NPORT-EX 2 PTDF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
PRAF-Q1PH
1
Schedules
of
Investments
(unaudited)
Putnam
Retirement
Advantage
Maturity
Fund
2
Putnam
Retirement
Advantage
2030
Fund
3
Putnam
Retirement
Advantage
2035
Fund
4
Putnam
Retirement
Advantage
2040
Fund
5
Putnam
Retirement
Advantage
2045
Fund
6
Putnam
Retirement
Advantage
2050
Fund
7
Putnam
Retirement
Advantage
2055
Fund
8
Putnam
Retirement
Advantage
2060
Fund
9
Putnam
Retirement
Advantage
2065
Fund
10
Putnam
Retirement
Advantage
2070
Fund
11
Notes
to
Schedules
of
Investments
12
Putnam
Target
Date
Funds
Schedule
of
Investments
(unaudited),
Novemeber
30,
2025
Putnam
Retirement
Advantage
Maturity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
94.2%
Domestic
Hybrid
94.2%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
3,479,924
$
39,427,539
Total
Investments
In
Underlying
Funds
(Cost
$
37,197,590
)
.......................
39,427,539
a
a
a
a
Short
Term
Investments
6.0%
a
Management
Investment
Companies
6.0%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
2,504,846
2,504,846
Total
Management
Investment
Companies
(Cost
$
2,504,846
)
.....................
2,504,846
Total
Short
Term
Investments
(Cost
$
2,504,846
)
.................................
2,504,846
a
Total
Investments
(Cost
$
39,702,436
)
100.2
%
...................................
$41,932,385
Other
Assets,
less
Liabilities
(
0.2
)
%
...........................................
(72,212)
Net
Assets
100.0%
...........................................................
$41,860,173
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2030
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
94.0%
Asset
Allocation
75.6%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
442,291
$
7,837,390
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
,
Class
P
.................
1,941,083
22,186,581
30,023,971
Domestic
Hybrid
18.4%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
643,243
7,287,946
Total
Investments
In
Underlying
Funds
(Cost
$
35,564,923
)
.......................
37,311,917
a
a
a
a
Short
Term
Investments
6.0%
a
Management
Investment
Companies
6.0%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
2,371,840
2,371,840
Total
Management
Investment
Companies
(Cost
$
2,371,840
)
.....................
2,371,840
Total
Short
Term
Investments
(Cost
$
2,371,840
)
.................................
2,371,840
a
Total
Investments
(Cost
$
37,936,763
)
100.0
%
...................................
$39,683,757
Other
Assets,
less
Liabilities
0.0
%
†
............................................
13,327
Net
Assets
100.0%
...........................................................
$39,697,084
†
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2035
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
95.3%
Asset
Allocation
91.1%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
2,344,358
$
41,542,015
a
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
,
Class
P
.................
166,470
1,902,751
43,444,766
Domestic
Hybrid
4.2%
a
Putnam
Multi-Asset
Income
Fund
,
Class
P
................................
177,214
2,007,839
Total
Investments
In
Underlying
Funds
(Cost
$
42,580,356
)
.......................
45,452,605
a
a
a
a
Short
Term
Investments
4.7%
a
Management
Investment
Companies
4.7%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
2,229,526
2,229,526
Total
Management
Investment
Companies
(Cost
$
2,229,526
)
.....................
2,229,526
Total
Short
Term
Investments
(Cost
$
2,229,526
)
.................................
2,229,526
a
Total
Investments
(Cost
$
44,809,882
)
100.0
%
...................................
$47,682,131
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(6,996)
Net
Assets
100.0%
...........................................................
$47,675,135
†
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2040
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
96.5%
Asset
Allocation
96.5%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
1,185,374
$
21,004,821
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
784,607
18,249,960
39,254,781
Total
Investments
In
Underlying
Funds
(Cost
$
36,506,979
)
.......................
39,254,781
a
a
a
a
Short
Term
Investments
3.5%
a
Management
Investment
Companies
3.5%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
1,416,895
1,416,895
Total
Management
Investment
Companies
(Cost
$
1,416,895
)
.....................
1,416,895
Total
Short
Term
Investments
(Cost
$
1,416,895
)
.................................
1,416,895
a
Total
Investments
(Cost
$
37,923,874
)
100.0
%
...................................
$40,671,676
Other
Assets,
less
Liabilities
0.0
%
†
............................................
7,462
Net
Assets
100.0%
...........................................................
$40,679,138
†
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2045
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
97.3%
Asset
Allocation
97.3%
a
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
,
Class
P
....................
126,341
$
2,238,767
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
1,106,539
25,738,094
27,976,861
Total
Investments
In
Underlying
Funds
(Cost
$
24,706,403
)
.......................
27,976,861
a
a
a
a
Short
Term
Investments
2.7%
a
Management
Investment
Companies
2.7%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
773,568
773,568
Total
Management
Investment
Companies
(Cost
$
773,568
)
.......................
773,568
Total
Short
Term
Investments
(Cost
$
773,568
)
..................................
773,568
a
Total
Investments
(Cost
$
25,479,971
)
100.0
%
...................................
$28,750,429
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(2,203)
Net
Assets
100.0%
...........................................................
$28,748,226
†
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2050
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
98.8%
Asset
Allocation
98.8%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
205,557
$
3,533,525
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
1,078,868
25,094,479
28,628,004
Total
Investments
In
Underlying
Funds
(Cost
$
25,660,826
)
.......................
28,628,004
a
a
a
a
Short
Term
Investments
1.2%
a
Management
Investment
Companies
1.2%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
349,637
349,637
Total
Management
Investment
Companies
(Cost
$
349,637
)
.......................
349,637
Total
Short
Term
Investments
(Cost
$
349,637
)
..................................
349,637
a
Total
Investments
(Cost
$
26,010,463
)
100.0
%
...................................
$28,977,641
Other
Assets,
less
Liabilities
0.0
%
†
............................................
11,184
Net
Assets
100.0%
...........................................................
$28,988,825
†
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2055
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
99.6%
Asset
Allocation
99.6%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
408,231
$
7,017,494
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
551,247
12,821,999
19,839,493
Total
Investments
In
Underlying
Funds
(Cost
$
17,853,739
)
.......................
19,839,493
a
a
a
a
Short
Term
Investments
0.4%
a
Management
Investment
Companies
0.4%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
71,323
71,323
Total
Management
Investment
Companies
(Cost
$
71,323
)
........................
71,323
Total
Short
Term
Investments
(Cost
$
71,323
)
...................................
71,323
a
Total
Investments
(Cost
$
17,925,062
)
100.0
%
...................................
$19,910,816
Other
Assets,
less
Liabilities
0.0
%
†
............................................
14,373
Net
Assets
100.0%
...........................................................
$19,925,189
†
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2060
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
99.7%
Asset
Allocation
99.7%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
516,900
$
8,885,514
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
252,714
5,878,126
14,763,640
Total
Investments
In
Underlying
Funds
(Cost
$
13,045,087
)
.......................
14,763,640
a
a
a
a
Short
Term
Investments
0.3%
a
Management
Investment
Companies
0.3%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
47,500
47,500
Total
Management
Investment
Companies
(Cost
$
47,500
)
........................
47,500
Total
Short
Term
Investments
(Cost
$
47,500
)
...................................
47,500
a
Total
Investments
(Cost
$
13,092,587
)
100.0
%
...................................
$14,811,140
Other
Assets,
less
Liabilities
0.0
%
†
............................................
2,410
Net
Assets
100.0%
...........................................................
$14,813,550
†
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2065
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
99.5%
Asset
Allocation
99.5%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
184,717
$
3,175,278
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
37,639
875,492
4,050,770
Total
Investments
In
Underlying
Funds
(Cost
$
3,635,384
)
........................
4,050,770
a
a
a
a
Short
Term
Investments
0.5%
a
Management
Investment
Companies
0.5%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
18,721
18,721
Total
Management
Investment
Companies
(Cost
$
18,721
)
........................
18,721
Total
Short
Term
Investments
(Cost
$
18,721
)
...................................
18,721
a
Total
Investments
(Cost
$
3,654,105
)
100.0
%
....................................
$4,069,491
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(352)
Net
Assets
100.0%
...........................................................
$4,069,139
†
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),
Novemeber
30,
2025
Putnam
Retirement
Advantage
2070
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
99.5%
Asset
Allocation
99.5%
a
Putnam
Dynamic
Asset
Allocation
Equity
Fund
,
Class
P
.......................
60,170
$
1,034,323
a
Putnam
Dynamic
Asset
Allocation
Growth
Fund
,
Class
P
......................
12,268
285,356
1,319,679
Total
Investments
In
Underlying
Funds
(Cost
$
1,215,994
)
........................
1,319,679
a
a
a
a
Short
Term
Investments
0.5%
a
Management
Investment
Companies
0.5%
a,b
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.194
%
.......................
6,095
6,095
Total
Management
Investment
Companies
(Cost
$
6,095
)
.........................
6,095
Total
Short
Term
Investments
(Cost
$
6,095
)
....................................
6,095
a
Total
Investments
(Cost
$
1,222,089
)
100.0
%
....................................
$1,325,774
Other
Assets,
less
Liabilities
0.0
%
†
............................................
794
Net
Assets
100.0%
...........................................................
$1,326,568
†
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
mutual
funds
(Underlying
Funds),
including
affiliated
funds
managed
by
Franklin
Templeton
(FT
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
The
Funds
invest
in
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
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
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the period ended November
30,
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
.................
$
38,511,374
$
1,142,569
$
(1,165,924)
$
94,688
$
844,832
$
39,427,539
3,479,924
$
390,690
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
2,407,489
259,812
(162,455)
—
—
2,504,846
2,504,846
26,246
Total
Non-Controlled
Affiliates
$40,918,863
$1,402,381
$(1,328,379)
$94,688
$844,832
$41,932,385
$416,936
Total
Affiliated
Securities
....
$40,918,863
$1,402,381
$(1,328,379)
$94,688
$844,832
$41,932,385
$416,936
Putnam
Retirement
Advantage
2030
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
9,070,283
414,412
(1,941,914)
23,543
271,066
7,837,390
442,291
67,258
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
20,642,745
2,286,739
(1,170,554)
81,563
346,088
22,186,581
1,941,083
247,672
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
6,854,245
647,824
(384,264)
35,242
134,899
7,287,946
643,243
71,029
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
2,279,591
242,229
(149,980)
—
—
2,371,840
2,371,840
24,546
Total
Non-Controlled
Affiliates
$38,846,864
$3,591,204
$(3,646,712)
$140,348
$752,053
$39,683,757
$410,505
Total
Affiliated
Securities
....
$38,846,864
$3,591,204
$(3,646,712)
$140,348
$752,053
$39,683,757
$410,505
Putnam
Retirement
Advantage
2035
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
40,519,404
1,815,138
(2,166,748)
411,412
962,809
41,542,015
2,344,358
359,610
Putnam
Dynamic
Asset
Allocation
Conservative
Fund,
Class
P
....
1,353,220
567,794
(47,122)
1,032
27,827
1,902,751
166,470
21,394
Putnam
Multi-Asset
Income
Fund,
Class
P
.................
1,496,536
519,339
(49,918)
1,517
40,365
2,007,839
177,214
18,382
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
2,071,459
239,661
(81,594)
—
—
2,229,526
2,229,526
22,972
Total
Non-Controlled
Affiliates
$45,440,619
$3,141,932
$(2,345,382)
$413,961
$1,031,001
$47,682,131
$422,358
Total
Affiliated
Securities
....
$45,440,619
$3,141,932
$(2,345,382)
$413,961
$1,031,001
$47,682,131
$422,358
Putnam
Retirement
Advantage
2040
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
19,040,470
1,972,935
(666,479)
57,686
600,209
21,004,821
1,185,374
179,976
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
18,301,119
711,589
(1,696,494)
172,351
761,395
18,249,960
784,607
—
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
2040
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
$
1,300,177
$
182,950
$
(66,232)
$
—
$
—
$
1,416,895
1,416,895
$
14,484
Total
Non-Controlled
Affiliates
$38,641,766
$2,867,474
$(2,429,205)
$230,037
$1,361,604
$40,671,676
$194,460
Total
Affiliated
Securities
....
$38,641,766
$2,867,474
$(2,429,205)
$230,037
$1,361,604
$40,671,676
$194,460
Putnam
Retirement
Advantage
2045
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Balanced
Fund,
Class
P
......
1,816,496
454,775
(96,892)
3,855
60,533
2,238,767
126,341
18,786
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
24,344,356
1,696,460
(1,562,512)
411,406
848,384
25,738,094
1,106,539
—
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
680,709
148,544
(55,685)
—
—
773,568
773,568
7,699
Total
Non-Controlled
Affiliates
$26,841,561
$2,299,779
$(1,715,089)
$415,261
$908,917
$28,750,429
$26,485
Total
Affiliated
Securities
....
$26,841,561
$2,299,779
$(1,715,089)
$415,261
$908,917
$28,750,429
$26,485
Putnam
Retirement
Advantage
2050
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
3,428,178
313,460
(395,319)
59,895
127,311
3,533,525
205,557
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
22,084,327
2,490,019
(657,051)
144,358
1,032,826
25,094,479
1,078,868
—
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
273,936
102,404
(26,703)
—
—
349,637
349,637
3,323
Total
Non-Controlled
Affiliates
$25,786,441
$2,905,883
$(1,079,073)
$204,253
$1,160,137
$28,977,641
$3,323
Total
Affiliated
Securities
....
$25,786,441
$2,905,883
$(1,079,073)
$204,253
$1,160,137
$28,977,641
$3,323
Putnam
Retirement
Advantage
2055
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
6,455,324
594,782
(398,608)
52,070
313,926
7,017,494
408,231
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
11,068,141
1,361,752
(213,004)
22,167
582,943
12,821,999
551,247
—
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
82,523
68,546
(79,746)
—
—
71,323
71,323
840
Total
Non-Controlled
Affiliates
$17,605,988
$2,025,080
$(691,358)
$74,237
$896,869
$19,910,816
$840
Total
Affiliated
Securities
....
$17,605,988
$2,025,080
$(691,358)
$74,237
$896,869
$19,910,816
$840
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.)
    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
2060
Fund
Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
$
8,111,516
$
713,065
$
(393,559)
$
81,047
$
373,445
$
8,885,514
516,900
$
—
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
5,108,645
649,295
(154,393)
24,386
250,193
5,878,126
252,714
—
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
64,409
52,662
(69,571)
—
—
47,500
47,500
584
Total
Non-Controlled
Affiliates
$5,173,054
$701,957
$(223,964)
$24,386
$250,193
$5,925,626
$584
Total
Affiliated
Securities
....
$13,284,570
$1,415,022
$(617,523)
$105,433
$623,638
$14,811,140
$584
Putnam
Retirement
Advantage
2065
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
2,576,919
688,065
(240,281)
20,695
129,880
3,175,278
184,717
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
706,700
193,204
(63,355)
1,946
36,997
875,492
37,639
—
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
11,167
11,970
(4,416)
—
—
18,721
18,721
161
Total
Non-Controlled
Affiliates
$3,294,786
$893,239
$(308,052)
$22,641
$166,877
$4,069,491
$161
Total
Affiliated
Securities
....
$3,294,786
$893,239
$(308,052)
$22,641
$166,877
$4,069,491
$161
Putnam
Retirement
Advantage
2070
Fund
Non-Controlled
Affiliates
Putnam
Dynamic
Asset
Allocation
Equity
Fund,
Class
P
........
828,824
158,070
(2,350)
175
49,604
1,034,323
60,170
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund,
Class
P
........
226,890
45,521
—
—
12,945
285,356
12,268
—
Putnam
Short
Term
Investment
Fund,
Class
P,
4.194%
.......
5,117
1,476
(498)
—
—
6,095
6,095
63
Total
Non-Controlled
Affiliates
$1,060,831
$205,067
$(2,848)
$175
$62,549
$1,325,774
$63
Total
Affiliated
Securities
....
$1,060,831
$205,067
$(2,848)
$175
$62,549
$1,325,774
$63
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. 
Level
3
–
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
November
30,
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)