NPORT-EX 2 PTDF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
PRAF-Q3PH
1
Schedules
of
Investments
(unaudited)
Putnam
Retirement
Advantage
Maturity
Fund
2
Putnam
Retirement
Advantage
2025
Fund
3
Putnam
Retirement
Advantage
2030
Fund
4
Putnam
Retirement
Advantage
2035
Fund
5
Putnam
Retirement
Advantage
2040
Fund
6
Putnam
Retirement
Advantage
2045
Fund
7
Putnam
Retirement
Advantage
2050
Fund
8
Putnam
Retirement
Advantage
2055
Fund
9
Putnam
Retirement
Advantage
2060
Fund
10
Putnam
Retirement
Advantage
2065
Fund
11
Notes
to
Schedules
of
Investments
12
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
Maturity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Shares
a
Value
a
Management
Investment
Companies
94.0%
Capital
Markets
94.0%
a
Putnam
Multi-Asset
Income
Fund,
Class
P
................................
1,962,926
$
20,905,157
Total
Management
Investment
Companies
(Cost
$20,451,109)
....................
20,905,157
a
a
a
a
Short
Term
Investments
6.0%
a
Money
Market
Funds
6.0%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
1,327,453
1,327,453
Total
Money
Market
Funds
(Cost
$1,327,453)
...................................
1,327,453
Total
Short
Term
Investments
(Cost
$1,327,453)
.................................
1,327,453
a
Total
Investments
(Cost
$21,778,562)
100.0%
...................................
$22,232,610
Other
Assets,
less
Liabilities
0.0%
†
............................................
2,349
Net
Assets
100.0%
...........................................................
$22,234,959
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
2025
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Shares
a
Value
a
Management
Investment
Companies
94.1%
Capital
Markets
94.1%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
....................
26,319
$
428,213
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
.................
151,372
1,636,335
a
Putnam
Multi-Asset
Income
Fund,
Class
P
................................
1,749,765
18,634,998
20,699,546
Total
Management
Investment
Companies
(Cost
$20,210,727)
....................
20,699,546
a
a
a
a
Short
Term
Investments
6.0%
a
Money
Market
Funds
6.0%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
1,311,859
1,311,859
Total
Money
Market
Funds
(Cost
$1,311,859)
...................................
1,311,859
Total
Short
Term
Investments
(Cost
$1,311,859)
.................................
1,311,859
a
Total
Investments
(Cost
$21,522,586)
100.1%
...................................
$22,011,405
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(3,343)
Net
Assets
100.0%
...........................................................
$22,008,062
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
2030
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Shares
a
Value
a
Management
Investment
Companies
94.2%
Capital
Markets
94.2%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
....................
663,537
$
10,795,753
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
.................
1,862,017
20,128,402
a
Putnam
Multi-Asset
Income
Fund,
Class
P
................................
628,945
6,698,266
37,622,421
Total
Management
Investment
Companies
(Cost
$37,839,698)
....................
37,622,421
a
a
a
a
Short
Term
Investments
5.8%
a
Money
Market
Funds
5.8%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
2,333,761
2,333,761
Total
Money
Market
Funds
(Cost
$2,333,761)
...................................
2,333,761
Total
Short
Term
Investments
(Cost
$2,333,761)
.................................
2,333,761
a
Total
Investments
(Cost
$40,173,459)
100.0%
...................................
$39,956,182
Other
Assets,
less
Liabilities
0.0%
†
............................................
(9,131)
Net
Assets
100.0%
...........................................................
$39,947,051
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
2035
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Shares
a
Value
a
Management
Investment
Companies
95.4%
Capital
Markets
95.4%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
....................
2,519,540
$
40,992,923
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
.................
81,705
883,229
a
Putnam
Multi-Asset
Income
Fund,
Class
P
................................
99,032
1,054,695
42,930,847
Total
Management
Investment
Companies
(Cost
$42,598,413)
....................
42,930,847
a
a
a
a
Short
Term
Investments
4.5%
a
Money
Market
Funds
4.5%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
2,011,705
2,011,705
Total
Money
Market
Funds
(Cost
$2,011,705)
...................................
2,011,705
Total
Short
Term
Investments
(Cost
$2,011,705)
.................................
2,011,705
a
Total
Investments
(Cost
$44,610,118)
99.9%
....................................
$44,942,552
Other
Assets,
less
Liabilities
0.1%
.............................................
35,372
Net
Assets
100.0%
...........................................................
$44,977,924
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
2040
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Shares
a
Value
a
Management
Investment
Companies
96.7%
Capital
Markets
96.7%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
....................
1,083,348
$
17,626,066
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
......................
912,386
18,731,292
36,357,358
Total
Management
Investment
Companies
(Cost
$36,850,034)
....................
36,357,358
a
a
a
a
Short
Term
Investments
3.3%
a
Money
Market
Funds
3.3%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
1,244,892
1,244,892
Total
Money
Market
Funds
(Cost
$1,244,892)
...................................
1,244,892
Total
Short
Term
Investments
(Cost
$1,244,892)
.................................
1,244,892
a
Total
Investments
(Cost
$38,094,926)
100.0%
...................................
$37,602,250
Other
Assets,
less
Liabilities
0.0%
†
............................................
7,180
Net
Assets
100.0%
...........................................................
$37,609,430
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
Mayl
31,
2025
Putnam
Retirement
Advantage
2045
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Shares
a
Value
a
Management
Investment
Companies
97.4%
Capital
Markets
97.4%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
....................
92,399
$
1,503,325
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
......................
1,169,386
24,007,492
25,510,817
Total
Management
Investment
Companies
(Cost
$24,394,849)
....................
25,510,817
a
a
a
a
Short
Term
Investments
2.5%
a
Money
Market
Funds
2.5%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
659,962
659,962
Total
Money
Market
Funds
(Cost
$659,962)
.....................................
659,962
Total
Short
Term
Investments
(Cost
$659,962)
..................................
659,962
a
Total
Investments
(Cost
$25,054,811)
99.9%
....................................
$26,170,779
Other
Assets,
less
Liabilities
0.1%
.............................................
23,396
Net
Assets
100.0%
...........................................................
$26,194,175
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
2050
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Shares
a
Value
a
Management
Investment
Companies
98.9%
Capital
Markets
98.9%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
.......................
228,592
$
3,415,165
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
......................
981,307
20,146,230
23,561,395
Total
Management
Investment
Companies
(Cost
$23,333,200)
....................
23,561,395
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.1%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
256,400
256,400
Total
Money
Market
Funds
(Cost
$256,400)
.....................................
256,400
Total
Short
Term
Investments
(Cost
$256,400)
..................................
256,400
a
Total
Investments
(Cost
$23,589,600)
100.0%
...................................
$23,817,795
Other
Assets,
less
Liabilities
0.0%
†
............................................
12,467
Net
Assets
100.0%
...........................................................
$23,830,262
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
2055
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Shares
a
Value
a
Management
Investment
Companies
99.5%
Capital
Markets
99.5%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
.......................
436,736
$
6,524,838
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
......................
515,847
10,590,339
17,115,177
Total
Management
Investment
Companies
(Cost
$17,143,177)
....................
17,115,177
a
a
a
a
Short
Term
Investments
0.5%
a
Money
Market
Funds
0.5%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
85,521
85,521
Total
Money
Market
Funds
(Cost
$85,521)
......................................
85,521
Total
Short
Term
Investments
(Cost
$85,521)
...................................
85,521
a
Total
Investments
(Cost
$17,228,698)
100.0%
...................................
$17,200,698
Other
Assets,
less
Liabilities
0.0%
†
............................................
8,087
Net
Assets
100.0%
...........................................................
$17,208,785
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
2060
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Shares
a
Value
a
Management
Investment
Companies
99.4%
Capital
Markets
99.4%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
.......................
504,605
$
7,538,792
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
......................
221,578
4,548,989
12,087,781
Total
Management
Investment
Companies
(Cost
$11,760,070)
....................
12,087,781
a
a
a
a
Short
Term
Investments
0.5%
a
Money
Market
Funds
0.5%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
59,359
59,359
Total
Money
Market
Funds
(Cost
$59,359)
......................................
59,359
Total
Short
Term
Investments
(Cost
$59,359)
...................................
59,359
a
Total
Investments
(Cost
$11,819,429)
99.9%
....................................
$12,147,140
Other
Assets,
less
Liabilities
0.1%
.............................................
7,562
Net
Assets
100.0%
...........................................................
$12,154,702
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
PUTNAM
TARGET
DATE
FUNDS
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Retirement
Advantage
2065
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Shares
a
Value
a
Management
Investment
Companies
99.5%
Capital
Markets
99.5%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
.......................
169,123
$
2,526,703
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
......................
33,589
689,588
3,216,291
Total
Management
Investment
Companies
(Cost
$3,158,677)
.....................
3,216,291
a
a
a
a
Short
Term
Investments
0.5%
a
Money
Market
Funds
0.5%
a,b
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......................
15,111
15,111
Total
Money
Market
Funds
(Cost
$15,111)
......................................
15,111
Total
Short
Term
Investments
(Cost
$15,111)
....................................
15,111
a
Total
Investments
(Cost
$3,173,788)
100.0%
....................................
$3,231,402
Other
Assets,
less
Liabilities
0.0%
†
............................................
2,574
Net
Assets
100.0%
...........................................................
$3,233,976
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
12
Quarterly
Schedules
of
Investments
1.
Organization
Putnam
Target
Date
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty
separate
funds, ten of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance in
Financial
Accounting
Standards Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to, ASC
946.
Certain
or
all
Funds
invest
primarily
in
affiliated
mutual
funds
managed
by
Franklin
Templeton
(Underlying
Funds).
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports,
in
which
each
Fund
invests, 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.
2. 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
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
FT
Underlying
Funds
Certain
or
all
Funds
invest
in
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
by
Putnam
Investment
Management,
LLC
(Putnam
Management).
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
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
Underlying
Funds
for
the period ended May
31,
2025,
were
as
follows:
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
13
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
Maturity
Fund
Non-Controlled
Affiliates
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
$
15,624,033
$
12,441,021
$
(6,890,681)
$
409,307
$
(678,523)
$
20,905,157
1,962,926
$
652,681
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
972,681
828,575
(473,803)
—
—
1,327,453
1,327,453
42,105
Total
Affiliated
Securities
....
$16,596,714
$13,269,596
$(7,364,484)
$409,307
$(678,523)
$22,232,610
$694,786
Putnam
Retirement
Advantage
2025
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
768,249
274,229
(572,412)
62,175
(104,028)
428,213
26,319
64,809
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
2,905,678
908,623
(2,128,370)
208,638
(258,234)
1,636,335
151,372
102,924
a
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
13,516,208
8,841,978
(3,547,665)
374,718
(550,241)
18,634,998
1,749,765
554,577
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
1,067,378
549,107
(304,626)
—
—
1,311,859
1,311,859
43,000
Total
Affiliated
Securities
....
$18,257,513
$10,573,937
$(6,553,073)
$645,531
$(912,503)
$22,011,405
$765,310
Putnam
Retirement
Advantage
2030
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
11,236,177
6,838,418
(6,438,382)
785,457
(1,625,917)
10,795,753
663,537
1,238,980
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
12,889,169
12,315,711
(4,742,845)
476,619
(810,252)
20,128,402
1,862,017
754,576
a
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
4,520,195
3,856,827
(1,593,574)
141,591
(226,773)
6,698,266
628,945
201,507
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
1,671,133
1,136,118
(473,490)
—
—
2,333,761
2,333,761
70,219
Total
Affiliated
Securities
....
$30,316,674
$24,147,074
$(13,248,291)
$1,403,667
$(2,662,942)
$39,956,182
$2,265,282
Putnam
Retirement
Advantage
2035
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
24,930,396
23,933,903
(5,762,273)
493,877
(2,602,980)
40,992,923
2,519,540
3,530,960
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
137,544
831,653
(87,945)
871
1,106
883,229
81,705
15,936
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
1,047,318
268,825
(1,257,881)
70,036
(128,298)
—
b
—
70,177
a
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
220,172
947,966
(109,964)
1,905
(5,384)
1,054,695
99,032
20,338
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
2035
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
$
1,187,578
$
1,034,513
$
(210,386)
$
—
$
—
$
2,011,705
2,011,705
$
56,344
Total
Affiliated
Securities
....
$27,523,008
$27,016,860
$(7,428,449)
$566,689
$(2,735,556)
$44,942,552
$3,693,755
Putnam
Retirement
Advantage
2040
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
9,481,850
12,049,464
(3,049,403)
406,709
(1,262,554)
17,626,066
1,083,348
1,424,430
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
13,218,778
11,825,056
(5,326,186)
907,848
(1,894,204)
18,731,292
912,386
1,739,152
a
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
763,424
644,443
(162,975)
—
—
1,244,892
1,244,892
35,492
Total
Affiliated
Securities
....
$23,464,052
$24,518,963
$(8,538,564)
$1,314,557
$(3,156,758)
$37,602,250
$3,199,074
Putnam
Retirement
Advantage
2045
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
509,826
1,191,741
(162,850)
10,369
(45,761)
1,503,325
92,399
84,279
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
16,094,458
12,360,003
(3,554,686)
367,495
(1,259,778)
24,007,492
1,169,386
1,894,543
a
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
386,387
329,193
(55,618)
—
—
659,962
659,962
18,764
Total
Affiliated
Securities
....
$16,990,671
$13,880,937
$(3,773,154)
$377,864
$(1,305,539)
$26,170,779
$1,997,586
Putnam
Retirement
Advantage
2050
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
2,982,730
1,624,405
(1,106,760)
228,198
(313,408)
3,415,165
228,592
263,305
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
14,174,961
9,579,653
(2,834,597)
465,848
(1,239,635)
20,146,230
981,307
1,671,795
a
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
139,162
150,989
(33,751)
—
—
256,400
256,400
6,994
Total
Affiliated
Securities
....
$17,296,853
$11,355,047
$(3,975,108)
$694,046
$(1,553,043)
$23,817,795
$1,942,094
Putnam
Retirement
Advantage
2055
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
4,012,870
4,524,495
(1,868,027)
377,893
(522,393)
6,524,838
436,736
418,173
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
5,589,497
7,583,815
(2,206,148)
375,925
(752,750)
10,590,339
515,847
766,082
a
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
4. 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
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Putnam
Retirement
Advantage
2055
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
$
48,834
$
58,301
$
(21,614)
$
—
$
—
$
85,521
85,521
$
2,259
Total
Affiliated
Securities
....
$9,651,201
$12,166,611
$(4,095,789)
$753,818
$(1,275,143)
$17,200,698
$1,186,514
Putnam
Retirement
Advantage
2060
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
4,800,734
4,084,629
(1,275,285)
294,962
(366,248)
7,538,792
504,605
448,042
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
2,573,970
2,699,191
(608,610)
115,235
(230,797)
4,548,989
221,578
312,351
a
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
37,290
35,794
(13,725)
—
—
59,359
59,359
1,636
Total
Affiliated
Securities
....
$7,411,994
$6,819,614
$(1,897,620)
$410,197
$(597,045)
$12,147,140
$762,029
Putnam
Retirement
Advantage
2065
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
881,427
1,983,791
(325,504)
76,041
(89,052)
2,526,703
169,123
107,656
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
242,185
554,721
(93,621)
14,529
(28,226)
689,588
33,589
36,888
a
Putnam
Short
Term
Investment
Fund,
Class
G,
4.555%
.......
5,116
14,845
(4,850)
—
—
15,111
15,111
321
Total
Affiliated
Securities
....
$1,128,728
$2,553,357
$(423,975)
$90,570
$(117,278)
$3,231,402
$144,865
a
Dividend
income
includes
capital
gain
distributions
received,
if
any,
from
underlying
funds.
b
As
of
May
31,
2025,
no
longer
held
by
the
fund.
3.
Investments
in
FT
Underlying
Funds
(continued)
Putnam
Target
Date
Funds
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report. 
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2025,
in
valuing
the
Funds'
assets carried
at
fair
value,
is
as
follows:
At
May
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.
4. Fair
Value
Measurements
(continued)