

27,963

2,821,060

162,316

129,122

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

........

24,344,356

6,455,892

(2,826,267)

669,748

(42,463)

28,601,266

1,262,749

1,739,986

a

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

680,709

338,227

(141,366)

—

—

877,570

877,570

15,618

#### Total

#### Non-Controlled

#### Affiliates
$26,841,561

$7,953,306

$(3,153,919)

$673,448

$(14,500)

$32,299,896

$1,884,726

#### Total

#### Affiliated

#### Securities

#### ....
$26,841,561

$7,953,306

$(3,153,919)

$673,448

$(14,500)

$32,299,896

$1,884,726

a

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

........

3,428,178

730,869

(857,537)

106,868

101,567

3,509,945

202,653

140,140

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

........

22,084,327

6,563,447

(1,895,121)

390,534

183,878

27,327,065

1,206,493

1,688,259

a

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

273,936

215,851

(100,723)

—

—

389,064

389,064

6,938

#### Total

#### Non-Controlled

#### Affiliates
$25,786,441

$7,510,167

$(2,853,381)

$497,402

$285,445

$31,226,074

$1,835,337

#### Total

#### Affiliated

#### Securities

#### ....
$25,786,441

$7,510,167

$(2,853,381)

$497,402

$285,445

$31,226,074

$1,835,337

a

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

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

........

$

6,455,324

$

1,754,623

$

(850,634)

$

97,745

$

327,681

$

7,784,739

449,465

$

285,100

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

........

11,068,141

4,129,632

(567,990)

48,855

249,725

14,928,363

659,089

883,871

a

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

82,523

154,106

(137,734)

—

—

98,895

98,895

1,774

#### Total

#### Non-Controlled

#### Affiliates
$17,605,988

$6,038,361

$(1,556,358)

$146,600

$577,406

$22,811,997

$1,170,745

#### Total

#### Affiliated

#### Securities

#### ....
$17,605,988

$6,038,361

$(1,556,358)

$146,600

$577,406

$22,811,997

$1,170,745

a

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

........

8,111,516

2,530,246

(1,001,278)

198,310

338,370

10,177,164

587,596

364,906

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

........

5,108,645

2,169,573

(457,405)

62,207

70,995

6,954,015

307,021

409,422

a

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

64,409

132,204

(128,187)

—

—

68,426

68,426

1,268

#### Total

#### Non-Controlled

#### Affiliates
$13,284,570

$4,832,023

$(1,586,870)

$260,517

$409,365

$17,199,605

$775,596

#### Total

#### Affiliated

#### Securities

#### ....
$13,284,570

$4,832,023

$(1,586,870)

$260,517

$409,365

$17,199,605

$775,596

a

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

........

2,576,919

1,316,842

(761,216)

57,820

116,017

3,306,382

190,900

127,528

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

........

706,700

392,031

(206,421)

6,410

9,506

908,226

40,098

59,653

a

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

11,167

22,267

(13,858)

—

—

19,576

19,576

#### Total

#### Non-Controlled

#### Affiliates
$3,294,786

$1,731,140

$(981,495)

$64,230

$125,523

$4,234,184

$187,508

#### Total

#### Affiliated

#### Securities

#### ....
$3,294,786

$1,731,140

$(981,495)

$64,230

$125,523

$4,234,184

$187,508

a

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund

#### Non-Controlled

#### Affiliates
Putnam

Dynamic

Asset

Allocation

Equity

Fund,

Class

P

........

828,824

239,685

(37,368)

3,633

55,403

1,090,177

62,943

41,396

a

Putnam

Dynamic

Asset

Allocation

Growth

Fund,

Class

P

........

226,890

75,973

(9,667)

658

5,188

299,042

13,203

19,367

a

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

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

each

class

of

shares

of

each

Fund

through

at

least

December

30,

2028,

in

an

amount

sufficient

to

result

in

total

annual

fund

operating

expenses

for

the

following

class

shares

of

the

Funds

(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

December

30,

2028,

in

an

amount

equal

to

the

Funds'

acquired

fund

fees

and

expenses.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

#### &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

#### Retirement

#### Advantage

#### 2070

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

.......

$

5,117

$

2,563

$

(1,119)

$

—

$

—

$

6,561

6,561

$

#### Total

#### Non-Controlled

#### Affiliates
$1,060,831

$318,221

$(48,154)

$4,291

$60,591

$1,395,780

$60,888

#### Total

#### Affiliated

#### Securities

#### ....
$1,060,831

$318,221

$(48,154)

$4,291

$60,591

$1,395,780

$60,888

a

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

.....................................................................................

0.55%

Class

C

.....................................................................................

0.55%

Class

R

.....................................................................................

0.70%

Class

R3

....................................................................................

0.70%

Class

R4

....................................................................................

0.70%

Class

R5

....................................................................................

0.55%

Class

R6

....................................................................................

0.45%

Class

Y

.....................................................................................

0.55%

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

.............................

$

22,748

\*

$

62,378

$

74,457

$

56,282

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

At

February

28,

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,

non-deductible

expenses

and

regulated

investment

companies.

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

.............................

$

52,868

$

17,155

$

5,404

$

6,209

\*Includes

$23,440

from

the

merged

Putnam

Retirement

Advantage

2025

Fund

which

may

be

carried

over

to

offset

future

capital

gains,

subject

to

certain

limitations.

#### Putnam

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$42,240,591

$45,285,797

$51,698,220

$43,285,726

Unrealized

appreciation

.....................

$2,868,194

$1,869,882

$1,849,476

$1,842,255

Unrealized

depreciation

.....................

(255,620)

(157,091)

(585,797)

(107,898)

Net

unrealized

appreciation

(depreciation)

.......

$2,612,574

$1,712,791

$1,263,679

$1,734,357

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$30,201,751

$29,264,319

$21,182,954

$15,729,694

Unrealized

appreciation

.....................

$2,347,040

$2,086,065

$1,653,082

$1,496,022

Unrealized

depreciation

.....................

(248,895)

(124,310)

(24,039)

(26,111)

Net

unrealized

appreciation

(depreciation)

.......

$2,098,145

$1,961,755

$1,629,043

$1,469,911

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
a

a

a

Cost

of

investments

.......................

$3,861,899

$1,294,054

Unrealized

appreciation

.....................

$374,032

$101,726

Unrealized

depreciation

.....................

(1,747)

—

Net

unrealized

appreciation

(depreciation)

.......

$372,285

$101,726

4. #### Income

#### Taxes
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

February

28,

2026,

were

as

follows:

6. #### 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

February

28,

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.

7. #### 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

#### Retirement

#### Advantage

#### Maturity

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2030

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2035

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2040

#### Fund
Purchases

..............................

$5,128,077

$14,201,011

$11,966,639

$9,745,432

Sales

..................................

$3,303,472

$7,621,531

$5,557,848

$4,400,247

#### Putnam

#### Retirement

#### Advantage

#### 2045

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2050

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2055

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2060

#### Fund
Purchases

..............................

$7,615,079

$7,265,191

$5,852,063

$4,679,203

Sales

..................................

$3,012,552

$2,728,930

$1,447,134

$1,458,683

#### Putnam

#### Retirement

#### Advantage

#### 2065

#### Fund

#### Putnam

#### Retirement

#### Advantage

#### 2070

#### Fund
Purchases

..............................

$1,708,873

$315,657

Sales

..................................

$946,213

$47,035

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.

8. #### 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.

7. #### Operating

#### Segments
(continued)

Putnam

Target

Date

Funds

franklintempleton.com

Semiannual

Report

#### 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

Not

applicable.

PRAF-SFSOI

04/26©

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.

Not applicable.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) 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-efp23846_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-efp23846_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** | **Putnam Target Date Funds** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | April 29, 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: | April 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | April 29, 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: April 29, 2026

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Target Date Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: April 29, 2026

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| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

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## 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;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **February 28, 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;&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: April 29, 2026 | Date: April 29, 2026 |

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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.