# EDGAR Filing Document

**Accession Number:** 0001295293
**File Stem:** 0001133228-25-010181
**Filing Date:** 2025-9
**Character Count:** 988504
**Document Hash:** fa5ffe3897536c6afbb50c9d7f3921c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-010181.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001133228-25-010181

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 238

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250926

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21598
- **FILM NUMBER:** 251347743

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

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

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

## Series and Classes Contracts Data

### Putnam Sustainable Retirement 2050 Fund (Series ID: S000003995)

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

### Putnam Sustainable Retirement Maturity Fund (Series ID: S000003996)

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

### Putnam Sustainable Retirement 2045 Fund (Series ID: S000003997)

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

### Putnam Sustainable Retirement 2040 Fund (Series ID: S000003998)

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

### Putnam Sustainable Retirement 2035 Fund (Series ID: S000003999)

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

### Putnam Sustainable Retirement 2030 Fund (Series ID: S000004000)

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

### Putnam Sustainable Retirement 2055 Fund (Series ID: S000030470)

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

### Putnam Sustainable Retirement 2060 Fund (Series ID: S000051718)

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-08-1974200174600_PutnamSustainableRetirementMaturityFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Putnam Target Date Funds**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1,</sup><sup>2</sup>  | $44 | 0.43% |

---

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

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.40%. |

---

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

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

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement Maturity Fund returned 5.20%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 6.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in a core bond ETF |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in a high-yield bond ETF |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement Maturity Fund PAGE 1 39015-ATSA-0925

------

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

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

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

**Class A** 7/31/2015 — 7/31/2025

![image](ts4690img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.20 | 3.59 | 2.84 |
| **Class A (with sales charge)**  | 0.99 | 2.75 | 2.42 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **S&P Target Date To Retirement Income Index**  | 6.91 | 4.21 | 4.50 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $639540021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam Sustainable Retirement Maturity Fund PAGE 2 39015-ATSA-0925

------

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

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

![image](ts4690img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement Maturity Fund PAGE 3 39015-ATSA-0925

9600957410047102851063010650109691054110883120771270510000105941053910455112991244312356112291085111405117901000010444121301411815113167652325821548242732938933998100001017511639128941327613823181681657718533213882401074.121.64.10.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1,</sup><sup>2</sup>  | $119 | 1.16% |

---

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

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 1.14%. |

---

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

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

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement Maturity Fund returned 4.45%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 6.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in a core bond ETF |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in a high-yield bond ETF |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement Maturity Fund PAGE 1 39015-ATSC-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 7/31/2015 — 7/31/2025

![image](ts4691img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.45 | 2.83 | 2.23 |
| **Class C (with sales charge)**  | 3.45 | 2.83 | 2.23 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **S&P Target Date To Retirement Income Index**  | 6.91 | 4.21 | 4.50 |

---

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

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $639540021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam Sustainable Retirement Maturity Fund PAGE 2 39015-ATSC-0925

------

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

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

![image](ts4691img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement Maturity Fund PAGE 3 39015-ATSC-0925

10000990710312104751074810686109231041910684118561247310000105941053910455112991244312356112291085111405117901000010444121301411815113167652325821548242732938933998100001017511639128941327613823181681657718533213882401074.121.64.10.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1,</sup><sup>2</sup>  | $84 | 0.82% |

---

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

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.79%. |

---

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

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

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement Maturity Fund returned 4.80%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 6.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in a core bond ETF |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in a high-yield bond ETF |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement Maturity Fund PAGE 1 39015-ATSR-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 7/31/2015 — 7/31/2025

![image](ts4692img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 4.80 | 3.20 | 2.52 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **S&P Target Date To Retirement Income Index**  | 6.91 | 4.21 | 4.50 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $639540021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam Sustainable Retirement Maturity Fund PAGE 2 39015-ATSR-0925

------

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

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

![image](ts4692img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement Maturity Fund PAGE 3 39015-ATSR-0925

10000994710415106341095610950112441076311071122321282010000105941053910455112991244312356112291085111405117901000010444121301411815113167652325821548242732938933998100001017511639128941327613823181681657718533213882401074.121.64.10.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1,</sup><sup>2</sup>  | $58 | 0.57% |

---

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

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.54%. |

---

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

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

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement Maturity Fund returned 5.09%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 6.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in a core bond ETF |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in a high-yield bond ETF |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement Maturity Fund PAGE 1 39015-ATSR3-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 7/31/2015 — 7/31/2025

![image](ts4693img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3**  | 5.09 | 3.43 | 2.68 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **S&P Target Date To Retirement Income Index**  | 6.91 | 4.21 | 4.50 |

---

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

The Fund began offering Class R3 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R3 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $639540021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam Sustainable Retirement Maturity Fund PAGE 2 39015-ATSR3-0925

------

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

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

![image](ts4693img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement Maturity Fund PAGE 3 39015-ATSR3-0925

10000995810430106601100411012113181085511197124021303310000105941053910455112991244312356112291085111405117901000010444121301411815113167652325821548242732938933998100001017511639128941327613823181681657718533213882401074.121.64.10.2 ------

---

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

---

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

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

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

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

---

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

---

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

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.30%. |

---

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

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

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement Maturity Fund returned 5.38%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 6.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in a core bond ETF |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in a high-yield bond ETF |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement Maturity Fund PAGE 1 39015-ATSR4-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 7/31/2015 — 7/31/2025

![image](ts4694img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4**  | 5.38 | 3.70 | 2.95 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **S&P Target Date To Retirement Income Index**  | 6.91 | 4.21 | 4.50 |

---

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

The Fund began offering Class R4 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R4 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $639540021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam Sustainable Retirement Maturity Fund PAGE 2 39015-ATSR4-0925

------

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

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

![image](ts4694img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement Maturity Fund PAGE 3 39015-ATSR4-0925

10000998310484107401111311147114881105111423126881337010000105941053910455112991244312356112291085111405117901000010444121301411815113167652325821548242732938933998100001017511639128941327613823181681657718533213882401074.121.64.10.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1,</sup><sup>2</sup>  | $18 | 0.18% |

---

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

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.15%. |

---

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

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

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement Maturity Fund returned 5.50%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 6.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in a core bond ETF |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in a high-yield bond ETF |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement Maturity Fund PAGE 1 39015-ATSR5-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 7/31/2015 — 7/31/2025

![image](ts4695img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 5.50 | 3.87 | 3.10 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **S&P Target Date To Retirement Income Index**  | 6.91 | 4.21 | 4.50 |

---

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

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class R6 performance. The restated performance for Class R5 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $639540021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam Sustainable Retirement Maturity Fund PAGE 2 39015-ATSR5-0925

------

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

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

![image](ts4695img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement Maturity Fund PAGE 3 39015-ATSR5-0925

10000999310513107911118211227115971117311568128651357210000105941053910455112991244312356112291085111405117901000010444121301411815113167652325821548242732938933998100001017511639128941327613823181681657718533213882401074.121.64.10.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1,</sup><sup>2</sup>  | $8 | 0.08% |

---

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

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.05%. |

---

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

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

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement Maturity Fund returned 5.62%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 6.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in a core bond ETF |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in a high-yield bond ETF |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement Maturity Fund PAGE 1 39015-ATSR6-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 7/31/2015 — 7/31/2025

![image](ts4696img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.62 | 3.97 | 3.19 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **S&P Target Date To Retirement Income Index**  | 6.91 | 4.21 | 4.50 |

---

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

The Fund began offering Class R6 shares on 9/1/2016. Returns for periods before 9/1/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $639540021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam Sustainable Retirement Maturity Fund PAGE 2 39015-ATSR6-0925

------

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

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

![image](ts4696img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement Maturity Fund PAGE 3 39015-ATSR6-0925

10000999810525108101120811266116471123311640129581368610000105941053910455112991244312356112291085111405117901000010444121301411815113167652325821548242732938933998100001017511639128941327613823181681657718533213882401074.121.64.10.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1,</sup><sup>2</sup>  | $18 | 0.18% |

---

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

---

| | |
|:---|:---|
| 1 | Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.15%. |

---

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

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

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement Maturity Fund returned 5.50%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 6.91% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in a core bond ETF |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in a high-yield bond ETF |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement Maturity Fund PAGE 1 39015-ATSY-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 7/31/2015 — 7/31/2025

![image](ts4697img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 5.50 | 3.85 | 3.10 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **S&P Target Date To Retirement Income Index**  | 6.91 | 4.21 | 4.50 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $639540021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 10% |

---

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

Putnam Sustainable Retirement Maturity Fund PAGE 2 39015-ATSY-0925

------

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

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

![image](ts4697img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement Maturity Fund PAGE 3 39015-ATSY-0925

10000999810515107911117911233115951117111566128601356810000105941053910455112991244312356112291085111405117901000010444121301411815113167652325821548242732938933998100001017511639128941327613823181681657718533213882401074.121.64.10.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $42 | 0.41% |

---

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

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

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

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement 2030 Fund returned 4.97%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Security selection in a core bond ETF |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2030 Fund PAGE 1 39017-ATSA-0925

------

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

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

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

**Class A** 7/31/2015 — 7/31/2025

![image](ts4754img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.97 | 5.53 | 4.76 |
| **Class A (with sales charge)**  | -1.07 | 4.28 | 4.14 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2030 Index**  | 8.62 | 7.45 | 6.83 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $403211519 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

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

Putnam Sustainable Retirement 2030 Fund PAGE 2 39017-ATSA-0925

------

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

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

![image](ts4754img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2030 Fund PAGE 3 39017-ATSA-0925

9425938210284109401122711466127191203612588142941500410000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001029011333122101270613524162821500816010178291936564.529.45.70.4 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $118 | 1.16% |

---

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

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

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

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement 2030 Fund returned 4.17%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Security selection in a core bond ETF |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2030 Fund PAGE 1 39017-ATSC-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 7/31/2015 — 7/31/2025

![image](ts4755img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.17 | 4.74 | 4.13 |
| **Class C (with sales charge)**  | 3.17 | 4.74 | 4.13 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2030 Index**  | 8.62 | 7.45 | 6.83 |

---

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

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $403211519 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

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

Putnam Sustainable Retirement 2030 Fund PAGE 2 39017-ATSC-0925

------

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

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

![image](ts4755img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2030 Fund PAGE 3 39017-ATSC-0925

10000988110752113571156311720129071212712578142821499210000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001029011333122101270613524162821500816010178291936564.529.45.70.4 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $83 | 0.81% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement 2030 Fund returned 4.54%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Security selection in a core bond ETF |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2030 Fund PAGE 1 39017-ATSR-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 7/31/2015 — 7/31/2025

![image](ts4756img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 4.54 | 5.13 | 4.43 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2030 Index**  | 8.62 | 7.45 | 6.83 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $403211519 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

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

Putnam Sustainable Retirement 2030 Fund PAGE 2 39017-ATSR-0925

------

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

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

![image](ts4756img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2030 Fund PAGE 3 39017-ATSR-0925

10000992910861115261179712013132891252413041147591542910000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001029011333122101270613524162821500816010178291936564.529.45.70.4 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $57 | 0.56% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement 2030 Fund returned 4.83%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Security selection in a core bond ETF |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2030 Fund PAGE 1 39017-ATSR3-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 7/31/2015 — 7/31/2025

![image](ts4757img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3**  | 4.83 | 5.38 | 4.62 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2030 Index**  | 8.62 | 7.45 | 6.83 |

---

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

The Fund began offering Class R3 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R3 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $403211519 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

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

Putnam Sustainable Retirement 2030 Fund PAGE 2 39017-ATSR3-0925

------

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

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

![image](ts4757img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2030 Fund PAGE 3 39017-ATSR3-0925

10000994610887115711185812089133961266213217149901571410000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001029011333122101270613524162821500816010178291936564.529.45.70.4 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $32 | 0.31% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement 2030 Fund returned 5.08%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Security selection in a core bond ETF |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2030 Fund PAGE 1 39017-ATSR4-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 7/31/2015 — 7/31/2025

![image](ts4758img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4**  | 5.08 | 5.65 | 4.88 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2030 Index**  | 8.62 | 7.45 | 6.83 |

---

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

The Fund began offering Class R4 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R4 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $403211519 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

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

Putnam Sustainable Retirement 2030 Fund PAGE 2 39017-ATSR4-0925

------

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

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

![image](ts4758img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2030 Fund PAGE 3 39017-ATSR4-0925

10000996610936116531197612238135961288613480153311611110000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001029011333122101270613524162821500816010178291936564.529.45.70.4 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $16 | 0.16% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement 2030 Fund returned 5.25%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Security selection in a core bond ETF |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2030 Fund PAGE 1 39017-ATSR5-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 7/31/2015 — 7/31/2025

![image](ts4759img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 5.25 | 5.80 | 5.03 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2030 Index**  | 8.62 | 7.45 | 6.83 |

---

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

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class R6 performance. The restated performance for Class R5 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $403211519 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

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

Putnam Sustainable Retirement 2030 Fund PAGE 2 39017-ATSR5-0925

------

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

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

![image](ts4759img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2030 Fund PAGE 3 39017-ATSR5-0925

10000997310964116981203412322137081300813629155201633510000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001029011333122101270613524162821500816010178291936564.529.45.70.4 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $6 | 0.06% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement 2030 Fund returned 5.34%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Security selection in a core bond ETF |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2030 Fund PAGE 1 39017-ATSR6-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 7/31/2015 — 7/31/2025

![image](ts4760img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.34 | 5.90 | 5.11 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2030 Index**  | 8.62 | 7.45 | 6.83 |

---

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

The Fund began offering Class R6 shares on 9/1/2016. Returns for periods before 9/1/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $403211519 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

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

Putnam Sustainable Retirement 2030 Fund PAGE 2 39017-ATSR6-0925

------

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

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

![image](ts4760img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2030 Fund PAGE 3 39017-ATSR6-0925

10000998110978117191206412358137591306913713156291646310000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001029011333122101270613524162821500816010178291936564.529.45.70.4 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $16 | 0.16% |

---

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

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

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

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement 2030 Fund returned 5.23%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 8.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Security selection in a core bond ETF |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2030 Fund PAGE 1 39017-ATSY-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 7/31/2015 — 7/31/2025

![image](ts4761img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 5.23 | 5.80 | 5.03 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2030 Index**  | 8.62 | 7.45 | 6.83 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $403211519 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

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

Putnam Sustainable Retirement 2030 Fund PAGE 2 39017-ATSY-0925

------

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

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

![image](ts4761img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2030 Fund PAGE 3 39017-ATSY-0925

10000998110967117011203712319137041300413626155221633410000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001029011333122101270613524162821500816010178291936564.529.45.70.4 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $38 | 0.37% |

---

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

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

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

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement 2035 Fund returned 5.84%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 9.69% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2035 Fund PAGE 1 39018-ATSA-0925

------

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

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

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

**Class A** 7/31/2015 — 7/31/2025

![image](ts4746img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.84 | 7.33 | 6.02 |
| **Class A (with sales charge)**  | -0.25 | 6.06 | 5.39 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2035 Index**  | 9.69 | 8.86 | 7.61 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $356654915 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22% |

---

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

Putnam Sustainable Retirement 2035 Fund PAGE 2 39018-ATSA-0925

------

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

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

![image](ts4746img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2035 Fund PAGE 3 39018-ATSA-0925

9425937410461112921151011869137321284913689159711690310000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001025211403124161286313622169421556316842189872082746.843.99.00.3 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $115 | 1.12% |

---

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

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

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

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement 2035 Fund returned 5.04%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 9.69% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2035 Fund PAGE 1 39018-ATSC-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 7/31/2015 — 7/31/2025

![image](ts4747img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.04 | 6.53 | 5.38 |
| **Class C (with sales charge)**  | 4.04 | 6.53 | 5.38 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2035 Index**  | 9.69 | 8.86 | 7.61 |

---

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

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $356654915 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22% |

---

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

Putnam Sustainable Retirement 2035 Fund PAGE 2 39018-ATSC-0925

------

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

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

![image](ts4747img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2035 Fund PAGE 3 39018-ATSC-0925

10000987210930117151184612127139281293313680159611689310000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001025211403124161286313622169421556316842189872082746.843.99.00.3 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $79 | 0.77% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement 2035 Fund returned 5.38%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 9.69% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2035 Fund PAGE 1 39018-ATSR-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 7/31/2015 — 7/31/2025

![image](ts4748img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 5.38 | 6.91 | 5.67 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2035 Index**  | 9.69 | 8.86 | 7.61 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $356654915 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22% |

---

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

Putnam Sustainable Retirement 2035 Fund PAGE 2 39018-ATSR-0925

------

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

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

![image](ts4748img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2035 Fund PAGE 3 39018-ATSR-0925

10000992011041118901208712432143361335714177164781736410000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001025211403124161286313622169421556316842189872082746.843.99.00.3 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $53 | 0.52% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement 2035 Fund returned 5.62%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 9.69% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2035 Fund PAGE 1 39018-ATSR3-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 7/31/2015 — 7/31/2025

![image](ts4749img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3**  | 5.62 | 7.18 | 5.88 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2035 Index**  | 9.69 | 8.86 | 7.61 |

---

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

The Fund began offering Class R3 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R3 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $356654915 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22% |

---

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

Putnam Sustainable Retirement 2035 Fund PAGE 2 39018-ATSR3-0925

------

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

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

![image](ts4749img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2035 Fund PAGE 3 39018-ATSR3-0925

10000993211067119411214912517144751352214387167631770610000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001025211403124161286313622169421556316842189872082746.843.99.00.3 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $28 | 0.27% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement 2035 Fund returned 5.90%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 9.69% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2035 Fund PAGE 1 39018-ATSR4-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 7/31/2015 — 7/31/2025

![image](ts4750img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4**  | 5.90 | 7.45 | 6.14 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2035 Index**  | 9.69 | 8.86 | 7.61 |

---

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

The Fund began offering Class R4 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R4 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $356654915 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22% |

---

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

Putnam Sustainable Retirement 2035 Fund PAGE 2 39018-ATSR4-0925

------

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

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

![image](ts4750img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2035 Fund PAGE 3 39018-ATSR4-0925

10000995711122120301227212673146901375714673171411815210000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001025211403124161286313622169421556316842189872082746.843.99.00.3 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $11 | 0.11% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement 2035 Fund returned 6.10%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 9.69% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2035 Fund PAGE 1 39018-ATSR5-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 7/31/2015 — 7/31/2025

![image](ts4751img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 6.10 | 7.61 | 6.30 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2035 Index**  | 9.69 | 8.86 | 7.61 |

---

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

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class R6 performance. The restated performance for Class R5 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $356654915 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22% |

---

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

Putnam Sustainable Retirement 2035 Fund PAGE 2 39018-ATSR5-0925

------

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

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

![image](ts4751img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2035 Fund PAGE 3 39018-ATSR5-0925

10000996311157120831235012769148211389514847173651842410000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001025211403124161286313622169421556316842189872082746.843.99.00.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $2 | 0.02% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement 2035 Fund returned 6.20%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 9.69% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2035 Fund PAGE 1 39018-ATSR6-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 7/31/2015 — 7/31/2025

![image](ts4752img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 6.20 | 7.70 | 6.37 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2035 Index**  | 9.69 | 8.86 | 7.61 |

---

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

The Fund began offering Class R6 shares on 9/1/2016. Returns for periods before 9/1/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $356654915 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22% |

---

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

Putnam Sustainable Retirement 2035 Fund PAGE 2 39018-ATSR6-0925

------

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

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

![image](ts4752img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2035 Fund PAGE 3 39018-ATSR6-0925

10000996711163120941236512795148551394814912174621854410000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001025211403124161286313622169421556316842189872082746.843.99.00.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2035 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRRYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $12 | 0.12% |

---

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

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

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

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement 2035 Fund returned 6.09%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 9.69% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in a high-yield bond ETF |

---

Putnam Sustainable Retirement 2035 Fund PAGE 1 39018-ATSY-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 7/31/2015 — 7/31/2025

![image](ts4753img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 6.09 | 7.61 | 6.28 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2035 Index**  | 9.69 | 8.86 | 7.61 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $356654915 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 7 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 22% |

---

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

Putnam Sustainable Retirement 2035 Fund PAGE 2 39018-ATSY-0925

------

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

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

![image](ts4753img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2035 Fund PAGE 3 39018-ATSY-0925

10000996711148120701232812745147951387314819173361839110000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001025211403124161286313622169421556316842189872082746.843.99.00.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRRZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2040 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $35 | 0.34% |

---

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

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

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

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement 2040 Fund returned 6.65%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 10.70% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2040 Fund PAGE 1 39009-ATSA-0925

------

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

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

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

**Class A** 7/31/2015 — 7/31/2025

![image](ts4738img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 6.65 | 8.67 | 6.96 |
| **Class A (with sales charge)**  | 0.52 | 7.39 | 6.33 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2040 Index**  | 10.70 | 10.05 | 8.27 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $376372238 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 17% |

---

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

Putnam Sustainable Retirement 2040 Fund PAGE 2 39009-ATSA-0925

------

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

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

![image](ts4738img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2040 Fund PAGE 3 39009-ATSA-0925

9425934710574115631171712190146591354614640173251847710000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001023311507126461306513720174781601917571200052214553.731.814.00.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2040 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $112 | 1.09% |

---

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

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

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

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement 2040 Fund returned 5.86%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 10.70% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2040 Fund PAGE 1 39009-ATSC-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 7/31/2015 — 7/31/2025

![image](ts4739img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.86 | 7.87 | 6.32 |
| **Class C (with sales charge)**  | 4.86 | 7.87 | 6.32 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2040 Index**  | 10.70 | 10.05 | 8.27 |

---

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

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $376372238 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 17% |

---

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

Putnam Sustainable Retirement 2040 Fund PAGE 2 39009-ATSC-0925

------

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

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

![image](ts4739img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2040 Fund PAGE 3 39009-ATSC-0925

10000983811044119921206012449148621363314627173091846010000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001023311507126461306513720174781601917571200052214553.731.814.00.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2040 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $75 | 0.73% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement 2040 Fund returned 6.19%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 10.70% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2040 Fund PAGE 1 39009-ATSR-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 7/31/2015 — 7/31/2025

![image](ts4740img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 6.19 | 8.25 | 6.62 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2040 Index**  | 10.70 | 10.05 | 8.27 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $376372238 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 17% |

---

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

Putnam Sustainable Retirement 2040 Fund PAGE 2 39009-ATSR-0925

------

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

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

![image](ts4740img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2040 Fund PAGE 3 39009-ATSR-0925

10000988711158121731230812768153061408615165178751898310000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001023311507126461306513720174781601917571200052214553.731.814.00.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAAUX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2040 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $51 | 0.49% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement 2040 Fund returned 6.48%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 10.70% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2040 Fund PAGE 1 39009-ATSR3-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 7/31/2015 — 7/31/2025

![image](ts4741img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3**  | 6.48 | 8.53 | 6.83 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2040 Index**  | 10.70 | 10.05 | 8.27 |

---

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

The Fund began offering Class R3 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R3 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $376372238 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 17% |

---

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

Putnam Sustainable Retirement 2040 Fund PAGE 2 39009-ATSR3-0925

------

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

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

![image](ts4741img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2040 Fund PAGE 3 39009-ATSR3-0925

10000990511196122301238612863154601426515395181911937010000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001023311507126461306513720174781601917571200052214553.731.814.00.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAAYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2040 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $25 | 0.24% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement 2040 Fund returned 6.77%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 10.70% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2040 Fund PAGE 1 39009-ATSR4-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 7/31/2015 — 7/31/2025

![image](ts4742img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4**  | 6.77 | 8.80 | 7.10 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2040 Index**  | 10.70 | 10.05 | 8.27 |

---

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

The Fund began offering Class R4 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R4 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $376372238 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 17% |

---

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

Putnam Sustainable Retirement 2040 Fund PAGE 2 39009-ATSR4-0925

------

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

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

![image](ts4742img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2040 Fund PAGE 3 39009-ATSR4-0925

10000993011250123201250813028156911451615700186031986110000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001023311507126461306513720174781601917571200052214553.731.814.00.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PABTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2040 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $9 | 0.09% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement 2040 Fund returned 6.89%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 10.70% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2040 Fund PAGE 1 39009-ATSR5-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 7/31/2015 — 7/31/2025

![image](ts4743img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 6.89 | 8.95 | 7.26 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2040 Index**  | 10.70 | 10.05 | 8.27 |

---

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

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class R6 performance. The restated performance for Class R5 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $376372238 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 17% |

---

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

Putnam Sustainable Retirement 2040 Fund PAGE 2 39009-ATSR5-0925

------

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

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

![image](ts4743img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2040 Fund PAGE 3 39009-ATSR5-0925

10000994011278123771258113129158361467315893188592015810000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001023311507126461306513720174781601917571200052214553.731.814.00.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2040 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(1) | -0.01% |

---

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

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

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

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement 2040 Fund returned 7.00%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 10.70% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2040 Fund PAGE 1 39009-ATSR6-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 7/31/2015 — 7/31/2025

![image](ts4744img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 7.00 | 9.05 | 7.32 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2040 Index**  | 10.70 | 10.05 | 8.27 |

---

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

The Fund began offering Class R6 shares on 9/1/2016. Returns for periods before 9/1/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $376372238 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 17% |

---

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

Putnam Sustainable Retirement 2040 Fund PAGE 2 39009-ATSR6-0925

------

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

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

![image](ts4744img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2040 Fund PAGE 3 39009-ATSR6-0925

10000994011279123781258613134158521469915943189332025910000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001023311507126461306513720174781601917571200052214553.731.814.00.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2040 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRZZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2040 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $9 | 0.09% |

---

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

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

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

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement 2040 Fund returned 6.92%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 10.70% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2040 Fund PAGE 1 39009-ATSY-0925

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 7/31/2015 — 7/31/2025

![image](ts4745img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 6.92 | 8.95 | 7.23 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2040 Index**  | 10.70 | 10.05 | 8.27 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $376372238 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 17% |

---

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

Putnam Sustainable Retirement 2040 Fund PAGE 2 39009-ATSY-0925

------

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

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

![image](ts4745img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

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

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

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Sustainable Retirement 2040 Fund PAGE 3 39009-ATSY-0925

10000994011273123561255613088157831462315842187922009410000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001023311507126461306513720174781601917571200052214553.731.814.00.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRVLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2045 Fund for the period August 1, 2024, to July 31, 2025.

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

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

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

---

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

---

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

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

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

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement 2045 Fund returned 7.27%. The Fund compares its performance to the S&P Target Date To 2045, which returned 11.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2045 Fund PAGE 1 39010-ATSA-0925

------

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

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

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

**Class A** 7/31/2015 — 7/31/2025

![image](ts4730img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 7.27 | 9.68 | 7.64 |
| **Class A (with sales charge)**  | 1.10 | 8.39 | 7.01 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2045 Index**  | 11.48 | 10.99 | 8.76 |

---

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

Effective February 10, 2023, the Fund adopted its current investment strategy.

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $306987369 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19% |

---

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

Putnam Sustainable Retirement 2045 Fund PAGE 2 39010-ATSA-0925

------

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

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

![image](ts4730img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2045 Fund PAGE 3 39010-ATSA-0925

9425930910622117211183912402153971408015357183501968410000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001021411563127521316513745178331629718102207682315258.622.918.40.1 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2045 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $110 | 1.07% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement 2045 Fund returned 6.48%. The Fund compares its performance to the S&P Target Date To 2045, which returned 11.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2045 Fund PAGE 1 39010-ATSC-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 7/31/2015 — 7/31/2025

![image](ts4731img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 6.48 | 8.86 | 7.00 |
| **Class C (with sales charge)**  | 5.48 | 8.86 | 7.00 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2045 Index**  | 11.48 | 10.99 | 8.76 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $306987369 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2045 Fund PAGE 2 39010-ATSC-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4731img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2045 Fund PAGE 3 39010-ATSC-0925

10000980911105121601219212676156221417715352183441967710000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001021411563127521316513745178331629718102207682315258.622.918.40.1 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2045 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $74 | 0.72% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement 2045 Fund returned 6.80%. The Fund compares its performance to the S&P Target Date To 2045, which returned 11.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2045 Fund PAGE 1 39010-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 7/31/2015 — 7/31/2025

![image](ts4732img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 6.80 | 9.24 | 7.30 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2045 Index**  | 11.48 | 10.99 | 8.76 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $306987369 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2045 Fund PAGE 2 39010-ATSR-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4732img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2045 Fund PAGE 3 39010-ATSR-0925

10000985411219123471243613005160881465315914189452023210000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001021411563127521316513745178331629718102207682315258.622.918.40.1 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PACGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2045 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $49 | 0.47% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement 2045 Fund returned 7.08%. The Fund compares its performance to the S&P Target Date To 2045, which returned 11.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2045 Fund PAGE 1 39010-ATSR3-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 7/31/2015 — 7/31/2025

![image](ts4733img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3**  | 7.08 | 9.55 | 7.55 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2045 Index**  | 11.48 | 10.99 | 8.76 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R3 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R3 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $306987369 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2045 Fund PAGE 2 39010-ATSR3-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4733img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2045 Fund PAGE 3 39010-ATSR3-0925

10000987111259124161253213119162841486916196193282069710000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001021411563127521316513745178331629718102207682315258.622.918.40.1 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PACFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2045 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $23 | 0.22% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement 2045 Fund returned 7.37%. The Fund compares its performance to the S&P Target Date To 2045, which returned 11.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2045 Fund PAGE 1 39010-ATSR4-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 7/31/2015 — 7/31/2025

![image](ts4734img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4**  | 7.37 | 9.82 | 7.82 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2045 Index**  | 11.48 | 10.99 | 8.76 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R4 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R4 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $306987369 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2045 Fund PAGE 2 39010-ATSR4-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4734img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2045 Fund PAGE 3 39010-ATSR4-0925

10000989711317125091265813289165351513516531197672122510000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001021411563127521316513745178331629718102207682315258.622.918.40.1 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PACHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2045 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $7 | 0.07% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement 2045 Fund returned 7.55%. The Fund compares its performance to the S&P Target Date To 2045, which returned 11.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2045 Fund PAGE 1 39010-ATSR5-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 7/31/2015 — 7/31/2025

![image](ts4735img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 7.55 | 9.96 | 7.96 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2045 Index**  | 11.48 | 10.99 | 8.76 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund's Class R6 performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $306987369 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2045 Fund PAGE 2 39010-ATSR5-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4735img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2045 Fund PAGE 3 39010-ATSR5-0925

10000990511343125621273313383166541527316706200072151710000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001021411563127521316513745178331629718102207682315258.622.918.40.1 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2045 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(3) | -0.03% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement 2045 Fund returned 7.61%. The Fund compares its performance to the S&P Target Date To 2045, which returned 11.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2045 Fund PAGE 1 39010-ATSR6-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 7/31/2015 — 7/31/2025

![image](ts4736img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 7.61 | 10.05 | 8.01 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2045 Index**  | 11.48 | 10.99 | 8.76 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R6 shares on 9/1/2016. Returns for periods before 9/1/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $306987369 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2045 Fund PAGE 2 39010-ATSR6-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4736img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2045 Fund PAGE 3 39010-ATSR6-0925

10000990511343125621273313383166651529516741200792159910000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001021411563127521316513745178331629718102207682315258.622.918.40.1 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2045 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRVYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2045 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $7 | 0.07% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement 2045 Fund returned 7.53%. The Fund compares its performance to the S&P Target Date To 2045, which returned 11.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2045 Fund PAGE 1 39010-ATSY-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 7/31/2015 — 7/31/2025

![image](ts4737img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 7.53 | 9.97 | 7.92 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2045 Index**  | 11.48 | 10.99 | 8.76 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $306987369 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 19% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2045 Fund PAGE 2 39010-ATSY-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4737img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2045 Fund PAGE 3 39010-ATSY-0925

10000990511333125321269113329166001521616644199342143510000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001021411563127521316513745178331629718102207682315258.622.918.40.1 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRRJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2050 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $31 | 0.30% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement 2050 Fund returned 7.61%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 11.84% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2050 Fund PAGE 1 39034-ATSA-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 7/31/2015 — 7/31/2025

![image](ts4722img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 7.61 | 10.36 | 8.08 |
| **Class A (with sales charge)**  | 1.42 | 9.06 | 7.44 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2050 Index**  | 11.84 | 11.48 | 9.08 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $233924720 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2050 Fund PAGE 2 39034-ATSA-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4722img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2050 Fund PAGE 3 39034-ATSA-0925

9425927910633117831188612519158591440615836190472049610000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001019511610128301323213844181031652518460213142383862.219.917.60.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2050 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $109 | 1.05% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement 2050 Fund returned 6.82%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 11.84% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2050 Fund PAGE 1 39034-ATSC-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 7/31/2015 — 7/31/2025

![image](ts4723img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 6.82 | 9.54 | 7.43 |
| **Class C (with sales charge)**  | 5.82 | 9.54 | 7.43 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2050 Index**  | 11.84 | 11.48 | 9.08 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $233924720 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2050 Fund PAGE 2 39034-ATSC-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4723img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2050 Fund PAGE 3 39034-ATSC-0925

10000977111121122261224112798160901451215825190332048110000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001019511610128301323213844181031652518460213142383862.219.917.60.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRRKX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2050 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $74 | 0.71% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement 2050 Fund returned 7.18%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 11.84% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2050 Fund PAGE 1 39034-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 7/31/2015 — 7/31/2025

![image](ts4724img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 7.18 | 9.95 | 7.74 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2050 Index**  | 11.84 | 11.48 | 9.08 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $233924720 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2050 Fund PAGE 2 39034-ATSR-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4724img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2050 Fund PAGE 3 39034-ATSR-0925

10000981911227124061249113117165641499016417196662107710000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001019511610128301323213844181031652518460213142383862.219.917.60.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PADWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2050 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $47 | 0.45% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement 2050 Fund returned 7.41%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 11.84% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2050 Fund PAGE 1 39034-ATSR3-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 7/31/2015 — 7/31/2025

![image](ts4725img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3**  | 7.41 | 10.20 | 7.98 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2050 Index**  | 11.84 | 11.48 | 9.08 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R3 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R3 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $233924720 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2050 Fund PAGE 2 39034-ATSR3-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4725img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2050 Fund PAGE 3 39034-ATSR3-0925

10000984111272124821259413253167681520916692200552154110000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001019511610128301323213844181031652518460213142383862.219.917.60.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAEHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2050 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $21 | 0.20% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement 2050 Fund returned 7.76%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 11.84% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2050 Fund PAGE 1 39034-ATSR4-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 7/31/2015 — 7/31/2025

![image](ts4726img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4**  | 7.76 | 10.48 | 8.25 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2050 Index**  | 11.84 | 11.48 | 9.08 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R4 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R4 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $233924720 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2050 Fund PAGE 2 39034-ATSR4-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4726img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2050 Fund PAGE 3 39034-ATSR4-0925

10000986511326125771271513417170171547217029204962208610000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001019511610128301323213844181031652518460213142383862.219.917.60.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAEJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2050 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $5 | 0.05% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement 2050 Fund returned 7.91%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 11.84% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2050 Fund PAGE 1 39034-ATSR5-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 7/31/2015 — 7/31/2025

![image](ts4727img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 7.91 | 10.66 | 8.40 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2050 Index**  | 11.84 | 11.48 | 9.08 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund's Class R6 performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $233924720 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2050 Fund PAGE 2 39034-ATSR5-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4727img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2050 Fund PAGE 3 39034-ATSR5-0925

10000986911356126221277713500171551561917212207572239810000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001019511610128301323213844181031652518460213142383862.219.917.60.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREUX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2050 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(5) | -0.05% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement 2050 Fund returned 8.01%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 11.84% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2050 Fund PAGE 1 39034-ATSR6-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 7/31/2015 — 7/31/2025

![image](ts4728img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 8.01 | 10.75 | 8.44 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2050 Index**  | 11.84 | 11.48 | 9.08 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R6 shares on 9/1/2016. Returns for periods before 9/1/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $233924720 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2050 Fund PAGE 2 39034-ATSR6-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4728img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2050 Fund PAGE 3 39034-ATSR6-0925

10000986911356126221277713500171621564317256208252249310000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001019511610128301323213844181031652518460213142383862.219.917.60.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2050 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRRUX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2050 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $5 | 0.05% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement 2050 Fund returned 7.88%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 11.84% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2050 Fund PAGE 1 39034-ATSY-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 7/31/2015 — 7/31/2025

![image](ts4729img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 7.88 | 10.64 | 8.35 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2050 Index**  | 11.84 | 11.48 | 9.08 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $233924720 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2050 Fund PAGE 2 39034-ATSY-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4729img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2050 Fund PAGE 3 39034-ATSY-0925

10000986911341125951274313454170821556417143206772230710000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001019511610128301323213844181031652518460213142383862.219.917.60.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRRFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2055 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $30 | 0.29% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement 2055 Fund returned 7.92%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2055 Fund PAGE 1 39195-ATSA-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 7/31/2015 — 7/31/2025

![image](ts4714img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 7.92 | 10.92 | 8.40 |
| **Class A (with sales charge)**  | 1.71 | 9.61 | 7.76 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2055 Index**  | 12.26 | 11.68 | 9.15 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $152858314 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2055 Fund PAGE 2 39195-ATSA-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4714img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2055 Fund PAGE 3 39195-ATSA-0925

9425925810655118321191812577161211461716160195672111710000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001017511639128941327613823181681657718533213882401065.821.112.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2055 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $108 | 1.04% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement 2055 Fund returned 7.17%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2055 Fund PAGE 1 39195-ATSC-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 7/31/2015 — 7/31/2025

![image](ts4715img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 7.17 | 10.09 | 7.75 |
| **Class C (with sales charge)**  | 6.17 | 10.09 | 7.75 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2055 Index**  | 12.26 | 11.68 | 9.15 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $152858314 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2055 Fund PAGE 2 39195-ATSC-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4715img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2055 Fund PAGE 3 39195-ATSC-0925

10000975211129122691227212853163441470816145195502109810000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001017511639128941327613823181681657718533213882401065.821.112.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRRVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2055 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $72 | 0.69% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement 2055 Fund returned 7.51%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2055 Fund PAGE 1 39195-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 7/31/2015 — 7/31/2025

![image](ts4716img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 7.51 | 10.49 | 8.05 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2055 Index**  | 12.26 | 11.68 | 9.15 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $152858314 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2055 Fund PAGE 2 39195-ATSR-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4716img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2055 Fund PAGE 3 39195-ATSR-0925

10000980011239124601251513174168251519916743201832169810000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001017511639128941327613823181681657718533213882401065.821.112.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAEOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2055 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $46 | 0.44% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement 2055 Fund returned 7.76%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2055 Fund PAGE 1 39195-ATSR3-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 7/31/2015 — 7/31/2025

![image](ts4717img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3**  | 7.76 | 10.75 | 8.30 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2055 Index**  | 12.26 | 11.68 | 9.15 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R3 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R3 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $152858314 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2055 Fund PAGE 2 39195-ATSR3-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4717img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2055 Fund PAGE 3 39195-ATSR3-0925

10000982611293125401262713322170531544717054206032220210000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001017511639128941327613823181681657718533213882401065.821.112.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAEPX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2055 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $20 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement 2055 Fund returned 8.04%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2055 Fund PAGE 1 39195-ATSR4-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 7/31/2015 — 7/31/2025

![image](ts4718img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4**  | 8.04 | 11.03 | 8.58 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2055 Index**  | 12.26 | 11.68 | 9.15 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R4 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund's Class Y performance. The restated performance for Class R4 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $152858314 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2055 Fund PAGE 2 39195-ATSR4-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4718img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2055 Fund PAGE 3 39195-ATSR4-0925

10000984911353126331275513494173131572117393210722276710000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001017511639128941327613823181681657718533213882401065.821.112.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAESX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2055 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $4 | 0.04% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement 2055 Fund returned 8.18%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2055 Fund PAGE 1 39195-ATSR5-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 7/31/2015 — 7/31/2025

![image](ts4719img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 8.18 | 11.20 | 8.73 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2055 Index**  | 12.26 | 11.68 | 9.15 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund's Class R6 performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $152858314 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2055 Fund PAGE 2 39195-ATSR5-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4719img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2055 Fund PAGE 3 39195-ATSR5-0925

10000985011372126861282513579174501587117585213422308910000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001017511639128941327613823181681657718533213882401065.821.112.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PREVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2055 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(6) | -0.06% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement 2055 Fund returned 8.28%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2055 Fund PAGE 1 39195-ATSR6-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 7/31/2015 — 7/31/2025

![image](ts4720img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 8.28 | 11.30 | 8.78 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2055 Index**  | 12.26 | 11.68 | 9.15 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R6 shares on 9/1/2016. Returns for periods before 9/1/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $152858314 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2055 Fund PAGE 2 39195-ATSR6-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4720img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2055 Fund PAGE 3 39195-ATSR6-0925

10000985011372126861282513579174631588617636214192319210000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001017511639128941327613823181681657718533213882401065.821.112.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2055 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRTLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2055 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $4 | 0.04% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement 2055 Fund returned 8.18%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 12.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Overweight exposure to ultra short bonds |
| ↓ | Security selection in emerging market stocks |

---

Putnam Sustainable Retirement 2055 Fund PAGE 1 39195-ATSY-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 7/31/2015 — 7/31/2025

![image](ts4721img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 8.18 | 11.19 | 8.67 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.02 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **S&P Target Date To 2055 Index**  | 12.26 | 11.68 | 9.15 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $152858314 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 18% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2055 Fund PAGE 2 39195-ATSY-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4721img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2055 Fund PAGE 3 39195-ATSY-0925

10000985011362126521277913520173611578617505212352297210000104441213014118151131676523258215482427329389339981000010594105391045511299124431235611229108511140511790100001017511639128941327613823181681657718533213882401065.821.112.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PRTFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2060 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $30 | 0.29% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement 2060 Fund returned 8.17%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 12.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2060 Fund PAGE 1 39241-ATSA-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 11/30/2015 — 7/31/2025

![image](ts4706img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Class A**  | 8.17 | 11.39 | 9.27 |
| **Class A (with sales charge)**  | 1.95 | 10.08 | 8.61 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.62 |
| **Bloomberg U.S. Aggregate Index**  | 16.33 | 15.88 | 14.20 |
| **S&P Target Date To 2060 Index**  | 12.36 | 11.78 | 9.98 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70112040 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2060 Fund PAGE 2 39241-ATSA-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4706img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2060 Fund PAGE 3 39241-ATSA-0925

9425948110921121531224012953167381516016871205372221310000105531225514264152701693923498217712452529693343501000010564105091042511268124081232111198108211191313859100001043211988133011371114371189201726019333223202507969.622.37.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2060 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $107 | 1.03% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement 2060 Fund returned 7.27%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 12.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2060 Fund PAGE 1 39241-ATSC-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 11/30/2015 — 7/31/2025

![image](ts4707img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Class C**  | 7.27 | 10.56 | 8.60 |
| **Class C (with sales charge)**  | 6.27 | 10.56 | 8.60 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.62 |
| **Bloomberg U.S. Aggregate Index**  | 16.33 | 15.88 | 14.20 |
| **S&P Target Date To 2060 Index**  | 12.36 | 11.78 | 9.98 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70112040 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2060 Fund PAGE 2 39241-ATSC-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4707img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2060 Fund PAGE 3 39241-ATSC-0925

100001001211445126371263013270170241530016900205372221410000105531225514264152701693923498217712452529693343501000010564105091042511268124081232111198108211191313859100001043211988133011371114371189201726019333223202507969.622.37.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRTRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2060 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $72 | 0.69% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement 2060 Fund returned 7.74%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 12.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2060 Fund PAGE 1 39241-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 11/30/2015 — 7/31/2025

![image](ts4708img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Class R**  | 7.74 | 10.98 | 8.93 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.62 |
| **Bloomberg U.S. Aggregate Index**  | 16.33 | 15.88 | 14.20 |
| **S&P Target Date To 2060 Index**  | 12.36 | 11.78 | 9.98 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70112040 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2060 Fund PAGE 2 39241-ATSR-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4708img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2060 Fund PAGE 3 39241-ATSR-0925

100001004711537128031286913576174941578317485212152285810000105531225514264152701693923498217712452529693343501000010564105091042511268124081232111198108211191313859100001043211988133011371114371189201726019333223202507969.622.37.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PAEVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2060 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $46 | 0.44% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement 2060 Fund returned 8.05%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 12.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2060 Fund PAGE 1 39241-ATSR3-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 11/30/2015 — 7/31/2025

![image](ts4709img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Class R3**  | 8.05 | 11.27 | 9.17 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.62 |
| **Bloomberg U.S. Aggregate Index**  | 16.33 | 15.88 | 14.20 |
| **S&P Target Date To 2060 Index**  | 12.36 | 11.78 | 9.98 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund incepted on 11/30/2015 and began offering Class R3 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund's Class Y performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70112040 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2060 Fund PAGE 2 39241-ATSR3-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4709img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2060 Fund PAGE 3 39241-ATSR3-0925

100001005411572128571294813685176811599717768216052334510000105531225514264152701693923498217712452529693343501000010564105091042511268124081232111198108211191313859100001043211988133011371114371189201726019333223202507969.622.37.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PAEUX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2060 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $20 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement 2060 Fund returned 8.25%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 12.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2060 Fund PAGE 1 39241-ATSR4-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 11/30/2015 — 7/31/2025

![image](ts4710img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Class R4**  | 8.25 | 11.54 | 9.44 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.62 |
| **Bloomberg U.S. Aggregate Index**  | 16.33 | 15.88 | 14.20 |
| **S&P Target Date To 2060 Index**  | 12.36 | 11.78 | 9.98 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund incepted on 11/30/2015 and began offering Class R4 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund's Class Y performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70112040 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2060 Fund PAGE 2 39241-ATSR4-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4710img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2060 Fund PAGE 3 39241-ATSR4-0925

100001007211618129471306913851179361626518116220862390810000105531225514264152701693923498217712452529693343501000010564105091042511268124081232111198108211191313859100001043211988133011371114371189201726019333223202507969.622.37.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAEWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2060 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $4 | 0.04% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement 2060 Fund returned 8.41%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 12.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2060 Fund PAGE 1 39241-ATSR5-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 11/30/2015 — 7/31/2025

![image](ts4711img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Class R5**  | 8.41 | 11.68 | 9.59 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.62 |
| **Bloomberg U.S. Aggregate Index**  | 16.33 | 15.88 | 14.20 |
| **S&P Target Date To 2060 Index**  | 12.36 | 11.78 | 9.98 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund incepted on 11/30/2015 and began offering Class R5 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund's Class R6 performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70112040 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2060 Fund PAGE 2 39241-ATSR5-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4711img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2060 Fund PAGE 3 39241-ATSR5-0925

100001008211637129991313313946180711641218307223492422810000105531225514264152701693923498217712452529693343501000010564105091042511268124081232111198108211191313859100001043211988133011371114371189201726019333223202507969.622.37.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PEFGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2060 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(6) | -0.06% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement 2060 Fund returned 8.51%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 12.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2060 Fund PAGE 1 39241-ATSR6-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 11/30/2015 — 7/31/2025

![image](ts4712img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Class R6**  | 8.51 | 11.78 | 9.64 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.62 |
| **Bloomberg U.S. Aggregate Index**  | 16.33 | 15.88 | 14.20 |
| **S&P Target Date To 2060 Index**  | 12.36 | 11.78 | 9.98 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund incepted on 11/30/2015 and began offering Class R6 shares on 9/1/2016. Returns for periods before 9/1/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70112040 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2060 Fund PAGE 2 39241-ATSR6-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4712img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2060 Fund PAGE 3 39241-ATSR6-0925

100001008211637129991313313946180841644318359224292433810000105531225514264152701693923498217712452529693343501000010564105091042511268124081232111198108211191313859100001043211988133011371114371189201726019333223202507969.622.37.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2060 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PRTYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2060 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $4 | 0.04% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement 2060 Fund returned 8.40%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 12.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2060 Fund PAGE 1 39241-ATSY-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 11/30/2015 — 7/31/2025

![image](ts4713img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Class Y**  | 8.40 | 11.70 | 9.55 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 13.62 |
| **Bloomberg U.S. Aggregate Index**  | 16.33 | 15.88 | 14.20 |
| **S&P Target Date To 2060 Index**  | 12.36 | 11.78 | 9.98 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $70112040 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 20% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2060 Fund PAGE 2 39241-ATSY-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4713img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2060 Fund PAGE 3 39241-ATSY-0925

100001008211636129691310013896180181635418239222872415910000105531225514264152701693923498217712452529693343501000010564105091042511268124081232111198108211191313859100001043211988133011371114371189201726019333223202507969.622.37.80.3 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PCJQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2065 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A<sup>1</sup>  | $29 | 0.28% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class A shares of Putnam Sustainable Retirement 2065 Fund returned 8.37%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 12.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2065 Fund PAGE 1 39412-ATSA-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 1/4/2021 — 7/31/2025

![image](ts4698img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/4/2021)** |
| **Class A**  | 8.37 | 9.50 |
| **Class A (with sales charge)**  | 2.14 | 8.10 |
| **Russell 3000 Index**  | 15.68 | 12.43 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.13 |
| **S&P Target Date To 2065+ Index**  | 12.65 | 9.48 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $958085 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 37% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2065 Fund PAGE 2 39412-ATSA-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4698img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2065 Fund PAGE 3 39412-ATSA-0925

94259406106881058796819895107821169513185139051428910000995611706118271084510852122171293014791163321711110000992899509634904388288738901491849200949410000998611281112341029310621114921192213311140081499572.123.04.40.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PCJRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2065 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C<sup>1</sup>  | $107 | 1.03% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class C shares of Putnam Sustainable Retirement 2065 Fund returned 7.50%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 12.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2065 Fund PAGE 1 39412-ATSC-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 1/4/2021 — 7/31/2025

![image](ts4699img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/4/2021)** |
| **Class C**  | 7.50 | 8.68 |
| **Class C (with sales charge)**  | 6.50 | 8.68 |
| **Russell 3000 Index**  | 15.68 | 12.43 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.13 |
| **S&P Target Date To 2065+ Index**  | 12.65 | 9.48 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $958085 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 37% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2065 Fund PAGE 2 39412-ATSC-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4699img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2065 Fund PAGE 3 39412-ATSC-0925

10000997011290111451015510337112251212513626143061464710000995611706118271084510852122171293014791163321711110000992899509634904388288738901491849200949410000998611281112341029310621114921192213311140081499572.123.04.40.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PCJUX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2065 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R<sup>1</sup>  | $71 | 0.68% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R shares of Putnam Sustainable Retirement 2065 Fund returned 7.96%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 12.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2065 Fund PAGE 1 39412-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 1/4/2021 — 7/31/2025

![image](ts4700img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/4/2021)** |
| **Class R**  | 7.96 | 9.07 |
| **Russell 3000 Index**  | 15.68 | 12.43 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.13 |
| **S&P Target Date To 2065+ Index**  | 12.65 | 9.48 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $958085 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 37% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2065 Fund PAGE 2 39412-ATSR-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4700img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2065 Fund PAGE 3 39412-ATSR-0925

10000997011320111781020010404113241225613791145121488910000995611706118271084510852122171293014791163321711110000992899509634904388288738901491849200949410000998611281112341029310621114921192213311140081499572.123.04.40.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R3 [PCJVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2065 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R3<sup>1</sup>  | $45 | 0.43% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R3 shares of Putnam Sustainable Retirement 2065 Fund returned 8.13%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 12.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2065 Fund PAGE 1 39412-ATSR3-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R3** 1/4/2021 — 7/31/2025

![image](ts4701img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/4/2021)** |
| **Class R3**  | 8.13 | 9.33 |
| **Russell 3000 Index**  | 15.68 | 12.43 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.13 |
| **S&P Target Date To 2065+ Index**  | 12.65 | 9.48 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $958085 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 37% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2065 Fund PAGE 2 39412-ATSR3-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4701img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2065 Fund PAGE 3 39412-ATSR3-0925

10000998011330112141024410466114011234213921146611505310000995611706118271084510852122171293014791163321711110000992899509634904388288738901491849200949410000998611281112341029310621114921192213311140081499572.123.04.40.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R4 [PCJWX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2065 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R4<sup>1</sup>  | $19 | 0.18% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R4 shares of Putnam Sustainable Retirement 2065 Fund returned 8.46%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 12.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2065 Fund PAGE 1 39412-ATSR4-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R4** 1/4/2021 — 7/31/2025

![image](ts4702img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/4/2021)** |
| **Class R4**  | 8.46 | 9.62 |
| **Russell 3000 Index**  | 15.68 | 12.43 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.13 |
| **S&P Target Date To 2065+ Index**  | 12.65 | 9.48 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $958085 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 37% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2065 Fund PAGE 2 39412-ATSR4-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4702img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2065 Fund PAGE 3 39412-ATSR4-0925

10000998011350112401028910518114691244314045148141523310000995611706118271084510852122171293014791163321711110000992899509634904388288738901491849200949410000998611281112341029310621114921192213311140081499572.123.04.40.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PCJIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2065 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5<sup>1</sup>  | $3 | 0.03% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R5 shares of Putnam Sustainable Retirement 2065 Fund returned 8.62%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 12.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2065 Fund PAGE 1 39412-ATSR5-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 1/4/2021 — 7/31/2025

![image](ts4703img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/4/2021)** |
| **Class R5**  | 8.62 | 9.77 |
| **Russell 3000 Index**  | 15.68 | 12.43 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.13 |
| **S&P Target Date To 2065+ Index**  | 12.65 | 9.48 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $958085 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 37% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2065 Fund PAGE 2 39412-ATSR5-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4703img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2065 Fund PAGE 3 39412-ATSR5-0925

10000998011360112561031410549115141249614115149001533210000995611706118271084510852122171293014791163321711110000992899509634904388288738901491849200949410000998611281112341029310621114921192213311140081499572.123.04.40.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PCJYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2065 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $(7) | -0.07% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class R6 shares of Putnam Sustainable Retirement 2065 Fund returned 8.71%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 12.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2065 Fund PAGE 1 39412-ATSR6-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 1/4/2021 — 7/31/2025

![image](ts4704img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/4/2021)** |
| **Class R6**  | 8.71 | 9.89 |
| **Russell 3000 Index**  | 15.68 | 12.43 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.13 |
| **S&P Target Date To 2065+ Index**  | 12.65 | 9.48 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $958085 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 37% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2065 Fund PAGE 2 39412-ATSR6-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4704img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2065 Fund PAGE 3 39412-ATSR6-0925

10000998011360112671032510572115391253514171149591540510000995611706118271084510852122171293014791163321711110000992899509634904388288738901491849200949410000998611281112341029310621114921192213311140081499572.123.04.40.5 ------

---

| | |
|:---|:---|
| **Putnam Sustainable Retirement 2065 Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PCJSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Retirement 2065 Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y<sup>1</sup>  | $3 | 0.03% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Class Y shares of Putnam Sustainable Retirement 2065 Fund returned 8.62%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 12.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in an international equity ETF |
| ↑ | Slight overweight to international equity during parts of the period |
| ↑ | Slight underweight to core bonds during parts of the period |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in two U.S. equity ETFs |
| ↓ | Security selection in emerging market stocks |
| ↓ | Overweight exposure to ultra short bonds |

---

Putnam Sustainable Retirement 2065 Fund PAGE 1 39412-ATSY-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 1/4/2021 — 7/31/2025

![image](ts4705img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/4/2021)** |
| **Class Y**  | 8.62 | 9.77 |
| **Russell 3000 Index**  | 15.68 | 12.43 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.13 |
| **S&P Target Date To 2065+ Index**  | 12.65 | 9.48 |

---

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 10, 2023, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $958085 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 8 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 37% |

---

\* Does not include derivatives, except purchased options, if any.

Putnam Sustainable Retirement 2065 Fund PAGE 2 39412-ATSY-0925

------

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4705img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Berkeley Belknap, Adrian Chan, Brett Goldstein, Thomas A. Nelson and Jonathan M. Schreiber.

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Retirement 2065 Fund PAGE 3 39412-ATSY-0925

10000998011360112561031410551115161249714117149011533310000995611706118271084510852122171293014791163321711110000992899509634904388288738901491849200949410000998611281112341029310621114921192213311140081499572.123.04.40.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending July 31, 2024 and July 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $225,701 in July 31, 2024 and $187,697 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in July 31, 2024 and $0 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $58,908 in July 31, 2024 and $98,180 in July 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2024 and $0 in July 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,030,797 in July 31, 2024 and $489,647 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Sustainable

#### Retirement

#### Funds

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 83
Notes

to

Financial

Statements

#### 98
Report

of

Independent

Registered

Public

Accounting

Firm

#### 129
Tax

Information

#### 131
Changes

In

and

Disagreements

with

Accountants

#### 133
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.49

$15.44

$16.12

$17.41

$17.18

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.53 0.59 1.13 0.34 0.19 Net

realized

and

unrealized

gains

(losses)

...........

0.31 1.06 (0.65)

(1.00)

0.32 Total

from

investment

operations

....................

0.84 1.65 0.48 (0.66)

0.51 Less

distributions

from:

Net

investment

income

..........................

(0.55)

(0.60)

(1.16)

(0.45)

(0.24)

Net

realized

gains

.............................

—

—

—

(0.18)

(0.04)

Total

distributions

...............................

(0.55)

(0.60)

(1.16)

(0.63)

(0.28)

Net

asset

value,

end

of

year

.......................

$16.78

$16.49

$15.44

$16.12

$17.41

Total

return

d

...................................

5.20%

10.97%

3.24%

(3.90)%

2.99%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.96%

0.91%

0.93%

0.90%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.43%

0.42%

0.37%

0.38%

0.39%

f

Net

investment

income

c

...........................

3.18%

3.79%

7.29%

2.04%

1.10%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$41,824

$23,513

$23,630

$25,827

$29,465

Portfolio

turnover

rate

............................

10%

8%

121%

24%

65%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.04

$15.04

$15.73

$17.00

$16.79

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.40 0.47 0.98 0.22 0.05 Net

realized

and

unrealized

gains

(losses)

...........

0.30 1.02 (0.62)

(0.99)

0.33 Total

from

investment

operations

....................

0.70 1.49 0.36 (0.77)

0.38 Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.49)

(1.05)

(0.32)

(0.13)

Net

realized

gains

.............................

—

—

—

(0.18)

(0.04)

Total

distributions

...............................

(0.42)

(0.49)

(1.05)

(0.50)

(0.17)

Net

asset

value,

end

of

year

.......................

$16.32

$16.04

$15.04

$15.73

$17.00

Total

return

d

...................................

4.45%

10.10%

2.54%

(4.61)%

2.22%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.70%

1.66%

1.68%

1.65%

1.46%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.16%

1.17%

1.12%

1.13%

1.13%

f

Net

investment

income

c

...........................

2.45%

3.07%

6.51%

1.32%

0.28%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,334

$781

$879

$1,066

$1,647

Portfolio

turnover

rate

............................

10%

8%

121%

24%

65%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.46

$15.42

$16.10

$17.39

$17.16

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.46 0.53 0.96 0.27 0.13 Net

realized

and

unrealized

gains

(losses)

...........

0.32 1.05 (0.54)

(1.00)

0.33 Total

from

investment

operations

....................

0.78 1.58 0.42 (0.73)

0.46 Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.54)

(1.10)

(0.38)

(0.19)

Net

realized

gains

.............................

—

—

—

(0.18)

(0.04)

Total

distributions

...............................

(0.49)

(0.54)

(1.10)

(0.56)

(0.23)

Net

asset

value,

end

of

year

.......................

$16.75

$16.46

$15.42

$16.10

$17.39

Total

return

....................................

4.80%

10.49%

2.86%

(4.28)%

2.69%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.36%

1.31%

1.33%

1.30%

1.06%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.82%

0.82%

0.77%

0.78%

0.73%

e

Net

investment

income

c

...........................

2.79%

3.38%

6.21%

1.63%

0.75%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,251

$598

$531

$704

$737

Portfolio

turnover

rate

............................

10%

8%

121%

24%

65%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.55

$15.50

$16.17

$17.47

$17.33

Income

from

investment

operations

b

:

Net

investment

income

c

,d

........................

0.51 0.57 1.05 0.31 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.32 1.06 (0.59)

(1.01)

0.14 Total

from

investment

operations

....................

0.83 1.63 0.46 (0.70)

0.22 Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.58)

(1.13)

(0.42)

(0.08)

Net

realized

gains

.............................

—

—

—

(0.18)

—

Total

distributions

...............................

(0.53)

(0.58)

(1.13)

(0.60)

(0.08)

Net

asset

value,

end

of

year

.......................

$16.85

$16.55

$15.50

$16.17

$17.47

Total

return

e

...................................

5.09%

10.76%

3.15%

(4.09)%

1.28%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.10%

1.06%

1.08%

1.05%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.57%

0.57%

0.52%

0.53%

0.30%

h

Net

investment

income

d

...........................

3.04%

3.64%

6.79%

1.86%

0.49%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$4,613

$1,391

$1,546

$1,926

$2,584

Portfolio

turnover

rate

............................

10%

8%

121%

24%

65%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.57

$15.51

$16.18

$17.47

$17.33

Income

from

investment

operations

b

:

Net

investment

income

c

,d

........................

0.57 0.61 1.22 0.36 0.12 Net

realized

and

unrealized

gains

(losses)

...........

0.31 1.07 (0.72)

(1.01)

0.13 Total

from

investment

operations

....................

0.88 1.68 0.50 (0.65)

0.25 Less

distributions

from:

Net

investment

income

..........................

(0.57)

(0.62)

(1.17)

(0.46)

(0.11)

Net

realized

gains

.............................

—

—

—

(0.18)

—

Total

distributions

...............................

(0.57)

(0.62)

(1.17)

(0.64)

(0.11)

Net

asset

value,

end

of

year

.......................

$16.88

$16.57

$15.51

$16.18

$17.47

Total

return

e

...................................

5.38%

11.07%

3.37%

(3.81)%

1.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.85%

0.81%

0.83%

0.80%

0.45%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.32%

0.32%

0.27%

0.28%

0.16%

h

Net

investment

income

d

...........................

3.29%

3.87%

7.83%

2.14%

0.67%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,094

$134

$170

$224

$220

Portfolio

turnover

rate

............................

10%

8%

121%

24%

65%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.56

$15.51

$16.18

$17.47

$17.33

Income

from

investment

operations

b

:

Net

investment

income

c

,d

........................

0.56 0.64 1.16 0.38 0.12 Net

realized

and

unrealized

gains

(losses)

...........

0.33 1.05 (0.64)

(1.00)

0.14 Total

from

investment

operations

....................

0.89 1.69 0.52 (0.62)

0.26 Less

distributions

from:

Net

investment

income

..........................

(0.59)

(0.64)

(1.19)

(0.49)

(0.12)

Net

realized

gains

.............................

—

—

—

(0.18)

—

Total

distributions

...............................

(0.59)

(0.64)

(1.19)

(0.67)

(0.12)

Net

asset

value,

end

of

year

.......................

$16.86

$16.56

$15.51

$16.18

$17.47

Total

return

e

...................................

5.50%

11.20%

3.54%

(3.66)%

1.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.71%

0.66%

0.68%

0.65%

0.36%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.18%

0.17%

0.12%

0.13%

0.07%

h

Net

investment

income

d

...........................

3.39%

4.03%

7.48%

2.29%

0.70%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$12

$11

$10

$10

$10

Portfolio

turnover

rate

............................

10%

8%

121%

24%

65%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.56

$15.51

$16.18

$17.47

$17.24

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.59 0.66 1.45 0.41 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.32 1.05 (0.91)

(1.02)

0.33 Total

from

investment

operations

....................

0.91 1.71 0.54 (0.61)

0.58 Less

distributions

from:

Net

investment

income

..........................

(0.61)

(0.66)

(1.21)

(0.50)

(0.31)

Net

realized

gains

.............................

—

—

—

(0.18)

(0.04)

Total

distributions

...............................

(0.61)

(0.66)

(1.21)

(0.68)

(0.35)

Net

asset

value,

end

of

year

.......................

$16.86

$16.56

$15.51

$16.18

$17.47

Total

return

....................................

5.62%

11.32%

3.63%

(3.55)%

3.38%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.61%

0.56%

0.58%

0.55%

0.34%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.08%

0.07%

0.02%

0.03%

0.05%

e

Net

investment

income

c

...........................

3.53%

4.23%

9.28%

2.42%

1.41%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,787

$905

$1,599

$3,662

$4,673

Portfolio

turnover

rate

............................

10%

8%

121%

24%

65%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$16.56

$15.51

$16.18

$17.47

$17.25

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.58 0.63 1.17 0.38 0.22 Net

realized

and

unrealized

gains

(losses)

...........

0.31 1.06 (0.65)

(1.00)

0.34 Total

from

investment

operations

....................

0.89 1.69 0.52 (0.62)

0.56 Less

distributions

from:

Net

investment

income

..........................

(0.59)

(0.64)

(1.19)

(0.49)

(0.30)

Net

realized

gains

.............................

—

—

—

(0.18)

(0.04)

Total

distributions

...............................

(0.59)

(0.64)

(1.19)

(0.67)

(0.34)

Net

asset

value,

end

of

year

.......................

$16.86

$16.56

$15.51

$16.18

$17.47

Total

return

....................................

5.50%

11.19%

3.54%

(3.66)%

3.23%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.71%

0.66%

0.68%

0.65%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.18%

0.17%

0.12%

0.13%

0.13%

e

Net

investment

income

c

...........................

3.43%

4.02%

7.54%

2.28%

1.25%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$586,625

$176,501

$177,575

$215,711

$263,315

Portfolio

turnover

rate

............................

10%

8%

121%

24%

65%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.9%

#### Domestic

#### Equity

#### 21.6%
a

Putnam

Sustainable

Future

ETF

........................................

1,776,135

$

46,032,801

a

Putnam

Sustainable

Leaders

ETF

.......................................

2,670,705

91,905,636

137,938,437

#### Domestic

#### Fixed

#### Income

#### 74.2%
a

Putnam

ESG

Core

Bond

ETF

..........................................

6,793,402

330,503,763

a

Putnam

ESG

High

Yield

ETF

...........................................

2,076,787

107,502,179

a

Putnam

ESG

Ultra

Short

ETF

..........................................

718,227

36,371,015

474,376,957

#### Foreign

#### Equity

#### 4.1%
a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,014,210

26,622,100

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 611,425,935

####)
...............................................................

#### 638,937,494
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.2%
a

#### Money

#### Market

#### Funds

#### 0.2%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

1,018,495

1,018,495

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,018,495

####)
...................................

#### 1,018,495

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,018,495

####)
.................................

#### 1,018,495

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 612,444,430

####)
100.1 #### %
..................................

#### $639,955,989

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (415,968)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $639,540,021
See

Abbreviations

on

.

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

#### Sustainable

#### Retirement

#### 2030

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$21.11

$19.16

$20.61

$23.86

$21.51

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.57 0.59 1.11 0.32 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.45 1.96 (0.31)

(1.47)

2.12 Total

from

investment

operations

....................

1.02 2.55 0.80 (1.15)

2.35 Less

distributions

from:

Net

investment

income

..........................

(0.59)

(0.60)

(1.33)

(1.02)

(—)

d

Net

realized

gains

.............................

—

—

(0.92)

(1.08)

—

Total

distributions

...............................

(0.59)

(0.60)

(2.25)

(2.10)

(—)

d

Net

asset

value,

end

of

year

.......................

$21.54

$21.11

$19.16

$20.61

$23.86

Total

return

e

...................................

4.97%

13.55%

4.58%

(5.36)%

10.93%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.89%

0.92%

0.95%

0.92%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

0.41%

0.41%

0.37%

0.36%

0.39%

g

Net

investment

income

c

...........................

2.69%

2.97%

5.80%

1.43%

1.03%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$27,385

$25,174

$22,952

$22,901

$24,643

Portfolio

turnover

rate

............................

18%

29%

144%

37%

54%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$19.13

$17.41

$18.93

$22.03

$20.18

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.37 0.40 0.89 0.14 —

d

Net

realized

and

unrealized

gains

(losses)

...........

0.41 1.79 (0.31)

(1.35)

2.04 Total

from

investment

operations

....................

0.78 2.19 0.58 (1.21)

2.04 Less

distributions

from:

Net

investment

income

..........................

(0.43)

(0.47)

(1.18)

(0.81)

(0.19)

Net

realized

gains

.............................

—

—

(0.92)

(1.08)

—

Total

distributions

...............................

(0.43)

(0.47)

(2.10)

(1.89)

(0.19)

Net

asset

value,

end

of

year

.......................

$19.48

$19.13

$17.41

$18.93

$22.03

Total

return

e

...................................

4.17%

12.77%

3.72%

(6.05)%

10.14%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.64%

1.67%

1.70%

1.67%

1.47%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

1.16%

1.16%

1.12%

1.11%

1.14%

g

Net

investment

income

c

...........................

1.94%

2.25%

5.06%

0.66%

—%

h

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$663

$748

$764

$898

$1,349

Portfolio

turnover

rate

............................

18%

29%

144%

37%

54%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

h

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$19.21

$17.49

$19.02

$22.17

$20.31

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.44 0.49 0.95 0.21 0.09 Net

realized

and

unrealized

gains

(losses)

...........

0.42 1.77 (0.30)

(1.36)

2.05 Total

from

investment

operations

....................

0.86 2.26 0.65 (1.15)

2.14 Less

distributions

from:

Net

investment

income

..........................

(0.25)

(0.54)

(1.26)

(0.92)

(0.28)

Net

realized

gains

.............................

—

—

(0.92)

(1.08)

—

Total

distributions

...............................

(0.25)

(0.54)

(2.18)

(2.00)

(0.28)

Net

asset

value,

end

of

year

.......................

$19.82

$19.21

$17.49

$19.02

$22.17

Total

return

....................................

4.54%

13.17%

4.13%

(5.76)%

10.62%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.29%

1.32%

1.35%

1.32%

1.05%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.81%

0.81%

0.77%

0.76%

0.72%

e

Net

investment

income

c

...........................

2.29%

2.78%

5.38%

1.03%

0.43%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$71

$58

$422

$395

$586

Portfolio

turnover

rate

............................

18%

29%

144%

37%

54%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$25.39

$22.91

$24.19

$27.61

$26.19

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.65 0.67 1.26 0.35 0.06 Net

realized

and

unrealized

gains

(losses)

...........

0.55 2.36 (0.34)

(1.73)

1.36 Total

from

investment

operations

....................

1.20 3.03 0.92 (1.38)

1.42 Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.55)

(1.28)

(0.96)

—

Net

realized

gains

.............................

—

—

(0.92)

(1.08)

—

Total

distributions

...............................

(0.53)

(0.55)

(2.20)

(2.04)

—

Net

asset

value,

end

of

year

.......................

$26.06

$25.39

$22.91

$24.19

$27.61

Total

return

e

...................................

4.83%

13.42%

4.38%

(5.48)%

5.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.04%

1.07%

1.10%

1.07%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.56%

0.56%

0.52%

0.51%

0.30%

h

Net

investment

income

d

...........................

2.54%

2.81%

5.54%

1.33%

0.26%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$6,280

$6,757

$6,171

$5,622

$7,452

Portfolio

turnover

rate

............................

18%

29%

144%

37%

54%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$25.43

$22.93

$24.22

$27.65

$26.19

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.71 0.72 1.33 0.40 0.09 Net

realized

and

unrealized

gains

(losses)

...........

0.56 2.38 (0.36)

(1.72)

1.37 Total

from

investment

operations

....................

1.27 3.10 0.97 (1.32)

1.46 Less

distributions

from:

Net

investment

income

..........................

(0.60)

(0.60)

(1.34)

(1.03)

—

Net

realized

gains

.............................

—

—

(0.92)

(1.08)

—

Total

distributions

...............................

(0.60)

(0.60)

(2.26)

(2.11)

—

Net

asset

value,

end

of

year

.......................

$26.10

$25.43

$22.93

$24.22

$27.65

Total

return

e

...................................

5.08%

13.74%

4.61%

(5.23)%

5.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.79%

0.82%

0.85%

0.82%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.31%

0.31%

0.27%

0.26%

0.16%

h

Net

investment

income

d

...........................

2.79%

3.05%

5.82%

1.54%

0.36%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,835

$2,889

$2,986

$2,733

$2,899

Portfolio

turnover

rate

............................

18%

29%

144%

37%

54%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$25.44

$22.95

$24.24

$27.68

$26.19

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.74 0.76 1.37 0.44 0.12 Net

realized

and

unrealized

gains

(losses)

...........

0.57 2.37 (0.37)

(1.72)

1.37 Total

from

investment

operations

....................

1.31 3.13 1.00 (1.28)

1.49 Less

distributions

from:

Net

investment

income

..........................

(0.64)

(0.64)

(1.37)

(1.08)

—

Net

realized

gains

.............................

—

—

(0.92)

(1.08)

—

Total

distributions

...............................

(0.64)

(0.64)

(2.29)

(2.16)

—

Net

asset

value,

end

of

year

.......................

$26.11

$25.44

$22.95

$24.24

$27.68

Total

return

e

...................................

5.25%

13.88%

4.78%

(5.11)%

5.69%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.64%

0.67%

0.70%

0.67%

0.37%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.16%

0.16%

0.12%

0.11%

0.07%

h

Net

investment

income

d

...........................

2.91%

3.22%

6.01%

1.69%

0.45%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$12

$12

$11

$10

$11

Portfolio

turnover

rate

............................

18%

29%

144%

37%

54%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$25.46

$22.97

$24.25

$27.69

$25.25

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.78 0.82 1.57 0.49 0.30 Net

realized

and

unrealized

gains

(losses)

...........

0.55 2.33 (0.53)

(1.75)

2.54 Total

from

investment

operations

....................

1.33 3.15 1.04 (1.26)

2.84 Less

distributions

from:

Net

investment

income

..........................

(0.66)

(0.66)

(1.40)

(1.10)

(0.40)

Net

realized

gains

.............................

—

—

(0.92)

(1.08)

—

Total

distributions

...............................

(0.66)

(0.66)

(2.32)

(2.18)

(0.40)

Net

asset

value,

end

of

year

.......................

$26.13

$25.46

$22.97

$24.25

$27.69

Total

return

....................................

5.34%

13.97%

4.93%

(5.01)%

11.33%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.54%

0.57%

0.60%

0.57%

0.38%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.06%

0.06%

0.02%

0.01%

0.05%

e

Net

investment

income

c

...........................

3.04%

3.53%

6.86%

1.89%

1.13%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$3,280

$5,289

$12,068

$18,059

$18,567

Portfolio

turnover

rate

............................

18%

29%

144%

37%

54%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$25.39

$22.90

$24.19

$27.63

$25.22

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.75 0.76 1.38 0.44 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.55 2.37 (0.38)

(1.72)

2.58 Total

from

investment

operations

....................

1.30 3.13 1.00 (1.28)

2.81 Less

distributions

from:

Net

investment

income

..........................

(0.64)

(0.64)

(1.37)

(1.08)

(0.40)

Net

realized

gains

.............................

—

—

(0.92)

(1.08)

—

Total

distributions

...............................

(0.64)

(0.64)

(2.29)

(2.16)

(0.40)

Net

asset

value,

end

of

year

.......................

$26.05

$25.39

$22.90

$24.19

$27.63

Total

return

....................................

5.23%

13.91%

4.79%

(5.11)%

11.24%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.64%

0.67%

0.70%

0.67%

0.47%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.16%

0.16%

0.12%

0.11%

0.14%

e

Net

investment

income

c

...........................

2.94%

3.20%

6.08%

1.70%

0.89%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$362,685

$253,535

$193,228

$187,829

$197,357

Portfolio

turnover

rate

............................

18%

29%

144%

37%

54%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Domestic

#### Equity

#### 29.4%
a

Putnam

Sustainable

Future

ETF

........................................

1,534,603

$

39,772,920

a

Putnam

Sustainable

Leaders

ETF

.......................................

2,285,353

78,644,710

118,417,630

#### Domestic

#### Fixed

#### Income

#### 64.5%
a

Putnam

ESG

Core

Bond

ETF

..........................................

4,120,180

200,449,641

a

Putnam

ESG

High

Yield

ETF

...........................................

540,564

27,981,593

a

Putnam

ESG

Ultra

Short

ETF

..........................................

633,470

32,078,921

260,510,155

#### Foreign

#### Equity

#### 5.7%
a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

870,471

22,849,080

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 378,954,680

####)
...............................................................

#### 401,776,865
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.4%
a

#### Money

#### Market

#### Funds

#### 0.4%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

1,425,496

1,425,496

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,425,496

####)
...................................

#### 1,425,496

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,425,496

####)
.................................

#### 1,425,496

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 380,380,176

####)
100.0 #### %
..................................

#### $403,202,361

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 9,158

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $403,211,519
See

Abbreviations

on

.

†

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

#### Sustainable

#### Retirement

#### 2035

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$22.80

$20.02

$21.25

$25.36

$21.92

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.45 0.47 0.92 0.32 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.86 2.81 0.25 (1.73)

3.28 Total

from

investment

operations

....................

1.31 3.28 1.17 (1.41)

3.44 Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.50)

(1.13)

(1.27)

(—)

d

Net

realized

gains

.............................

—

—

(1.27)

(1.43)

—

Total

distributions

...............................

(0.53)

(0.50)

(2.40)

(2.70)

(—)

d

Net

asset

value,

end

of

year

.......................

$23.58

$22.80

$20.02

$21.25

$25.36

Total

return

e

...................................

5.84%

16.67%

6.54%

(6.43)%

15.70%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.91%

0.93%

0.96%

0.96%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

0.37%

0.36%

0.34%

0.34%

0.38%

g

Net

investment

income

c

...........................

1.98%

2.24%

4.64%

1.36%

0.70%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$34,775

$30,392

$22,106

$21,379

$23,803

Portfolio

turnover

rate

............................

22%

27%

138%

39%

46%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

#### d
Amount

rounds

to

less

than

$0.01

per

share.

#### e
Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

#### f
Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

#### g
Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$19.53

$17.23

$18.62

$22.56

$19.70

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

....................

0.24 0.27 0.65 0.15 (0.01)

Net

realized

and

unrealized

gains

(losses)

...........

0.73 2.41 0.23 (1.55)

2.93 Total

from

investment

operations

....................

0.97 2.68 0.88 (1.40)

2.92 Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.38)

(1.00)

(1.11)

(0.06)

Net

realized

gains

.............................

—

—

(1.27)

(1.43)

—

Total

distributions

...............................

(0.37)

(0.38)

(2.27)

(2.54)

(0.06)

Net

asset

value,

end

of

year

.......................

$20.13

$19.53

$17.23

$18.62

$22.56

Total

return

d

...................................

5.04%

15.77%

5.78%

(7.15)%

14.85%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.66%

1.68%

1.71%

1.71%

1.50%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.12%

1.11%

1.09%

1.09%

1.13%

f

Net

investment

income

(loss)

c

......................

1.23%

1.51%

3.82%

0.73%

(0.05)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,249

$1,238

$1,202

$1,134

$1,213

Portfolio

turnover

rate

............................

22%

27%

138%

39%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$21.38

$18.81

$20.11

$24.07

$21.04

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.34 0.37 0.78 0.19 0.06 Net

realized

and

unrealized

gains

(losses)

...........

0.79 2.64 0.25 (1.62)

3.15 Total

from

investment

operations

....................

1.13 3.01 1.03 (1.43)

3.21 Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.44)

(1.06)

(1.10)

(0.18)

Net

realized

gains

.............................

—

—

(1.27)

(1.43)

—

Total

distributions

...............................

(0.45)

(0.44)

(2.33)

(2.53)

(0.18)

Net

asset

value,

end

of

year

.......................

$22.06

$21.38

$18.81

$20.11

$24.07

Total

return

....................................

5.38%

16.23%

6.13%

(6.83)%

15.32%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.31%

1.33%

1.36%

1.36%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.77%

0.76%

0.74%

0.74%

0.71%

e

Net

investment

income

c

...........................

1.58%

1.87%

4.21%

0.85%

0.29%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$770

$650

$552

$517

$876

Portfolio

turnover

rate

............................

22%

27%

138%

39%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$28.64

$25.01

$25.90

$30.30

$28.16

Income

from

investment

operations

b

:

Net

investment

income

c

,d

........................

0.53 0.56 1.08 0.35 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.06 3.52 0.37 (2.13)

2.11 Total

from

investment

operations

....................

1.59 4.08 1.45 (1.78)

2.14 Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.45)

(1.07)

(1.19)

—

Net

realized

gains

.............................

—

—

(1.27)

(1.43)

—

Total

distributions

...............................

(0.45)

(0.45)

(2.34)

(2.62)

—

Net

asset

value,

end

of

year

.......................

$29.78

$28.64

$25.01

$25.90

$30.30

Total

return

e

...................................

5.62%

16.52%

6.40%

(6.58)%

7.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.06%

1.08%

1.11%

1.11%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.52%

0.51%

0.49%

0.49%

0.30%

h

Net

investment

income

d

...........................

1.83%

2.12%

4.40%

1.24%

0.09%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$7,145

$6,650

$5,410

$5,458

$7,415

Portfolio

turnover

rate

............................

22%

27%

138%

39%

46%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$28.66

$25.01

$25.92

$30.34

$28.16

Income

from

investment

operations

b

:

Net

investment

income

c

,d

........................

0.60 0.61 1.12 0.40 0.06 Net

realized

and

unrealized

gains

(losses)

...........

1.07 3.54 0.39 (2.11)

2.12 Total

from

investment

operations

....................

1.67 4.15 1.51 (1.71)

2.18 Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.50)

(1.15)

(1.28)

—

Net

realized

gains

.............................

—

—

(1.27)

(1.43)

—

Total

distributions

...............................

(0.53)

(0.50)

(2.42)

(2.71)

—

Net

asset

value,

end

of

year

.......................

$29.80

$28.66

$25.01

$25.92

$30.34

Total

return

e

...................................

5.90%

16.82%

6.66%

(6.36)%

7.74%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.81%

0.83%

0.86%

0.86%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.27%

0.26%

0.24%

0.24%

0.16%

h

Net

investment

income

d

...........................

2.08%

2.34%

4.59%

1.42%

0.19%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,241

$1,025

$940

$791

$687

Portfolio

turnover

rate

............................

22%

27%

138%

39%

46%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$28.68

$25.04

$25.94

$30.37

$28.16

Income

from

investment

operations

b

:

Net

investment

income

c

,d

........................

0.65 0.66 1.18 0.46 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.07 3.53 0.37 (2.14)

2.12 Total

from

investment

operations

....................

1.72 4.19 1.55 (1.68)

2.21 Less

distributions

from:

Net

investment

income

..........................

(0.56)

(0.55)

(1.18)

(1.32)

—

Net

realized

gains

.............................

—

—

(1.27)

(1.43)

—

Total

distributions

...............................

(0.56)

(0.55)

(2.45)

(2.75)

—

Net

asset

value,

end

of

year

.......................

$29.84

$28.68

$25.04

$25.94

$30.37

Total

return

e

...................................

6.10%

16.96%

6.85%

(6.24)%

7.85%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.68%

0.71%

0.71%

0.40%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.11%

0.11%

0.09%

0.09%

0.07%

h

Net

investment

income

d

...........................

2.26%

2.52%

4.85%

1.62%

0.31%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$13

$13

$11

$10

$11

Portfolio

turnover

rate

............................

22%

27%

138%

39%

46%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$28.70

$25.05

$25.96

$30.38

$26.44

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.68 0.72 1.34 0.48 0.29 Net

realized

and

unrealized

gains

(losses)

...........

1.07 3.50 0.23 (2.12)

3.94 Total

from

investment

operations

....................

1.75 4.22 1.57 (1.64)

4.23 Less

distributions

from:

Net

investment

income

..........................

(0.59)

(0.57)

(1.21)

(1.35)

(0.29)

Net

realized

gains

.............................

—

—

(1.27)

(1.43)

—

Total

distributions

...............................

(0.59)

(0.57)

(2.48)

(2.78)

(0.29)

Net

asset

value,

end

of

year

.......................

$29.86

$28.70

$25.05

$25.96

$30.38

Total

return

....................................

6.20%

17.10%

6.92%

(6.11)%

16.10%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.56%

0.58%

0.61%

0.61%

0.41%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.02%

0.01%

(0.01)%

e

(0.01)%

e

0.04%

f

Net

investment

income

c

...........................

2.33%

2.77%

5.44%

1.71%

1.01%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$5,238

$7,443

$11,598

$15,997

$17,492

Portfolio

turnover

rate

............................

22%

27%

138%

39%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$28.65

$25.01

$25.92

$30.35

$26.42

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.64 0.66 1.19 0.45 0.26 Net

realized

and

unrealized

gains

(losses)

...........

1.08 3.53 0.35 (2.12)

3.97 Total

from

investment

operations

....................

1.72 4.19 1.54 (1.67)

4.23 Less

distributions

from:

Net

investment

income

..........................

(0.57)

(0.55)

(1.18)

(1.33)

(0.30)

Net

realized

gains

.............................

—

—

(1.27)

(1.43)

—

Total

distributions

...............................

(0.57)

(0.55)

(2.45)

(2.76)

(0.30)

Net

asset

value,

end

of

year

.......................

$29.80

$28.65

$25.01

$25.92

$30.35

Total

return

....................................

6.09%

16.99%

6.82%

(6.23)%

16.09%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.68%

0.71%

0.71%

0.50%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.12%

0.11%

0.09%

0.09%

0.13%

e

Net

investment

income

c

...........................

2.23%

2.50%

4.89%

1.62%

0.89%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$306,223

$236,680

$158,644

$141,266

$124,961

Portfolio

turnover

rate

............................

22%

27%

138%

39%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.7%

#### Domestic

#### Equity

#### 46.8%
a

Putnam

Sustainable

Future

ETF

........................................

2,155,507

$

55,865,137

a

Putnam

Sustainable

Leaders

ETF

.......................................

3,220,269

110,817,507

166,682,644

#### Domestic

#### Fixed

#### Income

#### 43.9%
a

Putnam

ESG

Core

Bond

ETF

..........................................

2,362,401

114,932,462

a

Putnam

ESG

High

Yield

ETF

...........................................

353,841

18,316,120

a

Putnam

ESG

Ultra

Short

ETF

..........................................

467,330

23,665,591

156,914,173

#### Foreign

#### Equity

#### 9.0%
a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,216,629

31,935,416

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 320,078,293

####)
...............................................................

#### 355,532,233
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.3%
a

#### Money

#### Market

#### Funds

#### 0.3%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

1,083,371

1,083,371

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,083,371

####)
...................................

#### 1,083,371

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,083,371

####)
.................................

#### 1,083,371

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 321,161,664

####)
100.0 #### %
..................................

#### $356,615,604

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 39,311

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $356,654,915
See

Abbreviations

on

.

†

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

#### Sustainable

#### Retirement

#### 2040

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$23.07

$19.93

$21.67

$25.95

$21.58

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.38 0.39 0.75 0.33 0.05 Net

realized

and

unrealized

gains

(losses)

...........

1.13 3.21 0.66 (2.05)

4.32 Total

from

investment

operations

....................

1.51 3.60 1.41 (1.72)

4.37 Less

distributions

from:

Net

investment

income

..........................

(0.46)

(0.46)

(0.92)

(1.33)

(—)

d

Net

realized

gains

.............................

—

—

(2.23)

(1.23)

—

Total

distributions

...............................

(0.46)

(0.46)

(3.15)

(2.56)

(—)

d

Net

asset

value,

end

of

year

.......................

$24.12

$23.07

$19.93

$21.67

$25.95

Total

return

e

...................................

6.65%

18.34%

8.08%

(7.60)%

20.26%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.92%

0.95%

0.97%

0.96%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

0.34%

0.34%

0.31%

0.30%

0.36%

g

Net

investment

income

c

...........................

1.62%

1.86%

3.82%

1.37%

0.23%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$33,777

$25,880

$16,840

$15,869

$17,763

Portfolio

turnover

rate

............................

17%

25%

137%

32%

43%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$19.00

$16.51

$18.50

$22.53

$19.11

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

....................

0.17 0.20 0.50 0.13 (0.05)

Net

realized

and

unrealized

gains

(losses)

...........

0.93 2.64 0.53 (1.74)

3.73 Total

from

investment

operations

....................

1.10 2.84 1.03 (1.61)

3.68 Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.35)

(0.79)

(1.19)

(0.26)

Net

realized

gains

.............................

—

—

(2.23)

(1.23)

—

Total

distributions

...............................

(0.31)

(0.35)

(3.02)

(2.42)

(0.26)

Net

asset

value,

end

of

year

.......................

$19.79

$19.00

$16.51

$18.50

$22.53

Total

return

d

...................................

5.86%

17.41%

7.29%

(8.27)%

19.38%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.67%

1.70%

1.72%

1.71%

1.49%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.09%

1.09%

1.06%

1.05%

1.10%

f

Net

investment

income

(loss)

c

......................

0.87%

1.17%

3.05%

0.63%

(0.22)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$942

$897

$869

$797

$823

Portfolio

turnover

rate

............................

17%

25%

137%

32%

43%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$24.54

$21.18

$22.82

$26.76

$22.65

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.30 0.41 0.70 0.07 0.08 Net

realized

and

unrealized

gains

(losses)

...........

1.22 3.33 0.72 (2.00)

4.39 Total

from

investment

operations

....................

1.52 3.74 1.42 (1.93)

4.47 Less

distributions

from:

Net

investment

income

..........................

—

(0.38)

(0.83)

(0.78)

(0.36)

Net

realized

gains

.............................

—

—

(2.23)

(1.23)

—

Total

distributions

...............................

—

(0.38)

(3.06)

(2.01)

(0.36)

Net

asset

value,

end

of

year

.......................

$26.06

$24.54

$21.18

$22.82

$26.76

Total

return

....................................

6.19%

17.87%

7.66%

(7.97)%

19.88%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.31%

1.35%

1.37%

1.36%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.73%

0.74%

0.71%

0.70%

0.69%

e

Net

investment

income

c

...........................

1.22%

1.90%

3.35%

0.28%

0.32%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$7

$92

$163

$142

$284

Portfolio

turnover

rate

............................

17%

25%

137%

32%

43%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

sv

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.36

$25.21

$26.54

$31.18

$28.47

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

....................

0.44 0.47 0.94 0.37 (0.03)

Net

realized

and

unrealized

gains

(losses)

...........

1.44 4.06 0.83 (2.53)

2.74 Total

from

investment

operations

....................

1.88 4.53 1.77 (2.16)

2.71 Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.38)

(0.87)

(1.25)

—

Net

realized

gains

.............................

—

—

(2.23)

(1.23)

—

Total

distributions

...............................

(0.37)

(0.38)

(3.10)

(2.48)

—

Net

asset

value,

end

of

year

.......................

$30.87

$29.36

$25.21

$26.54

$31.18

Total

return

e

...................................

6.48%

18.16%

7.92%

(7.73)%

9.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.07%

1.10%

1.12%

1.11%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.49%

0.49%

0.46%

0.45%

0.27%

h

Net

investment

income

(loss)

d

......................

1.47%

1.75%

3.82%

1.27%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$4,171

$3,448

$3,106

$3,365

$3,860

Portfolio

turnover

rate

............................

17%

25%

137%

32%

43%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.40

$25.23

$26.57

$31.22

$28.47

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.51 0.54 1.01 0.41 0.01 Net

realized

and

unrealized

gains

(losses)

...........

1.45 4.07 0.81 (2.50)

2.74 Total

from

investment

operations

....................

1.96 4.61 1.82 (2.09)

2.75 Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.44)

(0.93)

(1.33)

—

Net

realized

gains

.............................

—

—

(2.23)

(1.23)

—

Total

distributions

...............................

(0.45)

(0.44)

(3.16)

(2.56)

—

Net

asset

value,

end

of

year

.......................

$30.91

$29.40

$25.23

$26.57

$31.22

Total

return

e

...................................

6.77%

18.49%

8.16%

(7.49)%

9.66%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.82%

0.85%

0.87%

0.86%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.24%

0.24%

0.21%

0.20%

0.13%

h

Net

investment

income

d

...........................

1.72%

2.02%

4.09%

1.41%

0.03%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$478

$517

$743

$751

$880

Portfolio

turnover

rate

............................

17%

25%

137%

32%

43%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.40

$25.25

$26.59

$31.25

$28.47

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.56 0.58 1.00 0.48 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.44 4.07 0.86 (2.52)

2.75 Total

from

investment

operations

....................

2.00 4.65 1.86 (2.04)

2.78 Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.50)

(0.97)

(1.39)

—

Net

realized

gains

.............................

—

—

(2.23)

(1.23)

—

Total

distributions

...............................

(0.49)

(0.50)

(3.20)

(2.62)

—

Net

asset

value,

end

of

year

.......................

$30.91

$29.40

$25.25

$26.59

$31.25

Total

return

e

...................................

6.89%

18.66%

8.31%

(7.34)%

9.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.67%

0.70%

0.72%

0.71%

0.40%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.09%

0.09%

0.06%

0.05%

0.04%

h

Net

investment

income

d

...........................

1.89%

2.17%

4.06%

1.65%

0.12%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$14

$13

$11

$10

$11

Portfolio

turnover

rate

............................

17%

25%

137%

32%

43%

a

For

the

period

April

1,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.42

$25.27

$26.60

$31.27

$26.34

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.59 0.70 1.23 0.50 0.26 Net

realized

and

unrealized

gains

(losses)

...........

1.44 3.98 0.66 (2.52)

5.14 Total

from

investment

operations

....................

2.03 4.68 1.89 (2.02)

5.40 Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.53)

(0.99)

(1.42)

(0.47)

Net

realized

gains

.............................

—

—

(2.23)

(1.23)

—

Total

distributions

...............................

(0.51)

(0.53)

(3.22)

(2.65)

(0.47)

Net

asset

value,

end

of

year

.......................

$30.94

$29.42

$25.27

$26.60

$31.27

Total

return

....................................

7.00%

18.76%

8.47%

(7.28)%

20.69%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.57%

0.60%

0.62%

0.61%

0.41%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

(0.01)%

e

(0.01)%

e

(0.04)%

e

(0.05)%

e

0.02%

f

Net

investment

income

c

...........................

1.97%

2.73%

4.92%

1.72%

0.89%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$3,472

$1,830

$8,039

$13,998

$14,318

Portfolio

turnover

rate

............................

17%

25%

137%

32%

43%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.33

$25.20

$26.54

$31.20

$26.31

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.56 0.57 1.00 0.48 0.25 Net

realized

and

unrealized

gains

(losses)

...........

1.44 4.06 0.86 (2.52)

5.12 Total

from

investment

operations

....................

2.00 4.63 1.86 (2.04)

5.37 Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.50)

(0.97)

(1.39)

(0.48)

Net

realized

gains

.............................

—

—

(2.23)

(1.23)

—

Total

distributions

...............................

(0.49)

(0.50)

(3.20)

(2.62)

(0.48)

Net

asset

value,

end

of

year

.......................

$30.84

$29.33

$25.20

$26.54

$31.20

Total

return

....................................

6.92%

18.63%

8.33%

(7.35)%

20.59%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.67%

0.70%

0.72%

0.71%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.09%

0.09%

0.06%

0.05%

0.10%

e

Net

investment

income

c

...........................

1.87%

2.15%

4.05%

1.65%

0.86%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$333,511

$239,529

$173,452

$156,842

$162,247

Portfolio

turnover

rate

............................

17%

25%

137%

32%

43%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.5%

#### Domestic

#### Equity

#### 53.7%
a

Putnam

Sustainable

Future

ETF

........................................

2,622,683

$

67,973,124

a

Putnam

Sustainable

Leaders

ETF

.......................................

3,894,748

134,028,016

202,001,140

#### Domestic

#### Fixed

#### Income

#### 31.8%
a

Putnam

ESG

Core

Bond

ETF

..........................................

1,676,300

81,553,168

a

Putnam

ESG

High

Yield

ETF

...........................................

343,451

17,778,295

a

Putnam

ESG

Ultra

Short

ETF

..........................................

403,221

20,419,111

119,750,574

#### Foreign

#### Equity

#### 14.0%
a

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

362,915

8,947,270

a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,668,623

43,799,852

52,747,122

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 326,217,951

####)
...............................................................

#### 374,498,836
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%
a

#### Money

#### Market

#### Funds

#### 0.5%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

1,838,471

1,838,471

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,838,471

####)
...................................

#### 1,838,471

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,838,471

####)
.................................

#### 1,838,471

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 328,056,422

####)
100.0 #### %
..................................

#### $376,337,307

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 34,931

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $376,372,238
See

Abbreviations

on

.

†

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

#### Sustainable

#### Retirement

#### 2045

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$21.82

$18.65

$19.66

$24.20

$19.54

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.30 0.30 0.58 0.30 0.05 Net

realized

and

unrealized

gains

(losses)

...........

1.26 3.28 0.89 (2.05)

4.66 Total

from

investment

operations

....................

1.56 3.58 1.47 (1.75)

4.71 Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.41)

(0.73)

(1.37)

(—)

d

Net

realized

gains

.............................

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...............................

(0.40)

(0.41)

(2.48)

(2.79)

(0.05)

Net

asset

value,

end

of

year

.......................

$22.98

$21.82

$18.65

$19.66

$24.20

Total

return

e

...................................

7.27%

19.49%

9.07%

(8.55)%

24.14%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.94%

0.98%

1.02%

1.00%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

0.32%

0.32%

0.30%

0.28%

0.35%

g

Net

investment

income

c

...........................

1.37%

1.50%

3.22%

1.37%

0.24%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$34,897

$27,363

$12,815

$11,577

$13,491

Portfolio

turnover

rate

............................

19%

21%

138%

33%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$18.22

$15.67

$16.90

$21.18

$17.29

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

....................

0.11 0.16 0.33 0.13 (0.05)

Net

realized

and

unrealized

gains

(losses)

...........

1.06 2.71 0.79 (1.78)

4.05 Total

from

investment

operations

....................

1.17 2.87 1.12 (1.65)

4.00 Less

distributions

from:

Net

investment

income

..........................

(0.26)

(0.32)

(0.60)

(1.21)

(0.06)

Net

realized

gains

.............................

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...............................

(0.26)

(0.32)

(2.35)

(2.63)

(0.11)

Net

asset

value,

end

of

year

.......................

$19.13

$18.22

$15.67

$16.90

$21.18

Total

return

d

...................................

6.48%

18.55%

8.29%

(9.25)%

23.23%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.69%

1.73%

1.77%

1.75%

1.55%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.07%

1.07%

1.05%

1.03%

1.10%

f

Net

investment

income

(loss)

c

......................

0.62%

0.95%

2.16%

0.70%

(0.27)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$928

$967

$869

$694

$987

Portfolio

turnover

rate

............................

19%

21%

138%

33%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$23.23

$19.85

$20.72

$25.19

$20.53

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.23 0.26 0.49 0.18 0.08 Net

realized

and

unrealized

gains

(losses)

...........

1.35 3.48 1.00 (2.14)

4.77 Total

from

investment

operations

....................

1.58 3.74 1.49 (1.96)

4.85 Less

distributions

from:

Net

investment

income

..........................

(0.07)

(0.36)

(0.61)

(1.09)

(0.14)

Net

realized

gains

.............................

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...............................

(0.07)

(0.36)

(2.36)

(2.51)

(0.19)

Net

asset

value,

end

of

year

.......................

$24.74

$23.23

$19.85

$20.72

$25.19

Total

return

....................................

6.80%

19.04%

8.61%

(8.92)%

23.70%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.34%

1.38%

1.42%

1.40%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.72%

0.72%

0.70%

0.68%

0.68%

e

Net

investment

income

c

...........................

0.97%

1.24%

2.56%

0.76%

0.36%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$47

$107

$69

$44

$127

Portfolio

turnover

rate

............................

19%

21%

138%

33%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.13

$24.75

$25.20

$30.24

$27.23

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.36 0.40 0.68 0.36 (0.06)

Net

realized

and

unrealized

gains

(losses)

...........

1.69 4.34 1.27 (2.67)

3.07 Total

from

investment

operations

....................

2.05 4.74 1.95 (2.31)

3.01 Less

distributions

from:

Net

investment

income

..........................

(0.32)

(0.36)

(0.65)

(1.31)

—

Net

realized

gains

.............................

—

—

(1.75)

(1.42)

—

Total

distributions

...............................

(0.32)

(0.36)

(2.40)

(2.73)

—

Net

asset

value,

end

of

year

.......................

$30.86

$29.13

$24.75

$25.20

$30.24

Total

return

e

...................................

7.08%

19.33%

8.93%

(8.69)%

11.05%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.09%

1.13%

1.17%

1.15%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.47%

0.47%

0.45%

0.43%

0.26%

h

Net

investment

income

(loss)

d

......................

1.22%

1.50%

2.87%

1.29%

(0.21)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$4,232

$3,880

$2,863

$3,383

$4,270

Portfolio

turnover

rate

............................

19%

21%

138%

33%

36%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.15

$24.77

$25.24

$30.29

$27.23

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.43 0.46 0.79 0.42 (0.02)

Net

realized

and

unrealized

gains

(losses)

...........

1.70 4.34 1.22 (2.67)

3.08 Total

from

investment

operations

....................

2.13 4.80 2.01 (2.25)

3.06 Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.42)

(0.73)

(1.38)

—

Net

realized

gains

.............................

—

—

(1.75)

(1.42)

—

Total

distributions

...............................

(0.39)

(0.42)

(2.48)

(2.80)

—

Net

asset

value,

end

of

year

.......................

$30.89

$29.15

$24.77

$25.24

$30.29

Total

return

e

...................................

7.37%

19.58%

9.23%

(8.47)%

11.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.84%

0.88%

0.92%

0.90%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.22%

0.22%

0.20%

0.18%

0.12%

h

Net

investment

income

(loss)

d

......................

1.47%

1.76%

3.34%

1.51%

(0.06)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,050

$949

$753

$678

$840

Portfolio

turnover

rate

............................

19%

21%

138%

33%

36%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.19

$24.80

$25.27

$30.31

$27.23

Income

from

investment

operations

b

:

Net

investment

income

c

,d

........................

0.48 0.51 0.79 0.45 0.01 Net

realized

and

unrealized

gains

(losses)

...........

1.69 4.33 1.26 (2.64)

3.07 Total

from

investment

operations

....................

2.17 4.84 2.05 (2.19)

3.08 Less

distributions

from:

Net

investment

income

..........................

(0.43)

(0.45)

(0.77)

(1.43)

—

Net

realized

gains

.............................

—

—

(1.75)

(1.42)

—

Total

distributions

...............................

(0.43)

(0.45)

(2.52)

(2.85)

—

Net

asset

value,

end

of

year

.......................

$30.93

$29.19

$24.80

$25.27

$30.31

Total

return

e

...................................

7.55%

19.76%

9.38%

(8.29)%

11.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.69%

0.73%

0.77%

0.75%

0.43%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.07%

0.07%

0.05%

0.03%

0.03%

h

Net

investment

income

d

...........................

1.62%

1.92%

3.33%

1.61%

0.02%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$13

$11

$10

$11

Portfolio

turnover

rate

............................

19%

21%

138%

33%

36%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.21

$24.80

$25.28

$30.33

$24.62

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.51 0.58 1.03 0.47 0.23 Net

realized

and

unrealized

gains

(losses)

...........

1.68 4.30 1.03 (2.64)

5.77 Total

from

investment

operations

....................

2.19 4.88 2.06 (2.17)

6.00 Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.47)

(0.79)

(1.46)

(0.24)

Net

realized

gains

.............................

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...............................

(0.45)

(0.47)

(2.54)

(2.88)

(0.29)

Net

asset

value,

end

of

year

.......................

$30.95

$29.21

$24.80

$25.28

$30.33

Total

return

....................................

7.61%

19.94%

9.45%

(8.22)%

24.52%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.59%

0.63%

0.67%

0.65%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

(0.03)%

e

(0.03)%

e

(0.05)%

e

(0.07)%

e

0.01%

f

Net

investment

income

c

...........................

1.72%

2.23%

4.28%

1.68%

0.83%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$4,418

$3,501

$4,991

$10,842

$11,513

Portfolio

turnover

rate

............................

19%

21%

138%

33%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$29.19

$24.80

$25.27

$30.33

$24.62

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.48 0.50 0.79 0.42 0.23 Net

realized

and

unrealized

gains

(losses)

...........

1.69 4.34 1.26 (2.63)

5.78 Total

from

investment

operations

....................

2.17 4.84 2.05 (2.21)

6.01 Less

distributions

from:

Net

investment

income

..........................

(0.43)

(0.45)

(0.77)

(1.43)

(0.25)

Net

realized

gains

.............................

—

—

(1.75)

(1.42)

(0.05)

Total

distributions

...............................

(0.43)

(0.45)

(2.52)

(2.85)

(0.30)

Net

asset

value,

end

of

year

.......................

$30.93

$29.19

$24.80

$25.27

$30.33

Total

return

....................................

7.53%

19.77%

9.39%

(8.34)%

24.54%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.69%

0.73%

0.77%

0.75%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.07%

0.07%

0.05%

0.03%

0.10%

e

Net

investment

income

c

...........................

1.62%

1.88%

3.32%

1.50%

0.80%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$261,398

$181,653

$116,355

$100,019

$83,023

Portfolio

turnover

rate

............................

19%

21%

138%

33%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.9%

#### Domestic

#### Equity

#### 58.6%
a

Putnam

Sustainable

Future

ETF

........................................

2,326,863

$

60,306,239

a

Putnam

Sustainable

Leaders

ETF

.......................................

3,473,874

119,544,689

179,850,928

#### Domestic

#### Fixed

#### Income

#### 22.9%
a

Putnam

ESG

Core

Bond

ETF

..........................................

847,569

41,234,825

a

Putnam

ESG

High

Yield

ETF

...........................................

286,750

14,843,241

a

Putnam

ESG

Ultra

Short

ETF

..........................................

281,975

14,279,214

70,357,280

#### Foreign

#### Equity

#### 18.4%
a

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

556,464

13,719,008

a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,626,386

42,691,169

56,410,177

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 265,062,291

####)
...............................................................

#### 306,618,385
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.1%
a

#### Money

#### Market

#### Funds

#### 0.1%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

308,994

308,994

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 308,994

####)
.....................................

#### 308,994

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 308,994

####)
..................................

#### 308,994

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 265,371,285

####)
100.0 #### %
..................................

#### $306,927,379

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 59,990

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $306,987,369
See

Abbreviations

on

.

†

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

#### Sustainable

#### Retirement

#### 2050

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$21.03

$17.75

$18.27

$22.32

$17.62

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.25 0.23 0.42 0.23 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.33 3.33 1.11 (1.99)

4.67 Total

from

investment

operations

....................

1.58 3.56 1.53 (1.76)

4.70 Less

distributions

from:

Net

investment

income

..........................

(0.26)

(0.28)

(0.36)

(1.10)

(—)

d

Net

realized

gains

.............................

—

—

(1.69)

(1.19)

—

Total

distributions

...............................

(0.26)

(0.28)

(2.05)

(2.29)

(—)

d

Net

asset

value,

end

of

year

.......................

$22.35

$21.03

$17.75

$18.27

$22.32

Total

return

e

...................................

7.61%

20.28%

9.93%

(9.16)%

26.68%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.95%

1.01%

1.06%

1.03%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

f

......

0.30%

0.31%

0.29%

0.28%

0.34%

g

Net

investment

income

c

...........................

1.19%

1.19%

2.49%

1.11%

0.19%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$32,978

$21,864

$7,769

$7,023

$7,601

Portfolio

turnover

rate

............................

18%

17%

129%

32%

33%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

f

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

g

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$19.91

$16.83

$17.44

$21.37

$17.11

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

....................

0.09 0.13 0.28 0.06 (0.05)

Net

realized

and

unrealized

gains

(losses)

...........

1.26 3.12 1.04 (1.89)

4.44 Total

from

investment

operations

....................

1.35 3.25 1.32 (1.83)

4.39 Less

distributions

from:

Net

investment

income

..........................

(0.07)

(0.17)

(0.24)

(0.91)

(0.13)

Net

realized

gains

.............................

—

—

(1.69)

(1.19)

—

Total

distributions

...............................

(0.07)

(0.17)

(1.93)

(2.10)

(0.13)

Net

asset

value,

end

of

year

.......................

$21.19

$19.91

$16.83

$17.44

$21.37

Total

return

d

...................................

6.82%

19.42%

9.05%

(9.81)%

25.73%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.70%

1.76%

1.81%

1.78%

1.58%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.05%

1.06%

1.04%

1.03%

1.09%

f

Net

investment

income

(loss)

c

......................

0.45%

0.72%

1.75%

0.29%

(0.28)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,087

$1,094

$1,042

$895

$1,077

Portfolio

turnover

rate

............................

18%

17%

129%

32%

33%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$20.55

$17.23

$17.80

$21.74

$17.40

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.16 0.18 0.49 0.11 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.30 3.22 0.93 (1.91)

4.52 Total

from

investment

operations

....................

1.46 3.40 1.42 (1.80)

4.55 Less

distributions

from:

Net

investment

income

..........................

(0.22)

(0.08)

(0.30)

(0.95)

(0.21)

Net

realized

gains

.............................

—

—

(1.69)

(1.19)

—

Total

distributions

...............................

(0.22)

(0.08)

(1.99)

(2.14)

(0.21)

Net

asset

value,

end

of

year

.......................

$21.79

$20.55

$17.23

$17.80

$21.74

Total

return

....................................

7.18%

19.79%

9.52%

(9.50)%

26.28%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.36%

1.41%

1.46%

1.43%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.71%

0.71%

0.69%

0.68%

0.67%

e

Net

investment

income

c

...........................

0.79%

0.95%

2.92%

0.57%

0.15%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$212

$137

$156

$499

$754

Portfolio

turnover

rate

............................

18%

17%

129%

32%

33%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$20.94

$17.67

$18.19

$22.23

$19.82

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

....................

0.22 0.24 0.42 0.29 (0.05)

Net

realized

and

unrealized

gains

(losses)

...........

1.32 3.29 1.08 (2.08)

2.46 Total

from

investment

operations

....................

1.54 3.53 1.50 (1.79)

2.41 Less

distributions

from:

Net

investment

income

..........................

(0.21)

(0.26)

(0.33)

(1.06)

—

Net

realized

gains

.............................

—

—

(1.69)

(1.19)

—

Total

distributions

...............................

(0.21)

(0.26)

(2.02)

(2.25)

—

Net

asset

value,

end

of

year

.......................

$22.27

$20.94

$17.67

$18.19

$22.23

Total

return

e

...................................

7.41%

20.14%

9.75%

(9.30)%

12.16%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.10%

1.16%

1.21%

1.18%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.45%

0.46%

0.44%

0.43%

0.26%

h

Net

investment

income

(loss)

d

......................

1.05%

1.26%

2.50%

1.39%

(0.22)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,811

$2,507

$1,899

$2,144

$3,864

Portfolio

turnover

rate

............................

18%

17%

129%

32%

33%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$20.97

$17.70

$18.23

$22.26

$19.82

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c,d

....................

0.28 0.29 0.43 0.23 (0.02)

Net

realized

and

unrealized

gains

(losses)

...........

1.33 3.27 1.11 (1.97)

2.46 Total

from

investment

operations

....................

1.61 3.56 1.54 (1.74)

2.44 Less

distributions

from:

Net

investment

income

..........................

(0.27)

(0.29)

(0.38)

(1.10)

—

Net

realized

gains

.............................

—

—

(1.69)

(1.19)

—

Total

distributions

...............................

(0.27)

(0.29)

(2.07)

(2.29)

—

Net

asset

value,

end

of

year

.......................

$22.31

$20.97

$17.70

$18.23

$22.26

Total

return

e

...................................

7.76%

20.36%

10.06%

(9.08)%

12.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.85%

0.91%

0.96%

0.93%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.20%

0.21%

0.19%

0.18%

0.12%

h

Net

investment

income

(loss)

d

......................

1.30%

1.56%

2.53%

1.11%

(0.08)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$384

$264

$248

$170

$176

Portfolio

turnover

rate

............................

18%

17%

129%

32%

33%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$20.98

$17.70

$18.23

$22.28

$19.82

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.31 0.32 0.47 0.28 —

e

Net

realized

and

unrealized

gains

(losses)

...........

1.33 3.28 1.09 (1.99)

2.46 Total

from

investment

operations

....................

1.64 3.60 1.56 (1.71)

2.46 Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.32)

(0.40)

(1.15)

—

Net

realized

gains

.............................

—

—

(1.69)

(1.19)

—

Total

distributions

...............................

(0.29)

(0.32)

(2.09)

(2.34)

—

Net

asset

value,

end

of

year

.......................

$22.33

$20.98

$17.70

$18.23

$22.28

Total

return

f

....................................

7.91%

20.59%

10.20%

(8.95)%

12.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

0.71%

0.76%

0.81%

0.78%

0.45%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.05%

0.06%

0.04%

0.03%

0.03%

i

Net

investment

income

d

...........................

1.45%

1.69%

2.74%

1.38%

0.01%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$14

$14

$11

$10

$11

Portfolio

turnover

rate

............................

18%

17%

129%

32%

33%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

i

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$20.99

$17.71

$18.24

$22.29

$17.80

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.33 0.36 0.58 0.30 0.17 Net

realized

and

unrealized

gains

(losses)

...........

1.33 3.26 1.00 (1.99)

4.62 Total

from

investment

operations

....................

1.66 3.62 1.58 (1.69)

4.79 Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.34)

(0.42)

(1.17)

(0.30)

Net

realized

gains

.............................

—

—

(1.69)

(1.19)

—

Total

distributions

...............................

(0.31)

(0.34)

(2.11)

(2.36)

(0.30)

Net

asset

value,

end

of

year

.......................

$22.34

$20.99

$17.71

$18.24

$22.29

Total

return

....................................

8.01%

20.68%

10.31%

(8.85)%

27.13%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.60%

0.66%

0.71%

0.68%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

(0.05)%

e

(0.04)%

e

(0.06)%

e

(0.07)%

e

—%

f,g

Net

investment

income

c

...........................

1.55%

1.92%

3.42%

1.48%

0.84%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$3,877

$4,357

$5,245

$9,794

$10,882

Portfolio

turnover

rate

............................

18%

17%

129%

32%

33%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

f

Includes

one-time

proxy

cost

of

0.01%.

g

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$20.97

$17.69

$18.23

$22.27

$17.81

Income

from

investment

operations

a

:

Net

investment

income

b,c

........................

0.31 0.31 0.46 0.28 0.17 Net

realized

and

unrealized

gains

(losses)

...........

1.32 3.29 1.09 (1.98)

4.60 Total

from

investment

operations

....................

1.63 3.60 1.55 (1.70)

4.77 Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.32)

(0.40)

(1.15)

(0.31)

Net

realized

gains

.............................

—

—

(1.69)

(1.19)

—

Total

distributions

...............................

(0.29)

(0.32)

(2.09)

(2.34)

(0.31)

Net

asset

value,

end

of

year

.......................

$22.31

$20.97

$17.69

$18.23

$22.27

Total

return

....................................

7.88%

20.62%

10.15%

(8.89)%

26.97%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.70%

0.76%

0.81%

0.78%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.05%

0.06%

0.04%

0.03%

0.09%

e

Net

investment

income

c

...........................

1.45%

1.66%

2.71%

1.39%

0.84%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$192,561

$137,680

$86,672

$67,397

$65,784

Portfolio

turnover

rate

............................

18%

17%

129%

32%

33%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.7%

#### Domestic

#### Equity

#### 62.2%
a

Putnam

Sustainable

Future

ETF

........................................

1,878,633

$

48,689,283

a

Putnam

Sustainable

Leaders

ETF

.......................................

2,811,232

96,741,521

145,430,804

#### Domestic

#### Fixed

#### Income

#### 17.6%
a

Putnam

ESG

Core

Bond

ETF

..........................................

506,779

24,655,153

a

Putnam

ESG

High

Yield

ETF

...........................................

191,241

9,899,342

a

Putnam

ESG

Ultra

Short

ETF

..........................................

132,320

6,700,685

41,255,180

#### Foreign

#### Equity

#### 19.9%
a

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

479,241

11,815,159

a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

1,322,368

34,710,970

46,526,129

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 198,775,511

####)
...............................................................

#### 233,212,113
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.3%
a

#### Money

#### Market

#### Funds

#### 0.3%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

726,400

726,400

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 726,400

####)
.....................................

#### 726,400

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 726,400

####)
..................................

#### 726,400

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 199,501,911

####)
100.0 #### %
..................................

#### $233,938,513

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

#### (13,793)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $233,924,720
See

Abbreviations

on

.

†

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

#### Sustainable

#### Retirement

#### 2055

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.29

$11.13

$11.07

$13.76

$10.77

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.13 0.11 0.24 0.12 0.04 Net

realized

and

unrealized

gains

(losses)

...........

0.91 2.21 0.79 (1.20)

2.99 Total

from

investment

operations

....................

1.04 2.32 1.03 (1.08)

3.03 Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.16)

(0.19)

(0.69)

(0.04)

Net

realized

gains

.............................

—

—

(0.78)

(0.92)

—

Total

distributions

...............................

(0.14)

(0.16)

(0.97)

(1.61)

(0.04)

Net

asset

value,

end

of

year

.......................

$14.19

$13.29

$11.13

$11.07

$13.76

Total

return

d

...................................

7.92%

21.09%

10.55%

(9.33)%

28.18%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.01%

1.08%

1.18%

1.16%

1.02%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.29%

0.29%

0.28%

0.28%

0.34%

f

Net

investment

income

c

...........................

1.00%

0.89%

2.30%

0.94%

0.39%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$33,299

$19,802

$5,727

$4,851

$4,412

Portfolio

turnover

rate

............................

18%

13%

133%

28%

39%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.78

$10.71

$10.65

$13.29

$10.47

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

....................

0.03 0.05 0.16 0.04 (0.03)

Net

realized

and

unrealized

gains

(losses)

...........

0.89 2.10 0.76 (1.17)

2.87 Total

from

investment

operations

....................

0.92 2.15 0.92 (1.13)

2.84 Less

distributions

from:

Net

investment

income

..........................

(0.02)

(0.08)

(0.08)

(0.59)

(0.02)

Net

realized

gains

.............................

—

—

(0.78)

(0.92)

—

Total

distributions

...............................

(0.02)

(0.08)

(0.86)

(1.51)

(0.02)

Net

asset

value,

end

of

year

.......................

$13.68

$12.78

$10.71

$10.65

$13.29

Total

return

d

...................................

7.17%

20.12%

9.77%

(10.01)%

27.16%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.76%

1.83%

1.93%

1.91%

1.77%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.04%

1.04%

1.03%

1.03%

1.09%

f

Net

investment

income

(loss)

c

......................

0.25%

0.46%

1.60%

0.34%

(0.27)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$620

$654

$641

$599

$1,158

Portfolio

turnover

rate

............................

18%

13%

133%

28%

39%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.64

$11.44

$11.36

$13.74

$10.83

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.08 0.09 0.19 0.01 0.02 Net

realized

and

unrealized

gains

(losses)

...........

0.94 2.24 0.83 (1.18)

2.97 Total

from

investment

operations

....................

1.02 2.33 1.02 (1.17)

2.99 Less

distributions

from:

Net

investment

income

..........................

(0.02)

(0.13)

(0.16)

(0.29)

(0.08)

Net

realized

gains

.............................

—

—

(0.78)

(0.92)

—

Total

distributions

...............................

(0.02)

(0.13)

(0.94)

(1.21)

(0.08)

Net

asset

value,

end

of

year

.......................

$14.64

$13.64

$11.44

$11.36

$13.74

Total

return

....................................

7.51%

20.54%

10.16%

(9.66)%

27.71%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.41%

1.48%

1.58%

1.56%

1.36%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.69%

0.69%

0.68%

0.68%

0.68%

e

Net

investment

income

c

...........................

0.60%

0.77%

1.81%

0.03%

0.15%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$97

$126

$72

$39

$166

Portfolio

turnover

rate

............................

18%

13%

133%

28%

39%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.39

$11.22

$11.15

$13.84

$12.27

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.12 0.13 0.25 0.10 (0.03)

Net

realized

and

unrealized

gains

(losses)

...........

0.91 2.19 0.77 (1.20)

1.60 Total

from

investment

operations

....................

1.03 2.32 1.02 (1.10)

1.57 Less

distributions

from:

Net

investment

income

..........................

(0.11)

(0.15)

(0.17)

(0.67)

—

Net

realized

gains

.............................

—

—

(0.78)

(0.92)

—

Total

distributions

...............................

(0.11)

(0.15)

(0.95)

(1.59)

—

Net

asset

value,

end

of

year

.......................

$14.31

$13.39

$11.22

$11.15

$13.84

Total

return

e

...................................

7.76%

20.81%

10.40%

(9.42)%

12.80%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.16%

1.23%

1.33%

1.31%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.44%

0.44%

0.43%

0.43%

0.26%

h

Net

investment

income

(loss)

d

......................

0.85%

1.08%

2.32%

0.79%

(0.24)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$4,799

$3,906

$2,990

$2,904

$2,945

Portfolio

turnover

rate

............................

18%

13%

133%

28%

39%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.42

$11.24

$11.17

$13.86

$12.27

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.15 0.16 0.25 0.13 (0.01)

Net

realized

and

unrealized

gains

(losses)

...........

0.92 2.19 0.80 (1.20)

1.60 Total

from

investment

operations

....................

1.07 2.35 1.05 (1.07)

1.59 Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.17)

(0.20)

(0.70)

—

Net

realized

gains

.............................

—

—

(0.78)

(0.92)

—

Total

distributions

...............................

(0.14)

(0.17)

(0.98)

(1.62)

—

Net

asset

value,

end

of

year

.......................

$14.35

$13.42

$11.24

$11.17

$13.86

Total

return

e

...................................

8.04%

21.15%

10.64%

(9.20)%

12.96%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

0.91%

0.98%

1.08%

1.06%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.19%

0.19%

0.18%

0.18%

0.12%

h

Net

investment

income

(loss)

d

......................

1.10%

1.30%

2.39%

1.06%

(0.10)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$563

$494

$382

$317

$336

Portfolio

turnover

rate

............................

18%

13%

133%

28%

39%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.44

$11.25

$11.18

$13.87

$12.27

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.17 0.18 0.27 0.15 (—)

e

Net

realized

and

unrealized

gains

(losses)

...........

0.92 2.20 0.79 (1.20)

1.60 Total

from

investment

operations

....................

1.09 2.38 1.06 (1.05)

1.60 Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.19)

(0.21)

(0.72)

—

Net

realized

gains

.............................

—

—

(0.78)

(0.92)

—

Total

distributions

...............................

(0.16)

(0.19)

(0.99)

(1.64)

—

Net

asset

value,

end

of

year

.......................

$14.37

$13.44

$11.25

$11.18

$13.87

Total

return

f

....................................

8.18%

21.36%

10.80%

(9.05)%

13.04%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

0.76%

0.83%

0.93%

0.91%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.04%

0.04%

0.03%

0.03%

0.03%

i

Net

investment

income

(loss)

d

......................

1.25%

1.46%

2.55%

1.22%

(0.01)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$15

$14

$11

$10

$11

Portfolio

turnover

rate

............................

18%

13%

133%

28%

39%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

i

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.45

$11.26

$11.18

$13.88

$10.91

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.19 0.21 0.38 0.16 0.10 Net

realized

and

unrealized

gains

(losses)

...........

0.91 2.18 0.70 (1.21)

3.00 Total

from

investment

operations

....................

1.10 2.39 1.08 (1.05)

3.10 Less

distributions

from:

Net

investment

income

..........................

(0.17)

(0.20)

(0.22)

(0.73)

(0.13)

Net

realized

gains

.............................

—

—

(0.78)

(0.92)

—

Total

distributions

...............................

(0.17)

(0.20)

(1.00)

(1.65)

(0.13)

Net

asset

value,

end

of

year

.......................

$14.38

$13.45

$11.26

$11.18

$13.88

Total

return

....................................

8.28%

21.45%

11.01%

(9.03)%

28.60%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.73%

0.83%

0.81%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

(0.06)%

e

(0.06)%

e

(0.07)%

e

(0.07)%

e

—%

f,g

Net

investment

income

c

...........................

1.35%

1.81%

3.59%

1.26%

0.84%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$4,227

$1,788

$2,487

$6,073

$6,221

Portfolio

turnover

rate

............................

18%

13%

133%

28%

39%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

f

Includes

one-time

proxy

cost

of

0.01%.

g

Rounds

to

less

than

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.48

$11.29

$11.21

$13.91

$10.95

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.17 0.17 0.27 0.14 0.10 Net

realized

and

unrealized

gains

(losses)

...........

0.92 2.21 0.80 (1.20)

2.99 Total

from

investment

operations

....................

1.09 2.38 1.07 (1.06)

3.09 Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.19)

(0.21)

(0.72)

(0.13)

Net

realized

gains

.............................

—

—

(0.78)

(0.92)

—

Total

distributions

...............................

(0.16)

(0.19)

(0.99)

(1.64)

(0.13)

Net

asset

value,

end

of

year

.......................

$14.41

$13.48

$11.29

$11.21

$13.91

Total

return

....................................

8.18%

21.31%

10.89%

(9.07)%

28.41%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.76%

0.83%

0.93%

0.91%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.04%

0.04%

0.03%

0.03%

0.09%

e

Net

investment

income

c

...........................

1.25%

1.38%

2.50%

1.13%

0.78%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$109,239

$73,334

$40,391

$28,572

$20,777

Portfolio

turnover

rate

............................

18%

13%

133%

28%

39%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.5%

#### Domestic

#### Equity

#### 65.8%
a

Putnam

Sustainable

Future

ETF

........................................

1,302,166

$

33,748,757

a

Putnam

Sustainable

Leaders

ETF

.......................................

1,939,361

66,738,260

100,487,017

#### Domestic

#### Fixed

#### Income

#### 12.6%
a

Putnam

ESG

Core

Bond

ETF

..........................................

243,760

11,859,095

a

Putnam

ESG

High

Yield

ETF

...........................................

92,723

4,799,685

a

Putnam

ESG

Ultra

Short

ETF

..........................................

53,456

2,707,012

19,365,792

#### Foreign

#### Equity

#### 21.1%
a

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

330,618

8,151,023

a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

917,791

24,091,188

32,242,211

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 131,279,899

####)
...............................................................

#### 152,095,020
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.3%
a

#### Money

#### Market

#### Funds

#### 0.3%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

484,116

484,116

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 484,116

####)
.....................................

#### 484,116

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 484,116

####)
..................................

#### 484,116

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 131,764,015

####)
99.8 #### %
...................................

#### $152,579,136

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 279,178

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $152,858,314
See

Abbreviations

on

.

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

#### Sustainable

#### Retirement

#### 2060

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.89

$11.56

$11.07

$13.89

$11.00

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.12 0.06 0.22 0.10 0.03 Net

realized

and

unrealized

gains

(losses)

...........

1.01 2.43 0.93 (1.18)

3.15 Total

from

investment

operations

....................

1.13 2.49 1.15 (1.08)

3.18 Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.16)

(0.17)

(0.70)

(0.02)

Net

realized

gains

.............................

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...............................

(0.14)

(0.16)

(0.66)

(1.74)

(0.29)

Net

asset

value,

end

of

year

.......................

$14.88

$13.89

$11.56

$11.07

$13.89

Total

return

d

...................................

8.17%

21.73%

11.28%

(9.43)%

29.22%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.14%

1.37%

1.71%

1.99%

2.78%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.29%

0.29%

0.28%

0.28%

0.34%

f

Net

investment

income

c

...........................

0.82%

0.49%

2.09%

0.78%

0.24%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17,958

$8,988

$1,471

$984

$912

Portfolio

turnover

rate

............................

20%

29%

154%

52%

73%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.62

$11.34

$10.86

$13.67

$10.89

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

,c

....................

0.01 0.05 0.14 0.01 (0.04)

Net

realized

and

unrealized

gains

(losses)

...........

0.98 2.31 0.91 (1.17)

3.09 Total

from

investment

operations

....................

0.99 2.36 1.05 (1.16)

3.05 Less

distributions

from:

Net

investment

income

..........................

—

(0.08)

(0.08)

(0.61)

—

Net

realized

gains

.............................

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...............................

—

(0.08)

(0.57)

(1.65)

(0.27)

Net

asset

value,

end

of

year

.......................

$14.61

$13.62

$11.34

$10.86

$13.67

Total

return

d

...................................

7.27%

20.93%

10.46%

(10.13)%

28.30%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.89%

2.12%

2.46%

2.74%

3.53%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.03%

1.04%

1.03%

1.03%

1.09%

f

Net

investment

income

(loss)

c

......................

0.07%

0.41%

1.37%

0.06%

(0.34)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$288

$307

$326

$296

$290

Portfolio

turnover

rate

............................

20%

29%

154%

52%

73%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.97

$11.62

$11.12

$13.94

$11.09

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.06 0.07 0.19 0.05 0.01 Net

realized

and

unrealized

gains

(losses)

...........

1.02 2.39 0.92 (1.19)

3.15 Total

from

investment

operations

....................

1.08 2.46 1.11 (1.14)

3.16 Less

distributions

from:

Net

investment

income

..........................

(0.06)

(0.11)

(0.12)

(0.64)

(0.04)

Net

realized

gains

.............................

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...............................

(0.06)

(0.11)

(0.61)

(1.68)

(0.31)

Net

asset

value,

end

of

year

.......................

$14.99

$13.97

$11.62

$11.12

$13.94

Total

return

....................................

7.74%

21.33%

10.78%

(9.78)%

28.86%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.54%

1.77%

2.11%

2.39%

3.12%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.69%

0.69%

0.68%

0.68%

0.68%

e

Net

investment

income

c

...........................

0.42%

0.60%

1.76%

0.43%

0.10%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$23

$21

$17

$16

$17

Portfolio

turnover

rate

............................

20%

29%

154%

52%

73%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.95

$11.61

$11.12

$13.94

$12.31

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.10 0.11 0.21 0.09 (0.03)

Net

realized

and

unrealized

gains

(losses)

...........

1.02 2.38 0.93 (1.19)

1.66 Total

from

investment

operations

....................

1.12 2.49 1.14 (1.10)

1.63 Less

distributions

from:

Net

investment

income

..........................

(0.05)

(0.15)

(0.16)

(0.68)

—

Net

realized

gains

.............................

—

—

(0.49)

(1.04)

—

Total

distributions

...............................

(0.05)

(0.15)

(0.65)

(1.72)

—

Net

asset

value,

end

of

year

.......................

$15.02

$13.95

$11.61

$11.12

$13.94

Total

return

e

...................................

8.05%

21.59%

11.07%

(9.52)%

13.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.29%

1.52%

1.86%

2.14%

1.69%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.44%

0.44%

0.43%

0.43%

0.26%

h

Net

investment

income

(loss)

d

......................

0.67%

0.84%

1.95%

0.68%

(0.25)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$68

$86

$58

$40

$39

Portfolio

turnover

rate

............................

20%

29%

154%

52%

73%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.98

$11.63

$11.14

$13.96

$12.31

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.13 0.13 0.23 0.11 (0.01)

Net

realized

and

unrealized

gains

(losses)

...........

1.01 2.39 0.94 (1.18)

1.66 Total

from

investment

operations

....................

1.14 2.52 1.17 (1.07)

1.65 Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.17)

(0.19)

(0.71)

—

Net

realized

gains

.............................

—

—

(0.49)

(1.04)

—

Total

distributions

...............................

(0.13)

(0.17)

(0.68)

(1.75)

—

Net

asset

value,

end

of

year

.......................

$14.99

$13.98

$11.63

$11.14

$13.96

Total

return

e

...................................

8.25%

21.92%

11.38%

(9.32)%

13.40%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

1.04%

1.27%

1.61%

1.89%

1.55%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.19%

0.19%

0.18%

0.18%

0.12%

h

Net

investment

income

(loss)

d

......................

0.92%

1.04%

2.10%

0.90%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$210

$145

$81

$36

$32

Portfolio

turnover

rate

............................

20%

29%

154%

52%

73%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

h

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.01

$11.65

$11.15

$13.97

$12.31

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.15 0.16 0.26 0.13 (—)

e

Net

realized

and

unrealized

gains

(losses)

...........

1.02 2.39 0.92 (1.18)

1.66 Total

from

investment

operations

....................

1.17 2.55 1.18 (1.05)

1.66 Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.19)

(0.19)

(0.73)

—

Net

realized

gains

.............................

—

—

(0.49)

(1.04)

—

Total

distributions

...............................

(0.15)

(0.19)

(0.68)

(1.77)

—

Net

asset

value,

end

of

year

.......................

$15.03

$14.01

$11.65

$11.15

$13.97

Total

return

f

....................................

8.41%

22.08%

11.54%

(9.18)%

13.48%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

0.89%

1.12%

1.46%

1.74%

1.46%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.04%

0.04%

0.03%

0.03%

0.03%

i

Net

investment

income

(loss)

d

......................

1.07%

1.25%

2.41%

1.07%

(0.02)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$15

$14

$11

$10

$11

Portfolio

turnover

rate

............................

20%

29%

154%

52%

73%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

i

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$14.02

$11.66

$11.16

$13.98

$11.11

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.17 0.21 0.31 0.13 0.10 Net

realized

and

unrealized

gains

(losses)

...........

1.01 2.35 0.88 (1.17)

3.15 Total

from

investment

operations

....................

1.18 2.56 1.19 (1.04)

3.25 Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.20)

(0.20)

(0.74)

(0.11)

Net

realized

gains

.............................

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...............................

(0.16)

(0.20)

(0.69)

(1.78)

(0.38)

Net

asset

value,

end

of

year

.......................

$15.04

$14.02

$11.66

$11.16

$13.98

Total

return

....................................

8.51%

22.17%

11.65%

(9.07)%

29.67%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.79%

1.02%

1.36%

1.64%

2.45%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

(0.06)%

e

(0.06)%

e

(0.07)%

e

(0.07)%

e

0.01%

f

Net

investment

income

c

...........................

1.17%

1.69%

2.89%

1.06%

0.76%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$4,458

$1,664

$1,648

$1,909

$1,487

Portfolio

turnover

rate

............................

20%

29%

154%

52%

73%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invest.

e

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

f

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$13.96

$11.60

$11.11

$13.94

$11.08

Income

from

investment

operations

a

:

Net

investment

income

b

,c

........................

0.15 0.14 0.26 0.10 0.09 Net

realized

and

unrealized

gains

(losses)

...........

1.01 2.41 0.92 (1.16)

3.15 Total

from

investment

operations

....................

1.16 2.55 1.18 (1.06)

3.24 Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.19)

(0.20)

(0.73)

(0.11)

Net

realized

gains

.............................

—

—

(0.49)

(1.04)

(0.27)

Total

distributions

...............................

(0.15)

(0.19)

(0.69)

(1.77)

(0.38)

Net

asset

value,

end

of

year

.......................

$14.97

$13.96

$11.60

$11.11

$13.94

Total

return

....................................

8.40%

22.19%

11.52%

(9.23)%

29.66%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.89%

1.12%

1.46%

1.74%

2.53%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.04%

0.04%

0.03%

0.03%

0.09%

e

Net

investment

income

c

...........................

1.07%

1.13%

2.40%

0.85%

0.67%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$47,093

$28,999

$12,740

$7,863

$3,705

Portfolio

turnover

rate

............................

20%

29%

154%

52%

73%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Includes

one-time

proxy

cost

of

0.01%.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

See

Abbreviations

on

.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.6%

#### Domestic

#### Equity

#### 69.6%
a

Putnam

Sustainable

Future

ETF

........................................

630,294

$

16,335,582

a

Putnam

Sustainable

Leaders

ETF

.......................................

942,681

32,440,010

48,775,592

#### Domestic

#### Fixed

#### Income

#### 7.8%
a

Putnam

ESG

Core

Bond

ETF

..........................................

67,959

3,306,253

a

Putnam

ESG

High

Yield

ETF

...........................................

25,256

1,307,344

a

Putnam

ESG

Ultra

Short

ETF

..........................................

16,439

832,471

5,446,068

#### Foreign

#### Equity

#### 22.2%
a

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

160,065

3,946,226

a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

444,370

11,664,313

15,610,539

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 62,383,828

####)
................................................................

#### 69,832,199
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.3%
a

#### Money

#### Market

#### Funds

#### 0.3%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

241,717

241,717

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 241,717

####)
.....................................

#### 241,717

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 241,717

####)
..................................

#### 241,717

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 62,625,545

####)
99.9 #### %
....................................

#### $70,073,916

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 38,124

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $70,112,040
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

#### Sustainable

#### Retirement

#### 2065

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.48

$10.33

$9.72

$11.34

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.09 0.09 0.18 0.05 (0.02)

Net

realized

and

unrealized

gains

(losses)

...........

0.93 2.19 0.86 (1.04)

1.36 Total

from

investment

operations

....................

1.02 2.28 1.04 (0.99)

1.34 Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.13)

(0.19)

(0.53)

—

Net

realized

gains

.............................

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...............................

(0.46)

(0.13)

(0.43)

(0.63)

—

Net

asset

value,

end

of

year

.......................

$13.04

$12.48

$10.33

$9.72

$11.34

Total

return

e

...................................

8.37%

22.28%

11.38%

(9.42)%

13.40%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

12.18%

11.76%

17.58%

41.83%

81.16%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.28%

0.28%

0.28%

0.28%

0.18%

Net

investment

income

(loss)

d

......................

0.76%

0.85%

1.90%

0.52%

(0.17)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$305

$315

$183

$57

$18

Portfolio

turnover

rate

............................

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.35

$10.24

$9.64

$11.29

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

—

e

0.02 0.14 (0.03)

(0.07)

Net

realized

and

unrealized

gains

(losses)

...........

0.90 2.16 0.82 (1.03)

1.36 Total

from

investment

operations

....................

0.90 2.18 0.96 (1.06)

1.29 Less

distributions

from:

Net

investment

income

..........................

(0.03)

(0.07)

(0.12)

(0.49)

—

Net

realized

gains

.............................

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...............................

(0.36)

(0.07)

(0.36)

(0.59)

—

Net

asset

value,

end

of

year

.......................

$12.89

$12.35

$10.24

$9.64

$11.29

Total

return

f

....................................

7.50%

21.39%

10.54%

(10.05)%

12.90%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

12.93%

12.51%

18.33%

42.58%

81.59%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

1.03%

1.03%

1.03%

1.03%

0.61%

Net

investment

income

(loss)

d

......................

0.01%

0.15%

1.44%

(0.32)%

(0.60)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$394

$400

$262

$180

$84

Portfolio

turnover

rate

............................

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.49

$10.34

$9.70

$11.32

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.04 0.06 0.16 0.04 (0.04)

Net

realized

and

unrealized

gains

(losses)

...........

0.93 2.18 0.85 (1.09)

1.36 Total

from

investment

operations

....................

0.97 2.24 1.01 (1.05)

1.32 Less

distributions

from:

Net

investment

income

..........................

(0.07)

(0.09)

(0.13)

(0.47)

—

Net

realized

gains

.............................

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...............................

(0.40)

(0.09)

(0.37)

(0.57)

—

Net

asset

value,

end

of

year

.......................

$13.06

$12.49

$10.34

$9.70

$11.32

Total

return

e

...................................

7.96%

21.78%

11.02%

(9.89)%

13.20%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

12.57%

12.16%

17.98%

42.23%

81.39%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.68%

0.68%

0.68%

0.68%

0.41%

Net

investment

income

(loss)

d

......................

0.36%

0.51%

1.71%

0.41%

(0.40)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$14

$14

$11

$10

$11

Portfolio

turnover

rate

............................

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R3

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.52

$10.36

$9.72

$11.33

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.08 0.08 0.19 0.07 (0.03)

Net

realized

and

unrealized

gains

(losses)

...........

0.91 2.19 0.84 (1.08)

1.36 Total

from

investment

operations

....................

0.99 2.27 1.03 (1.01)

1.33 Less

distributions

from:

Net

investment

income

..........................

(0.10)

(0.11)

(0.15)

(0.50)

—

Net

realized

gains

.............................

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...............................

(0.43)

(0.11)

(0.39)

(0.60)

—

Net

asset

value,

end

of

year

.......................

$13.08

$12.52

$10.36

$9.72

$11.33

Total

return

e

...................................

8.13%

22.10%

11.29%

(9.58)%

13.30%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

12.32%

11.91%

17.73%

41.98%

81.24%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.43%

0.43%

0.43%

0.43%

0.26%

Net

investment

income

(loss)

d

......................

0.61%

0.76%

1.96%

0.66%

(0.25)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$17

$14

$11

$10

$11

Portfolio

turnover

rate

............................

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R4

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.54

$10.37

$9.74

$11.35

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.11 0.11 0.21 0.10 (0.01)

Net

realized

and

unrealized

gains

(losses)

...........

0.92 2.20 0.84 (1.08)

1.36 Total

from

investment

operations

....................

1.03 2.31 1.05 (0.98)

1.35 Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.14)

(0.18)

(0.53)

—

Net

realized

gains

.............................

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...............................

(0.46)

(0.14)

(0.42)

(0.63)

—

Net

asset

value,

end

of

year

.......................

$13.11

$12.54

$10.37

$9.74

$11.35

Total

return

e

...................................

8.46%

22.46%

11.47%

(9.35)%

13.50%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

......

12.07%

11.66%

17.48%

41.73%

81.10%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

0.18%

0.18%

0.18%

0.18%

0.12%

Net

investment

income

(loss)

d

......................

0.86%

1.00%

2.21%

0.91%

(0.11)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$15

$14

$11

$10

$11

Portfolio

turnover

rate

............................

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.55

$10.38

$9.75

$11.36

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.13 0.13 0.23 0.11 (—)

e

Net

realized

and

unrealized

gains

(losses)

...........

0.92 2.19 0.83 (1.08)

1.36 Total

from

investment

operations

....................

1.05 2.32 1.06 (0.97)

1.36 Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.15)

(0.19)

(0.54)

—

Net

realized

gains

.............................

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...............................

(0.48)

(0.15)

(0.43)

(0.64)

—

Net

asset

value,

end

of

year

.......................

$13.12

$12.55

$10.38

$9.75

$11.36

Total

return

f

....................................

8.62%

22.59%

11.63%

(9.21)%

13.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

11.92%

11.51%

17.33%

41.58%

81.01%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.03%

0.03%

0.03%

0.03%

0.03%

Net

investment

income

(loss)

d

......................

1.01%

1.15%

2.36%

1.06%

(0.02)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$26

$14

$12

$10

$11

Portfolio

turnover

rate

............................

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.56

$10.38

$9.75

$11.36

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

,d

........................

0.14 0.17 0.27 0.07 —

e

Net

realized

and

unrealized

gains

(losses)

...........

0.92 2.17 0.80 (1.02)

1.36 Total

from

investment

operations

....................

1.06 2.34 1.07 (0.95)

1.36 Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.16)

(0.20)

(0.56)

—

Net

realized

gains

.............................

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...............................

(0.49)

(0.16)

(0.44)

(0.66)

—

Net

asset

value,

end

of

year

.......................

$13.13

$12.56

$10.38

$9.75

$11.36

Total

return

f

....................................

8.71%

22.81%

11.76%

(9.11)%

13.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

11.82%

11.41%

17.23%

41.48%

80.95%

Expenses

net

of

waiver

and

payments

by

affiliates

h,

i

......

(0.07)%

(0.07)%

(0.07)%

(0.07)%

(0.03)%

Net

investment

income

d

...........................

1.11%

1.59%

2.84%

0.67%

0.04%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$171

$167

$189

$122

$26

Portfolio

turnover

rate

............................

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

i

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

Underlying

Funds.

The

net

expense

ratio

is

negative

as

a

result

of

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### Year

#### Ended

#### July

#### 31,

#### 2021

#### a

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$12.55

$10.38

$9.75

$11.36

$10.00

Income

from

investment

operations

b

:

Net

investment

income

(loss)

c

,d

....................

0.13 0.13 0.23 0.11 (—)

e

Net

realized

and

unrealized

gains

(losses)

...........

0.92 2.19 0.83 (1.08)

1.36 Total

from

investment

operations

....................

1.05 2.32 1.06 (0.97)

1.36 Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.15)

(0.19)

(0.54)

—

Net

realized

gains

.............................

(0.33)

—

(0.24)

(0.10)

—

Total

distributions

...............................

(0.48)

(0.15)

(0.43)

(0.64)

—

Net

asset

value,

end

of

year

.......................

$13.12

$12.55

$10.38

$9.75

$11.36

Total

return

f

....................................

8.62%

22.58%

11.65%

(9.21)%

13.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

......

11.92%

11.51%

17.33%

41.58%

81.01%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.03%

0.03%

0.03%

0.03%

0.03%

Net

investment

income

(loss)

d

......................

1.01%

1.15%

2.43%

1.03%

(0.02)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$16

$14

$12

$11

$11

Portfolio

turnover

rate

............................

37%

45%

144%

13%

7%

a

For

the

period

January

4,

2021

(commencement

of

operations)

to

July

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

fees

and

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

of

Investments,

July

31,

2025

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 99.2%

#### Domestic

#### Equity

#### 71.9%
a

Putnam

Sustainable

Future

ETF

........................................

8,913

$

231,002

a

Putnam

Sustainable

Leaders

ETF

.......................................

13,301

457,721

688,723

#### Domestic

#### Fixed

#### Income

#### 4.4%
a

Putnam

ESG

Core

Bond

ETF

..........................................

519

25,250

a

Putnam

ESG

High

Yield

ETF

...........................................

10,301

a

Putnam

ESG

Ultra

Short

ETF

..........................................

6,583

42,134

#### Foreign

#### Equity

#### 22.9%
a

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.......................

2,253

55,545

a

Putnam

PanAgora

ESG

International

Equity

ETF

............................

6,255

164,188

219,733

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 804,858

####)

#### 950,590
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%
a

#### Money

#### Market

#### Funds

#### 0.5%
a,b

Putnam

Government

Money

Market

Fund,

Class

G

,

4.163 %

...................

4,811

4,811

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 4,811

####)
.......................................

#### 4,811

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 4,811

####)
....................................

#### 4,811

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 809,669

####)
99.7 #### %
.......................................

#### $955,401

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
.............................................

#### 2,684

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $958,085
See

Abbreviations

on

.

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

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Assets:

Investments

in

securities:

Cost

-

Controlled

affiliates

(Not

e

3f)

.........

$436,903,418

$201,023,618

$—

$—

Cost

-

Non-controlled

affiliates

(Not

e

3f)

.....

175,541,012

179,356,558

321,161,664

328,056,422

Value

-

Controlled

affiliates

(Not

e

3f)

........

438,005,942

200,449,641

—

—

Value

-

Non-controlled

affiliates

(Not

e

3f)

.....

201,950,047

202,752,720

356,615,604

376,337,307

Cash

.................................

131,500

—

—

—

Receivables:

Capital

shares

sold

.....................

461,965

3,841,671

905,721

1,455,696

Dividends

and

interest

..................

4,844

4,700

3,132

3,730

Affiliates

.............................

108,513

—

5,955

7,680

Prepaid

expenses

.......................

16,252

16,834

16,711

17,431

Total

assets

.......................

640,679,063

407,065,566

357,547,123

377,821,844

Liabilities:

Payables:

Investment

securities

purchased

...........

—

3,117,589

—

869,528

Capital

shares

redeemed

................

805,478

569,333

751,663

437,647

Management

fees

......................

—

21,432

—

—

Distribution

fees

.......................

6,087

7,772

10,331

8,875

Transfer

agent

fees

.....................

52,564

83,322

73,779

77,315

Trustees'

fees

and

expenses

..............

Reorganization

expense

s

................

170,012

—

—

—

Accrued

expenses

and

other

liabilities

........

104,879

54,523

56,308

56,170

Total

liabilities

......................

1,139,042

3,854,047

892,208

1,449,606

Net

assets,

at

value

..............

$639,540,021

$403,211,519

$356,654,915

$376,372,238

Net

assets

consist

of:

Paid-in

capital

..........................

$671,749,274

$392,504,306

$325,293,374

$331,832,506

Total

distributable

earnings

(losses)

..........

(32,209,253)

10,707,213

31,361,541

44,539,732

Net

assets,

at

value

..............

$639,540,021

$403,211,519

$356,654,915

$376,372,238

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$41,824,341

$27,384,674

$34,774,980

$33,776,553

Shares

outstanding

.....................

2,491,874

1,271,098

1,474,835

1,400,438

Net

asset

value

per

share

a,b

...............

$16.78

$21.54

$23.58

$24.12

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%,

94.25%,

94.25%

and

94.25%,

respectively)

b

...................

$17.48

$22.85

$25.02

$25.59

#### Class

#### C:
Net

assets,

at

value

....................

$1,333,917

$663,212

$1,249,163

$941,754

Shares

outstanding

.....................

81,728

34,040

62,056

47,588

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$16.32

$19.48

$20.13

$19.79

#### Class

#### R:
Net

assets,

at

value

....................

$1,251,351

$71,360

$770,398

$7,183

Shares

outstanding

.....................

74,692

3,600

34,924

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$16.75

$19.82

$22.06

$26.06

#### Class

#### R3:
Net

assets,

at

value

....................

$4,612,995

$6,280,079

$7,144,936

$4,171,138

Shares

outstanding

.....................

273,729

240,966

239,888

135,127

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$16.85

$26.06

$29.78

$30.87

#### Class

#### R4:
Net

assets,

at

value

....................

$1,093,642

$2,835,094

$1,241,353

$478,289

Shares

outstanding

.....................

64,782

108,635

41,653

15,476

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$16.88

$26.10

$29.80

$30.91

#### Class

#### R5:
Net

assets,

at

value

....................

$11,604

$12,282

$13,146

$13,742

Shares

outstanding

.....................

688

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$16.86

$26.11

$29.84

$30.91

#### Class

#### R6:
Net

assets,

at

value

....................

$2,786,924

$3,279,677

$5,238,435

$3,472,101

Shares

outstanding

.....................

165,287

125,506

175,445

112,213

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$16.86

$26.13

$29.86

$30.94

#### Class

#### Y:
Net

assets,

at

value

....................

$586,625,247

$362,685,141

$306,222,504

$333,511,478

Shares

outstanding

.....................

34,785,970

13,923,946

10,276,125

10,814,627

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$16.86

$26.05

$29.80

$30.84

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)

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Assets:

Investments

in

securities:

Cost

-

Controlled

affiliates

(Note

3f)

.........

$11,644,035

$—

$—

$—

Cost

-

Non-controlled

affiliates

(Note

3f)

.....

253,727,250

199,501,911

131,764,015

62,625,545

Value

-

Controlled

affiliates

(Note

3f)

........

13,719,008

—

—

—

Value

-

Non-controlled

affiliates

(Note

3f)

.....

293,208,371

233,938,513

152,579,136

70,073,916

Receivables:

Capital

shares

sold

.....................

570,460

599,927

476,021

131,085

Dividends

............................

2,226

3,045

1,930

810

Affiliates

.............................

20,877

—

32,915

35,012

Prepaid

expenses

.......................

17,012

22,572

19,574

18,560

Total

assets

.......................

307,537,954

234,564,057

153,109,576

70,259,383

Liabilities:

Payables:

Capital

shares

redeemed

................

421,100

525,198

159,586

86,571

Management

fees

......................

—

2,367

—

—

Distribution

fees

.......................

9,152

8,639

8,644

4,061

Transfer

agent

fees

.....................

63,007

47,599

31,863

13,380

Reports

to

shareholders

fees

.............

35,350

34,825

31,546

25,940

Professional

fees

......................

14,050

14,143

14,339

14,504

Trustees'

fees

and

expenses

..............

Accrued

expenses

and

other

liabilities

........

7,895

6,439

5,207

2,881

Total

liabilities

......................

550,585

639,337

251,262

147,343

Net

assets,

at

value

..............

$306,987,369

$233,924,720

$152,858,314

$70,112,040

Net

assets

consist

of:

Paid-in

capital

..........................

$268,096,428

$200,878,012

$131,779,468

$61,265,781

Total

distributable

earnings

(losses)

..........

38,890,941

33,046,708

21,078,846

8,846,259

Net

assets,

at

value

..............

$306,987,369

$233,924,720

$152,858,314

$70,112,040

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$34,896,600

$32,977,920

$33,299,177

$17,958,163

Shares

outstanding

.....................

1,518,695

1,475,394

2,347,409

1,206,656

Net

asset

value

per

share

a,b

...............

$22.98

$22.35

$14.19

$14.88

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

...............

$24.38

$23.71

$15.06

$15.79

#### Class

#### C:
Net

assets,

at

value

....................

$928,459

$1,086,964

$620,205

$287,567

Shares

outstanding

.....................

48,532

51,302

45,353

19,678

Net

asset

value

and

maximum

offering

price

per

share

a,b

..............................

$19.13

$21.19

$13.68

$14.61

#### Class

#### R:
Net

assets,

at

value

....................

$47,473

$212,118

$96,714

$22,764

Shares

outstanding

.....................

1,918

9,734

6,607

1,519

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$24.74

$21.79

$14.64

$14.99

#### Class

#### R3:
Net

assets,

at

value

....................

$4,231,526

$2,810,615

$4,799,265

$67,649

Shares

outstanding

.....................

137,120

126,188

335,385

4,505

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$30.86

$22.27

$14.31

$15.02

#### Class

#### R4:
Net

assets,

at

value

....................

$1,050,333

$384,138

$562,565

$209,892

Shares

outstanding

.....................

34,005

17,221

39,203

14,003

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$30.89

$22.31

$14.35

$14.99

#### Class

#### R5:
Net

assets,

at

value

....................

$16,517

$14,477

$14,780

$15,058

Shares

outstanding

.....................

534

648

1,029

1,002

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$30.93

$22.33

$14.37

$15.03

#### Class

#### R6:
Net

assets,

at

value

....................

$4,418,499

$3,877,152

$4,226,839

$4,458,270

Shares

outstanding

.....................

142,743

173,542

293,929

296,349

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$30.95

$22.34

$14.38

$15.04

#### Class

#### Y:
Net

assets,

at

value

....................

$261,397,962

$192,561,336

$109,238,769

$47,092,677

Shares

outstanding

.....................

8,451,277

8,631,948

7,581,405

3,146,292

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$30.93

$22.31

$14.41

$14.97

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)

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Assets:

Investments

in

securities:

Cost

-

Non-controlled

affiliates

(Not

e

3f)

........................................................

$809,669

Value

-

Non-controlled

affiliates

(Not

e

3f)

........................................................

955,401

Receivables:

Capital

shares

sold

........................................................................

Dividends

...............................................................................

Affiliates

................................................................................

47,284

Prepaid

expenses

..........................................................................

20,118

Total

assets

..........................................................................

1,023,283

Liabilities:

Payables:

Distribution

fees

..........................................................................

Transfer

agent

fees

........................................................................

Reports

to

shareholders

fees

................................................................

19,207

Professional

fees

.........................................................................

13,459

Accrued

expenses

and

other

liabilities

...........................................................

31,947

Total

liabilities

.........................................................................

65,198

Net

assets,

at

value

.................................................................

$958,085

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$729,401

Total

distributable

earnings

(losses)

.............................................................

228,684

Net

assets,

at

value

.................................................................

$958,085

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$305,296

Shares

outstanding

........................................................................

23,412

Net

asset

value

per

share

a,b

..................................................................

$13.04

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

................................

$13.84

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$393,557

Shares

outstanding

........................................................................

30,528

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$12.89

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$14,418

Shares

outstanding

........................................................................

1,104

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$13.06

#### Class

#### R3:
Net

assets,

at

value

.......................................................................

$17,428

Shares

outstanding

........................................................................

1,332

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$13.08

#### Class

#### R4:
Net

assets,

at

value

.......................................................................

$14,679

Shares

outstanding

........................................................................

1,120

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$13.11

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$25,860

Shares

outstanding

........................................................................

1,971

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$13.12

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$170,793

Shares

outstanding

........................................................................

13,009

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$13.13

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$16,054

Shares

outstanding

........................................................................

1,224

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$13.12

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

for

the

year

ended

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Investment

income:

Dividends:

Controlled

affiliates

(Not

e

3f)

..............

$6,992,853

$7,347,571

$—

$—

Non-controlled

affiliates

(Not

e

3f)

..........

986,670

3,497,484

7,563,524

6,373,743

Total

investment

income

................

7,979,523

10,845,055

7,563,524

6,373,743

Expenses:

Management

fees

(Note

a)

................

999,712

1,678,897

1,577,361

1,626,356

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

55,291

67,732

87,869

80,311

&nbsp;&nbsp;&nbsp;&nbsp;Class

B

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

5,865

7,047

12,148

9,120

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

2,764

3,557

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

3,222

15,961

17,081

8,921

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

27,671

33,907

44,003

40,216

&nbsp;&nbsp;&nbsp;&nbsp;Class

B

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

733

882

1,520

1,141

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

1,521

1,958

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

3,547

17,576

18,810

9,818

&nbsp;&nbsp;&nbsp;&nbsp;Class

R4

............................

7,792

3,076

1,582

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

822

1,157

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

.............................

240,033

387,174

340,654

358,341

Custodian

fees

..........................

509

Reports

to

shareholders

fees

...............

24,990

26,158

25,255

26,570

Registration

and

filing

fees

.................

73,047

78,738

81,674

82,977

Professional

fees

........................

131,048

23,969

23,339

23,686

Trustees'

fees

and

expenses

...............

2,043

3,600

3,229

3,362

Other

.................................

73,838

3,106

3,364

3,162

Total

expenses

......................

1,646,318

2,354,396

2,246,614

2,276,750

Expenses

waived/paid

by

affiliates

(Not

e

3f

and

3g)

...........................

(1,180,219)

(1,688,480)

(1,745,931)

(1,890,719)

Net

expenses

......................

466,099

665,916

500,683

386,031

Net

investment

income

.............

7,513,424

10,179,139

7,062,841

5,987,712

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Controlled

affiliates

(Not

e

3f)

............

(33,679)

(232,752)

—

—

Non-controlled

affiliates

(Not

e

3f)

.........

2,706,575

9,800,515

10,104,451

7,887,081

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Not

e

3f)

.........

153,126

377,681

539,251

803,117

Net

realized

gain

(loss)

...............

2,826,022

9,945,444

10,643,702

8,690,198

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Controlled

affiliates

(Not

e

3f)

............

545,153

(1,292,739)

—

—

Non-controlled

affiliates

(Not

e

3f)

.........

(338,397)

(604,501)

1,267,104

7,795,510

Net

change

in

unrealized

appreciation

(depreciation)

......................

206,756

(1,897,240)

1,267,104

7,795,510

Net

realized

and

unrealized

gain

(loss)

.........

3,032,778

8,048,204

11,910,806

16,485,708

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$10,546,202

$18,227,343

$18,973,647

$22,473,420

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Investment

income:

Dividends:

Controlled

affiliates

(Not

e

3f)

..............

$164,262

$—

$—

$—

Non-controlled

affiliates

(Not

e

3f)

..........

4,293,214

3,008,830

1,642,161

599,512

Total

investment

income

................

4,457,476

3,008,830

1,642,161

599,512

Expenses:

Management

fees

(Note

a)

................

1,346,964

1,044,013

672,473

293,103

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

82,302

73,166

72,302

35,817

&nbsp;&nbsp;&nbsp;&nbsp;Class

B

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

9,448

10,755

6,172

2,866

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

1,026

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

9,746

6,368

10,681

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

41,206

36,637

36,206

17,942

&nbsp;&nbsp;&nbsp;&nbsp;Class

B

.............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

1,182

1,345

772

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

.............................

566

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

............................

10,729

7,012

11,759

&nbsp;&nbsp;&nbsp;&nbsp;Class

R4

............................

2,761

913

1,443

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

............................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

600

714

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

.............................

278,909

205,812

113,730

46,829

Custodian

fees

..........................

Reports

to

shareholders

fees

...............

26,216

25,991

24,404

21,282

Registration

and

filing

fees

.................

85,768

65,029

82,468

78,326

Professional

fees

........................

22,654

21,705

20,749

19,727

Trustees'

fees

and

expenses

...............

2,681

2,139

1,384

582

Other

.................................

3,377

2,439

4,600

3,874

Total

expenses

......................

1,925,374

1,505,957

1,060,503

522,314

Expenses

waived/paid

by

affiliates

(Not

e

3f

and

3g)

...........................

(1,643,851)

(1,305,124)

(909,573)

(465,683)

Net

expenses

......................

281,523

200,833

150,930

56,631

Net

investment

income

.............

4,175,953

2,807,997

1,491,231

542,881

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Controlled

affiliates

(Not

e

3f)

............

419,582

—

—

—

Non-controlled

affiliates

(Not

e

3f)

.........

6,073,844

5,245,549

3,685,945

1,943,682

Capital

gain

distributions

from

Underlying

Funds:

Controlled

affiliates

(Not

e

3f)

............

162,348

—

—

—

Non-controlled

affiliates

(Not

e

3f)

.........

652,873

676,589

446,203

199,631

Net

realized

gain

(loss)

...............

7,308,647

5,922,138

4,132,148

2,143,313

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Controlled

affiliates

(Not

e

3f)

............

1,305,085

—

—

—

Non-controlled

affiliates

(Not

e

3f)

.........

7,114,210

6,964,590

4,756,448

1,981,261

Net

change

in

unrealized

appreciation

(depreciation)

......................

8,419,295

6,964,590

4,756,448

1,981,261

Net

realized

and

unrealized

gain

(loss)

.........

15,727,942

12,886,728

8,888,596

4,124,574

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$19,903,895

$15,694,725

$10,379,827

$4,667,455

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Not

e

3f)

.............................................................

$9,768

Expenses:

Management

fees

(Note

a)

...................................................................

5,161

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

800

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

4,040

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R3

...............................................................................

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

505

&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

................................................................................

Custodian

fees

.............................................................................

Reports

to

shareholders

fees

..................................................................

17,046

Registration

and

filing

fees

....................................................................

66,847

Professional

fees

...........................................................................

17,773

Trustees'

fees

and

expenses

..................................................................

Other

....................................................................................

3,959

Total

expenses

.........................................................................

116,840

Expenses

waived/paid

by

affiliates

(Not

e

3f

and

3g)

..............................................

(111,671)

Net

expenses

.........................................................................

5,169

Net

investment

income

................................................................

4,599

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Not

e

3f)

............................................................

92,428

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Not

e

3f)

............................................................

3,741

Net

realized

gain

(loss)

..................................................................

96,169

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Not

e

3f)

............................................................

(26,912)

Net

realized

and

unrealized

gain

(loss)

............................................................

69,257

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$73,856

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$7,513,424

$7,945,251

$10,179,139

$8,088,780

Net

realized

gain

(loss)

............

2,826,022

2,701,531

9,945,444

7,723,901

Net

change

in

unrealized

appreciation

(depreciation)

.................

206,756

10,338,654

(1,897,240)

18,030,333

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

10,546,202

20,985,436

18,227,343

33,843,014

Distributions

to

shareholders:

Class

A

........................

(727,931)

(896,397)

(761,609)

(696,083)

Class

B

........................

(57) (1,529)

—

(555) Class

C

........................

(14,789)

(26,620)

(15,739)

(20,463)

Class

R

........................

(16,204)

(19,204)

(802) (13,200)

Class

R3

.......................

(39,476)

(54,672)

(135,856)

(139,317)

Class

R4

.......................

(4,665)

(5,500)

(65,803)

(65,434)

Class

R5

.......................

(397) (427) (300) (293) Class

R6

.......................

(30,202)

(58,223)

(138,095)

(336,190)

Class

Y

........................

(6,713,366)

(6,939,429)

(7,555,746)

(5,459,175)

Total

distributions

to

shareholders

.....

(7,547,087)

(8,002,001)

(8,673,950)

(6,730,710)

Capital

share

transactions:

(Note

2)

Class

A

........................

17,991,363

(1,660,901)

1,696,407

(102,040)

Class

B

........................

(31,811)

(45,987)

(21,587)

(56,082)

Class

C

........................

548,516

(151,538)

(95,102)

(88,923)

Class

R

........................

642,940

30,175

10,710

(391,632)

Class

R3

.......................

3,205,881

(254,199)

(621,127)

(53,631)

Class

R4

.......................

964,619

(44,240)

(122,402)

(356,109)

Class

R5

.......................

(87) 236

—

Class

R6

.......................

1,865,945

(774,830)

(2,051,868)

(7,663,092)

Class

Y

........................

407,488,904

(12,232,975)

100,379,950

37,405,733

Total

capital

share

transactions

.......

432,676,270

(15,134,259)

99,174,981

28,694,517

Net

increase

(decrease)

in

net

assets

.....................

435,675,385

(2,150,824)

108,728,374

55,806,821

Net

assets:

Beginning

of

year

..................

203,864,636

206,015,460

294,483,145

238,676,324

End

of

year

......................

$639,540,021

$203,864,636

$403,211,519

$294,483,145

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$7,062,841

$5,752,118

$5,987,712

$4,865,418

Net

realized

gain

(loss)

............

10,643,702

6,957,463

8,690,198

6,381,586

Net

change

in

unrealized

appreciation

(depreciation)

.................

1,267,104

25,029,895

7,795,510

28,906,067

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

18,973,647

37,739,476

22,473,420

40,153,071

Distributions

to

shareholders:

Class

A

........................

(818,746)

(547,405)

(658,314)

(384,255)

Class

B

........................

—

(2,461)

—

(1,630)

Class

C

........................

(22,438)

(24,637)

(14,568)

(17,497)

Class

R

........................

(15,247)

(12,770)

—

(3,098)

Class

R3

.......................

(104,449)

(99,333)

(43,308)

(41,092)

Class

R4

.......................

(20,297)

(16,234)

(9,711)

(8,622)

Class

R5

.......................

(248) (236) (217) (218) Class

R6

.......................

(157,641)

(265,365)

(32,707)

(183,707)

Class

Y

........................

(5,256,653)

(3,816,612)

(4,696,537)

(3,640,165)

Total

distributions

to

shareholders

.....

(6,395,719)

(4,785,053)

(5,455,362)

(4,280,284)

Capital

share

transactions:

(Note

2)

Class

A

........................

3,381,114

5,029,346

6,692,038

6,168,785

Class

B

........................

(55,870)

(115,082)

(98,437)

(207,502)

Class

C

........................

(27,946)

(114,801)

5,942

(98,759)

Class

R

........................

99,292

21,617

(88,252)

(89,300)

Class

R3

.......................

209,061

429,162

520,192

(112,127)

Class

R4

.......................

170,495

(35,508)

(59,588)

(297,150)

Class

R5

.......................

—

—

Class

R6

.......................

(2,381,487)

(5,582,776)

1,505,688

(7,216,121)

Class

Y

........................

58,536,207

50,939,554

78,571,858

34,766,445

Total

capital

share

transactions

.......

59,930,866

50,571,748

87,049,441

32,914,489

Net

increase

(decrease)

in

net

assets

.....................

72,508,794

83,526,171

104,067,499

68,787,276

Net

assets:

Beginning

of

year

..................

284,146,121

200,619,950

272,304,739

203,517,463

End

of

year

......................

$356,654,915

$284,146,121

$376,372,238

$272,304,739

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$4,175,953

$3,087,255

$2,807,997

$2,080,653

Net

realized

gain

(loss)

............

7,308,647

3,747,285

5,922,138

2,732,413

Net

change

in

unrealized

appreciation

(depreciation)

.................

8,419,295

24,556,528

6,964,590

20,438,918

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

19,903,895

31,391,068

15,694,725

25,251,984

Distributions

to

shareholders:

Class

A

........................

(605,824)

(276,201)

(364,749)

(128,127)

Class

B

........................

—

(3,547)

—

(233) Class

C

........................

(13,441)

(17,613)

(3,886)

(10,461)

Class

R

........................

(103) (1,413)

(2,434)

(411) Class

R3

.......................

(41,951)

(42,626)

(24,349)

(27,025)

Class

R4

.......................

(13,109)

(12,836)

(4,166)

(3,690)

Class

R5

.......................

(195) (203) (188) (205) Class

R6

.......................

(52,589)

(92,904)

(62,082)

(97,859)

Class

Y

........................

(3,208,388)

(2,311,767)

(2,261,681)

(1,800,828)

Total

distributions

to

shareholders

.....

(3,935,600)

(2,759,110)

(2,723,535)

(2,068,839)

Capital

share

transactions:

(Note

2)

Class

A

........................

5,967,068

11,870,336

9,358,669

12,053,762

Class

B

........................

(53,337)

(245,578)

(16,808)

(76,581)

Class

C

........................

(85,041)

(40,036)

(74,307)

(137,255)

Class

R

........................

(65,382)

23,189

66,164

(35,965)

Class

R3

.......................

110,109

468,590

133,910

247,393

Class

R4

.......................

40,203

57,024

97,945

(20,206)

Class

R5

.......................

2,217

—

Class

R6

.......................

715,258

(2,192,077)

(697,248)

(1,745,220)

Class

Y

........................

65,901,472

40,915,845

44,151,968

31,337,424

Total

capital

share

transactions

.......

72,532,567

50,857,496

53,020,293

41,623,557

Net

increase

(decrease)

in

net

assets

.....................

88,500,862

79,489,454

65,991,483

64,806,702

Net

assets:

Beginning

of

year

..................

218,486,507

138,997,053

167,933,237

103,126,535

End

of

year

......................

$306,987,369

$218,486,507

$233,924,720

$167,933,237

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$1,491,231

$928,734

$542,881

$264,245

Net

realized

gain

(loss)

............

4,132,148

1,245,821

2,143,313

724,823

Net

change

in

unrealized

appreciation

(depreciation)

.................

4,756,448

12,224,283

1,981,261

4,188,009

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

10,379,827

14,398,838

4,667,455

5,177,077

Distributions

to

shareholders:

Class

A

........................

(307,352)

(93,478)

(128,854)

(20,659)

Class

B

........................

—

(221) —

(113) Class

C

........................

(686) (4,078)

—

(2,436)

Class

R

........................

(129) (988) (89) (170) Class

R3

.......................

(35,203)

(38,328)

(172) (804) Class

R4

.......................

(5,331)

(6,159)

(1,675)

(1,447)

Class

R5

.......................

(164) (189) (148) (183) Class

R6

.......................

(23,633)

(44,911)

(20,693)

(31,501)

Class

Y

........................

(1,056,853)

(832,560)

(395,557)

(254,071)

Total

distributions

to

shareholders

.....

(1,429,351)

(1,020,912)

(547,188)

(311,384)

Capital

share

transactions:

(Note

2)

Class

A

........................

11,644,515

12,221,641

7,947,746

6,872,873

Class

B

........................

(36,298)

(19,505)

(20,329)

Class

C

........................

(77,492)

(94,465)

(40,922)

(75,193)

Class

R

........................

(38,216)

35,852

—

Class

R3

.......................

602,736

307,538

(25,419)

14,135

Class

R4

.......................

32,738

32,820

51,854

42,759

Class

R5

.......................

—

—

Class

R6

.......................

2,297,411

(1,094,461)

2,587,707

(290,315)

Class

Y

........................

29,328,458

22,637,338

15,246,819

12,443,254

Total

capital

share

transactions

.......

43,753,852

34,026,947

25,747,456

19,007,978

Net

increase

(decrease)

in

net

assets

.....................

52,704,328

47,404,873

29,867,723

23,873,671

Net

assets:

Beginning

of

year

..................

100,153,986

52,749,113

40,244,317

16,370,646

End

of

year

......................

$152,858,314

$100,153,986

$70,112,040

$40,244,317

Putnam

Target

Date

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$4,599

$6,173

Net

realized

gain

(loss)

.................................................

96,169

54,334

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(26,912)

116,656

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

73,856

177,163

Distributions

to

shareholders:

Class

A

.............................................................

(12,619)

(2,599)

Class

C

.............................................................

(12,128)

(2,089)

Class

R

.............................................................

(438) (98) Class

R3

............................................................

(476) (125) Class

R4

............................................................

(513) (152) Class

R5

............................................................

(624) (169) Class

R6

............................................................

(5,524)

(4,090)

Class

Y

.............................................................

(547) (167) Total

distributions

to

shareholders

..........................................

(32,869)

(9,489)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(22,256)

87,190

Class

C

.............................................................

(22,017)

70,330

Class

R

.............................................................

—

Class

R3

............................................................

2,720

Class

R4

............................................................

—

Class

R5

............................................................

10,506

Class

R6

............................................................

(5,282)

(65,443)

Class

Y

.............................................................

1,221

Total

capital

share

transactions

............................................

(35,108)

92,788

Net

increase

(decrease)

in

net

assets

...................................

5,879

260,462

Net

assets:

Beginning

of

year

.......................................................

952,206

691,744

End

of

year

...........................................................

$958,085

$952,206

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Target

Date

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of eighteen separate

funds, nine

of

which

are

included

in

this

report

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Certain

or

all

Funds

invest

primarily

in

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

by

Franklin

Templeton

(FT

Underlying

Funds).

The

Funds

offer eight classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R3,

Class

R4,

Class

R5,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

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.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Investments

in

the

Underlying

Funds

are

valued

at

their

closing

NAV

each

trading

day. ETFs

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Income

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

July

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

c. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

and

capital

gain

distributions

by

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

The

Funds

indirectly

bear

their

proportionate

share

of

expenses

from

the

Underlying

Funds

and

ETFs.

Since

the

Underlying

Funds

and

ETFs

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

and

ETFs

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

d. #### 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.

e. #### 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)

b. #### Income

#### Taxes
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

July

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

July

31,

2025

Shares

sold

a

...................................

27,396

$450,257

341,986

$7,263,133

Shares

issued

in

reinvestment

of

distributions

..........

43,565

722,419

36,584

756,188

Shares

issued

on

reorganizatio

n

(Note

7)

.............

1,258,247

21,163,714

—

—

Shares

redeemed

...............................

(263,337)

(4,345,027)

(299,859)

(6,322,914)

Net

increase

(decrease)

..........................

1,065,871

$17,991,363

78,711

$1,696,407

Year

ended

July

31,

2024

Shares

sold

a

...................................

39,459

$621,936

179,348

$3,608,031

Shares

issued

in

reinvestment

of

distributions

..........

56,377

886,333

35,404

690,737

Shares

redeemed

...............................

(199,800)

(3,169,170)

(220,583)

(4,400,808)

Net

increase

(decrease)

..........................

(103,964)

$(1,660,901)

(5,831)

$(102,040)

Class

B

#### Class

#### B

#### Shares:

#### \*
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(1,974)

(31,868)

(1,085)

(21,587)

Net

increase

(decrease)

..........................

(1,970)

$(31,811)

(1,085)

$(21,587)

Year

ended

July

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

1,529

555

Shares

redeemed

...............................

(3,163)

(47,516)

(3,145)

(56,637)

Net

increase

(decrease)

..........................

(3,062)

$(45,987)

(3,115)

$(56,082)

Class

C

#### Class

#### C

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

863

$13,882

4,135

$79,065

Shares

issued

in

reinvestment

of

distributions

..........

917

14,789

838

15,739

Shares

issued

on

reorganizatio

n

(Note

7)

.............

55,848

913,675

—

—

Shares

redeemed

a

..............................

(24,574)

(393,830)

(10,020)

(189,906)

Net

increase

(decrease)

..........................

33,054

$548,516

(5,047)

$(95,102)

Year

ended

July

31,

2024

Shares

sold

...................................

4,529

$66,661

3,756

$67,139

Shares

issued

in

reinvestment

of

distributions

..........

1,740

26,620

1,152

20,463

Shares

redeemed

a

..............................

(16,022)

(244,819)

(9,698)

(176,525)

Net

increase

(decrease)

..........................

(9,753)

$(151,538)

(4,790)

$(88,923)

Class

R

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

4,204

$70,257

531

$10,252

Shares

issued

in

reinvestment

of

distributions

..........

979

16,204

802

Shares

issued

on

reorganizatio

n

(Note

7)

.............

38,034

638,595

—

—

Shares

redeemed

...............................

(4,873)

(82,116)

(17) (344) Net

increase

(decrease)

..........................

38,344

$642,940

556

$10,710

Year

ended

July

31,

2024

Shares

sold

...................................

829

$13,002

628

$11,187

Shares

issued

in

reinvestment

of

distributions

..........

1,222

19,204

742

13,200

Shares

redeemed

...............................

(128) (2,031)

(22,463)

(416,019)

Net

increase

(decrease)

..........................

1,923

$30,175

(21,093)

$(391,632)

Class

R3

#### Class

#### R3

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

11,908

$198,500

43,576

$1,122,959

Shares

issued

in

reinvestment

of

distributions

..........

2,371

39,476

5,428

135,856

Shares

issued

on

reorganizatio

n

(Note

7)

.............

200,870

3,392,684

—

—

Shares

redeemed

...............................

(25,447)

(424,779)

(74,142)

(1,879,942)

Net

increase

(decrease)

..........................

189,702

$3,205,881

(25,138)

$(621,127)

Year

ended

July

31,

2024

Shares

sold

...................................

11,155

$176,403

28,613

$677,531

Shares

issued

in

reinvestment

of

distributions

..........

3,462

54,671

5,931

139,317

Shares

redeemed

...............................

(30,295)

(485,273)

(37,756)

(870,479)

Net

increase

(decrease)

..........................

(15,678)

$(254,199)

(3,212)

$(53,631)

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

13,855

$230,581

9,970

$256,784

Shares

issued

in

reinvestment

of

distributions

..........

4,665

2,629

65,803

Shares

issued

on

reorganizatio

n

(Note

7)

.............

58,835

995,490

—

—

Shares

redeemed

...............................

(16,276)

(266,117)

(17,570)

(444,989)

Net

increase

(decrease)

..........................

56,694

$964,619

(4,971)

$(122,402)

Year

ended

July

31,

2024

Shares

sold

...................................

845

$13,206

5,168

$122,011

Shares

issued

in

reinvestment

of

distributions

..........

5,500

2,787

65,434

Shares

redeemed

...............................

(4,079)

(62,946)

(24,529)

(543,554)

Net

increase

(decrease)

..........................

(2,885)

$(44,240)

(16,574)

$(356,109)

Class

R5

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

issued

on

reorganizatio

n

(Note

7)

.............

700

11,833

—

—

Shares

redeemed

...............................

(680) (11,920)

—

—

Net

increase

(decrease)

..........................

$(87)

—

$—

Year

ended

July

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$236

$293

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

98,026

$1,639,073

98,766

$2,529,871

Shares

issued

in

reinvestment

of

distributions

..........

1,808

30,202

5,517

138,095

Shares

issued

on

reorganizatio

n

(Note

7)

.............

58,025

980,621

—

—

Shares

redeemed

...............................

(47,219)

(783,951)

(186,490)

(4,719,834)

Net

increase

(decrease)

..........................

110,640

$1,865,945

(82,207)

$(2,051,868)

Year

ended

July

31,

2024

Shares

sold

...................................

4,353

$70,008

19,697

$456,612

Shares

issued

in

reinvestment

of

distributions

..........

3,703

58,223

14,318

336,190

Shares

redeemed

...............................

(56,499)

(903,061)

(351,745)

(8,455,894)

Net

increase

(decrease)

..........................

(48,443)

$(774,830)

(317,730)

$(7,663,092)

Class

Y

#### Class

#### Y

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

2,985,512

$49,649,667

6,785,105

$173,009,791

Shares

issued

in

reinvestment

of

distributions

..........

402,998

6,712,025

302,714

7,555,746

Shares

issued

on

reorganizatio

n

(Note

7)

.............

22,737,382

384,261,760

—

—

Shares

redeemed

...............................

(1,995,708)

(33,134,548)

(3,151,067)

(80,185,587)

Net

increase

(decrease)

..........................

24,130,184

$407,488,904

3,936,752

$100,379,950

Year

ended

July

31,

2024

Shares

sold

...................................

969,127

$15,421,157

4,717,828

$112,150,414

Shares

issued

in

reinvestment

of

distributions

..........

439,570

6,939,429

232,999

5,459,175

Shares

redeemed

...............................

(2,200,804)

(34,593,561)

(3,399,837)

(80,203,856)

Net

increase

(decrease)

..........................

(792,107)

$(12,232,975)

1,550,990

$37,405,733

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

July

31,

2025

Shares

sold

a

...................................

526,942

$12,170,492

628,050

$14,741,851

Shares

issued

in

reinvestment

of

distributions

..........

35,979

809,886

28,642

654,765

Shares

redeemed

...............................

(420,811)

(9,599,264)

(378,037)

(8,704,578)

Net

increase

(decrease)

..........................

142,110

$3,381,114

278,655

$6,692,038

Year

ended

July

31,

2024

Shares

sold

a

...................................

367,327

$7,995,211

393,593

$8,661,279

Shares

issued

in

reinvestment

of

distributions

..........

26,237

541,006

18,473

380,733

Shares

redeemed

...............................

(164,963)

(3,506,871)

(135,287)

(2,873,227)

Net

increase

(decrease)

..........................

228,601

$5,029,346

276,779

$6,168,785

Class

B

#### Class

#### B

#### Shares:

#### \*
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

redeemed

...............................

(2,796)

(55,870)

(4,961)

(98,437)

Net

increase

(decrease)

..........................

(2,796)

$(55,870)

(4,961)

$(98,437)

Year

ended

July

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

2,461

1,630

Shares

redeemed

...............................

(6,346)

(117,543)

(12,322)

(209,132)

Net

increase

(decrease)

..........................

(6,210)

$(115,082)

(12,230)

$(207,502)

Class

C

#### Class

#### C

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

8,148

$157,872

6,589

$124,541

Shares

issued

in

reinvestment

of

distributions

..........

1,163

22,438

773

14,568

Shares

redeemed

a

..............................

(10,630)

(208,256)

(6,990)

(133,167)

Net

increase

(decrease)

..........................

(1,319)

$(27,946)

$5,942

Year

ended

July

31,

2024

Shares

sold

...................................

10,276

$184,084

8,375

$146,723

Shares

issued

in

reinvestment

of

distributions

..........

1,389

24,637

1,026

17,497

Shares

redeemed

a

..............................

(18,050)

(323,522)

(14,863)

(262,979)

Net

increase

(decrease)

..........................

(6,385)

$(114,801)

(5,462)

$(98,759)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

5,039

$110,602

$3,017

Shares

issued

in

reinvestment

of

distributions

..........

722

15,247

—

—

Shares

redeemed

...............................

(1,235)

(26,557)

(3,590)

(91,269)

Net

increase

(decrease)

..........................

4,526

$99,292

(3,468)

$(88,252)

Year

ended

July

31,

2024

Shares

sold

...................................

1,213

$23,825

915

$20,192

Shares

issued

in

reinvestment

of

distributions

..........

659

12,770

3,098

Shares

redeemed

...............................

(797) (14,978)

(4,998)

(112,590)

Net

increase

(decrease)

..........................

1,075

$21,617

(3,942)

$(89,300)

Class

R3

#### Class

#### R3

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

41,600

$1,194,471

28,285

$839,270

Shares

issued

in

reinvestment

of

distributions

..........

3,670

104,449

1,479

43,308

Shares

redeemed

...............................

(37,606)

(1,089,859)

(12,082)

(362,386)

Net

increase

(decrease)

..........................

7,664

$209,061

17,682

$520,192

Year

ended

July

31,

2024

Shares

sold

...................................

34,367

$905,183

19,886

$530,415

Shares

issued

in

reinvestment

of

distributions

..........

3,832

99,333

1,565

41,092

Shares

redeemed

...............................

(22,305)

(575,354)

(27,234)

(683,634)

Net

increase

(decrease)

..........................

15,894

$429,162

(5,783)

$(112,127)

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

9,451

$274,159

5,324

$159,884

Shares

issued

in

reinvestment

of

distributions

..........

713

20,267

9,711

Shares

redeemed

...............................

(4,282)

(123,931)

(7,748)

(229,183)

Net

increase

(decrease)

..........................

5,882

$170,495

(2,092)

$(59,588)

Year

ended

July

31,

2024

Shares

sold

...................................

7,223

$191,225

3,895

$103,355

Shares

issued

in

reinvestment

of

distributions

..........

627

16,234

8,622

Shares

redeemed

...............................

(9,668)

(242,967)

(16,104)

(409,127)

Net

increase

(decrease)

..........................

(1,818)

$(35,508)

(11,881)

$(297,150)

Class

R5

#### Class

#### R5

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Year

ended

July

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$236

$218

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

147,408

$4,305,895

105,042

$3,156,738

Shares

issued

in

reinvestment

of

distributions

..........

5,543

157,641

1,117

32,707

Shares

redeemed

...............................

(236,847)

(6,845,023)

(56,165)

(1,683,757)

Net

increase

(decrease)

..........................

(83,896)

$(2,381,487)

49,994

$1,505,688

Year

ended

July

31,

2024

Shares

sold

...................................

12,729

$327,188

49,602

$1,284,313

Shares

issued

in

reinvestment

of

distributions

..........

10,246

265,365

7,004

183,707

Shares

redeemed

...............................

(226,552)

(6,175,329)

(312,502)

(8,684,141)

Net

increase

(decrease)

..........................

(203,577)

$(5,582,776)

(255,896)

$(7,216,121)

Class

Y

#### Class

#### Y

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

4,926,688

$142,303,519

4,639,789

$137,588,922

Shares

issued

in

reinvestment

of

distributions

..........

185,028

5,256,653

160,895

4,696,537

Shares

redeemed

...............................

(3,096,224)

(89,023,965)

(2,151,780)

(63,713,601)

Net

increase

(decrease)

..........................

2,015,492

$58,536,207

2,648,904

$78,571,858

Year

ended

July

31,

2024

Shares

sold

...................................

4,220,973

$111,413,295

3,319,416

$89,000,972

Shares

issued

in

reinvestment

of

distributions

..........

147,530

3,816,611

139,150

3,640,165

Shares

redeemed

...............................

(2,450,041)

(64,290,352)

(2,176,003)

(57,874,692)

Net

increase

(decrease)

..........................

1,918,462

$50,939,554

1,282,563

$34,766,445

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

July

31,

2025

Shares

sold

a

...................................

504,514

$11,205,130

585,694

$12,573,924

Shares

issued

in

reinvestment

of

distributions

..........

27,869

603,920

17,357

364,673

Shares

redeemed

...............................

(267,848)

(5,841,982)

(167,238)

(3,579,928)

Net

increase

(decrease)

..........................

264,535

$5,967,068

435,813

$9,358,669

Year

ended

July

31,

2024

Shares

sold

a

...................................

685,958

$14,283,675

696,207

$13,946,698

Shares

issued

in

reinvestment

of

distributions

..........

14,188

274,256

6,872

127,339

Shares

redeemed

...............................

(133,071)

(2,687,595)

(101,235)

(2,020,275)

Net

increase

(decrease)

..........................

567,075

$11,870,336

601,844

$12,053,762

Class

B

#### Class

#### B

#### Shares:

#### \*
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

redeemed

...............................

(2,922)

(53,337)

(818) (16,808)

Net

increase

(decrease)

..........................

(2,922)

$(53,337)

(818) $(16,808)

Year

ended

July

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

3,547

Shares

redeemed

...............................

(14,518)

(249,125)

(4,064)

(76,814)

Net

increase

(decrease)

..........................

(14,300)

$(245,578)

(4,051)

$(76,581)

Class

C

#### Class

#### C

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

3,612

$66,299

5,601

$112,884

Shares

issued

in

reinvestment

of

distributions

..........

742

13,441

3,886

Shares

redeemed

a

..............................

(8,866)

(164,781)

(9,415)

(191,077)

Net

increase

(decrease)

..........................

(4,512)

$(85,041)

(3,620)

$(74,307)

Year

ended

July

31,

2024

Shares

sold

...................................

7,708

$128,895

8,008

$140,901

Shares

issued

in

reinvestment

of

distributions

..........

1,087

17,613

594

10,461

Shares

redeemed

a

..............................

(11,226)

(186,544)

(15,559)

(288,617)

Net

increase

(decrease)

..........................

(2,431)

$(40,036)

(6,957)

$(137,255)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

1,463

$34,986

6,426

$136,195

Shares

issued

in

reinvestment

of

distributions

..........

2,434

Shares

redeemed

...............................

(4,168)

(100,471)

(3,455)

(72,465)

Net

increase

(decrease)

..........................

(2,701)

$(65,382)

3,090

$66,164

Year

ended

July

31,

2024

Shares

sold

...................................

1,098

$22,817

2,847

$53,770

Shares

issued

in

reinvestment

of

distributions

..........

1,413

Shares

redeemed

...............................

(46) (1,041)

(5,265)

(90,146)

Net

increase

(decrease)

..........................

1,121

$23,189

(2,395)

$(35,965)

Class

R3

#### Class

#### R3

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

27,086

$793,927

18,967

$404,259

Shares

issued

in

reinvestment

of

distributions

..........

1,441

41,951

1,162

24,349

Shares

redeemed

...............................

(24,610)

(725,769)

(13,694)

(294,698)

Net

increase

(decrease)

..........................

3,917

$110,109

6,435

$133,910

Year

ended

July

31,

2024

Shares

sold

...................................

28,785

$756,535

22,016

$419,509

Shares

issued

in

reinvestment

of

distributions

..........

1,651

42,626

1,464

27,025

Shares

redeemed

...............................

(12,889)

(330,571)

(11,173)

(199,141)

Net

increase

(decrease)

..........................

17,547

$468,590

12,307

$247,393

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

4,601

$136,302

5,956

$126,650

Shares

issued

in

reinvestment

of

distributions

..........

13,109

3,993

Shares

redeemed

...............................

(3,604)

(109,208)

(1,543)

(32,698)

Net

increase

(decrease)

..........................

1,447

$40,203

4,604

$97,945

Year

ended

July

31,

2024

Shares

sold

...................................

4,170

$110,611

4,416

$83,370

Shares

issued

in

reinvestment

of

distributions

..........

12,836

3,690

Shares

redeemed

...............................

(2,532)

(66,423)

(6,022)

(107,266)

Net

increase

(decrease)

..........................

2,136

$57,024

(1,406)

$(20,206)

Class

R5

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

$2,302

—

$—

Shares

redeemed

...............................

(3) (85) —

—

Net

increase

(decrease)

..........................

$2,217

—

$—

Year

ended

July

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$203

$205

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

149,977

$4,519,148

149,484

$3,227,772

Shares

issued

in

reinvestment

of

distributions

..........

1,805

52,589

2,962

62,082

Shares

redeemed

...............................

(128,908)

(3,856,479)

(186,443)

(3,987,102)

Net

increase

(decrease)

..........................

22,874

$715,258

(33,997)

$(697,248)

Year

ended

July

31,

2024

Shares

sold

...................................

19,204

$513,442

46,199

$886,514

Shares

issued

in

reinvestment

of

distributions

..........

3,600

92,904

5,301

97,859

Shares

redeemed

...............................

(104,136)

(2,798,423)

(140,134)

(2,729,593)

Net

increase

(decrease)

..........................

(81,332)

$(2,192,077)

(88,634)

$(1,745,220)

Class

Y

#### Class

#### Y

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

4,001,778

$118,277,144

3,857,177

$82,168,391

Shares

issued

in

reinvestment

of

distributions

..........

109,747

3,195,832

108,008

2,261,681

Shares

redeemed

...............................

(1,883,273)

(55,571,504)

(1,899,183)

(40,278,104)

Net

increase

(decrease)

..........................

2,228,252

$65,901,472

2,066,002

$44,151,968

Year

ended

July

31,

2024

Shares

sold

...................................

2,963,371

$78,594,484

3,240,888

$61,299,101

Shares

issued

in

reinvestment

of

distributions

..........

89,534

2,311,767

97,606

1,800,828

Shares

redeemed

...............................

(1,521,760)

(39,990,406)

(1,671,315)

(31,762,505)

Net

increase

(decrease)

..........................

1,531,145

$40,915,845

1,667,179

$31,337,424

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

July

31,

2025

Shares

sold

a

...................................

1,169,937

$15,891,956

704,449

$9,973,388

Shares

issued

in

reinvestment

of

distributions

..........

23,093

307,138

9,250

128,854

Shares

redeemed

...............................

(335,885)

(4,554,579)

(153,880)

(2,154,496)

Net

increase

(decrease)

..........................

857,145

$11,644,515

559,819

$7,947,746

Year

ended

July

31,

2024

Shares

sold

a

...................................

1,095,145

$13,722,925

571,820

$7,534,622

Shares

issued

in

reinvestment

of

distributions

..........

8,002

93,306

1,702

20,659

Shares

redeemed

...............................

(127,358)

(1,594,590)

(53,985)

(682,408)

Net

increase

(decrease)

..........................

975,789

$12,221,641

519,537

$6,872,873

Class

B

#### Class

#### B

#### Shares:

#### \*
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Shares

redeemed

...............................

(2,772)

(36,298)

(1,484)

(20,329)

Net

increase

(decrease)

..........................

(2,772)

$(36,298)

(1,484)

$(20,329)

Year

ended

July

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Shares

redeemed

...............................

(1,686)

(19,726)

—

—

Net

increase

(decrease)

..........................

(1,667)

$(19,505)

$113

Class

C

#### Class

#### C

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

3,885

$50,026

1,770

$24,459

Shares

issued

in

reinvestment

of

distributions

..........

686

—

—

Shares

redeemed

a

..............................

(9,777)

(128,204)

(4,615)

(65,381)

Net

increase

(decrease)

..........................

(5,839)

$(77,492)

(2,845)

$(40,922)

Year

ended

July

31,

2024

Shares

sold

...................................

7,592

$87,293

2,969

$35,283

Shares

issued

in

reinvestment

of

distributions

..........

4,078

2,436

Shares

redeemed

a

..............................

(16,571)

(185,836)

(9,433)

(112,912)

Net

increase

(decrease)

..........................

(8,617)

$(94,465)

(6,260)

$(75,193)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

2,932

$40,529

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

—

—

Shares

redeemed

...............................

(5,545)

(78,874)

—

—

Net

increase

(decrease)

..........................

(2,604)

$(38,216)

—

$—

Year

ended

July

31,

2024

Shares

sold

...................................

2,932

$35,939

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

988

Shares

redeemed

...............................

(84) (1,075)

—

—

Net

increase

(decrease)

..........................

2,930

$35,852

$170

Class

R3

#### Class

#### R3

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

74,325

$1,019,410

2,495

$35,465

Shares

issued

in

reinvestment

of

distributions

..........

2,621

35,203

Shares

redeemed

...............................

(33,257)

(451,877)

(4,189)

(61,006)

Net

increase

(decrease)

..........................

43,689

$602,736

(1,685)

$(25,419)

Year

ended

July

31,

2024

Shares

sold

...................................

79,763

$952,432

1,978

$24,623

Shares

issued

in

reinvestment

of

distributions

..........

3,259

38,328

804

Shares

redeemed

...............................

(57,885)

(683,222)

(857) (11,292)

Net

increase

(decrease)

..........................

25,137

$307,538

1,187

$14,135

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

4,330

$58,939

4,630

$65,838

Shares

issued

in

reinvestment

of

distributions

..........

5,187

1,541

Shares

redeemed

...............................

(2,308)

(31,388)

(1,096)

(15,525)

Net

increase

(decrease)

..........................

2,408

$32,738

3,644

$51,854

Year

ended

July

31,

2024

Shares

sold

...................................

4,109

$49,446

4,266

$53,407

Shares

issued

in

reinvestment

of

distributions

..........

523

6,159

1,447

Shares

redeemed

...............................

(1,777)

(22,785)

(966) (12,095)

Net

increase

(decrease)

..........................

2,855

$32,820

3,418

$42,759

Class

R5

#### Class

#### R5

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

—

$—

—

$—

Year

ended

July

31,

2024

Shares

sold

...................................

—

$—

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

Net

increase

(decrease)

..........................

$189

$182

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

283,358

$3,976,110

233,087

$3,390,606

Shares

issued

in

reinvestment

of

distributions

..........

1,756

23,633

1,473

20,693

Shares

redeemed

...............................

(124,110)

(1,702,332)

(56,874)

(823,592)

Net

increase

(decrease)

..........................

161,004

$2,297,411

177,686

$2,587,707

Year

ended

July

31,

2024

Shares

sold

...................................

50,822

$628,784

103,502

$1,362,461

Shares

issued

in

reinvestment

of

distributions

..........

3,812

44,911

2,576

31,501

Shares

redeemed

...............................

(142,564)

(1,768,156)

(128,828)

(1,684,277)

Net

increase

(decrease)

..........................

(87,930)

$(1,094,461)

(22,750)

$(290,315)

Class

Y

#### Class

#### Y

#### Shares:
Year

ended

July

31,

2025

Shares

sold

...................................

4,180,673

$57,357,525

2,150,516

$30,577,324

Shares

issued

in

reinvestment

of

distributions

..........

78,343

1,056,853

28,274

395,557

Shares

redeemed

...............................

(2,117,951)

(29,085,920)

(1,110,448)

(15,726,062)

Net

increase

(decrease)

..........................

2,141,065

$29,328,458

1,068,342

$15,246,819

Year

ended

July

31,

2024

Shares

sold

...................................

3,154,487

$38,283,634

1,844,256

$22,905,438

Shares

issued

in

reinvestment

of

distributions

..........

70,496

832,560

20,860

254,071

Shares

redeemed

...............................

(1,363,075)

(16,478,856)

(885,340)

(10,716,255)

Net

increase

(decrease)

..........................

1,861,908

$22,637,338

979,776

$12,443,254

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

July

31,

2025

Shares

sold

a

..................................................................

11,669

$145,920

Shares

issued

in

reinvestment

of

distributions

.........................................

979

11,935

Shares

redeemed

..............................................................

(14,479)

(180,111)

Net

increase

(decrease)

.........................................................

(1,831)

$(22,256)

Year

ended

July

31,

2024

Shares

sold

a

..................................................................

15,995

$172,171

Shares

issued

in

reinvestment

of

distributions

.........................................

2,599

Shares

redeemed

..............................................................

(8,741)

(87,580)

Net

increase

(decrease)

.........................................................

7,494

$87,190

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

July

31,

2025

Shares

sold

..................................................................

2,532

$31,463

Shares

issued

in

reinvestment

of

distributions

.........................................

969

11,729

Shares

redeemed

a

.............................................................

(5,359)

(65,209)

Net

increase

(decrease)

.........................................................

(1,858)

$(22,017)

Year

ended

July

31,

2024

Shares

sold

..................................................................

21,724

$229,204

Shares

issued

in

reinvestment

of

distributions

.........................................

2,089

Shares

redeemed

a

.............................................................

(15,111)

(160,963)

Net

increase

(decrease)

.........................................................

6,807

$70,330

Class

R

#### Class

#### R

#### Shares:
Year

ended

July

31,

2025

Shares

sold

..................................................................

—

$—

Year

ended

July

31,

2024

Shares

sold

..................................................................

—

$—

Shares

issued

in

reinvestment

of

distributions

.........................................

Net

increase

(decrease)

.........................................................

$98

Class

R3

#### Class

#### R3

#### Shares:
Year

ended

July

31,

2025

Shares

sold

..................................................................

$2,927

Shares

redeemed

..............................................................

(17) (207) Net

increase

(decrease)

.........................................................

$2,720

Year

ended

July

31,

2024

Shares

sold

..................................................................

—

$—

Shares

issued

in

reinvestment

of

distributions

.........................................

Net

increase

(decrease)

.........................................................

$125

Class

R4

#### Class

#### R4

#### Shares:
Year

ended

July

31,

2025

Shares

sold

..................................................................

—

$—

Year

ended

July

31,

2024

Shares

sold

..................................................................

—

$—

Shares

issued

in

reinvestment

of

distributions

.........................................

Net

increase

(decrease)

.........................................................

$152

Class

R5

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Year

ended

July

31,

2025

Shares

sold

..................................................................

873

$10,855

Shares

issued

in

reinvestment

of

distributions

.........................................

Shares

redeemed

..............................................................

(34) (435) Net

increase

(decrease)

.........................................................

846

$10,506

Year

ended

July

31,

2024

Shares

sold

..................................................................

—

$—

Shares

issued

in

reinvestment

of

distributions

.........................................

Net

increase

(decrease)

.........................................................

$169

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

July

31,

2025

Shares

sold

..................................................................

5,222

$65,683

Shares

issued

in

reinvestment

of

distributions

.........................................

4,973

Shares

redeemed

..............................................................

(5,945)

(75,938)

Net

increase

(decrease)

.........................................................

(317) $(5,282)

Year

ended

July

31,

2024

Shares

sold

..................................................................

13,704

$151,958

Shares

issued

in

reinvestment

of

distributions

.........................................

4,090

Shares

redeemed

..............................................................

(18,977)

(221,491)

Net

increase

(decrease)

.........................................................

(4,897)

$(65,443)

Class

Y

#### Class

#### Y

#### Shares:
Year

ended

July

31,

2025

Shares

sold

..................................................................

$2,789

Shares

issued

in

reinvestment

of

distributions

.........................................

Shares

redeemed

..............................................................

(125) (1,578)

Net

increase

(decrease)

.........................................................

$1,221

Year

ended

July

31,

2024

Shares

sold

..................................................................

—

$—

Shares

issued

in

reinvestment

of

distributions

.........................................

Net

increase

(decrease)

.........................................................

$167

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Funds are

also

officers,

directors, and/or trustees

of

certain

of

the

FT

Underlying

Funds

and

of

the

following

subsidiaries:

a. #### Management

#### Fees
Each

Fund

pays Advisers

a

management

fee.

The

fee

for

each

Fund

is

calculated

and

paid

monthly

based

on

an

annual

rate

and

the

Fund's

average

net

assets

for

the

month.

For

Putnam

Sustainable

Retirement Maturity

Fund,

the

annual

rate

is

0.46%.

For

each

of

the

other

Funds,

the

annual

rate

is

based

on

the

number

of

years

remaining

(determined

as

of

September

30th

of

each

year

and

applicable

through

September

30th

of

the

following

year)

until

the

date

referenced

in

the

Fund's

name

(the

"Target

Date").

"Average

net

assets"

means

the

average

of

all

of

the

determinations

of

a

Fund's

net

asset

value

at

the

close

of

business

on

each

business

day

during

each

month.

The

annual

rate

for

each

fund

for

the

reporting

period

were:

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.452%

0.480%

0.490%

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.500%

0.510%

0.520%

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.530%

0.540%

0.550%

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Effective

November

1,

2024,

under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Funds

have

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds.

The

Plans

provide

payments

by

the

Funds

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Funds

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

B

.......................................

1.00%

1.00%

1.00%

1.00%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

B

.......................................

1.00%

1.00%

1.00%

1.00%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

B

.......................................

1.00%

1.00%

1.00%

1.00%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Maximum

#### %

#### Approved

#### %

#### Maximum

#### %

#### Approved

#### %
Class

A

.......................................

0.35%

0.25%

0.35%

0.25%

Class

B

.......................................

1.00%

1.00%

1.00%

1.00%

Class

C

.......................................

1.00%

1.00%

1.00%

1.00%

Class

R

.......................................

1.00%

0.50%

1.00%

0.50%

Class

R3

......................................

0.35%

0.25%

0.35%

0.25%

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### 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%

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$969

$6,924

$7,747

$6,066

CDSC

retained

...........................

$143

$322

$122

$274

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$6,793

$3,384

$4,710

$3,888

CDSC

retained

...........................

$228

$96

$79

$82

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$1,177

CDSC

retained

..............................................................................

$67

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

each

Fund

and

receives

fees

for

investor

servicing

at

the

following

Class

specific

rates.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Maximum

#### %

#### Maximum

#### %

#### Maximum

#### %

#### Maximum

#### %
Class

A

.......................................

0.125%

0.125%

0.125%

0.125%

Class

B

.......................................

0.125%

0.125%

0.125%

0.125%

Class

C

.......................................

0.125%

0.125%

0.125%

0.125%

Class

R

.......................................

0.275%

0.275%

0.275%

0.275%

Class

R3

......................................

0.275%

0.275%

0.275%

0.275%

Class

R4

......................................

0.275%

0.275%

0.275%

0.275%

Class

R5

......................................

0.125%

0.125%

0.125%

0.125%

Class

R6

......................................

0.025%

0.025%

0.025%

0.025%

Class

Y

.......................................

0.125%

0.125%

0.125%

0.125%

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Maximum

#### %

#### Maximum

#### %

#### Maximum

#### %

#### Maximum

#### %
Class

A

.......................................

0.125%

0.125%

0.125%

0.125%

Class

B

.......................................

0.125%

0.125%

0.125%

0.125%

Class

C

.......................................

0.125%

0.125%

0.125%

0.125%

Class

R

.......................................

0.275%

0.275%

0.275%

0.275%

Class

R3

......................................

0.275%

0.275%

0.275%

0.275%

Class

R4

......................................

0.275%

0.275%

0.275%

0.275%

Class

R5

......................................

0.125%

0.125%

0.125%

0.125%

Class

R6

......................................

0.025%

0.025%

0.025%

0.025%

Class

Y

.......................................

0.125%

0.125%

0.125%

0.125%

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### 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

franklintempleton.com

Annual

Report

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
The

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Advisers

(or

an

affiliate

of

Advisers).

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

Underlying

Fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

Underlying

Fund.

The

Funds

do

not

invest

in

FT

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

Underlying

Funds,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

the

Underlying

Funds.

Investments

in

FT

Underlying

Funds

for

the

year

ended

July

31,

2025,

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$106,237,756

$235,174,848

$(9,655,152)

$(117,448)

$(1,136,241)

$330,503,763

6,793,402

$4,718,988

Putnam

ESG

High

Yield

ETF

..

34,495,683

74,159,428

(2,918,095)

83,769

1,681,394

107,502,179

2,076,787

2,273,865

#### Total

#### Controlled

#### Affiliates

#### ...
$140,733,439

$309,334,276

$(12,573,247)

$

(33,679)

$

545,153

$438,005,942

$

6,992,853

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

Ultra

Short

ETF

.

$11,553,852

$26,060,435

$(1,291,067)

$9,654

$38,141

$36,371,015

718,227

$588,087

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

$

565,957

$

27,078,967

$

(26,626,429)

—

—

$

1,018,495

1,018,495

21,997

Putnam

PanAgora

ESG

International

Equity

ETF

.....

8,766,157

17,169,555

(2,586,882)

465,848

2,807,422

26,622,100

1,014,210

411,053

a

Putnam

Sustainable

Future

ETF

14,306,283

29,867,782

(2,892,813)

811,001

3,940,548

46,032,801

1,776,135

4,658

Putnam

Sustainable

Leaders

ETF

...................

28,380,335

60,204,857

(4,411,700)

1,420,072

6,312,072

91,905,636

2,670,705

114,001

#### Total

#### Non-Controlled

#### Affiliates
$63,572,584

$160,381,596

$(37,808,891)

$2,706,575

$13,098,183

$201,950,047

$1,139,796

#### Total

#### Affiliated

#### Securities

#### ...
$204,306,023

$469,715,872

$(50,382,138)

$2,672,896

$13,643,336

$639,955,989

$8,132,649

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$144,531,226

$71,845,787

$(14,401,881)

$(232,752)

$(1,292,739)

$200,449,641

4,120,180

$7,347,571

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

High

Yield

ETF

..

$19,415,922

$8,854,729

$(576,518)

$18,459

$269,001

$27,981,593

540,564

$1,499,998

Putnam

ESG

Ultra

Short

ETF

.

15,800,913

17,513,572

(1,266,666)

8,821

22,281

32,078,921

633,470

1,002,481

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

1,001,688

49,463,763

(49,039,955)

—

—

1,425,496

1,425,496

47,977

Putnam

PanAgora

ESG

International

Equity

ETF

.....

19,546,207

9,586,582

(8,709,399)

1,702,035

723,655

22,849,080

870,471

1,013,850

a

Putnam

Sustainable

Future

ETF

31,372,319

13,104,893

(7,436,831)

2,082,249

650,290

39,772,920

1,534,603

11,272

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund
(continued)

Putnam

Sustainable

Leaders

ETF

...................

$

62,659,445

$

33,877,929

$

(21,611,887)

$

5,988,951

$

(2,269,728)

$

78,644,710

2,285,353

$

299,587

#### Total

#### Non-Controlled

#### Affiliates
$149,796,494

$132,401,468

$(88,641,256)

$9,800,515

$(604,501)

$202,752,720

$3,875,165

#### Total

#### Affiliated

#### Securities

#### ...
$294,327,720

$204,247,255

$(103,043,137)

$9,567,763

$(1,897,240)

$403,202,361

$11,222,736

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$94,610,077

$38,587,729

$(17,269,063)

$(247,006)

$(749,275)

$114,932,462

2,362,401

$4,452,700

Putnam

ESG

High

Yield

ETF

..

13,953,990

5,334,598

(1,157,189)

30,026

154,695

18,316,120

353,841

1,014,523

Putnam

ESG

Ultra

Short

ETF

.

11,612,801

13,295,080

(1,273,159)

9,264

21,605

23,665,591

467,330

720,223

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

1,334,167

45,046,046

(45,296,842)

—

—

1,083,371

1,083,371

42,793

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.

577,272

106,853

(692,619)

64,801

(56,307)

—

—

9,589

a

Putnam

PanAgora

ESG

International

Equity

ETF

.....

28,238,415

11,004,269

(10,433,552)

1,893,628

1,232,656

31,935,416

1,216,629

1,434,777

a

Putnam

Sustainable

Future

ETF

44,710,097

15,893,603

(8,336,267)

2,217,948

1,379,756

55,865,137

2,155,507

15,798

Putnam

Sustainable

Leaders

ETF

...................

89,570,797

38,248,824

(22,421,878)

6,135,790

(716,026)

110,817,507

3,220,269

412,372

#### Total

#### Non-Controlled

#### Affiliates
$284,607,616

$167,517,002

$(106,880,569)

$10,104,451

$1,267,104

$356,615,604

$8,102,775

#### Total

#### Affiliated

#### Securities

#### ...
$284,607,616

$167,517,002

$(106,880,569)

$10,104,451

$1,267,104

$356,615,604

$8,102,775

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$61,801,383

$30,730,450

$(10,365,257)

$(156,035)

$(457,373)

$81,553,168

1,676,300

$3,034,851

Putnam

ESG

High

Yield

ETF

..

13,037,094

5,556,236

(995,592)

25,642

154,915

17,778,295

343,451

982,215

Putnam

ESG

Ultra

Short

ETF

.

8,118,922

13,300,185

(1,032,210)

6,084

26,130

20,419,111

403,221

551,404

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

885,998

42,862,518

(41,910,045)

—

—

1,838,471

1,838,471

45,813

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.

6,056,815

3,775,582

(1,988,865)

288,284

815,454

8,947,270

362,915

230,933

a

Putnam

PanAgora

ESG

International

Equity

ETF

.....

34,704,061

15,623,981

(10,838,593)

2,018,208

2,292,195

43,799,852

1,668,623

1,847,752

a

Putnam

Sustainable

Future

ETF

48,274,151

20,713,046

(5,306,987)

1,431,801

2,861,113

67,973,124

2,622,683

17,781

Putnam

Sustainable

Leaders

ETF

...................

98,020,479

46,385,354

(16,753,990)

4,273,097

2,103,076

134,028,016

3,894,748

466,111

#### Total

#### Non-Controlled

#### Affiliates
$270,898,903

$178,947,352

$(89,191,539)

$7,887,081

$7,795,510

$376,337,307

$7,176,860

#### Total

#### Affiliated

#### Securities

#### ...
$270,898,903

$178,947,352

$(89,191,539)

$7,887,081

$7,795,510

$376,337,307

$7,176,860

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Controlled

#### Affiliates
Dividends

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.

$8,444,285

$6,527,522

$(2,977,466)

$419,582

$1,305,085

$13,719,008

556,464

$326,610

a

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$33,764,825

$16,153,370

$(8,315,308)

$(125,789)

$(242,273)

$41,234,825

847,569

$1,573,983

Putnam

ESG

High

Yield

ETF

..

$

10,740,740

$

4,912,198

$

(955,792)

$

24,450

$

121,645

$

14,843,241

286,750

$

813,950

Putnam

ESG

Ultra

Short

ETF

.

4,373,611

10,311,678

(434,565)

1,682

26,808

14,279,214

281,975

341,700

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

852,079

36,291,991

(36,835,076)

—

—

308,994

308,994

36,555

Putnam

PanAgora

ESG

International

Equity

ETF

.....

32,489,876

15,691,437

(9,497,551)

1,653,109

2,354,298

42,691,169

1,626,386

1,752,579

a

Putnam

Sustainable

Future

ETF

41,989,566

19,216,886

(4,652,813)

1,149,249

2,603,351

60,306,239

2,326,863

15,761

Putnam

Sustainable

Leaders

ETF

...................

86,033,881

41,636,811

(13,747,527)

3,371,143

2,250,381

119,544,689

3,473,874

411,559

#### Total

#### Non-Controlled

#### Affiliates
$210,244,578

$144,214,371

$(74,438,632)

$6,073,844

$7,114,210

$293,208,371

$4,946,087

#### Total

#### Affiliated

#### Securities

#### ...
$218,688,863

$150,741,893

$(77,416,098)

$6,493,426

$8,419,295

$306,927,379

$5,272,697

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$20,851,416

$9,508,431

$(5,479,911)

$(67,532)

$(157,251)

$24,655,153

506,779

$951,437

Putnam

ESG

High

Yield

ETF

..

6,903,572

3,436,758

(534,060)

14,359

78,713

9,899,342

191,241

525,506

Putnam

ESG

Ultra

Short

ETF

.

852,408

5,896,996

(63,917)

14,943

6,700,685

132,320

108,264

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

525,003

24,838,304

(24,636,907)

—

—

726,400

726,400

30,113

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.

7,168,848

5,426,434

(2,215,714)

294,247

1,141,344

11,815,159

479,241

277,044

a

Putnam

PanAgora

ESG

International

Equity

ETF

.....

26,678,192

12,371,561

(7,604,474)

1,328,892

1,936,799

34,710,970

1,322,368

1,446,573

a

Putnam

Sustainable

Future

ETF

34,419,018

14,846,199

(3,595,344)

960,296

2,059,114

48,689,283

1,878,633

12,815

Putnam

Sustainable

Leaders

ETF

...................

70,404,940

32,320,098

(10,589,477)

2,715,032

1,890,928

96,741,521

2,811,232

333,667

#### Total

#### Non-Controlled

#### Affiliates
$167,803,397

$108,644,781

$(54,719,804)

$5,245,549

$6,964,590

$233,938,513

$3,685,419

#### Total

#### Affiliated

#### Securities

#### ...
$167,803,397

$108,644,781

$(54,719,804)

$5,245,549

$6,964,590

$233,938,513

$3,685,419

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$8,800,522

$5,649,379

$(2,481,746)

$(26,569)

$(82,491)

$11,859,095

243,760

$435,061

Putnam

ESG

High

Yield

ETF

..

$

2,913,630

$

2,080,272

$

(234,854)

$

7,889

$

32,748

$

4,799,685

92,723

$

241,118

Putnam

ESG

Ultra

Short

ETF

.

208,826

2,690,336

(197,952)

766

5,036

2,707,012

53,456

34,378

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

488,972

17,729,584

(17,734,440)

—

—

484,116

484,116

18,810

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.

4,583,110

4,517,300

(1,954,457)

265,181

739,889

8,151,023

330,618

184,258

a

Putnam

PanAgora

ESG

International

Equity

ETF

.....

16,946,293

10,252,946

(5,320,042)

948,582

1,263,409

24,091,188

917,791

951,930

a

Putnam

Sustainable

Future

ETF

21,827,562

12,431,120

(2,580,173)

689,979

1,380,269

33,748,757

1,302,166

8,471

Putnam

Sustainable

Leaders

ETF

...................

44,487,849

25,768,623

(6,735,917)

1,800,117

1,417,588

66,738,260

1,939,361

214,338

#### Total

#### Non-Controlled

#### Affiliates
$100,256,764

$81,119,560

$(37,239,581)

$3,685,945

$4,756,448

$152,579,136

$2,088,364

#### Total

#### Affiliated

#### Securities

#### ...
$100,256,764

$81,119,560

$(37,239,581)

$3,685,945

$4,756,448

$152,579,136

$2,088,364

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$2,086,456

$1,913,892

$(670,218)

$8,713

$(32,590)

$3,306,253

67,959

$112,719

Putnam

ESG

High

Yield

ETF

..

677,210

699,177

(79,510)

2,495

7,972

1,307,344

25,256

62,040

Putnam

ESG

Ultra

Short

ETF

.

87,943

831,252

(88,356)

1,385

832,471

16,439

11,510

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

126,641

7,981,554

(7,866,478)

—

—

241,717

241,717

7,880

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.

1,937,200

2,510,548

(964,439)

128,115

334,802

3,946,226

160,065

82,678

a

Putnam

PanAgora

ESG

International

Equity

ETF

.....

7,084,712

6,237,527

(2,689,854)

427,920

604,008

11,664,313

444,370

425,569

a

Putnam

Sustainable

Future

ETF

9,094,627

7,771,761

(1,476,349)

394,421

551,122

16,335,582

630,294

3,777

Putnam

Sustainable

Leaders

ETF

...................

18,583,701

15,854,609

(3,494,633)

981,771

514,562

32,440,010

942,681

92,970

#### Total

#### Non-Controlled

#### Affiliates
$39,678,490

$43,800,320

$(17,329,837)

$1,943,682

$1,981,261

$70,073,916

$799,143

#### Total

#### Affiliated

#### Securities

#### ...
$39,678,490

$43,800,320

$(17,329,837)

$1,943,682

$1,981,261

$70,073,916

$799,143

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

ESG

Core

Bond

ETF

.

$31,729

$9,677

$(15,811)

$67

$(412)

$25,250

519

$1,165

Putnam

ESG

High

Yield

ETF

..

10,474

3,821

(4,105)

(12) 10,301

640

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

also

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

each

class

of

shares

of

each

Fund

through

at

least

November

30,

2028

for

all

the

funds

(with

the

exception

of

Putnam

Sustainable

Retirement

2060

Fund,

where

the

contractual

agreement

is

through

November

30,

2035)

in

an

amount

sufficient

to

result

in

total

annual

fund

operating

expenses

for

the

following

class

shares

of

the

Funds

(exclusive

of

payments

under

the

Funds'

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

acquired

fund

fees

and

extraordinary

expenses)

that

equal

the

following

annual

rates

of

the

Funds'

average

net

assets.

Advisers

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

each

Fund

through

at

least

November

30,

2028

for

all

the

funds

(with

the

exception

of

Putnam

Sustainable

Retirement

2060

Fund,

where

the

contractual

agreement

is

through

November

30,

2035)

in

an

amount

equal

to

the

Funds'

acquired

Fund

fees

and

expenses.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
(continued)

Putnam

ESG

Ultra

Short

ETF

.

$

1,923

$

7,183

$

(2,525)

$

$

(1) $

6,583

$

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

4,175

151,631

(150,995)

—

—

4,811

4,811

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.

47,518

30,946

(29,969)

3,879

3,171

55,545

2,253

1,539

a

Putnam

PanAgora

ESG

International

Equity

ETF

.....

174,047

66,501

(91,676)

14,453

863

164,188

6,255

7,989

a

Putnam

Sustainable

Future

ETF

224,712

72,097

(81,740)

22,249

(6,316)

231,002

8,913

Putnam

Sustainable

Leaders

ETF

...................

458,380

141,478

(169,586)

51,654

(24,205)

457,721

13,301

1,794

#### Total

#### Non-Controlled

#### Affiliates
$952,958

$483,334

$(546,407)

$92,428

$(26,912)

$955,401

$13,509

#### Total

#### Affiliated

#### Securities

#### ...
$952,958

$483,334

$(546,407)

$92,428

$(26,912)

$955,401

$13,509

a

Dividend

income

includes

capital

gain

distributions

received,

if

any,

from

underlying

funds,

and

are

presented

in

corresponding

line

item

in

the

Statements

of

Operations.

#### Annual

#### rates
Class

A

.....................................................................................

0.60%

Class

B

(ex

2065

Fund)

\*

........................................................................

0.60%

Class

C

.....................................................................................

0.60%

Class

R

.....................................................................................

0.75%

Class

R3

....................................................................................

0.75%

Class

R4

....................................................................................

0.75%

Class

R5

....................................................................................

0.60%

Class

R6

....................................................................................

0.50%

Class

Y

.....................................................................................

0.60%

\*

Effective

September

5,

2024,

each

fund

has

terminated

its

class

B

shares,

if

applicable.

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

h. #### Other

#### Affiliated

#### Transactions
At

July

31,

2025,

Putnam

Investment

Holdings,

LLC

owned

10.6%

of

Putnam

Sustainable

Retirement

2065

Fund's

outstanding

shares.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended July

31,

2025,

the

utilized

capital

loss

carryforwards

were

as

follows:

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

—

$

—

$

1,204

$

—

Long

term

.............................

58,381,314

14,740,367

5,622,473

5,606,373

Total

capital

loss

carryforwards

............

$58,381,314

\*

$14,740,367

$5,623,677

$5,606,373

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

..............................................

$

—

$

—

$

18,269

Long

term

..............................................

3,497,747

2,041,698

—

Total

capital

loss

carryforwards

.............................

$3,497,747

$2,041,698

$18,269

\*

Includes

$20,023,671

from

the

merged

Putnam

Sustainable

Retirement

2025

Fund

which

may

be

carried

over

to

offset

future

capital

gains,

subject

to

certain

limitations.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Capital

loss

utilized

carryforwards

.............

$2,906,752

$10,090,587

$10,703,946

$8,622,242

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Capital

loss

utilized

carryforwards

.............

$7,184,677

$5,807,969

$4,046,102

$532,389

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

tax

purposes,

the

Funds

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At July

31,

2025,

the

deferred

losses

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2025

and

2024,

was

as

follows:

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Late-year

ordinary

loss

.........................................................................

$1,819

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$7,547,087

$8,002,001

$8,673,950

$6,730,710

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$6,395,719

$4,785,053

$5,455,362

$4,280,284

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$3,935,600

$2,759,110

$2,723,535

$2,068,839

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$1,429,351

$1,020,912

$547,188

$311,384

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$5,919

$9,489

Long

term

capital

gain

......................................................

26,950

—

$32,869

$9,489

4. #### Income

#### Taxes
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

July

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

regulated

investment

companies.

The

Fund

Putnam

Sustainable

Retirement

2060

Fund

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

net

investment

income

and realized

capital

gains.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$613,858,743

$381,104,853

$321,670,287

$328,537,291

Unrealized

appreciation

.....................

$28,930,800

$23,396,162

$35,584,884

$48,284,645

Unrealized

depreciation

.....................

(2,833,554)

(1,298,654)

(639,567)

(484,629)

Net

unrealized

appreciation

(depreciation)

.......

$26,097,246

$22,097,508

$34,945,317

$47,800,016

Distributable

earnings:

Undistributed

ordinary

income

................

$74,816

$3,350,061

$2,039,900

$2,346,088

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$265,552,390

$199,626,119

$131,820,523

$62,659,858

Unrealized

appreciation

.....................

$41,556,094

$34,436,602

$20,815,120

$7,448,371

Unrealized

depreciation

.....................

(181,105)

(124,208)

(56,507)

(34,313)

Net

unrealized

appreciation

(depreciation)

.......

$41,374,989

$34,312,394

$20,758,613

$7,414,058

Distributable

earnings:

Undistributed

ordinary

income

................

$1,013,696

$776,007

$338,508

$84,970

Undistributed

long

term

capital

gains

...........

—

—

—

1,347,234

Total

distributable

earnings

..................

$1,013,696

$776,007

$338,508

$1,432,204

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
a

a

Cost

of

investments

..........................................................................

$810,062

Unrealized

appreciation

........................................................................

$145,732

Unrealized

depreciation

........................................................................

(393) Net

unrealized

appreciation

(depreciation)

..........................................................

$145,339

Distributable

earnings:

Undistributed

long

term

capital

gains

..............................................................

$85,164

4. #### Income

#### Taxes
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

July

31,

2025,

were

as

follows:

6. #### Concentration

#### of

#### Risk
Investing

in

exchange-traded

funds

with

a

focus

on

companies

or

issuers

that

exhibit

a

commitment

to

Environmental,

Social

and

Governance

(ESG)

factors

may

result

in

the

fund

investing

in

certain

types

of

companies

or

issuers

that

underperform

the

market

as

a

whole.

In

evaluating

an

investment

opportunity, Advisers

make

investment

decisions

based

on

information

and

data

that

is

incomplete

or

inaccurate.

Due

to

changes

in

the

products

or

services

of

the

companies

and

issuers

in

which

the

fund

invests,

the

fund

may

temporarily

hold

securities

that

are

inconsistent

with

its

ESG

investment

criteria.

7. #### Reorganization
On

July

25,

2025,

Putnam

Sustainable

Retirement

Maturity

Fund (Surviving

Fund)

acquired

100%

of Putnam

Sustainable

Retirement

2025

Fund's

(Acquired

Fund) net

assets,

primarily

made

up

of

investment

securities,

which

included

$13,436,580

of

unrealized

appreciation,

through

a

tax-free

exchange

of 24,407,941

shares

of

the

Surviving

Fund

(valued

at

$412,358,372).

Immediately

after

the

completion

of

the

reorganization,

the

combined

net

assets

of

the Surviving

Fund were

$640,692,564.

The

primary

purpose

for

the

reorganization,

which

was

contemplated

by

the Acquired

Fund's

prospectus, was

to combine

two

Putnam

funds

with

substantially

identical

investments

objectives

and

investment

strategies

into

a

single

Putnam

fund

with

a

larger

asset

base

and

therefore

potentially

lower

expenses

for

fund

shareholders.

The

estimated

cost

of

the

reorganization

was

$141,197

of

which

the Surviving

Fund

and

the

Acquired

Fund

each

paid

50%.

The

allocated

portion

of

the

Surviving

Fund's

reorganization

expenses

are

included

with

other

expenses

in

the

Statement

of

Operations.

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund
Purchases

..............................

$43,653,588

$162,538,223

$130,062,251

$145,056,462

Sales

..................................

$23,755,709

$62,135,309

$69,491,443

$56,628,622

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund
Purchases

..............................

$123,496,730

$89,744,668

$66,651,150

$37,006,026

Sales

..................................

$49,953,610

$36,257,749

$22,899,897

$10,698,829

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Purchases

.................................................................................

$347,006

Sales

.....................................................................................

$411,276

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Assuming

the

reorganization

had

been

completed

on

August

1,

2024,

the Surviving

Fund's pro

forma

results

of

operations,

would

have

been

as

follows:

Subsequent

to

the

reorganization,

the

Fund

has

been

managed

as

a

single

entity.

Accordingly,

it

is

impracticable

to

identify

the

amounts

of

investment

income

and

net

investment

income

attributable

to

the

Acquired

Fund's

assets

after

the

completion

of

the

reorganization.

8. #### Credit

#### Facility
Effective

January

31,

2025,

the

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

reporting

period,

the

Funds

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Funds

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Funds

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Funds

had

no

borrowings

against

these

arrangements.

9. #### 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.)

#### Period

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
For

the

period

August

1,

2024

through

July

31,

2025

..............

$19,711,129

$24,041,691

$43,752,820

7. #### Reorganization
(continued)

Putnam

Target

Date

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

July

31,

2025,

all

of

the Funds'

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 1

inputs.

For

detailed

categories,

see

the

accompanying

Schedules

of

Investments.

10. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Funds'

Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

11. #### 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

except

for

the

following:

The

Putnam

Sustainable

Retirement

2070

Fund

commenced

operations

effective

August

1,

2025,

with

eight

classes

of

shares,

Class

A,

Class

C,

Class

R,

Class

R3,

Class

R4,

Class

R5,

Class

R6

and

Class

Y. #### Abbreviations

#### Selected

#### Portfolio

#### ETF
Exchange-Traded

Fund

9. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Target

Date

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Target

Date

Funds

and

Shareholders

of

Putnam

Sustainable

Retirement

Maturity

Fund,

Putnam

Sustainable

Retirement

2030

Fund,

Putnam

Sustainable

Retirement

2035

Fund,

Putnam

Sustainable

Retirement

2040

Fund,

Putnam

Sustainable

Retirement

2045

Fund,

Putnam

Sustainable

Retirement

2050

Fund,

Putnam

Sustainable

Retirement

2055

Fund,

Putnam

Sustainable

Retirement

2060

Fund

and

Putnam

Sustainable

Retirement

2065

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(nine

of

the

funds

constituting

Putnam

Target

Date

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

July

31,

2025,

the

related

statements

of

operations

for

the

year

ended

July

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

July

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2025

by

correspondence

with

the

transfer

agent,

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Boston,

Massachusetts

Putnam

Sustainable

Retirement

Maturity

Fund

Putnam

Sustainable

Retirement

2030

Fund

Putnam

Sustainable

Retirement

2035

Fund

Putnam

Sustainable

Retirement

2040

Fund

Putnam

Sustainable

Retirement

2045

Fund

Putnam

Sustainable

Retirement

2050

Fund

Putnam

Sustainable

Retirement

2055

Fund

Putnam

Sustainable

Retirement

2060

Fund

Putnam

Sustainable

Retirement

2065

Fund

Putnam

Target

Date

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

September

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Target

Date

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

July

31,

2025:

Under

Section

853

of

the

Internal

Revenue

Code,

the

Funds

below intend

to

elect

to

pass

through

to

their

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Funds

during

the

fiscal

year

ended

July

31,

2025:

#### Pursuant

#### to:

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund
Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$118,660

$310,859

$428,170

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$315,925

$796,286

$1,118,750

Section

163(j)

Interest

Dividends

Earned

§163(j)

$20,901

$44,953

$40,031

#### Pursuant

#### to:

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund
Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$483,891

$427,319

$346,482

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$1,455,636

$1,389,560

$1,143,525

Section

163(j)

Interest

Dividends

Earned

§163(j)

$43,034

$34,374

$28,241

#### Pursuant

#### to:

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

—

$191,000

$26,950

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$222,809

$96,747

$1,865

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$748,044

$331,672

$6,270

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

—

$1

Section

163(j)

Interest

Dividends

Earned

§163(j)

$17,234

$7,100

$101

#### Putnam

#### Sustainable

#### Retirement

#### Maturity

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2030

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2035

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2040

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2045

#### Fund
Foreign

Taxes

Paid

$17,431

$40,869

$58,554

$91,742

$95,055

Foreign

Source

Income

Earned

$17,431

$40,869

$58,554

$91,742

$95,055

Putnam

Target

Date

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Retirement

#### 2050

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2055

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2060

#### Fund

#### Putnam

#### Sustainable

#### Retirement

#### 2065

#### Fund
Foreign

Taxes

Paid

$79,016

$52,142

$23,333

$437

Foreign

Source

Income

Earned

$79,016

$52,142

$23,333

$469

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### MANAGEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(unaudited)

#### Putnam

#### Sustainable

#### Retirement

#### Funds

#### Trustee

#### approval

#### of

#### management

#### contracts
*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-

owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds,

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

The

Trustees

considered

your

fund's

management

fee

schedule

and

considered

that

the

management

fee

for

each

Putnam

Sustainable

Retirement

Fund

(except

Putnam

Sustainable

Retirement

Maturity

Fund)

is

set

each

fiscal

year

based

on

a

defined

fee

schedule

in

which

the

management

fee

rate

declines

as

the

Putnam

Sustainable

Retirement

Fund

approaches

the

target

year

indicated

in

its

name.

The

Trustees

noted

that

the

Putnam

Sustainable

Retirement

Maturity

Fund

has

a

fixed

ongoing

annual

management

fee

rate.

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees

considered

that

your

fund

invests

its

assets

in

other

Putnam

funds

that

themselves

pay

management

fees

to

Putnam

Management.

Your

fund

indirectly

bears

these

fees,

and

the

other

expenses

of

the

other

Putnam

funds

in

which

it

invests.

The

Trustees

noted

that

the

Adviser

agreed

to

waive

fees,

reimburse

expenses

of,

or

reimburse

the

fund

through

at

least

November

30,

2027,

in

an

amount

equal

to

the

fund's

acquired

fund

fees

and

expenses.

The

Adviser

also

agreed

to

waive

fees

and/or

reimburse

expenses

of

your

fund

to

the

extent

that

expenses

of

specified

share

classes

(excluding

payments

under

the

fund's

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

acquired

fund

fees

and

expenses

and

extraordinary

expenses)

would

exceed

a

specified

annual

rate

of

the

fund's

average

net

assets

attributable

to

the

share

class

(0.60%

for

Class

A

shares,

Class

C

shares,

Class

R5

shares

and

Class

Y

shares,

0.75%

for

Class

R

shares,

Class

R3

shares

and

Class

R4

shares

and

0.50%

for

Class

R6

shares)

through

at

least

November

30,

2027

(for

Putnam

Sustainable

Retirement

2060

Fund,

through

at

least

November

30,

2034).

The

Advisor's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

following

quintiles

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

following

quintiles

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024,

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

Quintile

Effective

Management

Fees

Total

Expenses

Putnam

Sustainable

Retirement

2030

Fund

4th

3rd

Putnam

Sustainable

Retirement

2035

Fund

4th

4th

Putnam

Sustainable

Retirement

2040

Fund

4th

3rd

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

(Total

expenses

reflect

the

fees

and

expenses

borne

directly

by

the

Putnam

Sustainable

Retirement

Funds

and

the

competitive

funds

included

in

the

custom

Lipper

peer

groups,

as

well

as

the

underlying

funds'

net

fees

and

expenses.)

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

Putnam

Sustainable

Retirement

2045

Fund

4th

3rd

Putnam

Sustainable

Retirement

2050

Fund

4th

3rd

Putnam

Sustainable

Retirement

2055

Fund

4th

4th

Putnam

Sustainable

Retirement

2060

Fund

4th

4th

Putnam

Sustainable

Retirement

2065

Fund

3rd

3rd

Putnam

Sustainable

Retirement

Maturity

Fund

3rd

4th

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024,

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

For

each

of

the

Putnam

Sustainable

Retirement

Funds,

the

Trustees

considered

that

its

class

A

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Mixed-Asset

Target

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-

performing

funds)

:

One-year

period

Three-year

period

Five-year

period

Putnam

Sustainable

Retirement

2030

Fund

3rd

1st

4th

Putnam

Sustainable

Retirement

2035

Fund

2nd

1st

4th

Putnam

Sustainable

Retirement

2040

Fund

2nd

1st

3rd

Putnam

Sustainable

Retirement

2045

Fund

2nd

1st

3rd

Putnam

Sustainable

Retirement

2050

Fund

2nd

1st

1st

Putnam

Sustainable

Retirement

2055

Fund

2nd

1st

1st

Putnam

Sustainable

Retirement

2060

Fund

1st

1st

1st

Putnam

Sustainable

Retirement

2065

Fund

1st

1st

N/A

Putnam

Sustainable

Retirement

Maturity

Fund

3rd

1st

4th

Putnam

Target

Date

Funds

franklintempleton.com

Annual

Report

For

the

three-year

period

ended

December

31,

2024,

each

Putnam

Sustainable

Retirement

Fund's

(excluding

the

Putnam

Sustainable

2065

Fund)

performance

was

in

the

top

decile

of

its

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

annual

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

Putnam

Investor

Services,

Inc.

("PSERV")

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

PSRF-AFSOI

09/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

---

| | |
|:---|:---|
| ITEM 19. | EXHIBITS. |
|  | [(a) (1) Code of Ethics attached hereto.](ptdf-efp17572_ex99code.htm) |
|  | Exhibit 99.CODE ETH |
|  | [(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ptdf-efp17572_ex99cert.htm) |
|  | Exhibit 99.CERT |
|  | [(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ptdf-efp17572_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: | September 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | September 26, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | September 26, 2025 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Target Date Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: September 26, 2025

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Target Date Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 26, 2025

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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;1. The Registrant's periodic report on Form N-CSR for the period ended **July 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Target Date Funds | Putnam Target Date Funds |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: September 26, 2025 | Date: September 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.