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        <curCd>USD</curCd>
        <valUSD>44558002.14000000</valUSD>
        <pctVal>12.66441777152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Putnam ESG Ultra Short ETF</name>
        <lei>549300NQ9F4P4U3AVO48</lei>
        <title>Putnam ESG Ultra Short ETF</title>
        <cusip>746729854</cusip>
        <identifiers>
          <isin value="US7467298540"/>
          <other otherDesc="Inhouse Asset ID" value="1297128"/>
        </identifiers>
        <balance>342946.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17421656.80000000</valUSD>
        <pctVal>4.951638973717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Putnam Sustainable Leaders ETF</name>
        <lei>5493001OLEMXT8OPWE88</lei>
        <title>Putnam Sustainable Leaders ETF</title>
        <cusip>746729102</cusip>
        <identifiers>
          <isin value="US7467291024"/>
          <other otherDesc="Inhouse Asset ID" value="1297125"/>
        </identifiers>
        <balance>3751082.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>137777241.86000000</valUSD>
        <pctVal>39.15948800490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Putnam PanAgora ESG International Equity ETF</name>
        <lei>549300JZREZTV1HA5N68</lei>
        <title>Putnam PanAgora ESG International Equity ETF</title>
        <cusip>746729870</cusip>
        <identifiers>
          <isin value="US7467298706"/>
          <other otherDesc="Inhouse Asset ID" value="1297129"/>
        </identifiers>
        <balance>1839003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51547254.09000000</valUSD>
        <pctVal>14.65092529776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Target Date Funds</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
