0000869392-22-002440.txt : 20221114 0000869392-22-002440.hdr.sgml : 20221114 20221114154601 ACCESSION NUMBER: 0000869392-22-002440 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20220831 FILED AS OF DATE: 20221114 DATE AS OF CHANGE: 20221114 EFFECTIVENESS DATE: 20221114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Putnam Target Date Funds CENTRAL INDEX KEY: 0001295293 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-21598 FILM NUMBER: 221384559 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 0001295293 S000067464 Putnam Retirement Advantage 2025 Fund C000216897 Class Y Shares C000216898 Class R6 Shares C000216899 Class R Shares C000216900 Class C Shares C000216901 Class B Shares C000216902 Class A Shares C000221978 Class R4 Shares C000221979 Class R5 Shares C000221980 Class R3 Shares 0001295293 S000067465 Putnam Retirement Advantage Maturity Fund C000216903 Class A Shares C000216904 Class B Shares C000216905 Class C Shares C000216906 Class R Shares C000216907 Class Y Shares C000216908 Class R6 Shares C000221981 Class R3 Shares C000221982 Class R4 Shares C000221983 Class R5 Shares 0001295293 S000067466 Putnam Retirement Advantage 2030 Fund C000216909 Class B Shares C000216910 Class C Shares C000216911 Class R Shares C000216912 Class R6 Shares C000216913 Class Y Shares C000216914 Class A Shares C000221984 Class R5 Shares C000221985 Class R3 Shares C000221986 Class R4 Shares 0001295293 S000067467 Putnam Retirement Advantage 2035 Fund C000216915 Class B Shares C000216916 Class A Shares C000216917 Class C Shares C000216918 Class R Shares C000216919 Class R6 Shares C000216920 Class Y Shares C000221987 Class R3 Shares C000221988 Class R4 Shares C000221989 Class R5 Shares 0001295293 S000067468 Putnam Retirement Advantage 2040 Fund C000216921 Class B Shares C000216922 Class C Shares C000216923 Class R Shares C000216924 Class R6 Shares C000216925 Class Y Shares C000216926 Class A Shares C000221990 Class R3 Shares C000221991 Class R4 Shares C000221992 Class R5 Shares 0001295293 S000067469 Putnam Retirement Advantage 2045 Fund C000216927 Class Y Shares C000216928 Class R6 Shares C000216929 Class R Shares C000216930 Class C Shares C000216931 Class B Shares C000216932 Class A Shares C000221993 Class R4 Shares C000221994 Class R3 Shares C000221995 Class R5 Shares 0001295293 S000067470 Putnam Retirement Advantage 2050 Fund C000216933 Class A Shares C000216934 Class B Shares C000216935 Class C Shares C000216936 Class R Shares C000216937 Class Y Shares C000216938 Class R6 Shares C000221996 Class R3 Shares C000221997 Class R4 Shares C000221998 Class R5 Shares 0001295293 S000067471 Putnam Retirement Advantage 2055 Fund C000216939 Class A Shares C000216940 Class B Shares C000216941 Class C Shares C000216942 Class R Shares C000216943 Class R6 Shares C000216944 Class Y Shares C000221999 Class R3 Shares C000222000 Class R4 Shares C000222001 Class R5 Shares 0001295293 S000067472 Putnam Retirement Advantage 2060 Fund C000216945 Class A Shares C000216946 Class B Shares C000216947 Class C Shares C000216948 Class R Shares C000216949 Class Y Shares C000216950 Class R6 Shares C000222002 Class R3 Shares C000222003 Class R5 Shares C000222004 Class R4 Shares 0001295293 S000070572 Putnam Retirement Advantage 2065 Fund C000224154 Class Y C000224155 Class R6 C000224156 Class R5 C000224157 Class R4 C000224158 Class A C000224159 Class R C000224160 Class C C000224161 Class B C000224162 Class R3 N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001295293 XXXXXXXX false false N-1A S000067464 true S000067466 true S000067467 true S000067468 true S000067469 true S000067470 true S000067471 true S000067472 true S000067465 true S000070572 true Putnam Target Date Funds 811-21598 0001295293 5493005X9RIMZKJNE675 100 FEDERAL STREET BOSTON 02110 US-MA US 1-800-225-1581 State Street Bank and Trust Company 225 FRANKLIN STREET BOSTON 02110 1-617-786-3000 Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder Putnam Investment Management, LLC 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder Putnam Retail Management Limited Partnership 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder State Street Bank and Trust Company 2 AVENUE DE LAFAYETTE BOSTON 02111 1-617-786-3000 Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder Putnam Investor Services, Inc. 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder Higgins Michael J. 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder N N N-1A 20 Y Hill Catharine Bond N/A N Murphy Jennifer 001552370 N Pillai Marie N/A N Sutphen Mona K N/A N Putnam, III George 004355835 N Domotorffy Katinka 004506390 N Baumann Barbara M N/A N Reynolds Robert L 002009065 Y Leibler Kenneth R N/A N Ahamed Liaquat N/A N Singh Manoj P N/A N Clark James F N/A 100 FEDERAL STREET BOSTON 02110 XXXXXX N N N N N Putnam Retail Management Limited Partnership 8-5088 000007325 N/A Y N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N Putnam Retirement Advantage 2025 Fund S000067464 549300BDJ31UGZREKT13 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 12535412.33 0.00 N N N N Putnam Retirement Advantage 2030 Fund S000067466 549300D7TJLO047IOU74 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 12638739.54 0.00 N N N N Putnam Retirement Advantage 2035 Fund S000067467 549300NFPKHNXV3B4R11 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 13251694.05 0.00 N N N N Putnam Retirement Advantage 2040 Fund S000067468 5493008F2OF7KJ4RK080 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 7445002.14 0.00 N N N N Putnam Retirement Advantage 2045 Fund S000067469 549300QERQTOWNIYE865 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 8144000.56 0.00 N N N N Putnam Retirement Advantage 2050 Fund S000067470 54930073MLFFBDEMXQ17 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 4230335.79 0.00 N N N N Putnam Retirement Advantage 2055 Fund S000067471 549300MBE3ZYL2J50008 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 2818163.2 0.00 N N N N Putnam Retirement Advantage 2060 Fund S000067472 5493002K9DZ8Q68EZK16 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 1081983.66 0.00 N N N N Putnam Retirement Advantage Maturity Fund S000067465 549300U01BZP8C6BX016 N 8 0 0 Fund of Funds N N Y N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 13587621.41 0.00 N N N N Putnam Retirement Advantage 2065 Fund S000070572 5493007ZAWZ5NUEKJ057 N 8 0 0 Target Date Fund N N N N N/A 0.00 0.00 Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Section 12(d)(1)(G) of the Act (15 USC 80a-12(d)(1)(G)) Y Y N N Putnam Investment Management, LLC 801-7974 000106629 N/A N Putnam Investments Limited 801-61441 000122254 N/A Y GB N Putnam Investor Services, Inc. 84-06331 N/A Y N N N State Street Bank and Trust Company N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Putnam Investor Services, Inc. N/A Y N N N 0 0 N 148221.94 0.00 N N N N false false true false false false INTERNAL CONTROL RPT 2 G.1.a.iii.txt INFORMATION ABOUT THE REGISTRANT Report of Independent Registered Public Accounting Firm To the Board of Trustees of Putnam Target Date Funds and Shareholders of Putnam Retirement Advantage 2065 Fund, Putnam Retirement Advantage 2060 Fund, Putnam Retirement Advantage 2055 Fund, Putnam Retirement Advantage 2050 Fund, Putnam Retirement Advantage 2045 Fund, Putnam Retirement Advantage 2040 Fund, Putnam Retirement Advantage 2035 Fund, Putnam Retirement Advantage 2030 Fund, Putnam Retirement Advantage 2025 Fund and Putnam Retirement Advantage Maturity Fund: In planning and performing our audit of the financial statements of the funds listed in Appendix A (constituting Putnam Target Date Funds, hereafter collectively referred to as the Funds ) as of and for the year ended August 31, 2022 as listed in Appendix A, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds internal control over financial reporting. The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A companys internal control over financial reporting is a process designed 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. A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a companys assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Funds internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds internal control over financial reporting and their operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of August 31, 2022. This report is intended solely for the information and use of the Board of Trustees of Putnam Target Date Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. PricewaterhouseCoopers LLP Boston, Massachusetts October 13, 2022 Appendix A Putnam Retirement Advantage 2065 Fund Putnam Retirement Advantage 2060 Fund Putnam Retirement Advantage 2055 Fund Putnam Retirement Advantage 2050 Fund Putnam Retirement Advantage 2045 Fund Putnam Retirement Advantage 2040 Fund Putnam Retirement Advantage 2035 Fund Putnam Retirement Advantage 2030 Fund Putnam Retirement Advantage 2025 Fund Putnam Retirement Advantage Maturity Fund 1 of 1 1 of 1 PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us INTERNAL CONTROL RPT 3 G.1.a.iiiuv4.txt INFORMATION ABOUT THE REGISTRANT Report of Independent Registered Public Accounting Firm To the Board of Trustees of Putnam Target Date Funds and Shareholders of Putnam Retirement Advantage 2065 Fund, Putnam Retirement Advantage 2060 Fund, Putnam Retirement Advantage 2055 Fund, Putnam Retirement Advantage 2050 Fund, Putnam Retirement Advantage 2045 Fund, Putnam Retirement Advantage 2040 Fund, Putnam Retirement Advantage 2035 Fund, Putnam Retirement Advantage 2030 Fund, Putnam Retirement Advantage 2025 Fund and Putnam Retirement Advantage Maturity Fund: In planning and performing our audit of the financial statements of the funds listed in Appendix A (constituting Putnam Target Date Funds, hereafter collectively referred to as the Funds ) as of and for the year ended August 31, 2022 as listed in Appendix A, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds internal control over financial reporting. The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A companys internal control over financial reporting is a process designed 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. A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a companys assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Funds internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds internal control over financial reporting and their operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of August 31, 2022. This report is intended solely for the information and use of the Board of Trustees of Putnam Target Date Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. PricewaterhouseCoopers LLP Boston, Massachusetts October 13, 2022 Appendix A Putnam Retirement Advantage 2065 Fund Putnam Retirement Advantage 2060 Fund Putnam Retirement Advantage 2055 Fund Putnam Retirement Advantage 2050 Fund Putnam Retirement Advantage 2045 Fund Putnam Retirement Advantage 2040 Fund Putnam Retirement Advantage 2035 Fund Putnam Retirement Advantage 2030 Fund Putnam Retirement Advantage 2025 Fund Putnam Retirement Advantage Maturity Fund 1 of 1 1 of 1 PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us