N-CSRS 1 a_sustainableretire.htm PUTNAM TARGET DATE FUNDS a_sustainableretire.htm


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)
Exact name of registrant as specified in charter: Putnam Target Date Funds
Address of principal executive offices: 100 Federal Street, Boston, Massachusetts 02110
Name and address of agent for service: 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, New York 10036
        James E. Thomas, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: July 31, 2024
Date of reporting period: August 1, 2023 – January 31, 2024



Item 1. Report to Stockholders:

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:


 

Putnam
Sustainable Retirement
Funds

Putnam Sustainable Retirement 2065 Fund  Putnam Sustainable Retirement 2040 Fund 
Putnam Sustainable Retirement 2060 Fund  Putnam Sustainable Retirement 2035 Fund 
Putnam Sustainable Retirement 2055 Fund  Putnam Sustainable Retirement 2030 Fund 
Putnam Sustainable Retirement 2050 Fund  Putnam Sustainable Retirement 2025 Fund 
Putnam Sustainable Retirement 2045 Fund  Putnam Sustainable Retirement Maturity Fund 

 

Semiannual report
1 | 31 | 24

 

 

Message from the Trustees

March 13, 2024

Dear Fellow Shareholder:

We are pleased to report that on January 1, 2024, Franklin Resources, Inc., a leading global asset management firm operating as Franklin Templeton, acquired Putnam Investments. With complementary capabilities and an established infrastructure serving over 150 countries, Franklin Templeton enhances Putnam’s investment, risk management, operations, and technology platforms. Together, our firms are committed to delivering strong fund performance and more choices for our investors.

We are also excited to welcome Jane E. Trust as an interested trustee to your Board of Trustees. Ms. Trust contributes over 30 years of investment management experience to The Putnam Funds, and has served as Senior Vice President, Fund Board Management, at Franklin Templeton since 2020.

As we enter this new chapter, you can rest assured that your fund continues to be actively managed by the same experienced professionals. Your investment team is exploring new and attractive opportunities for your fund while monitoring changing market conditions.

Thank you for investing with Putnam.


 

Your fund at a glance

Allocations by fund as of 1/31/24

Each Sustainable Retirement Fund has a different target date that may be attractive to investors who plan to retire or otherwise begin withdrawing assets from their account, typically at retirement. The funds other than Putnam Sustainable Retirement Maturity Fund are generally weighted more heavily toward more aggressive, higher-risk investments when the target date of the fund is far off, and more conservative, lower-risk investments when the target date of the fund is near. The principal value of the funds is not guaranteed at any time, including the target date. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents.

Underlying Fund  2065 Fund  2060 Fund  2055 Fund  2050 Fund  2045 Fund  2040 Fund  2035 Fund  2030 Fund  2025 Fund  Maturity Fund 
Putnam Sustainable Leaders ETF  49.4%  48.9%  46.6%  44.7%  42.7%  39.5%  35.2%  25.3%  18.0%  14.6% 
Putnam Sustainable Future ETF  24.2%  23.7%  22.3%  20.9%  19.6%  18.3%  16.4%  11.6%  7.9%  7.2% 
Putnam PanAgora ESG                     
International Equity ETF  17.5%  17.2%  16.3%  15.3%  14.4%  12.5%  9.9%  6.9%  4.7%  4.2% 
Putnam PanAgora ESG                     
Emerging Markets Equity ETF  4.7%  4.6%  4.3%  4.0%  3.6%  2.3%  0.3%  0.0%  0.0%  0.0% 
Putnam ESG Core Bond ETF  2.4%  3.7%  6.0%  8.7%  10.9%  17.6%  27.8%  42.5%  48.1%  51.3% 
Putnam ESG High Yield ETF  1.1%  1.6%  2.7%  3.9%  4.8%  4.7%  4.7%  6.4%  13.0%  16.8% 
Putnam ESG Ultra Short ETF  0.7%  0.8%  1.4%  2.0%  3.8%  4.9%  5.8%  7.1%  7.6%  5.7% 
Total equity**  95.8%  94.4%  89.5%  84.9%  80.3%  72.6%  61.8%  43.8%  30.6%  26.0% 
Total fixed income**  4.2%  6.1%  10.1%  14.6%  19.5%  27.2%  38.3%  56.0%  68.7%  73.8% 

 

Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.

** Equity and fixed income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF, and Putnam ESG Ultra Short ETF is equivalent to a fixed income investment. Actual allocations will vary.

2 Sustainable Retirement Funds 

 

 

Your fund’s expenses

As a mutual fund investor, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. In the most recent six-month period your fund’s expenses were limited; had expenses not been limited, they would have been higher. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial representative.

Expense ratios

  Class A  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y 
2065 Fund                 
Net expenses for the fiscal                 
year ended 7/31/23*#    0.85%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating expenses                 
for the fiscal year ended 7/31/23#    18.09%  18.84%  18.49%  18.24%  17.99%  17.84%  17.74%  17.84% 
Annualized expense ratio for the                 
six-month period ended 1/31/24†    0.28%  1.03%  0.68%  0.43%  0.18%  0.03%  –0.07%  0.03% 

 

  Class A  Class B  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y 
2060 Fund                   
Net expenses for the fiscal                   
year ended 7/31/23**#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  2.25%  3.00%  3.00%  2.65%  2.40%  2.15%  2.00%  1.90%  2.00% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.29%  1.04%  1.04%  0.69%  0.44%  0.19%  0.04%  –0.06%  0.04% 
2055 Fund                   
Net expenses for the fiscal                   
year ended 7/31/23*#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  1.72%  2.47%  2.47%  2.12%  1.87%  1.62%  1.47%  1.37%  1.47% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.30%  1.05%  1.05%  0.70%  0.45%  0.20%  0.05%  –0.05%  0.05% 
2050 Fund                   
Net expenses for the fiscal                   
year ended 7/31/23*#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  1.58%  2.33%  2.33%  1.98%  1.73%  1.48%  1.33%  1.23%  1.33% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.31%  1.06%  1.06%  0.71%  0.46%  0.21%  0.06%  –0.04%  0.06% 

 

Sustainable Retirement Funds 3 

 

 

Expense ratios cont.

  Class A  Class B  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y 
2045 Fund                   
Net expenses for the fiscal                   
year ended 7/31/23*#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  1.52%  2.27%  2.27%  1.92%  1.67%  1.42%  1.27%  1.17%  1.27% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.32%  1.07%  1.07%  0.72%  0.47%  0.22%  0.07%  –0.03%  0.07% 
2040 Fund                   
Net expenses for the fiscal                   
year ended 7/31/23*#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  1.47%  2.22%  2.22%  1.87%  1.62%  1.37%  1.22%  1.12%  1.22% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.34%  1.09%  1.09%  0.74%  0.49%  0.24%  0.09%  –0.01%  0.09% 
2035 Fund                   
Net expenses for the fiscal                   
year ended 7/31/23*#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  1.43%  2.18%  2.18%  1.83%  1.58%  1.33%  1.18%  1.08%  1.18% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.37%  1.12%  1.12%  0.77%  0.52%  0.27%  0.12%  0.02%  0.12% 
2030 Fund                   
Net expenses for the fiscal                   
year ended 7/31/23*#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  1.37%  2.12%  2.12%  1.77%  1.52%  1.27%  1.12%  1.02%  1.12% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.41%  1.16%  1.16%  0.81%  0.56%  0.31%  0.16%  0.06%  0.16% 
2025 Fund                   
Net expenses for the fiscal                   
year ended 7/31/23*#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  1.35%  2.10%  2.10%  1.75%  1.50%  1.25%  1.10%  1.00%  1.10% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.43%  1.18%  1.18%  0.83%  0.58%  0.33%  0.18%  0.08%  0.18% 

 

4 Sustainable Retirement Funds 

 

 

Expense ratios cont.

  Class A  Class B  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y 
Maturity Fund                   
Net expenses for the fiscal                   
year ended 7/31/23*#  0.85%  1.60%  1.60%  1.25%  1.00%  0.75%  0.60%  0.50%  0.60% 
Total annual operating                   
expenses for the fiscal year                   
ended 7/31/23#  1.34%  2.09%  2.09%  1.74%  1.49%  1.24%  1.09%  0.99%  1.09% 
Annualized expense ratio                   
for the six-month period                   
ended 1/31/24†  0.42%  1.17%  1.17%  0.82%  0.57%  0.32%  0.17%  0.07%  0.17% 

 

Fiscal year expense information in this table is taken from the most recent prospectus, is subject to change, and differs from that shown for the annualized expense ratio and in the financial highlights of this report.

Expenses are shown as a percentage of average net assets.

Prospectus expense information also includes the impact of acquired fund fees and expense in which each fund invests (see table below), which are not included in financial highlights or annualized expense ratios.

2065 Fund   0.57% 
2060 Fund   0.57% 
2055 Fund   0.56% 
2050 Fund   0.55% 
2045 Fund   0.53% 
2040 Fund   0.52% 
2035 Fund   0.49% 
2030 Fund   0.45% 
2025 Fund   0.43% 
Maturity Fund   0.44% 

 

* Reflects Putnam Management’s decision to contractually limit expenses through 11/30/26.

** Reflects Putnam Management’s decision to contractually limit expenses through 11/30/33.

# Restated to reflect current fees.

† Excludes the expense ratio of the underlying Putnam mutual funds.

Sustainable Retirement Funds 5 

 

 

Expenses per $1,000

The following table shows the expenses you would have paid on a $1,000 investment in each fund from 8/1/23 to 1/31/24. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

  Class A  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y 
2065 Fund                 
Expenses paid per $1,000*†    $1.47  $5.39  $3.56  $2.25  $0.94  $0.16  $(0.37)  $0.16 
Ending value (after expenses)  $1,084.70  $1,080.20  $1,082.30  $1,082.50  $1,084.90  $1,085.30  $1,086.30  $1,085.20 

 

  Class A  Class B  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y 
2060 Fund                   
Expenses paid per $1,000*†  $1.52  $5.44  $5.44  $3.61  $2.31  $1.00  $0.21  $(0.31)  $0.21 
Ending value (after expenses)  $1,085.00  $1,081.00  $1,081.40  $1,083.90  $1,084.30  $1,085.80  $1,086.60  $1,086.60  $1,087.10 
2055 Fund                   
Expenses paid per $1,000*†  $1.57  $5.49  $5.48  $3.66  $2.35  $1.05  $0.26  $(0.26)  $0.26 
Ending value (after expenses)  $1,082.40  $1,078.20  $1,078.10  $1,079.90  $1,080.90  $1,083.30  $1,083.60  $1,083.50  $1,083.50 
2050 Fund                   
Expenses paid per $1,000*†  $1.62  $5.53  $5.53  $3.71  $2.40  $1.10  $0.31  $(0.21)  $0.31 
Ending value (after expenses)  $1,079.20  $1,075.50  $1,076.00  $1,077.30  $1,078.60  $1,079.60  $1,081.20  $1,081.50  $1,080.80 
2045 Fund                   
Expenses paid per $1,000*†  $1.67  $5.58  $5.58  $3.76  $2.45  $1.15  $0.37  $(0.16)  $0.37 
Ending value (after expenses)  $1,077.20  $1,073.10  $1,072.90  $1,075.10  $1,076.20  $1,077.20  $1,078.20  $1,079.10  $1,078.30 
2040 Fund                   
Expenses paid per $1,000*†  $1.77  $5.67  $5.67  $3.85  $2.55  $1.25  $0.47  $(0.05)  $0.47 
Ending value (after expenses)  $1,074.60  $1,070.50  $1,070.30  $1,072.10  $1,073.80  $1,075.20  $1,076.00  $1,076.60  $1,075.90 
2035 Fund                   
Expenses paid per $1,000*†  $1.93  $5.82  $5.82  $4.00  $2.71  $1.41  $0.63  $0.10  $0.63 
Ending value (after expenses)  $1,071.00  $1,066.60  $1,066.40  $1,068.80  $1,070.00  $1,071.60  $1,072.10  $1,073.10  $1,072.30 
2030 Fund                   
Expenses paid per $1,000*†  $2.12  $6.00  $6.00  $4.19  $2.90  $1.61  $0.83  $0.31  $0.83 
Ending value (after expenses)  $1,060.20  $1,056.30  $1,056.90  $1,058.00  $1,059.60  $1,061.30  $1,061.80  $1,062.30  $1,061.90 
2025 Fund                   
Expenses paid per $1,000*†  $2.22  $6.08  $6.08  $4.28  $2.99  $1.70  $0.93  $0.41  $0.93 
Ending value (after expenses)  $1,053.10  $1,049.30  $1,049.20  $1,051.00  $1,052.30  $1,053.60  $1,054.30  $1,054.70  $1,054.30 
Maturity Fund                   
Expenses paid per $1,000*†  $2.17  $6.03  $6.03  $4.23  $2.94  $1.65  $0.88  $0.36  $0.88 
Ending value (after expenses)  $1,053.30  $1,048.80  $1,048.70  $1,050.60  $1,052.20  $1,053.40  $1,054.30  $1,055.00  $1,054.30 

 

* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 1/31/24. The expense ratio may differ for each share class.

† Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period (184); and then dividing that result by the number of days in the year (366).

6 Sustainable Retirement Funds 

 

 

Estimate the expenses you paid

To estimate the expenses you paid for the six months ended 1/31/24, use the following calculation method.

To find the value of your investment on 8/1/23, call Putnam at 1-800-225-1581.


Sustainable Retirement Funds 7 

 

 

Compare expenses using the SEC’s method

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the following table shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in each of the Sustainable Retirement Funds with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

  Class A  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y 
2065 Fund                 
Expenses paid per $1,000*†    $1.42  $5.23  $3.46  $2.19  $0.92  $0.15  $(0.36)  $0.15 
Ending value (after expenses)  $1,023.73  $1,019.96  $1,021.72  $1,022.97  $1,024.23  $1,024.99  $1,025.49  $1,024.99 

 

  Class A  Class B  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y 
2060 Fund                   
Expenses paid per $1,000*†  $1.48  $5.28  $5.28  $3.51  $2.24  $0.97  $0.20  $(0.31)  $0.20 
Ending value (after expenses)  $1,023.68  $1,019.91  $1,019.91  $1,021.67  $1,022.92  $1,024.18  $1,024.94  $1,025.44  $1,024.94 
2055 Fund                   
Expenses paid per $1,000*†  $1.53  $5.33  $5.33  $3.56  $2.29  $1.02  $0.25  $(0.25)  $0.25 
Ending value (after expenses)  $1,023.63  $1,019.86  $1,019.86  $1,021.62  $1,022.87  $1,024.13  $1,024.89  $1,025.39  $1,024.89 
2050 Fund                   
Expenses paid per $1,000*†  $1.58  $5.38  $5.38  $3.61  $2.34  $1.07  $0.31  $(0.20)  $0.31 
Ending value (after expenses)  $1,023.58  $1,019.81  $1,019.81  $1,021.57  $1,022.82  $1,024.08  $1,024.83  $1,025.34  $1,024.83 
2045 Fund                   
Expenses paid per $1,000*†  $1.63  $5.43  $5.43  $3.66  $2.39  $1.12  $0.36  $(0.15)  $0.36 
Ending value (after expenses)  $1,023.53  $1,019.76  $1,019.76  $1,021.52  $1,022.77  $1,024.03  $1,024.78  $1,025.29  $1,024.78 
2040 Fund                   
Expenses paid per $1,000*†  $1.73  $5.53  $5.53  $3.76  $2.49  $1.22  $0.46  $(0.05)  $0.46 
Ending value (after expenses)  $1,023.43  $1,019.66  $1,019.66  $1,021.42  $1,022.67  $1,023.93  $1,024.68  $1,025.19  $1,024.68 
2035 Fund                   
Expenses paid per $1,000*†  $1.88  $5.69  $5.69  $3.91  $2.64  $1.37  $0.61  $0.10  $0.61 
Ending value (after expenses)  $1,023.28  $1,019.51  $1,019.51  $1,021.27  $1,022.52  $1,023.78  $1,024.53  $1,025.04  $1,024.53 
2030 Fund                   
Expenses paid per $1,000*†  $2.08  $5.89  $5.89  $4.12  $2.85  $1.58  $0.81  $0.31  $0.81 
Ending value (after expenses)  $1,023.08  $1,019.30  $1,019.30  $1,021.06  $1,022.32  $1,023.58  $1,024.33  $1,024.83  $1,024.33 
2025 Fund                   
Expenses paid per $1,000*†  $2.19  $5.99  $5.99  $4.22  $2.95  $1.68  $0.92  $0.41  $0.92 
Ending value (after expenses)  $1,022.97  $1,019.20  $1,019.20  $1,020.96  $1,022.22  $1,023.48  $1,024.23  $1,024.73  $1,024.23 
Maturity Fund                   
Expenses paid per $1,000*†  $2.14  $5.94  $5.94  $4.17  $2.90  $1.63  $0.87  $0.36  $0.87 
Ending value (after expenses)  $1,023.03  $1,019.25  $1,019.25  $1,021.01  $1,022.27  $1,023.53  $1,024.28  $1,024.78  $1,024.28 

 

* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 1/31/24.

† Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period (184); and then dividing that result by the number of days in the year (366).

8 Sustainable Retirement Funds 

 

 

Other information for shareholders

Important notice regarding delivery of shareholder documents

In accordance with Securities and Exchange Commission (SEC) regulations, your fund’s manager sends a single notice of internet availability, or a single printed copy, of annual and semiannual shareholder reports, prospectuses, and proxy statements to shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call 1-800-225-1581 or, for exchange-traded funds only, 1-833-228-5577. We will begin sending individual copies within 30 days.

Proxy voting

The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2023, are available in the Individual Investors section of putnam.com and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Shareholder Services at 1-800-225-1581 or, for exchange-traded funds only, 1-833-228-5577.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund’s Form N-PORT on the SEC’s website at www.sec.gov.

Sustainable Retirement Funds 9 

 

 

Important notice regarding Putnam’s privacy policy

In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.

It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.

Under certain circumstances, we must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you’ve listed one on your Putnam account.

10 Sustainable Retirement Funds 

 

 

Financial statements

These sections of the report, as well as the accompanying Notes, constitute each fund’s financial statements.

The funds’ portfolios list each fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how each fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows each fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.

Statement of changes in net assets shows how each fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal period.

Financial highlights provide an overview of each fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover (not required for money market funds) in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

Sustainable Retirement Funds 11 

 

 

The funds’ portfolios 1/31/24 (Unaudited)

2065 Fund  Shares  Value 
EQUITY INVESTMENT COMPANIES (95.8%)*     
Putnam PanAgora ESG Emerging Markets Equity ETF Ω  2,164  $41,990 
Putnam PanAgora ESG International Equity ETF Ω  7,295  157,100 
Putnam Sustainable Future ETF Ω  9,742  217,022 
Putnam Sustainable Leaders ETF Ω  15,804  442,692 
Total equity investment companies (cost $745,556)    $858,804 
 
FIXED INCOME INVESTMENT COMPANIES (4.1%)*     
Putnam ESG Core Bond ETF Ω  432  $21,105 
Putnam ESG High Yield ETF Ω  190  9,652 
Putnam ESG Ultra Short ETF Ω  127  6,410 
Total fixed income investment companies (cost $36,726)    $37,167 
 
TOTAL INVESTMENTS     
Total investments (cost $782,282)    $895,971 

 

*Percentages indicated are based on net assets of $896,408.

 

2060 Fund  Shares  Value 
EQUITY INVESTMENT COMPANIES (94.5%)*     
Putnam PanAgora ESG Emerging Markets Equity ETF Ω  57,448  $1,114,721 
Putnam PanAgora ESG International Equity ETF Ω  192,671  4,149,228 
Putnam Sustainable Future ETF Ω  256,528  5,714,649 
Putnam Sustainable Leaders ETF Ω  419,880  11,761,426 
Total equity investment companies (cost $20,014,087)    $22,740,024 
 
FIXED INCOME INVESTMENT COMPANIES (6.0%)*     
Putnam ESG Core Bond ETF Ω  17,996  $879,195 
Putnam ESG High Yield ETF Ω  7,473  379,628 
Putnam ESG Ultra Short ETF Ω  3,629  183,174 
Total fixed income investment companies (cost $1,420,763)    $1,441,997 
 
SHORT-TERM INVESTMENTS (0.2%)*     
Putnam Government Money Market Fund Class G 5.06% Ω  40,662  $40,662 
Total short-term investments (cost $40,662)    $40,662 
 
TOTAL INVESTMENTS     
Total investments (cost $21,475,512)    $24,222,683 

 

*Percentages indicated are based on net assets of $24,076,171.

 

12 Sustainable Retirement Funds 

 

 

The funds’ portfolios 1/31/24 (Unaudited) cont.

2055 Fund  Shares  Value 
EQUITY INVESTMENT COMPANIES (89.5%)*     
Putnam PanAgora ESG Emerging Markets Equity ETF Ω  154,631  $3,000,460 
Putnam PanAgora ESG International Equity ETF Ω  528,607  11,383,710 
Putnam Sustainable Future ETF Ω  697,509  15,538,338 
Putnam Sustainable Leaders ETF Ω  1,160,988  32,520,900 
Total equity investment companies (cost $54,231,542)    $62,443,408 
 
FIXED INCOME INVESTMENT COMPANIES (10.1%)*     
Putnam ESG Core Bond ETF Ω  85,426  $4,173,487 
Putnam ESG High Yield ETF Ω  37,590  1,909,572 
Putnam ESG Ultra Short ETF Ω  19,600  989,310 
Total fixed income investment companies (cost $7,022,894)    $7,072,369 
 
SHORT-TERM INVESTMENTS (0.1%)*     
Putnam Government Money Market Fund Class G 5.06% Ω  78,612  $78,612 
Total short-term investments (cost $78,612)    $78,612 
 
TOTAL INVESTMENTS     
Total investments (cost $61,333,048)    $69,594,389 

 

*Percentages indicated are based on net assets of $69,797,018.

 

2050 Fund  Shares  Value 
EQUITY INVESTMENT COMPANIES (85.0%)*     
Putnam PanAgora ESG Emerging Markets Equity ETF Ω  263,473  $5,112,430 
Putnam PanAgora ESG International Equity ETF Ω  907,043  19,533,443 
Putnam Sustainable Future ETF Ω  1,194,151  26,601,982 
Putnam Sustainable Leaders ETF Ω  2,032,213  56,925,132 
Total equity investment companies (cost $93,631,868)    $108,172,987 
 
FIXED INCOME INVESTMENT COMPANIES (14.7%)*     
Putnam ESG Core Bond ETF Ω  227,556  $11,117,248 
Putnam ESG High Yield ETF Ω  98,072  4,982,058 
Putnam ESG Ultra Short ETF Ω  51,088  2,578,667 
Total fixed income investment companies (cost $18,556,267)    $18,677,973 
 
SHORT-TERM INVESTMENTS (0.3%)*     
Putnam Government Money Market Fund Class G 5.06% Ω  413,548  $413,548 
Total short-term investments (cost $413,548)    $413,548 
 
TOTAL INVESTMENTS     
Total investments (cost $112,601,683)    $127,264,508 

 

*Percentages indicated are based on net assets of $127,297,900.

 

Sustainable Retirement Funds 13 

 

 

The funds’ portfolios 1/31/24 (Unaudited) cont.

2045 Fund  Shares  Value 
EQUITY INVESTMENT COMPANIES (80.4%)*     
Putnam PanAgora ESG Emerging Markets Equity ETF Ω  307,021  $5,957,435 
Putnam PanAgora ESG International Equity ETF Ω  1,093,319  23,544,953 
Putnam Sustainable Future ETF Ω  1,435,964  31,988,826 
Putnam Sustainable Leaders ETF Ω  2,493,172  69,837,239 
Total equity investment companies (cost $113,870,650)    $131,328,453 
 
FIXED INCOME INVESTMENT COMPANIES (19.6%)*     
Putnam ESG Core Bond ETF Ω  365,332  $17,848,295 
Putnam ESG High Yield ETF Ω  154,723  7,859,928 
Putnam ESG Ultra Short ETF Ω  123,730  6,245,272 
Total fixed income investment companies (cost $31,757,213)    $31,953,495 
 
SHORT-TERM INVESTMENTS (0.2%)*     
Putnam Government Money Market Fund Class G 5.06% Ω  268,444  $268,444 
Total short-term investments (cost $268,444)    $268,444 
 
TOTAL INVESTMENTS     
Total investments (cost $145,896,307)    $163,550,392 

 

*Percentages indicated are based on net assets of $163,433,634.

 

2040 Fund  Shares  Value 
EQUITY INVESTMENT COMPANIES (72.6%)*     
Putnam PanAgora ESG Emerging Markets Equity ETF Ω  270,733  $5,253,303 
Putnam PanAgora ESG International Equity ETF Ω  1,329,869  28,639,128 
Putnam Sustainable Future ETF Ω  1,874,699  41,762,482 
Putnam Sustainable Leaders ETF Ω  3,221,157  90,229,117 
Total equity investment companies (cost $142,537,856)    $165,884,030 
 
FIXED INCOME INVESTMENT COMPANIES (27.2%)*     
Putnam ESG Core Bond ETF Ω  822,130  $40,165,161 
Putnam ESG High Yield ETF Ω  211,754  10,757,103 
Putnam ESG Ultra Short ETF Ω  222,153  11,213,173 
Total fixed income investment companies (cost $61,927,933)    $62,135,437 
 
TOTAL INVESTMENTS     
Total investments (cost $204,465,789)    $228,019,467 

 

*Percentages indicated are based on net assets of $228,548,419.

 

14 Sustainable Retirement Funds 

 

 

The funds’ portfolios 1/31/24 (Unaudited) cont.

2035 Fund  Shares  Value 
EQUITY INVESTMENT COMPANIES (61.8%)*     
Putnam PanAgora ESG Emerging Markets Equity ETF Ω  34,455  $668,565 
Putnam PanAgora ESG International Equity ETF Ω  1,065,105  22,937,356 
Putnam Sustainable Future ETF Ω  1,699,769  37,865,584 
Putnam Sustainable Leaders ETF Ω  2,907,086  81,431,549 
Total equity investment companies (cost $122,839,416)    $142,903,054 
 
FIXED INCOME INVESTMENT COMPANIES (38.3%)*     
Putnam ESG Core Bond ETF Ω  1,314,985  $64,243,592 
Putnam ESG High Yield ETF Ω  215,595  10,952,226 
Putnam ESG Ultra Short ETF Ω  266,761  13,464,761 
Total fixed income investment companies (cost $88,519,046)    $88,660,579 
 
TOTAL INVESTMENTS     
Total investments (cost $211,358,462)    $231,563,633 

 

*Percentages indicated are based on net assets of $231,406,748.

 

2030 Fund  Shares  Value 
FIXED INCOME INVESTMENT COMPANIES (56.0%)*     
Putnam ESG Core Bond ETF Ω  2,224,329  $108,669,594 
Putnam ESG High Yield ETF Ω  323,434  16,430,447 
Putnam ESG Ultra Short ETF Ω  360,677  18,205,172 
Total fixed income investment companies (cost $143,243,710)    $143,305,213 
 
EQUITY INVESTMENT COMPANIES (43.8%)*     
Putnam PanAgora ESG International Equity ETF Ω  814,272  $17,535,592 
Putnam Sustainable Future ETF Ω  1,328,112  29,586,218 
Putnam Sustainable Leaders ETF Ω  2,314,248  64,825,326 
Total equity investment companies (cost $96,466,518)    $111,947,136 
 
TOTAL INVESTMENTS     
Total investments (cost $239,710,228)    $255,252,349 

 

*Percentages indicated are based on net assets of $255,726,619.

 

Sustainable Retirement Funds 15 

 

 

The funds’ portfolios 1/31/24 (Unaudited) cont.

2025 Fund  Shares  Value 
FIXED INCOME INVESTMENT COMPANIES (68.8%)*     
Putnam ESG Core Bond ETF Ω  2,206,672  $107,806,961 
Putnam ESG High Yield ETF Ω  574,517  29,185,464 
Putnam ESG Ultra Short ETF Ω  337,152  17,017,747 
Total fixed income investment companies (cost $153,696,603)    $154,010,172 
 
EQUITY INVESTMENT COMPANIES (30.6%)*     
Putnam PanAgora ESG International Equity ETF Ω  485,105  $10,446,882 
Putnam Sustainable Future ETF Ω  797,683  17,769,904 
Putnam Sustainable Leaders ETF Ω  1,435,807  40,218,964 
Total equity investment companies (cost $59,933,266)    $68,435,750 
 
SHORT-TERM INVESTMENTS (0.2%)*     
Putnam Government Money Market Fund Class G 5.06% Ω  480,630  $480,630 
Total short-term investments (cost $480,630)    $480,630 
 
TOTAL INVESTMENTS     
Total investments (cost $214,110,499)    $222,926,552 

 

*Percentages indicated are based on net assets of $223,898,676.

 

Maturity Fund  Shares  Value 
FIXED INCOME INVESTMENT COMPANIES (73.8%)*     
Putnam ESG Core Bond ETF Ω  2,116,698  $103,411,280 
Putnam ESG High Yield ETF Ω  667,602  33,914,182 
Putnam ESG Ultra Short ETF Ω  228,792  11,548,276 
Total fixed income investment companies (cost $148,932,048)    $148,873,738 
 
EQUITY INVESTMENT COMPANIES (26.0%)*     
Putnam PanAgora ESG International Equity ETF Ω  393,407  $8,472,138 
Putnam Sustainable Future ETF Ω  652,678  14,539,643 
Putnam Sustainable Leaders ETF Ω  1,047,474  29,341,213 
Total equity investment companies (cost $43,629,448)    $52,352,994 
 
SHORT-TERM INVESTMENTS (0.3%)*     
Putnam Government Money Market Fund Class G 5.06% Ω  578,596  $578,596 
Total short-term investments (cost $578,596)    $578,596 
 
TOTAL INVESTMENTS     
Total investments (cost $193,140,092)    $201,805,328 

 

*Percentages indicated are based on net assets of $201,617,593.

Notes to the fund’s portfolio

Unless noted otherwise, the notes to the funds’ portfolios are for the close of each fund’s reporting period, which ran from August 1, 2023 through January 31, 2024 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures.

Ω Affiliated company (Note 5). For investments in Putnam Government Money Market Fund Class G, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

16 Sustainable Retirement Funds 

 

 

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of each fund’s investments. The three levels are defined as follows:

Level 1 : Valuations based on quoted prices for identical securities in active markets.

Level 2 : Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 : Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the funds’ net assets as of the close of the reporting period:

2065 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $858,804  $—  $— 
Fixed Income Investment Companies  37,167  —  — 
Totals by level  $895,971  $—  $— 
 
2060 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $22,740,024  $—  $— 
Fixed Income Investment Companies  1,441,997  —  — 
Short-Term Investments  40,662  —  — 
Totals by level  $24,222,683  $—  $— 
 
2055 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $62,443,408  $—  $— 
Fixed Income Investment Companies  7,072,369  —  — 
Short-Term Investments  78,612  —  — 
Totals by level  $69,594,389  $—  $— 
 
2050 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $108,172,987  $—  $— 
Fixed Income Investment Companies  18,677,973  —  — 
Short-Term Investments  413,548  —  — 
Totals by level  $127,264,508  $—  $— 
 
2045 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $131,328,453  $—  $— 
Fixed Income Investment Companies  31,953,495  —  — 
Short-Term Investments  268,444  —  — 
Totals by level  $163,550,392  $—  $— 
 
2040 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $165,884,030  $—  $— 
Fixed Income Investment Companies  62,135,437  —  — 
Totals by level  $228,019,467  $—  $— 

 

Sustainable Retirement Funds 17 

 

 

2035 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $142,903,054  $—  $— 
Fixed Income Investment Companies  88,660,579  —  — 
Totals by level  $231,563,633  $—  $— 
 
2030 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $111,947,136  $—  $— 
Fixed Income Investment Companies  143,305,213  —  — 
Totals by level  $255,252,349  $—  $— 
 
2025 Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $68,435,750  $—  $— 
Fixed Income Investment Companies  154,010,172  —  — 
Short-Term Investments  480,630  —  — 
Totals by level  $222,926,552  $—  $— 
 
Maturity Fund  Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Equity Investment Companies  $52,352,994  $—  $— 
Fixed Income Investment Companies  148,873,738  —  — 
Short-Term Investments  578,596  —  — 
Totals by level  $201,805,328  $—  $— 

 

The accompanying notes are an integral part of these financial statements.

18 Sustainable Retirement Funds 

 

 

Statement of assets and liabilities 1/31/24 (Unaudited)

ASSETS  2065 Fund  2060 Fund  2055 Fund  2050 Fund  2045 Fund 
Investments in affiliated underlying           
Putnam funds, at value (Notes 1 and 5)  $895,971  $24,222,683  $69,594,389  $127,264,508  $163,550,392 
Cash  —  1,882  —  —  21,728 
Receivable for income distributions           
from underlying Putnam fund shares  —  291  817  5,651  14,371 
Receivable for shares of the fund sold  78  191,250  512,691  1,016,772  345,385 
Receivable for investments sold  14,736  —  —  —  — 
Receivable from Manager (Note 2)  2,190  9,234  21,200  33,598  37,617 
Total assets  912,975  24,425,340  70,129,097  128,320,529  163,969,493 
 
LIABILITIES           
Payable to custodian  13,659  —  —  —  — 
Payable for shares of the           
fund repurchased  —  337,177  298,119  340,545  444,937 
Payable for investments purchased  —  —  —  628,335  21,728 
Payable for investor servicing           
fees (Note 2)  145  4,198  13,967  24,973  32,827 
Payable for distribution fees (Note 2)  742  1,964  7,848  9,714  14,027 
Payable for reports to shareholders  1,864  2,704  4,025  5,190  5,510 
Payable for auditing and tax fee  63  1,540  4,756  9,196  12,074 
Other accrued expenses  94  1,586  3,364  4,676  4,756 
Total liabilities  16,567  349,169  332,079  1,022,629  535,859 
 
Net assets  $896,408  $24,076,171  $69,797,018  $127,297,900  $163,433,634 
 
REPRESENTED BY           
Paid-in-capital           
(unlimited shares authorized)           
(Notes 1 and 4)  $814,588  $22,523,863  $66,861,841  $122,872,253  $159,903,057 
Total distributable earnings (Note 1)  81,820  1,552,308  2,935,177  4,425,647  3,530,577 
Total — Representing net assets           
applicable to capital outstanding  $896,408  $24,076,171  $69,797,018  $127,297,900  $163,433,634 
 
COMPUTATION OF NET ASSET           
VALUE AND OFFERING PRICE  2065 Fund  2060 Fund  2055 Fund  2050 Fund  2045 Fund 
Computation of net asset value, offering price and redemption price Class A     
Net Assets  $231,498  $2,402,947  $8,107,676  $9,779,933  $13,624,745 
Number of shares outstanding  20,921  194,066  682,467  518,174  692,749 
Net asset value and redemption price  $11.07  $12.38  $11.88  $18.87  $19.67 
Offering price per class A share           
(100/94.25 of Class A net asset value)*  $11.75  $13.14  $12.60  $20.02  $20.87 

 

(Continued on next page)

Sustainable Retirement Funds 19 

 

 

Statement of assets and liabilities 1/31/24 (Unaudited) cont.

COMPUTATION OF NET ASSET           
VALUE AND OFFERING PRICE  2065 Fund  2060 Fund  2055 Fund  2050 Fund  2045 Fund 
Computation of net asset value and offering price Class B       
Net Assets  N/A  $18,272  $42,713  $53,686  $242,899 
Number of shares outstanding  N/A  1,484  3,620  2,881  14,651 
Net asset value and offering price***  N/A  $12.31  $11.80  $18.63  $16.58 
Computation of net asset value and offering price Class C       
Net Assets  $334,497  $284,499  $619,474  $1,144,652  $905,646 
Number of shares outstanding  30,450  23,361  54,002  63,821  54,925 
Net asset value and offering price***  $10.99  $12.18  $11.47  $17.94  $16.49 
Computation of net asset value, offering price and redemption price Class R     
Net Assets  $12,251  $18,947  $95,895  $98,794  $88,228 
Number of shares outstanding  1,104  1,519  7,846  5,346  4,206 
Net asset value, offering price           
and redemption value  $11.10  $12.48†  $12.22  $18.48  $20.98 
Computation of net asset value, offering price and redemption price Class R3     
Net Assets  $12,346  $71,549  $3,201,702  $2,052,569  $3,257,775 
Number of shares outstanding  1,112  5,750  267,213  109,165  123,991 
Net asset value, offering price           
and redemption value  $11.10  $12.44  $11.98  $18.80  $26.27 
Computation of net asset value, offering price and redemption price Class R4     
Net Assets  $12,440  $108,939  $436,775  $207,936  $833,729 
Number of shares outstanding  1,120  8,750  36,411  11,053  31,745 
Net asset value, offering price           
and redemption value  $11.11  $12.45  $12.00  $18.81  $26.26 
Computation of net asset value, offering price and redemption price Class R5     
Net Assets  $12,498  $12,491  $12,343  $12,194  $12,038 
Number of shares outstanding  1,125  1,002  1,029  648  458 
Net asset value, offering price           
and redemption value  $11.11  $12.47  $12.00  $18.81†  $26.28 
Computation of net asset value, offering price and redemption price Class R6     
Net Assets  $268,381  $1,942,849  $2,413,300  $5,562,002  $4,818,413 
Number of shares outstanding  24,156  155,752  201,032  295,735  183,360 
Net asset value, offering price           
and redemption value  $11.11  $12.47  $12.00  $18.81  $26.28 
Computation of net asset value, offering price and redemption price Class Y     
Net Assets  $12,497  $19,215,678  $54,867,140  $108,386,134  $139,650,161 
Number of shares outstanding  1,125  1,547,161  4,558,413  5,767,000  5,313,750 
Net asset value, offering price           
and redemption value  $11.11  $12.42  $12.04  $18.79  $26.28 
Cost of investments (Note 1)  $782,282  $21,475,512  $61,333,048  $112,601,683  $145,896,307 

 

* On retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

*** Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

† Net asset value may not recalculate due to rounding of fractional shares.

The accompanying notes are an integral part of these financial statements.

20 Sustainable Retirement Funds 

 

 

Statement of assets and liabilities 1/31/24 (Unaudited) cont.

          Maturity 
ASSETS  2040 Fund  2035 Fund  2030 Fund  2025 Fund  Fund 
Investments in affiliated underlying           
Putnam funds, at value (Notes 1 and 5)  $228,019,467  $231,563,633  $255,252,349  $222,926,552  $201,805,328 
Cash  —  —  —  144,508  — 
Receivable for income distributions           
from underlying Putnam fund shares  9,810  16,086  14,875  23,164  1,661 
Receivable for shares of the fund sold  137,918  343,751  319,391  1,635,772  1,517 
Receivable for investments sold  1,332,879  2,307,534  1,178,949  —  — 
Receivable from Manager (Note 2)  43,350  33,647  19,465  9,438  12,369 
Total assets  229,543,424  234,264,651  256,785,029  224,739,434  201,820,875 
 
LIABILITIES           
Payable to custodian  582,813  1,527,793  298,055  —  — 
Payable for shares of the           
fund repurchased  320,458  1,230,552  653,359  599,796  112,108 
Payable for investments purchased  —  —  —  144,507  — 
Payable for investor servicing           
fees (Note 2)  45,727  46,701  52,291  45,345  42,050 
Payable for distribution fees (Note 2)  17,228  24,051  23,810  23,527  22,535 
Payable for reports to shareholders  6,311  5,646  6,496  5,485  6,569 
Payable for auditing and tax fee  17,461  17,470  19,722  17,257  16,505 
Other accrued expenses  5,007  5,690  4,677  4,841  3,515 
Total liabilities  995,005  2,857,903  1,058,410  840,758  203,282 
 
Net assets  $228,548,419  $231,406,748  $255,726,619  $223,898,676  $201,617,593 
 
REPRESENTED BY           
Paid-in-capital           
(unlimited shares authorized)           
(Notes 1 and 4)  $224,785,373  $234,646,993  $273,657,609  $249,105,733  $236,470,212 
Total distributable earnings (Note 1)  3,763,046  (3,240,245)  (17,930,990)  (25,207,057)  (34,852,619) 
Total — Representing net assets           
applicable to capital outstanding  $228,548,419  $231,406,748  $255,726,619  $223,898,676  $201,617,593 
 
COMPUTATION OF NET ASSET          Maturity 
VALUE AND OFFERING PRICE  2040 Fund  2035 Fund  2030 Fund  2025 Fund  Fund 
Computation of net asset value, offering price and redemption price Class A     
Net Assets  $17,561,525  $23,327,702  $23,199,621  $22,894,440  $23,915,234 
Number of shares outstanding  838,414  1,114,583  1,177,080  1,173,665  1,503,427 
Net asset value and redemption price  $20.95  $20.93  $19.71  $19.51  $15.91 
Offering price per class A share           
(100/94.25 of Class A net asset value)*  $22.23  $22.21  $20.91  $20.70  N/A 
Offering price per class A share           
(100/96.00 of Class A net asset value)**  N/A  N/A  N/A  N/A  $16.57 

 

(Continued on next page)

Sustainable Retirement Funds 21 

 

 

Statement of assets and liabilities 1/31/24 (Unaudited) cont.

COMPUTATION OF NET ASSET          Maturity 
VALUE AND OFFERING PRICE  2040 Fund  2035 Fund  2030 Fund  2025 Fund  Fund 
Computation of net asset value and offering price Class B       
Net Assets  $153,014  $129,016  $42,416  $82,619  $47,400 
Number of shares outstanding  8,464  7,026  2,292  4,640  3,071 
Net asset value and offering price***  $18.08  $18.36  $18.50†  $17.81  $15.43 
Computation of net asset value and offering price Class C       
Net Assets  $897,140  $1,169,163  $775,353  $1,101,613  $802,088 
Number of shares outstanding  51,807  64,973  43,255  63,214  51,813 
Net asset value and offering price***  $17.32  $17.99  $17.93  $17.43  $15.48 
Computation of net asset value, offering price and redemption price Class R     
Net Assets  $80,780  $588,312  $454,116  $623,815  $563,804 
Number of shares outstanding  3,618  29,926  25,278  35,050  35,498 
Net asset value, offering price           
and redemption value  $22.32†  $19.66  $17.96  $17.80  $15.88 
Computation of net asset value, offering price and redemption price Class R3     
Net Assets  $2,928,226  $5,852,019  $6,172,536  $3,641,248  $1,540,534 
Number of shares outstanding  109,771  222,496  260,176  186,963  96,468 
Net asset value, offering price           
and redemption value  $26.68  $26.30  $23.72  $19.48  $15.97 
Computation of net asset value, offering price and redemption price Class R4     
Net Assets  $539,891  $863,932  $2,657,452  $1,246,358  $130,216 
Number of shares outstanding  20,234  32,864  112,005  64,091  8,147 
Net asset value, offering price           
and redemption value  $26.68  $26.29  $23.73  $19.45  $15.98 
Computation of net asset value, offering price and redemption price Class R5     
Net Assets  $11,851  $11,584  $11,159  $10,780  $10,676 
Number of shares outstanding  445  441  470  555  668 
Net asset value, offering price           
and redemption value  $26.66†  $26.29†  $23.72†  $19.44†  $15.98 
Computation of net asset value, offering price and redemption price Class R6     
Net Assets  $8,837,534  $11,475,720  $10,702,549  $5,374,366  $1,581,679 
Number of shares outstanding  331,413  436,400  451,062  276,404  99,000 
Net asset value, offering price           
and redemption value  $26.67  $26.30  $23.73  $19.44  $15.98 
Computation of net asset value, offering price and redemption price Class Y     
Net Assets  $197,538,458  $187,989,300  $211,711,417  $188,923,437  $173,025,962 
Number of shares outstanding  7,426,644  7,157,832  8,944,255  9,730,163  10,828,610 
Net asset value, offering price           
and redemption value  $26.60  $26.26  $23.67  $19.42  $15.98 
Cost of investments (Note 1)  $204,465,789  $211,358,462  $239,710,228  $214,110,499  $193,140,092 

 

* On retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

** On retail sales of less than $100,000. On sales of $100,000 or more the offering price is reduced.

*** Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

† Net asset value may not recalculate due to rounding of fractional shares.

The accompanying notes are an integral part of these financial statements.

22 Sustainable Retirement Funds 

 

 

Statement of operations Six months ended 1/31/24 (Unaudited)

INVESTMENT INCOME  2065 Fund  2060 Fund  2055 Fund  2050 Fund  2045 Fund 
Income distributions from underlying           
Putnam fund shares (Note 5)  $9,143  $228,088  $754,445  $1,587,177  $2,233,734 
 
EXPENSES           
Compensation of Manager (Note 2)  2,108  50,275  152,283  288,747  371,669 
Investor servicing fees (Note 2)  392  10,820  37,038  68,038  90,927 
Distribution fees (Note 2)  1,735  3,754  14,756  18,059  25,182 
Reports to shareholders  7,710  8,218  8,924  9,521  9,698 
Blue sky expense  38,086  41,879  42,096  41,775  41,621 
Other  3,127  5,842  10,520  15,941  18,809 
Fees waived and reimbursed           
by Manager (Note 2)  (51,396)  (114,547)  (236,149)  (391,898)  (478,553) 
Total expenses  1,762  6,241  29,468  50,183  79,353 
 
Net investment income  7,381  221,847  724,977  1,536,994  2,154,381 
 
REALIZED AND UNREALIZED GAIN (LOSS)         
Net realized gain (loss) on:           
Sale of underlying Putnam fund shares           
(Notes 1 and 3)  6,191  122,039  51,438  429,024  760,531 
Capital gain distribution           
from underlying Putnam fund           
shares (Note 5)  13  437  2,279  6,364  10,273 
Total net realized gain  6,204  122,476  53,717  435,388  770,804 
Change in net unrealized appreciation (depreciation) on:       
Underlying Putnam fund shares  57,701  1,468,070  4,426,951  7,629,731  9,073,814 
Total change in net appreciation  57,701  1,468,070  4,426,951  7,629,731  9,073,814 
 
Net gain on investments  63,905  1,590,546  4,480,668  8,065,119  9,844,618 
 
Net increase in net assets resulting           
from operations  $71,286  $1,812,393  $5,205,645  $9,602,113  $11,998,999 

 

The accompanying notes are an integral part of these financial statements.

Sustainable Retirement Funds 23 

 

 

Statement of operations Six months ended 1/31/24 (Unaudited) cont.

          Maturity 
INVESTMENT INCOME  2040 Fund  2035 Fund  2030 Fund  2025 Fund  Fund 
Income distributions from underlying           
Putnam fund shares (Note 5)  $3,371,033  $3,643,292  $4,787,820  $4,853,819  $4,674,309 
 
EXPENSES           
Compensation of Manager (Note 2)  526,739  516,601  570,950  489,117  457,519 
Investor servicing fees (Note 2)  129,218  130,346  148,604  130,314  124,448 
Distribution fees (Note 2)  30,080  42,203  41,005  40,451  36,813 
Reports to shareholders  10,074  9,758  10,127  9,649  10,044 
Blue sky expense  41,254  41,098  41,115  41,901  41,098 
Other  24,256  25,099  26,094  24,043  21,654 
Fees waived and reimbursed           
by Manager (Note 2)  (635,816)  (598,555)  (607,865)  (505,192)  (487,176) 
Total expenses  125,805  166,550  230,030  230,283  204,400 
 
Net investment income  3,245,228  3,476,742  4,557,790  4,623,536  4,469,909 
 
REALIZED AND UNREALIZED GAIN (LOSS)         
Net realized gain (loss) on:           
Sale of underlying Putnam fund shares           
(Notes 1 and 3)  1,153,544  1,158,509  1,294,697  397,286  610,571 
Capital gain distribution           
from underlying Putnam fund           
shares (Note 5)  21,301  32,137  52,688  53,066  48,087 
Total net realized gain  1,174,845  1,190,646  1,347,385  450,352  658,658 
Change in net unrealized appreciation (depreciation) on:       
Underlying Putnam Fund shares  11,974,370  11,048,230  8,853,029  6,027,712  5,135,667 
Total change in net appreciation  11,974,370  11,048,230  8,853,029  6,027,712  5,135,667 
 
Net gain on investments  13,149,215  12,238,876  10,200,414  6,478,064  5,794,325 
 
Net increase in net assets resulting           
from operations  $16,394,443  $15,715,618  $14,758,204  $11,101,600  $10,264,234 

 

The accompanying notes are an integral part of these financial statements.

24 Sustainable Retirement Funds 

 

 

Statement of changes in net assets

2065 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $7,381  $11,400 
Net realized gain (loss) of underlying Putnam fund shares  6,204  (36,970) 
Net unrealized appreciation of underlying     
Putnam fund shares  57,701  102,904 
Net increase in net assets resulting from operations  71,286  77,334 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (2,599)  (2,009) 
Class C  (2,089)  (2,747) 
Class R  (98)  (135) 
Class R3  (125)  (161) 
Class R4  (152)  (187) 
Class R5  (169)  (202) 
Class R6  (4,090)  (4,081) 
Class Y  (167)  (248) 
Net realized short-term gain on investments     
Class A  —  (194) 
Class C  —  (418) 
Class R  —  (19) 
Class R3  —  (19) 
Class R4  —  (19) 
Class R5  —  (19) 
Class R6  —  (360) 
Class Y  —  (23) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (2,435) 
Class C  —  (5,259) 
Class R  —  (236) 
Class R3  —  (237) 
Class R4  —  (238) 
Class R5  —  (238) 
Class R6  —  (4,531) 
Class Y  —  (288) 
Increase from capital share transactions (Note 4)  142,867  227,899 
Total increase in net assets  204,664  280,930 
 
NET ASSETS     
Beginning of period  691,744  410,814 
End of period  $896,408  $691,744 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

Sustainable Retirement Funds 25 

 

 

Statement of changes in net assets cont.

2060 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $221,847  $325,044 
Net realized gain (loss) of underlying Putnam fund shares  122,476  (1,009,523) 
Net unrealized appreciation of underlying     
Putnam fund shares  1,468,070  2,421,957 
Net increase in net assets resulting from operations  1,812,393  1,737,478 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (20,659)  (17,047) 
Class B  (113)  (116) 
Class C  (2,436)  (2,167) 
Class R  (170)  (170) 
Class R3  (804)  (624) 
Class R4  (1,447)  (853) 
Class R5  (183)  (178) 
Class R6  (31,501)  (36,431) 
Class Y  (254,071)  (179,660) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (48,734) 
Class B  —  (678) 
Class C  —  (12,686) 
Class R  —  (690) 
Class R3  —  (1,957) 
Class R4  —  (2,242) 
Class R5  —  (450) 
Class R6  —  (86,792) 
Class Y  —  (445,481) 
Increase from capital share transactions (Note 4)  6,204,516  4,301,530 
Total increase in net assets  7,705,525  5,202,052 
 
NET ASSETS     
Beginning of period  16,370,646  11,168,594 
End of period  $24,076,171  $16,370,646 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

26 Sustainable Retirement Funds 

 

 

Statement of changes in net assets cont.

2055 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $724,977  $1,150,708 
Net realized gain (loss) of underlying Putnam fund shares  53,717  (4,114,862) 
Net unrealized appreciation of underlying     
Putnam fund shares  4,426,951  8,101,217 
Net increase in net assets resulting from operations  5,205,645  5,137,063 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (93,478)  (86,036) 
Class B  (221)  (392) 
Class C  (4,078)  (4,651) 
Class R  (988)  (698) 
Class R3  (38,328)  (48,535) 
Class R4  (6,159)  (5,716) 
Class R5  (189)  (195) 
Class R6  (44,911)  (124,628) 
Class Y  (832,560)  (599,087) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (355,585) 
Class B  —  (3,714) 
Class C  —  (44,619) 
Class R  —  (3,371) 
Class R3  —  (218,048) 
Class R4  —  (22,658) 
Class R5  —  (714) 
Class R6  —  (434,241) 
Class Y  —  (2,175,190) 
Increase from capital share transactions (Note 4)  12,863,172  8,309,989 
Total increase in net assets  17,047,905  9,318,974 
 
NET ASSETS     
Beginning of period  52,749,113  43,430,139 
End of period  $69,797,018  $52,749,113 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

Sustainable Retirement Funds 27 

 

 

Statement of changes in net assets cont.

2050 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $1,536,994  $2,492,201 
Net realized gain (loss) of underlying Putnam fund shares  435,388  (7,738,339) 
Net unrealized appreciation of underlying     
Putnam fund shares  7,629,731  14,830,717 
Net increase in net assets resulting from operations  9,602,113  9,584,579 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (128,127)  (136,534) 
Class B  (233)  (461) 
Class C  (10,461)  (12,612) 
Class R  (411)  (8,813) 
Class R3  (27,025)  (34,577) 
Class R4  (3,690)  (3,978) 
Class R5  (205)  (227) 
Class R6  (97,859)  (227,715) 
Class Y  (1,800,828)  (1,573,501) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (644,915) 
Class B  —  (8,042) 
Class C  —  (89,609) 
Class R  —  (49,674) 
Class R3  —  (179,909) 
Class R4  —  (17,565) 
Class R5  —  (950) 
Class R6  —  (912,479) 
Class Y  —  (6,586,111) 
Increase from capital share transactions (Note 4)  16,638,091  15,967,544 
Total increase in net assets  24,171,365  15,064,451 
 
NET ASSETS     
Beginning of period  103,126,535  88,062,084 
End of period  $127,297,900  $103,126,535 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

28 Sustainable Retirement Funds 

 

 

Statement of changes in net assets cont.

2045 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $2,154,381  $4,304,846 
Net realized gain (loss) of underlying Putnam fund shares  770,804  (11,439,022) 
Net unrealized appreciation of underlying     
Putnam fund shares  9,073,814  19,000,255 
Net increase in net assets resulting from operations  11,998,999  11,866,079 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (276,201)  (459,165) 
Class B  (3,547)  (13,868) 
Class C  (17,613)  (24,076) 
Class R  (1,413)  (1,505) 
Class R3  (42,626)  (73,380) 
Class R4  (12,836)  (21,829) 
Class R5  (203)  (311) 
Class R6  (92,904)  (343,625) 
Class Y  (2,311,767)  (3,170,059) 
Net realized short-term gain on investments     
Class A  —  (629) 
Class B  —  (23) 
Class C  —  (40) 
Class R  —  (2) 
Class R3  —  (113) 
Class R4  —  (30) 
Class R5  —  (1) 
Class R6  —  (433) 
Class Y  —  (4,117) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (1,100,739) 
Class B  —  (40,584) 
Class C  —  (70,695) 
Class R  —  (4,295) 
Class R3  —  (197,562) 
Class R4  —  (52,044) 
Class R5  —  (707) 
Class R6  —  (757,360) 
Class Y  —  (7,204,678) 
Increase from capital share transactions (Note 4)  15,196,692  13,008,198 
Total increase in net assets  24,436,581  11,332,407 
 
NET ASSETS     
Beginning of period  138,997,053  127,664,646 
End of period  $163,433,634  $138,997,053 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

Sustainable Retirement Funds 29 

 

 

Statement of changes in net assets cont.

2040 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $3,245,228  $7,849,124 
Net realized gain (loss) of underlying Putnam fund shares  1,174,845  (14,949,927) 
Net unrealized appreciation of underlying     
Putnam fund shares  11,974,370  22,973,997 
Net increase in net assets resulting from operations  16,394,443  15,873,194 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (384,255)  (667,187) 
Class B  (1,630)  (11,613) 
Class C  (17,497)  (35,173) 
Class R  (3,098)  (5,299) 
Class R3  (41,092)  (115,456) 
Class R4  (8,622)  (27,545) 
Class R5  (218)  (370) 
Class R6  (183,707)  (514,044) 
Class Y  (3,640,165)  (5,869,743) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (1,615,510) 
Class B  —  (33,518) 
Class C  —  (98,576) 
Class R  —  (14,189) 
Class R3  —  (295,991) 
Class R4  —  (65,697) 
Class R5  —  (851) 
Class R6  —  (1,150,773) 
Class Y  —  (13,479,421) 
Increase from capital share transactions (Note 4)  12,916,797  19,573,260 
Total increase in net assets  25,030,956  11,445,498 
 
NET ASSETS     
Beginning of period  203,517,463  192,071,965 
End of period  $228,548,419  $203,517,463 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

30 Sustainable Retirement Funds 

 

 

Statement of changes in net assets cont.

2035 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $3,476,742  $9,202,855 
Net realized gain (loss) of underlying Putnam fund shares  1,190,646  (17,840,562) 
Net unrealized appreciation of underlying     
Putnam fund shares  11,048,230  21,567,753 
Net increase in net assets resulting from operations  15,715,618  12,930,046 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (547,405)  (1,149,216) 
Class B  (2,461)  (8,550) 
Class C  (24,637)  (60,566) 
Class R  (12,770)  (27,429) 
Class R3  (99,333)  (207,006) 
Class R4  (16,234)  (37,919) 
Class R5  (236)  (460) 
Class R6  (265,365)  (717,606) 
Class Y  (3,816,612)  (6,754,008) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (1,285,133) 
Class B  —  (11,737) 
Class C  —  (76,584) 
Class R  —  (32,816) 
Class R3  —  (245,577) 
Class R4  —  (41,849) 
Class R5  —  (495) 
Class R6  —  (753,903) 
Class Y  —  (7,239,702) 
Increase from capital share transactions (Note 4)  19,856,233  19,568,141 
Total increase in net assets  30,786,798  13,847,631 
 
NET ASSETS     
Beginning of period  200,619,950  186,772,319 
End of period  $231,406,748  $200,619,950 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

Sustainable Retirement Funds 31 

 

 

Statement of changes in net assets cont.

2030 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $4,557,790  $14,207,580 
Net realized gain (loss) of underlying Putnam fund shares  1,347,385  (22,808,351) 
Net unrealized appreciation of underlying     
Putnam fund shares  8,853,029  19,453,575 
Net increase in net assets resulting from operations  14,758,204  10,852,804 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (696,083)  (1,485,935) 
Class B  (555)  (9,695) 
Class C  (20,463)  (52,008) 
Class R  (13,200)  (26,523) 
Class R3  (139,317)  (290,130) 
Class R4  (65,434)  (152,314) 
Class R5  (293)  (568) 
Class R6  (336,190)  (1,049,075) 
Class Y  (5,459,175)  (10,789,894) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (1,033,986) 
Class B  —  (7,779) 
Class C  —  (41,010) 
Class R  —  (19,470) 
Class R3  —  (209,804) 
Class R4  —  (105,115) 
Class R5  —  (381) 
Class R6  —  (692,871) 
Class Y  —  (7,250,935) 
Increase from capital share transactions (Note 4)  9,022,801  12,408,821 
Total increase in net assets  17,050,295  44,132 
 
NET ASSETS     
Beginning of period  238,676,324  238,632,192 
End of period  $255,726,619  $238,676,324 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

32 Sustainable Retirement Funds 

 

 

Statement of changes in net assets cont.

2025 Fund — INCREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $4,623,536  $14,400,408 
Net realized gain (loss) of underlying Putnam fund shares  450,352  (22,370,561) 
Net unrealized appreciation of underlying     
Putnam fund shares  6,027,712  14,442,043 
Net increase in net assets resulting from operations  11,101,600  6,471,890 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (700,742)  (1,468,168) 
Class B  (2,024)  (9,107) 
Class C  (28,848)  (98,665) 
Class R  (18,486)  (46,537) 
Class R3  (103,146)  (200,694) 
Class R4  (38,058)  (81,071) 
Class R5  (349)  (634) 
Class R6  (196,123)  (671,541) 
Class Y  (5,937,906)  (10,592,593) 
From capital gain on investments     
Net realized long-term gain on investments     
Class A  —  (584,440) 
Class B  —  (4,394) 
Class C  —  (43,500) 
Class R  —  (19,512) 
Class R3  —  (82,132) 
Class R4  —  (31,762) 
Class R5  —  (242) 
Class R6  —  (252,912) 
Class Y  —  (4,047,709) 
Increase from capital share transactions (Note 4)  14,021,795  15,331,353 
Total increase in net assets  18,097,713  3,567,630 
 
NET ASSETS     
Beginning of period  205,800,963  202,233,333 
End of period  $223,898,676  $205,800,963 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

Sustainable Retirement Funds 33 

 

 

Statement of changes in net assets cont.

Maturity Fund —DECREASE IN NET ASSETS  Six months ended 1/31/24*  Year ended 7/31/23 
Operations     
Net investment income  $4,469,909  $16,753,810 
Net realized gain (loss) of underlying Putnam fund shares  658,658  (25,875,833) 
Net unrealized appreciation of underlying     
Putnam fund shares  5,135,667  15,990,715 
Net increase in net assets resulting from operations  10,264,234  6,868,692 
Distributions to shareholders (Note 1)     
From ordinary income     
Net investment income     
Class A  (509,650)  (1,784,456) 
Class B  (1,036)  (8,577) 
Class C  (16,315)  (63,781) 
Class R  (10,793)  (36,203) 
Class R3  (30,841)  (113,009) 
Class R4  (3,269)  (15,315) 
Class R5  (236)  (733) 
Class R6  (37,198)  (251,783) 
Class Y  (3,909,734)  (14,476,017) 
Decrease from capital share transactions (Note 4)  (10,143,029)  (33,432,687) 
Total decrease in net assets  (4,397,867)  (43,313,869) 
 
NET ASSETS     
Beginning of period  206,015,460  249,329,329 
End of period  $201,617,593  $206,015,460 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

34 Sustainable Retirement Funds 

 

 

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Sustainable Retirement Funds 35 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2065 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss) a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $10.33­  .10­  .77­  .87­  (.13)  —­  (.13)  $11.07­  8.47*  $231­  .14*  1.02*  17* 
July 31, 2023­  9.72­  .18­  .86­  1.04­  (.19)  (.24)  (.43)  10.33­  11.38­  183­  .28­  1.90­  144­i 
July 31, 2022­  11.34­  .05­  (1.04)  (.99)  (.53)  (.10)  (.63)  9.72­  (9.42)  57­  .28­  .52­  13­ 
July 31, 2021 ∆­  10.00­  (.02)  1.36­  1.34­  —­  —­  —­  11.34­  13.40*  18­  .18*  (.17)*  7* 
Class C­                           
January 31, 2024**  $10.24­  .07­  .75­  .82­  (.07)  —­  (.07)  $10.99­  8.02*  $334­  .52*  .68*  17* 
July 31, 2023­  9.64­  .14­  .82­  .96­  (.12)  (.24)  (.36)  10.24­  10.54­  262­  1.03­  1.44­  144­i 
July 31, 2022­  11.29­  (.03)  (1.03)  (1.06)  (.49)  (.10)  (.59)  9.64­  (10.05)  180­  1.03­  (.32)  13­ 
July 31, 2021 ∆­  10.00­  (.07)  1.36­  1.29­  —­  —­  —­  11.29­  12.90*  84­  .61*  (.60)*  7* 
Class R­                           
January 31, 2024**  $10.34­  .08­  .77­  .85­  (.09)  —­  (.09)  $11.10­  8.23*  $12­  .34*  .80 *  17* 
July 31, 2023­  9.70­  .16­  .85­  1.01­  (.13)  (.24)  (.37)  10.34­  11.02­  11­  .68­  1.71­  144­i 
July 31, 2022­  11.32­  .04­  (1.09)  (1.05)  (.47)  (.10)  (.57)  9.70­  (9.89)  10­  .68­  .41­  13­ 
July 31, 2021 ∆­  10.00­  (.04)  1.36­  1.32­  —­  —­  —­  11.32­  13.20*  11­  .41*  (.40)*  7* 
Class R3­                           
January 31, 2024**  $10.36­  .09­  .76­  .85­  (.11)  —­  (.11)  $11.10­  8.25*  $12­  .22*  .93*  17* 
July 31, 2023­  9.72­  .19­  .84­  1.03­  (.15)  (.24)  (.39)  10.36­  11.29­  11­  .43­  1.96­  144­i 
July 31, 2022­  11.33­  .07­  (1.08)  (1.01)  (.50)  (.10)  (.60)  9.72­  (9.58)  10­  .43­  .66­  13­ 
July 31, 2021 ∆­  10.00­  (.03)  1.36­  1.33­  —­  —­  —­  11.33­  13.30*  11­  .26*  (.25)*  7* 
Class R4­                           
January 31, 2024**  $10.37­  .11­  .77­  .88­  (.14)  —­  (.14)  $11.11­  8.49*  $12­  .09*  1.06*  17* 
July 31, 2023­  9.74­  .21­  .84­  1.05­  (.18)  (.24)  (.42)  10.37­  11.47­  11­  .18­  2.21­  144­i 
July 31, 2022­  11.35­  .10­  (1.08)  (.98)  (.53)  (.10)  (.63)  9.74­  (9.35)  10­  .18­  .91­  13­ 
July 31, 2021 ∆­  10.00­  (.01)  1.36­  1.35­  —­  —­  —­  11.35­  13.50*  11­  .12*  (.11)*  7* 
Class R5­                           
January 31, 2024**  $10.38­  .12­  .76­  .88­  (.15)  —­  (.15)  $11.11­  8.53*  $12­  .01*  1.13*  17* 
July 31, 2023­  9.75­  .23­  .83­  1.06­  (.19)  (.24)  (.43)  10.38­  11.63­  12­  .03­  2.36­  144­i 
July 31, 2022­  11.36­  .11­  (1.08)  (.97)  (.54)  (.10)  (.64)  9.75­  (9.21)  10­  .03­  1.06­  13­ 
July 31, 2021 ∆­  10.00­  —­f  1.36­  1.36­  —­  —­  —­  11.36­  13.60*  11­  .03*  (.02)*  7* 
Class R6­                           
January 31, 2024**  $10.38­  .13­  .76­  .89­  (.16)  —­  (.16)  $11.11­  8.63*  $268­  (.04)*  1.30*  17* 
July 31, 2023­  9.75­  .27­  .80­  1.07­  (.20)  (.24)  (.44)  10.38­  11.76­  189­  (.07)  2.84­  144­i 
July 31, 2022­  11.36­  .07­  (1.02)  (.95)  (.56)  (.10)  (.66)  9.75­  (9.11)  122­  (.07)  .67­  13­ 
July 31, 2021 ∆­  10.00­  —­f  1.36­  1.36­  —­  —­  —­  11.36­  13.60*  26­  (.03)*  .04*  7* 

 

The accompanying notes are an integral part of these financial statements.

36 Sustainable Retirement Funds  Sustainable Retirement Funds 37 

 

 

Financial highlights cont.

2065 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class Y­                           
January 31, 2024**  $10.38­  .12­  .76­  .88­  (.15)  —­  (.15)  $11.11­  8.52*  $12­  .01*  1.13*  17* 
July 31, 2023­  9.75­  .23­  .83­  1.06­  (.19)  (.24)  (.43)  10.38­  11.65­  12­  .03­  2.43­  144­i 
July 31, 2022­  11.36­  .11­  (1.08)  (.97)  (.54)  (.10)  (.64)  9.75­  (9.21)  11­  .03­  1.03­  13­ 
July 31, 2021 ∆­  10.00­  —­f  1.36­  1.36­  —­  —­  —­  11.36­  13.60*  11­  .03*  (.02)*  7* 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

38 Sustainable Retirement Funds  Sustainable Retirement Funds 39 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2060 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $11.56­  .11­  .87­  .98­  (.16)  —­  (.16)  $12.38­  8.50*  $2,403­  .14*  .99*  23* 
July 31, 2023­  11.07­  .22­  .93­  1.15­  (.17)  (.49)  (.66)  11.56­  11.28­  1,471­  .28­  2.09­  154­i 
July 31, 2022­  13.89­  .10­  (1.18)  (1.08)  (.70)  (1.04)  (1.74)  11.07­  (9.43)  984­  .28­  .78­  52­ 
July 31, 2021  11.00­  .03­  3.15­  3.18­  (.02)  (.27)  (.29)  13.89­  29.22­  912­  .34­g  .24­  73­ 
July 31, 2020  10.99­  .12­  .52­  .64­  (.12)  (.51)  (.63)  11.00­  5.83­  1,773­  .41­g  1.15­  86­ 
July 31, 2019  11.70­  .11­  (.12)  (.01)  (.34)  (.36)  (.70)  10.99­  .72­  1,323­  .38­  1.01­  69­ 
Class B                           
January 31, 2024**   $11.46­  .08­  .85­  .93­  (.08)  —­  (.08)  $12.31­  8.10*  $18­  .52*  .67*  23* 
July 31, 2023­  10.97­  .15­  .91­  1.06­  (.08)  (.49)  (.57)  11.46­  10.45­  17­  1.03­  1.41­  154­i 
July 31, 2022­  13.75­  .01­  (1.18)  (1.17)  (.57)  (1.04)  (1.61)  10.97­  (10.08)  15­  1.03­  .08­  52­ 
July 31, 2021  10.96­  (.04)  3.10­  3.06­  —­  (.27)  (.27)  13.75­  28.20­  17­  1.09­g  (.29)  73­ 
July 31, 2020  10.94­  .05­  .51­  .56­  (.03)  (.51)  (.54)  10.96­  5.06­  17­  1.16­g  .46­  86­ 
July 31, 2019  11.66­  .06­  (.15)  (.09)  (.27)  (.36)  (.63)  10.94­  (.07)  22­  1.13­  .56­  69­ 
Class C                           
January 31, 2024**   $11.34­  .08­  .84­  .92­  (.08)  —­  (.08)  $12.18­  8.14*  $284­  .52*  .71*  23* 
July 31, 2023­  10.86­  .14­  .91­  1.05­  (.08)  (.49)  (.57)  11.34­  10.46­  326­  1.03­  1.37­  154­i 
July 31, 2022­  13.67­  .01­  (1.17)  (1.16)  (.61)  (1.04)  (1.65)  10.86­  (10.13)  296­  1.03­  .06­  52­ 
July 31, 2021  10.89­  (.04)  3.09­  3.05­  —­  (.27)  (.27)  13.67­  28.30­  290­  1.09­g  (.34)  73­ 
July 31, 2020  10.90­  .04­  .52­  .56­  (.06)  (.51)  (.57)  10.89­  5.06­  198­  1.16­g  .42­  86­ 
July 31, 2019  11.60­  .01­  (.10)  (.09)  (.25)  (.36)  (.61)  10.90­  (.05)  134­  1.13­  .06­  69­ 
Class R                           
January 31, 2024**   $11.62­  .10­  .87­  .97­  (.11)  —­  (.11)  $12.48­  8.39*  $19­  .34*  .85*  23* 
July 31, 2023­  11.12­  .19­  .92­  1.11­  (.12)  (.49)  (.61)  11.62­  10.78­  17­  .68­  1.76­  154­i 
July 31, 2022­  13.94­  .05­  (1.19)  (1.14)  (.64)  (1.04)  (1.68)  11.12­  (9.78)  16­  .68­  .43­  52­ 
July 31, 2021  11.09­  .01­  3.15­  3.16­  (.04)  (.27)  (.31)  13.94­  28.86­  17­  .68­  .10­  73­ 
July 31, 2020  11.01­  .06­  .55­  .61­  (.02)  (.51)  (.53)  11.09­  5.49­  14­  .66­g  .59­  86­ 
July 31, 2019  11.69­  .09­  (.12)  (.03)  (.29)  (.36)  (.65)  11.01­  .52­  27­  .63­  .82­  69­ 
Class R3                           
January 31, 2024**   $11.61­  .12­  .86­  .98­  (.15)  —­  (.15)  $12.44­  8.43*  $72­  .22*  1.03*  23* 
July 31, 2023­  11.12­  .21­  .93­  1.14­  (.16)  (.49)  (.65)  11.61­  11.07­  58­  .43­  1.95­  154­i 
July 31, 2022­  13.94­  .09­  (1.19)  (1.10)  (.68)  (1.04)  (1.72)  11.12­  (9.52)  40­  .43­  .68­  52­ 
July 31, 2021 ∆­  12.31­  (.03)  1.66­  1.63­  —­  —­  —­  13.94­  13.24*  39­  .26*g  (.25)*  73­ 
Class R4                           
January 31, 2024**   $11.63­  .13­  .86­  .99­  (.17)  —­  (.17)  $12.45­  8.58*  $109­  .09*  1.14*  23* 
July 31, 2023­  11.14­  .23­  .94­  1.17­  (.19)  (.49)  (.68)  11.63­  11.38­  81­  .18­  2.10­  154­i 
July 31, 2022­  13.96­  .11­  (1.18)  (1.07)  (.71)  (1.04)  (1.75)  11.14­  (9.32)  36­  .18­  .90­  52­ 
July 31, 2021 ∆­  12.31­  (.01)  1.66­  1.65­  —­  —­  —­  13.96­  13.40*  32­  .12*g  (.11)*  73­ 

 

The accompanying notes are an integral part of these financial statements.

40 Sustainable Retirement Funds  Sustainable Retirement Funds 41 

 

 

Financial highlights cont.

2060 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $11.65­  .14­  .87­  1.01­  (.19)  —­  (.19)  $12.47­  8.66*  $12­  .02*  1.17*  23* 
July 31, 2023­  11.15­  .26­  .92­  1.18­  (.19)  (.49)  (.68)  11.65­  11.54­  11­  .03­  2.41­  154­i 
July 31, 2022­  13.97­  .13­  (1.18)  (1.05)  (.73)  (1.04)  (1.77)  11.15­  (9.18)  10­  .03­  1.07­  52­ 
July 31, 2021 ∆­  12.31­  —­f  1.66­  1.66­  —­  —­  —­  13.97­  13.48*  11­  .03*g  (.02)*  73­ 
Class R6                           
January 31, 2024**   $11.66­  .15­  .86­  1.01­  (.20)  —­  (.20)  $12.47­  8.66*  $1,943­  (.03)*  1.28*  23* 
July 31, 2023­  11.16­  .31­  .88­  1.19­  (.20)  (.49)  (.69)  11.66­  11.65­  1,648­  (.07)  2.89­  154­i 
July 31, 2022­  13.98­  .13­  (1.17)  (1.04)  (.74)  (1.04)  (1.78)  11.16­  (9.07)  1,909­  (.07)  1.06­  52­ 
July 31, 2021  11.11­  .10­  3.15­  3.25­  (.11)  (.27)  (.38)  13.98­  29.67­  1,487­  .01­g  .76­  73­ 
July 31, 2020  11.08­  .17­  .52­  .69­  (.15)  (.51)  (.66)  11.11­  6.20­  877­  .09­g  1.63­  86­ 
July 31, 2019  11.77­  .20­  (.18)  .02­  (.35)  (.36)  (.71)  11.08­  1.02­  775­  .05­  1.87­  69­ 
Class Y                           
January 31, 2024**   $11.60­  .14­  .87­  1.01­  (.19)  —­  (.19)  $12.42­  8.71*  $19,216­  .02*  1.23*  23* 
July 31, 2023­  11.11­  .26­  .92­  1.18­  (.20)  (.49)  (.69)  11.60­  11.52­  12,740­  .03­  2.40­  154­i 
July 31, 2022­  13.94­  .10­  (1.16)  (1.06)  (.73)  (1.04)  (1.77)  11.11­  (9.23)  7,863­  .03­  .85­  52­ 
July 31, 2021  11.08­  .09­  3.15­  3.24­  (.11)  (.27)  (.38)  13.94­  29.66­  3,705­  .09­g  .67­  73­ 
July 31, 2020  11.06­  .16­  .51­  .67­  (.14)  (.51)  (.65)  11.08­  6.08­  79­  .16­g  1.52­  86­ 
July 31, 2019  11.74­  .04­  (.02)  .02­  (.34)  (.36)  (.70)  11.06­  1.01­  116­  .13­  .34­  69­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

42 Sustainable Retirement Funds  Sustainable Retirement Funds 43 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2055 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $11.13­  .13­  .78­  .91­  (.16)  —­  (.16)  $11.88­  8.24*  $8,108­  .15*  1.16*  7* 
July 31, 2023­  11.07­  .24­  .79­  1.03­  (.19)  (.78)  (.97)  11.13­  10.55­  5,727­  .28­  2.30­  133­i 
July 31, 2022­  13.76­  .12­  (1.20)  (1.08)  (.69)  (.92)  (1.61)  11.07­  (9.33)  4,851­  .28­  .94­  28­ 
July 31, 2021  10.77­  .04­  2.99­  3.03­  (.04)  —­  (.04)  13.76­  28.18­  4,412­  .34­g  .39­  39­ 
July 31, 2020  11.01­  .13­  .48­  .61­  (.08)  (.77)  (.85)  10.77­  5.53­  16,369­  .43­g  1.21­  50­ 
July 31, 2019  12.57­  .13­  (.25)  (.12)  (.31)  (1.13)  (1.44)  11.01­  .73­  14,360­  .42­  1.19­  57­ 
Class B                           
January 31, 2024**   $11.00­  .08­  .78­  .86­  (.06)  —­  (.06)  $11.80­  7.82*  $43­  .53*  .71*  7* 
July 31, 2023­  10.92­  .16­  .78­  .94­  (.08)  (.78)  (.86)  11.00­  9.73­  49­  1.03­  1.59­  133­i 
July 31, 2022­  13.56­  .04­  (1.19)  (1.15)  (.57)  (.92)  (1.49)  10.92­  (9.92)  63­  1.03­  .29­  28­ 
July 31, 2021  10.67­  (.04)  2.93­  2.89­  —­  —­  —­  13.56­  27.09­  103­  1.09­g  (.31)  39­ 
July 31, 2020  10.92­  .05­  .47­  .52­  —­  (.77)  (.77)  10.67­  4.72­  103­  1.18­g  .45­  50­ 
July 31, 2019  12.45­  .05­  (.23)  (.18)  (.22)  (1.13)  (1.35)  10.92­  .06­  102­  1.17­  .47­  57­ 
Class C                           
January 31, 2024**   $10.71­  .08­  .76­  .84­  (.08)  —­  (.08)  $11.47­  7.81*  $619­  .53*  .73*  7* 
July 31, 2023­  10.65­  .16­  .76­  .92­  (.08)  (.78)  (.86)  10.71­  9.77­  641­  1.03­  1.60­  133­i 
July 31, 2022­  13.29­  .04­  (1.17)  (1.13)  (.59)  (.92)  (1.51)  10.65­  (10.01)  599­  1.03­  .34­  28­ 
July 31, 2021  10.47­  (.03)  2.87­  2.84­  (.02)  —­  (.02)  13.29­  27.16­  1,158­  1.09­g  (.27)  39­ 
July 31, 2020  10.73­  .05­  .46­  .51­  —­f  (.77)  (.77)  10.47­  4.74­  923­  1.18­g  .53­  50­ 
July 31, 2019  12.28­  .05­  (.24)  (.19)  (.23)  (1.13)  (1.36)  10.73­  .02­  959­  1.17­  .49­  57­ 
Class R                           
January 31, 2024**   $11.44­  .11­  .80­  .91­  (.13)  —­  (.13)  $12.22­  7.99*  $96­  .35*  1.00*  7* 
July 31, 2023­  11.36­  .19­  .83­  1.02­  (.16)  (.78)  (.94)  11.44­  10.16­  72­  .68­  1.81­  133­i 
July 31, 2022­  13.74­  .01­  (1.18)  (1.17)  (.29)  (.92)  (1.21)  11.36­  (9.66)  39­  .68­  .03­  28­ 
July 31, 2021  10.83­  .02­  2.97­  2.99­  (.08)  —­  (.08)  13.74­  27.71­  166­  .68­g  .15­  39­ 
July 31, 2020  11.07­  .10­  .49­  .59­  (.06)  (.77)  (.83)  10.83­  5.26­  116­  .68­g  .94­  50­ 
July 31, 2019  12.52­  .07­  (.21)  (.14)  (.18)  (1.13)  (1.31)  11.07­  .44­  87­  .67­  .58­  57­ 
Class R3                           
January 31, 2024**   $11.22­  .12­  .79­  .91­  (.15)  —­  (.15)  $11.98­  8.09*  $3,202­  .22*  1.11*  7* 
July 31, 2023­  11.15­  .25­  .77­  1.02­  (.17)  (.78)  (.95)  11.22­  10.40­  2,990­  .43­  2.32­  133­i 
July 31, 2022­  13.84­  .10­  (1.20)  (1.10)  (.67)  (.92)  (1.59)  11.15­  (9.42)  2,904­  .43­  .79­  28­ 
July 31, 2021 ∆­  12.27­  (.03)  1.60­  1.57­  —­  —­  —­  13.84­  12.80*  2,945­  .26*g  (.24)*  39­ 
Class R4                           
January 31, 2024**   $11.24­  .13­  .80­  .93­  (.17)  —­  (.17)  $12.00­  8.33*  $437­  .10*  1.21*  7* 
July 31, 2023­  11.17­  .25­  .80­  1.05­  (.20)  (.78)  (.98)  11.24­  10.64­  382­  .18­  2.39­  133­i 
July 31, 2022­  13.86­  .13­  (1.20)  (1.07)  (.70)  (.92)  (1.62)  11.17­  (9.20)  317­  .18­  1.06­  28­ 
July 31, 2021 ∆­  12.27­  (.01)  1.60­  1.59­  —­  —­  —­  13.86­  12.96*  336­  .12*g  (.10)*  39­ 

 

The accompanying notes are an integral part of these financial statements.

44 Sustainable Retirement Funds  Sustainable Retirement Funds 45 

 

 

Financial highlights cont.

2055 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $11.25­  .14­  .80­  .94­  (.19)  —­  (.19)  $12.00­  8.36*  $12­  .02*  1.27*  7* 
July 31, 2023­  11.18­  .27­  .79­  1.06­  (.21)  (.78)  (.99)  11.25­  10.80­  11­  .03­  2.55­  133­i 
July 31, 2022­  13.87­  .15­  (1.20)  (1.05)  (.72)  (.92)  (1.64)  11.18­  (9.05)  10­  .03­  1.22­  28­ 
July 31, 2021 ∆­  12.27­  —­f  1.60­  1.60­  —­  —­  —­  13.87­  13.04*  11­  .03*g  (.01)*  39­ 
Class R6                           
January 31, 2024**   $11.26­  .15­  .79­  .94­  (.20)  —­  (.20)  $12.00­  8.35*  $2,413­  (.03)*  1.33*  7* 
July 31, 2023­  11.18­  .38­  .70­  1.08­  (.22)  (.78)  (1.00)  11.26­  11.01­  2,487­  (.07)  3.59­  133­i 
July 31, 2022­  13.88­  .16­  (1.21)  (1.05)  (.73)  (.92)  (1.65)  11.18­  (9.03)  6,073­  (.07)  1.26­  28­ 
July 31, 2021  10.91­  .10­  3.00­  3.10­  (.13)  —­  (.13)  13.88­  28.60­  6,221­  —­g,h  .84­  39­ 
July 31, 2020  11.14­  .16­  .50­  .66­  (.12)  (.77)  (.89)  10.91­  5.88­  6,246­  .09­g  1.55­  50­ 
July 31, 2019  12.71­  .18­  (.26)  (.08)  (.36)  (1.13)  (1.49)  11.14­  1.10­  6,071­  .05­  1.62­  57­ 
Class Y                           
January 31, 2024**   $11.29­  .15­  .79­  .94­  (.19)  —­  (.19)  $12.04­  8.35*  $54,867­  .02*  1.30*  7* 
July 31, 2023­  11.21­  .27­  .80­  1.07­  (.21)  (.78)  (.99)  11.29­  10.89­  40,391­  .03­  2.50­  133­i 
July 31, 2022­  13.91­  .14­  (1.20)  (1.06)  (.72)  (.92)  (1.64)  11.21­  (9.07)  28,572­  .03­  1.13­  28­ 
July 31, 2021  10.95­  .10­  2.99­  3.09­  (.13)  —­  (.13)  13.91­  28.41­  20,777­  .09­g  .78­  39­ 
July 31, 2020  11.12­  .18­  .47­  .65­  (.05)  (.77)  (.82)  10.95­  5.80­  318­  .18­g  1.68­  50­ 
July 31, 2019  12.68­  .16­  (.25)  (.09)  (.34)  (1.13)  (1.47)  11.12­  1.01­  662­  .17­  1.43­  57­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

46 Sustainable Retirement Funds  Sustainable Retirement Funds 47 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2050 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $17.75­  .22­  1.18­  1.40­  (.28)  —­  (.28)  $18.87­  7.92*  $9,780­  .16*  1.26*  9* 
July 31, 2023­  18.27­  .42­  1.11­  1.53­  (.36)  (1.69)  (2.05)  17.75­  9.93­  7,769­  .29­  2.49­  129­i 
July 31, 2022­  22.32­  .23­  (1.99)  (1.76)  (1.10)  (1.19)  (2.29)  18.27­  (9.16)  7,023­  .28­  1.11­  32­ 
July 31, 2021  17.62­  .03­  4.67­  4.70­  —­f  —­  —­f  22.32­  26.68­  7,601­  .34­g  .19­  33­ 
July 31, 2020  17.96­  .23­  .72­  .95­  (.22)  (1.07)  (1.29)  17.62­  5.33­  53,927­  .42­g  1.34­  46­ 
July 31, 2019  20.52­  .23­  (.40)  (.17)  (.51)  (1.88)  (2.39)  17.96­  .87­  48,610­  .39­  1.27­  35­ 
Class B                           
January 31, 2024**   $17.39­  .12­  1.19­  1.31­  (.07)  —­  (.07)  $18.63­  7.55*  $54­  .53*  .69*  9* 
July 31, 2023­  17.80­  .25­  1.13­  1.38­  (.10)  (1.69)  (1.79)  17.39­  9.09­  85­  1.04­  1.50­  129­i 
July 31, 2022­  21.72­  .09­  (1.96)  (1.87)  (.86)  (1.19)  (2.05)  17.80­  (9.82)  131­  1.03­  .43­  32­ 
July 31, 2021  17.36­  (.05)  4.51­  4.46­  (.10)  —­  (.10)  21.72­  25.76­  316­  1.09­g  (.27)  33­ 
July 31, 2020  17.67­  .09­  .71­  .80­  (.04)  (1.07)  (1.11)  17.36­  4.52­  294­  1.17­g  .55­  46­ 
July 31, 2019  20.19­  .11­  (.39)  (.28)  (.36)  (1.88)  (2.24)  17.67­  .14­  416­  1.14­  .59­  35­ 
Class C                           
January 31, 2024**   $16.83­  .15­  1.13­  1.28­  (.17)  —­  (.17)  $17.94­  7.60*  $1,145­  .53*  .88*  9* 
July 31, 2023­  17.44­  .28­  1.04­  1.32­  (.24)  (1.69)  (1.93)  16.83­  9.05­  1,042­  1.04­  1.75­  129­i 
July 31, 2022­  21.37­  .06­  (1.89)  (1.83)  (.91)  (1.19)  (2.10)  17.44­  (9.81)  895­  1.03­  .29­  32­ 
July 31, 2021  17.11­  (.05)  4.44­  4.39­  (.13)  —­  (.13)  21.37­  25.73­  1,077­  1.09­g  (.28)  33­ 
July 31, 2020  17.48­  .09­  .71­  .80­  (.10)  (1.07)  (1.17)  17.11­  4.55­  864­  1.17­g  .52­  46­ 
July 31, 2019  20.02­  .09­  (.38)  (.29)  (.37)  (1.88)  (2.25)  17.48­  .13­  754­  1.14­  .53­  35­ 
Class R                           
January 31, 2024**   $17.23­  .17­  1.16­  1.33­  (.08)  —­  (.08)  $18.48­  7.73*  $99­  .36*  1.02*  9* 
July 31, 2023­  17.80­  .49­  .93­  1.42­  (.30)  (1.69)  (1.99)  17.23­  9.52­  156­  .69­  2.92­  129­i 
July 31, 2022­  21.74­  .11­  (1.91)  (1.80)  (.95)  (1.19)  (2.14)  17.80­  (9.50)  499­  .68­  .57­  32­ 
July 31, 2021  17.40­  .03­  4.52­  4.55­  (.21)  —­  (.21)  21.74­  26.28­  754­  .67­g  .15­  33­ 
July 31, 2020  17.72­  .18­  .71­  .89­  (.14)  (1.07)  (1.21)  17.40­  5.01­  568­  .67­g  1.06­  46­ 
July 31, 2019  20.27­  .18­  (.38)  (.20)  (.47)  (1.88)  (2.35)  17.72­  .68­  505­  .64­  1.01­  35­ 
Class R3                           
January 31, 2024**   $17.67­  .21­  1.18­  1.39­  (.26)  —­  (.26)  $18.80­  7.86*  $2,053­  .23*  1.18*  9* 
July 31, 2023­  18.19­  .42­  1.08­  1.50­  (.33)  (1.69)  (2.02)  17.67­  9.75­  1,899­  .44­  2.50­  129­i 
July 31, 2022­  22.23­  .29­  (2.08)  (1.79)  (1.06)  (1.19)  (2.25)  18.19­  (9.30)  2,144­  .43­  1.39­  32­ 
July 31, 2021 ∆­  19.82­  (.05)  2.46­  2.41­  —­  —­  —­  22.23­  12.16*  3,864­  .26*g  (.22)*  33­ 
Class R4                           
January 31, 2024**   $17.70­  .22­  1.18­  1.40­  (.29)  —­  (.29)  $18.81­  7.96*  $208­  .11*  1.28*  9* 
July 31, 2023­  18.23­  .43­  1.11­  1.54­  (.38)  (1.69)  (2.07)  17.70­  10.06­  248­  .19­  2.53­  129­i 
July 31, 2022­  22.26­  .23­  (1.97)  (1.74)  (1.10)  (1.19)  (2.29)  18.23­  (9.08)  170­  .18­  1.11­  32­ 
July 31, 2021 ∆­  19.82­  (.02)  2.46­  2.44­  —­  —­  —­  22.26­  12.31*  176­  .12*g  (.08)*  33­ 

 

The accompanying notes are an integral part of these financial statements.

48 Sustainable Retirement Funds  Sustainable Retirement Funds 49 

 

 

Financial highlights cont.

2050 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $17.70­  .24­  1.19­  1.43­  (.32)  —­  (.32)  $18.81­  8.12*  $12­  .03*  1.38*  9* 
July 31, 2023­  18.23­  .47­  1.09­  1.56­  (.40)  (1.69)  (2.09)  17.70­  10.20­  11­  .04­  2.74­  129­i 
July 31, 2022­  22.28­  .28­  (1.99)  (1.71)  (1.15)  (1.19)  (2.34)  18.23­  (8.95)  10­  .03­  1.38­  32­ 
July 31, 2021 ∆­  19.82­  —­f  2.46­  2.46­  —­  —­  —­  22.28­  12.41*  11­  .03*g  .01*  33­ 
Class R6                           
January 31, 2024**   $17.71­  .25­  1.19­  1.44­  (.34)  —­  (.34)  $18.81­  8.15*  $5,562­  (.02)*  1.40*  9* 
July 31, 2023­  18.24­  .58­  1.00­  1.58­  (.42)  (1.69)  (2.11)  17.71­  10.31­  5,245­  (.06)  3.42­  129­i 
July 31, 2022­  22.29­  .30­  (1.99)  (1.69)  (1.17)  (1.19)  (2.36)  18.24­  (8.85)  9,794­  (.07)  1.48­  32­ 
July 31, 2021  17.80­  .17­  4.62­  4.79­  (.30)  —­  (.30)  22.29­  27.13­  10,882­  —g h  .84­  33­ 
July 31, 2020  18.13­  .29­  .73­  1.02­  (.28)  (1.07)  (1.35)  17.80­  5.65­  9,883­  .08­g  1.67­  46­ 
July 31, 2019  20.70­  .31­  (.41)  (.10)  (.59)  (1.88)  (2.47)  18.13­  1.23­  11,249­  .05­  1.67­  35­ 
Class Y                           
January 31, 2024**   $17.69­  .25­  1.17­  1.42­  (.32)  —­  (.32)  $18.79­  8.08*  $108,386­  .03*  1.42*  9* 
July 31, 2023­  18.23­  .46­  1.09­  1.55­  (.40)  (1.69)  (2.09)  17.69­  10.15­  86,672­  .04­  2.71­  129­i 
July 31, 2022­  22.27­  .28­  (1.98)  (1.70)  (1.15)  (1.19)  (2.34)  18.23­  (8.89)  67,397­  .03­  1.39­  32­ 
July 31, 2021  17.81­  .17­  4.60­  4.77­  (.31)  —­  (.31)  22.27­  26.97­  65,784­  .09­g  .84­  33­ 
July 31, 2020  18.14­  .52­  .49­  1.01­  (.27)  (1.07)  (1.34)  17.81­  5.58­  418­  .17­g  2.91­  46­ 
July 31, 2019  20.66­  .09­  (.20)  (.11)  (.53)  (1.88)  (2.41)  18.14­  1.17­  6,430­  .14­  .51­  35­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

50 Sustainable Retirement Funds  Sustainable Retirement Funds 51 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2045 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $18.65­  .25­  1.18­  1.43­  (.41)  —­  (.41)  $19.67­  7.72*  $13,625­  .16*  1.35*  12* 
July 31, 2023­  19.66­  .58­  .89­  1.47­  (.73)  (1.75)  (2.48)  18.65­  9.07­  12,815­  .30­  3.22­  138­i 
July 31, 2022­  24.20­  .30­  (2.05)  (1.75)  (1.37)  (1.42)  (2.79)  19.66­  (8.55)  11,577­  .28­  1.37­  33­ 
July 31, 2021  19.54­  .05­  4.66­  4.71­  —­f  (.05)  (.05)  24.20­  24.14­  13,491­  .35­g  .24­  36­ 
July 31, 2020  19.90­  .25­  .69­  .94­  (.29)  (1.01)  (1.30)  19.54­  4.75­  70,455­  .42­g  1.35­  47­ 
July 31, 2019  22.67­  .27­  (.41)  (.14)  (.69)  (1.94)  (2.63)  19.90­  1.01­  55,446­  .40­  1.33­  50­ 
Class B                           
January 31, 2024**   $15.68­  .15­  .99­  1.14­  (.24)  —­  (.24)  $16.58­  7.31*  $243­  .54*  .94*  12* 
July 31, 2023­  16.92­  .37­  .74­  1.11­  (.60)  (1.75)  (2.35)  15.68­  8.23­  270­  1.05­  2.41­  138­i 
July 31, 2022­  21.20­  .12­  (1.76)  (1.64)  (1.22)  (1.42)  (2.64)  16.92­  (9.22)  417­  1.03­  .63­  33­ 
July 31, 2021  17.30­  (.05)  4.05­  4.00­  (.05)  (.05)  (.10)  21.20­  23.20­  524­  1.10­g  (.27)  36­ 
July 31, 2020  17.75­  .11­  .60­  .71­  (.15)  (1.01)  (1.16)  17.30­  3.98­  482­  1.17­g  .65­  47­ 
July 31, 2019  20.50­  .12­  (.40)  (.28)  (.53)  (1.94)  (2.47)  17.75­  .28­  544­  1.15­  .66­  50­ 
Class C                           
January 31, 2024**   $15.67­  .15­  .99­  1.14­  (.32)  —­  (.32)  $16.49­  7.29*  $906­  .54*  1.00*  12* 
July 31, 2023­  16.90­  .33­  .79­  1.12­  (.60)  (1.75)  (2.35)  15.67­  8.29­  869­  1.05­  2.16­  138­i 
July 31, 2022­  21.18­  .13­  (1.78)  (1.65)  (1.21)  (1.42)  (2.63)  16.90­  (9.25)  694­  1.03­  .70­  33­ 
July 31, 2021  17.29­  (.05)  4.05­  4.00­  (.06)  (.05)  (.11)  21.18­  23.23­  987­  1.10­g  (.27)  36­ 
July 31, 2020  17.73­  .11­  .60­  .71­  (.14)  (1.01)  (1.15)  17.29­  3.97­  930­  1.17­g  .65­  47­ 
July 31, 2019  20.52­  .13­  (.41)  (.28)  (.57)  (1.94)  (2.51)  17.73­  .26­  944­  1.15­  .69­  50­ 
Class R                           
January 31, 2024**   $19.85­  .24­  1.25­  1.49­  (.36)  —­  (.36)  $20.98­  7.51*  $88­  .36*  1.19*  12* 
July 31, 2023­  20.72­  .49­  1.00­  1.49­  (.61)  (1.75)  (2.36)  19.85­  8.61­  69­  .70­  2.56­  138­i 
July 31, 2022­  25.19­  .18­  (2.14)  (1.96)  (1.09)  (1.42)  (2.51)  20.72­  (8.92)  44­  .68­  .76­  33­ 
July 31, 2021  20.53­  .08­  4.77­  4.85­  (.14)  (.05)  (.19)  25.19­  23.70­  127­  .68­g  .36­  36­ 
July 31, 2020  20.63­  .24­  .70­  .94­  (.03)  (1.01)  (1.04)  20.53­  4.58­  226­  .67­g  1.19­  47­ 
July 31, 2019  23.32­  .21­  (.39)  (.18)  (.57)  (1.94)  (2.51)  20.63­  .73­  212­  .65­  1.00­  50­ 
Class R3                           
January 31, 2024**   $24.75­  .32­  1.56­  1.88­  (.36)  —­  (.36)  $26.27­  7.62*  $3,258­  .24*  1.31*  12* 
July 31, 2023­  25.20­  .68­  1.27­  1.95­  (.65)  (1.75)  (2.40)  24.75­  8.93­  2,863­  .45­  2.87­  138­i 
July 31, 2022­  30.24­  .36­  (2.67)  (2.31)  (1.31)  (1.42)  (2.73)  25.20­  (8.69)  3,383­  .43­  1.29­  33­ 
July 31, 2021 ∆­  27.23­  (.06)  3.07­  3.01­  —­  —­  —­  30.24­  11.05*  4,270­  .26*g  (.21)*  36­ 
Class R4                           
January 31, 2024**   $24.77­  .35­  1.56­  1.91­  (.42)  —­  (.42)  $26.26­  7.72*  $834­  .11*  1.42*  12* 
July 31, 2023­  25.24­  .79­  1.22­  2.01­  (.73)  (1.75)  (2.48)  24.77­  9.23­  753­  .20­  3.34­  138­i 
July 31, 2022­  30.29­  .42­  (2.67)  (2.25)  (1.38)  (1.42)  (2.80)  25.24­  (8.47)  678­  .18­  1.51­  33­ 
July 31, 2021 ∆­  27.23­  (.02)  3.08­  3.06­  —­  —­  —­  30.29­  11.24*  840­  .12*g  (.06)*  36­ 

 

The accompanying notes are an integral part of these financial statements.

52 Sustainable Retirement Funds  Sustainable Retirement Funds 53 

 

 

Financial highlights cont.

2045 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $24.80­  .37­  1.56­  1.93­  (.45)  —­  (.45)  $26.28­  7.82*  $12­  .04*  1.49*  12* 
July 31, 2023­  25.27­  .79­  1.26­  2.05­  (.77)  (1.75)  (2.52)  24.80­  9.38­  11­  .05­  3.33­  138­i 
July 31, 2022­  30.31­  .45­  (2.64)  (2.19)  (1.43)  (1.42)  (2.85)  25.27­  (8.29)  10­  .03­  1.61­  33­ 
July 31, 2021 ∆­  27.23­  .01­  3.07­  3.08­  —­  —­  —­  30.31­  11.31*  11­  .03*g  .02*  36­ 
Class R6                           
January 31, 2024**   $24.80­  .38­  1.57­  1.95­  (.47)  —­  (.47)  $26.28­  7.91*  $4,818­  (.01)*  1.53*  12* 
July 31, 2023­  25.28­  1.03­  1.03­  2.06­  (.79)  (1.75)  (2.54)  24.80­  9.45­  4,991­  (.05)  4.28­  138­i 
July 31, 2022­  30.33­  .47­  (2.64)  (2.17)  (1.46)  (1.42)  (2.88)  25.28­  (8.22)  10,842­  (.07)  1.68­  33­ 
July 31, 2021  24.62­  .23­  5.77­  6.00­  (.24)  (.05)  (.29)  30.33­  24.52­  11,513­  .01­g  .83­  36­ 
July 31, 2020  24.72­  .40­  .86­  1.26­  (.35)  (1.01)  (1.36)  24.62­  5.11­  10,492­  .09­g  1.67­  47­ 
July 31, 2019  27.44­  .43­  (.44)  (.01)  (.77)  (1.94)  (2.71)  24.72­  1.36­  11,005­  .05­  1.72­  50­ 
Class Y                           
January 31, 2024**   $24.80­  .37­  1.56­  1.93­  (.45)  —­  (.45)  $26.28­  7.83*  $139,650­  .04*  1.51*  12* 
July 31, 2023­  25.27­  .79­  1.26­  2.05­  (.77)  (1.75)  (2.52)  24.80­  9.39­  116,355­  .05­  3.32­  138­i 
July 31, 2022­  30.33­  .42­  (2.63)  (2.21)  (1.43)  (1.42)  (2.85)  25.27­  (8.34)  100,019­  .03­  1.50­  33­ 
July 31, 2021  24.62­  .23­  5.78­  6.01­  (.25)  (.05)  (.30)  30.33­  24.54­  83,023­  .10­g  .80­  36­ 
July 31, 2020  24.67­  .42­  .82­  1.24­  (.28)  (1.01)  (1.29)  24.62­  5.03­  831­  .17­g  1.78­  47­ 
July 31, 2019  27.38­  .43­  (.46)  (.03)  (.74)  (1.94)  (2.68)  24.67­  1.27­  2,478­  .15­  1.74­  50­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

54 Sustainable Retirement Funds  Sustainable Retirement Funds 55 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2040 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $19.93­  .28­  1.20­  1.48­  (.46)  —­  (.46)  $20.95­  7.46*  $17,562­  .17*  1.43*  12* 
July 31, 2023­  21.67­  .75­  .66­  1.41­  (.92)  (2.23)  (3.15)  19.93­  8.08­  16,840­  .31­  3.82­  137­i 
July 31, 2022­  25.95­  .33­  (2.05)  (1.72)  (1.33)  (1.23)  (2.56)  21.67­  (7.60)  15,869­  .30­  1.37­  32­ 
July 31, 2021  21.58­  .05­  4.32­  4.37­  —­f  —­  —­f  25.95­  20.26­  17,763­  .36­g  .23­  43­ 
July 31, 2020  22.00­  .29­  .60­  .89­  (.25)  (1.06)  (1.31)  21.58­  4.04­  151,384­  .41­g  1.37­  53­ 
July 31, 2019  24.24­  .34­  (.32)  .02­  (.64)  (1.62)  (2.26)  22.00­  1.33­  138,186­  .38­  1.55­  28­ 
Class B                           
January 31, 2024**   $17.07­  .14­  1.06­  1.20­  (.19)  —­  (.19)  $18.08­  7.05*  $153­  .55*  .81*  12* 
July 31, 2023­  19.00­  .52­  .55­  1.07­  (.77)  (2.23)  (3.00)  17.07­  7.28­  293­  1.06­  3.04­  137­i 
July 31, 2022­  22.99­  .12­  (1.79)  (1.67)  (1.09)  (1.23)  (2.32)  19.00­  (8.31)  298­  1.05­  .58­  32­ 
July 31, 2021  19.50­  (.05)  3.81­  3.76­  (.27)  —­  (.27)  22.99­  19.39­  539­  1.10­g  (.22)  43­ 
July 31, 2020  19.99­  .12­  .53­  .65­  (.08)  (1.06)  (1.14)  19.50­  3.24­  523­  1.16­g  .63­  53­ 
July 31, 2019  22.20­  .16­  (.29)  (.13)  (.46)  (1.62)  (2.08)  19.99­  .61­  574­  1.13­  .79­  28­ 
Class C                           
January 31, 2024**   $16.51­  .17­  .99­  1.16­  (.35)  —­  (.35)  $17.32­  7.03*  $897­  .55*  1.03*  12* 
July 31, 2023­  18.50­  .50­  .53­  1.03­  (.79)  (2.23)  (3.02)  16.51­  7.29­  869­  1.06­  3.05­  137­i 
July 31, 2022­  22.53­  .13­  (1.74)  (1.61)  (1.19)  (1.23)  (2.42)  18.50­  (8.27)  797­  1.05­  .63­  32­ 
July 31, 2021  19.11­  (.05)  3.73­  3.68­  (.26)  —­  (.26)  22.53­  19.38­  823­  1.10­g  (.22)  43­ 
July 31, 2020  19.63­  .12­  .52­  .64­  (.10)  (1.06)  (1.16)  19.11­  3.23­  829­  1.16­g  .63­  53­ 
July 31, 2019  21.88­  .20­  (.34)  (.14)  (.49)  (1.62)  (2.11)  19.63­  .57­  1,011­  1.13­  1.03­  28­ 
Class R                           
January 31, 2024**   $21.18­  .26­  1.26­  1.52­  (.38)  —­  (.38)  $22.32­  7.21*  $81­  .37*  1.26*  12* 
July 31, 2023­  22.82­  .70­  .72­  1.42­  (.83)  (2.23)  (3.06)  21.18­  7.66­  163­  .71­  3.35­  137­i 
July 31, 2022­  26.76­  .07­  (2.00)  (1.93)  (.78)  (1.23)  (2.01)  22.82­  (7.97)  142­  .70­  .28­  32­ 
July 31, 2021  22.65­  .08­  4.39­  4.47­  (.36)  —­  (.36)  26.76­  19.88­  284­  .69­g  .32­  43­ 
July 31, 2020  23.06­  .24­  .62­  .86­  (.21)  (1.06)  (1.27)  22.65­  3.73­  357­  .66­g  1.08­  53­ 
July 31, 2019  25.09­  .28­  (.27)  .01­  (.42)  (1.62)  (2.04)  23.06­  1.11­  282­  .63­  1.20­  28­ 
Class R3                           
January 31, 2024**   $25.21­  .34­  1.51­  1.85­  (.38)  —­  (.38)  $26.68­  7.38*  $2,928­  .25*  1.35*  12* 
July 31, 2023­  26.54­  .94­  .83­  1.77­  (.87)  (2.23)  (3.10)  25.21­  7.92­  3,106­  .46­  3.82­  137­i 
July 31, 2022­  31.18­  .37­  (2.53)  (2.16)  (1.25)  (1.23)  (2.48)  26.54­  (7.73)  3,365­  .45­  1.27­  32­ 
July 31, 2021 ∆­  28.47­  (.03)  2.74­  2.71­  —­  —­  —­  31.18­  9.52*  3,860­  .27*g  (.11)*  43­ 
Class R4                           
January 31, 2024**   $25.23­  .36­  1.53­  1.89­  (.44)  —­  (.44)  $26.68­  7.52*  $540­  .12*  1.45*  12* 
July 31, 2023­  26.57­  1.01­  .81­  1.82­  (.93)  (2.23)  (3.16)  25.23­  8.16­  743­  .21­  4.09­  137­i 
July 31, 2022­  31.22­  .41­  (2.50)  (2.09)  (1.33)  (1.23)  (2.56)  26.57­  (7.49)  751­  .20­  1.41­  32­ 
July 31, 2021 ∆­  28.47­  .01­  2.74­  2.75­  —­  —­  —­  31.22­  9.66*  880­  .13*g  .03*  43­ 

 

The accompanying notes are an integral part of these financial statements.

56 Sustainable Retirement Funds  Sustainable Retirement Funds 57 

 

 

Financial highlights cont.

2040 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b   on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $25.25­  .39­  1.52­  1.91­  (.50)  —­  (.50)  $26.66­  7.60*  $12­  .05*  1.56*  12* 
July 31, 2023­  26.59­  1.00­  .86­  1.86­  (.97)  (2.23)  (3.20)  25.25­  8.31­  11­  .06­  4.06­  137­i 
July 31, 2022­  31.25­  .48­  (2.52)  (2.04)  (1.39)  (1.23)  (2.62)  26.59­  (7.34)  10­  .05­  1.65­  32­ 
July 31, 2021 ∆­  28.47­  .03­  2.75­  2.78­  —­  —­  —­  31.25­  9.76*  11­  .04*g  .12*  43­ 
Class R6                           
January 31, 2024**   $25.27­  .41­  1.52­  1.93­  (.53)  —­  (.53)  $26.67­  7.66*  $8,838­  —*h  1.62*  12* 
July 31, 2023­  26.60­  1.23­  .66­  1.89­  (.99)  (2.23)  (3.22)  25.27­  8.47­  8,039­  (.04)  4.92­  137­i 
July 31, 2022­  31.27­  .50­  (2.52)  (2.02)  (1.42)  (1.23)  (2.65)  26.60­  (7.28)  13,998­  (.05)  1.72­  32­ 
July 31, 2021  26.34­  .26­  5.14­  5.40­  (.47)  —­  (.47)  31.27­  20.69­  14,318­  .02­g  .89­  43­ 
July 31, 2020  26.56­  .45­  .70­  1.15­  (.31)  (1.06)  (1.37)  26.34­  4.36­  17,177­  .09­g  1.76­  53­ 
July 31, 2019  28.73­  .49­  (.32)  .17­  (.72)  (1.62)  (2.34)  26.56­  1.68­  21,085­  .05­  1.84­  28­ 
Class Y                           
January 31, 2024**   $25.20­  .39­  1.51­  1.90­  (.50)  —­  (.50)  $26.60­  7.59*  $197,538­  .05*  1.56*  12* 
July 31, 2023­  26.54­  1.00­  .86­  1.86­  (.97)  (2.23)  (3.20)  25.20­  8.33­  173,452­  .06­  4.05­  137­i 
July 31, 2022­  31.20­  .48­  (2.52)  (2.04)  (1.39)  (1.23)  (2.62)  26.54­  (7.35)  156,842­  .05­  1.65­  32­ 
July 31, 2021  26.31­  .25­  5.12­  5.37­  (.48)  —­  (.48)  31.20­  20.59­  162,247­  .10­g  .86­  43­ 
July 31, 2020  26.54­  .51­  .61­  1.12­  (.29)  (1.06)  (1.35)  26.31­  4.24­  1,823­  .16­g  1.97­  53­ 
July 31, 2019  28.68­  .46­  (.31)  .15­  (.67)  (1.62)  (2.29)  26.54­  1.61­  4,637­  .13­  1.74­  28­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

58 Sustainable Retirement Funds  Sustainable Retirement Funds 59 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2035 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­   distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $20.02­  .31­  1.10­  1.41­  (.50)  —­  (.50)  $20.93­  7.10*  $23,328­  .19*  1.54*  13* 
July 31, 2023­  21.25­  .92­  .25­  1.17­  (1.13)  (1.27)  (2.40)  20.02­  6.54­  22,106­  .34­  4.64­  138­i 
July 31, 2022­  25.36­  .32­  (1.73)  (1.41)  (1.27)  (1.43)  (2.70)  21.25­  (6.43)  21,379­  .34­  1.36­  39­ 
July 31, 2021  21.92­  .16­  3.28­  3.44­  —­f  —­  —­f  25.36­  15.70­  23,803­  .38­g  .70­  46­ 
July 31, 2020  22.18­  .31­  .38­  .69­  (.38)  (.57)  (.95)  21.92­  3.12­  127,040­  .42­g  1.45­  63­ 
July 31, 2019  24.08­  .40­  (.19)  .21­  (.77)  (1.34)  (2.11)  22.18­  1.93­  103,856­  .39­  1.79­  44­ 
Class B                           
January 31, 2024**   $17.54­  .19­  .97­  1.16­  (.34)  —­  (.34)  $18.36­  6.66*  $129­  .56*  1.11*  13* 
July 31, 2023­  18.83­  .69­  .21­  .90­  (.92)  (1.27)  (2.19)  17.54­  5.79­  158­  1.09­  3.93­  138­i 
July 31, 2022­  22.76­  .14­  (1.56)  (1.42)  (1.08)  (1.43)  (2.51)  18.83­  (7.17)  222­  1.09­  .68­  39­ 
July 31, 2021  19.87­  (.01)  2.97­  2.96­  (.07)  —­  (.07)  22.76­  14.90­  370­  1.13­g  (.05)  46­ 
July 31, 2020  20.17­  .14­  .33­  .47­  (.20)  (.57)  (.77)  19.87­  2.32­  463­  1.17­g  .72­  63­ 
July 31, 2019  22.07­  .23­  (.19)  .04­  (.60)  (1.34)  (1.94)  20.17­  1.17­  653­  1.14­  1.12­  44­ 
Class C                           
January 31, 2024**  $17.23­  .19­  .95­  1.14­  (.38)  —­  (.38)  $17.99­  6.64*  $1,169­  .56*  1.13*  13* 
July 31, 2023­  18.62­  .65­  .23­  .88­  (1.00)  (1.27)  (2.27)  17.23­  5.78­  1,202­  1.09­  3.82­  138­i 
July 31, 2022­  22.56­  .15­  (1.55)  (1.40)  (1.11)  (1.43)  (2.54)  18.62­  (7.15)  1,134­  1.09­  .73­  39­ 
July 31, 2021  19.70­  (.01)  2.93­  2.92­  (.06)  —­  (.06)  22.56­  14.85­  1,213­  1.13­g  (.05)  46­ 
July 31, 2020  20.02­  .14­  .33­  .47­  (.22)  (.57)  (.79)  19.70­  2.37­  1,391­  1.17­g  .72­  63­ 
July 31, 2019  21.96­  .21­  (.19)  .02­  (.62)  (1.34)  (1.96)  20.02­  1.12­  1,675­  1.14­  1.06­  44­ 
Class R                           
January 31, 2024**   $18.81­  .25­  1.04­  1.29­  (.44)  —­  (.44)  $19.66­  6.88*  $588­  .39*  1.34*  13* 
July 31, 2023­  20.11­  .78­  .25­  1.03­  (1.06)  (1.27)  (2.33)  18.81­  6.13­  552­  .74­  4.21­  138­i 
July 31, 2022­  24.07­  .19­  (1.62)  (1.43)  (1.10)  (1.43)  (2.53)  20.11­  (6.83)  517­  .74­  .85­  39­ 
July 31, 2021  21.04­  .06­  3.15­  3.21­  (.18)  —­  (.18)  24.07­  15.32­  876­  .71­g  .29­  46­ 
July 31, 2020  21.31­  .25­  .35­  .60­  (.30)  (.57)  (.87)  21.04­  2.86­  654­  .67­g  1.20­  63­ 
July 31, 2019  23.16­  .33­  (.18)  .15­  (.66)  (1.34)  (2.00)  21.31­  1.66­  626­  .64­  1.55­  44­ 
Class R3                           
January 31, 2024**   $25.01­  .37­  1.37­  1.74­  (.45)  —­  (.45)  $26.30­  7.00*  $5,852­  .26*  1.48*  13* 
July 31, 2023­  25.90­  1.08­  .37­  1.45­  (1.07)  (1.27)  (2.34)  25.01­  6.40­  5,410­  .49­  4.40­  138­i 
July 31, 2022­  30.30­  .35­  (2.13)  (1.78)  (1.19)  (1.43)  (2.62)  25.90­  (6.58)  5,458­  .49­  1.24­  39­ 
July 31, 2021 ∆­  28.16­  .03­  2.11­  2.14­  —­  —­  —­  30.30­  7.60*  7,415­  .30*g  .09*  46­ 
Class R4                           
January 31, 2024**   $25.01­  .38­  1.40­  1.78­  (.50)  —­  (.50)  $26.29­  7.16*  $864­  .14*  1.55*  13* 
July 31, 2023­  25.92­  1.12­  .39­  1.51­  (1.15)  (1.27)  (2.42)  25.01­  6.66­  940­  .24­  4.59­  138­i 
July 31, 2022­  30.34­  .40­  (2.11)  (1.71)  (1.28)  (1.43)  (2.71)  25.92­  (6.36)  791­  .24­  1.42­  39­ 
July 31, 2021 ∆­  28.16­  .06­  2.12­  2.18­  —­  —­  —­  30.34­  7.74*  687­  .16*g  .19*  46­ 

 

The accompanying notes are an integral part of these financial statements.

60 Sustainable Retirement Funds  Sustainable Retirement Funds 61 

 

 

Financial highlights cont.

2035 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $25.04­  .41­  1.39­  1.80­  (.55)  —­  (.55)  $26.29­  7.21*  $12­  .06*  1.67*  13* 
July 31, 2023­  25.94­  1.18­  .37­  1.55­  (1.18)  (1.27)  (2.45)  25.04­  6.85­  11­  .09­  4.85­  138­i 
July 31, 2022­  30.37­  .46­  (2.14)  (1.68)  (1.32)  (1.43)  (2.75)  25.94­  (6.24)  10­  .09­  1.62­  39­ 
July 31, 2021 ∆­  28.16­  .09­  2.12­  2.21­  —­  —­  —­  30.37­  7.85*  11­  .07*g  .31*  46­ 
Class R6                           
January 31, 2024**   $25.05­  .43­  1.39­  1.82­  (.57)  —­  (.57)  $26.30­  7.31*  $11,476­  .01*  1.72*  13* 
July 31, 2023­  25.96­  1.34­  .23­  1.57­  (1.21)  (1.27)  (2.48)  25.05­  6.92­  11,598­  (.01)  5.44­  138­i 
July 31, 2022­  30.38­  .48­  (2.12)  (1.64)  (1.35)  (1.43)  (2.78)  25.96­  (6.11)  15,997­  (.01)  1.71­  39­ 
July 31, 2021  26.44­  .29­  3.94­  4.23­  (.29)  —­  (.29)  30.38­  16.10­  17,492­  .04­g  1.01­  46­ 
July 31, 2020  26.53­  .45­  .46­  .91­  (.43)  (.57)  (1.00)  26.44­  3.48­  16,244­  .09­g  1.75­  63­ 
July 31, 2019  28.35­  .59­  (.22)  .37­  (.85)  (1.34)  (2.19)  26.53­  2.24­  18,605­  .05­  2.24­  44­ 
Class Y                           
January 31, 2024**   $25.01­  .42­  1.38­  1.80­  (.55)  —­  (.55)  $26.26­  7.23*  $187,989­  .06*  1.68*  13* 
July 31, 2023­  25.92­  1.19­  .35­  1.54­  (1.18)  (1.27)  (2.45)  25.01­  6.82­  158,644­  .09­  4.89­  138­i 
July 31, 2022­  30.35­  .45­  (2.12)  (1.67)  (1.33)  (1.43)  (2.76)  25.92­  (6.23)  141,266­  .09­  1.62­  39­ 
July 31, 2021  26.42­  .26­  3.97­  4.23­  (.30)  —­  (.30)  30.35­  16.09­  124,961­  .13­g  .89­  46­ 
July 31, 2020  26.48­  .45­  .44­  .89­  (.38)  (.57)  (.95)  26.42­  3.38­  1,713­  .17­g  1.75­  63­ 
July 31, 2019  28.30­  .59­  (.24)  .35­  (.83)  (1.34)  (2.17)  26.48­  2.14­  5,493­  .14­  2.23­  44­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

62 Sustainable Retirement Funds  Sustainable Retirement Funds 63 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2030 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $19.16­  .34­  .81­  1.15­  (.60)  —­  (.60)  $19.71­  6.02*  $23,200­  .21*  1.81*  14* 
July 31, 2023­  20.61­  1.11­  (.31)  .80­  (1.33)  (.92)  (2.25)  19.16­  4.58­  22,952­  .37­  5.80­  144­i 
July 31, 2022­  23.86­  .32­  (1.47)  (1.15)  (1.02)  (1.08)  (2.10)  20.61­  (5.36)  22,901­  .36­  1.43­  37­ 
July 31, 2021  21.51­  .23­  2.12­  2.35­  —­f  —­  —­f  23.86­  10.93­  24,643­  .39­g  1.03­  54­ 
July 31, 2020  21.95­  .32­  .15­  .47­  (.49)  (.42)  (.91)  21.51­  2.12­  198,756­  .42­g  1.53­  66­ 
July 31, 2019  23.22­  .51­  (.08)  .43­  (.71)  (.99)  (1.70)  21.95­  2.62­  180,390­  .38­  2.33­  31­ 
Class B                           
January 31, 2024**   $17.73­  .23­  .77­  1.00­  (.23)  —­  (.23)  $18.50­  5.63*  $42­  .58*  1.30*  14* 
July 31, 2023­  19.20­  .96­  (.36)  .60­  (1.15)  (.92)  (2.07)  17.73­  3.79­  74­  1.12­  5.35­  144­i 
July 31, 2022­  22.30­  .14­  (1.37)  (1.23)  (.79)  (1.08)  (1.87)  19.20­  (6.07)  185­  1.11­  .67­  37­ 
July 31, 2021  20.32­  .01­  2.04­  2.05­  (.07)  —­  (.07)  22.30­  10.11­  282­  1.14­g  .04­  54­ 
July 31, 2020  20.76­  .16­  .13­  .29­  (.31)  (.42)  (.73)  20.32­  1.36­  617­  1.17­g  .77­  66­ 
July 31, 2019  22.02­  .33­  (.09)  .24­  (.51)  (.99)  (1.50)  20.76­  1.80­  815­  1.13­  1.61­  31­ 
Class C                           
January 31, 2024**   $17.41­  .25­  .74­  .99­  (.47)  —­  (.47)  $17.93­  5.69*  $775­  .58*  1.44*  14* 
July 31, 2023­  18.93­  .89­  (.31)  .58­  (1.18)  (.92)  (2.10)  17.41­  3.72­  764­  1.12­  5.06­  144­i 
July 31, 2022­  22.03­  .14­  (1.35)  (1.21)  (.81)  (1.08)  (1.89)  18.93­  (6.05)  898­  1.11­  .66­  37­ 
July 31, 2021  20.18­  —­f  2.04­  2.04­  (.19)  —­  (.19)  22.03­  10.14­  1,349­  1.14­g  —­h  54­ 
July 31, 2020  20.66­  .15­  .14­  .29­  (.35)  (.42)  (.77)  20.18­  1.36­  1,384­  1.17­g  .77­  66­ 
July 31, 2019  21.94­  .33­  (.09)  .24­  (.53)  (.99)  (1.52)  20.66­  1.81­  1,430­  1.13­  1.61­  31­ 
Class R                           
January 31, 2024**   $17.49­  .28­  .73­  1.01­  (.54)  —­  (.54)  $17.96­  5.80*  $454­  .41*  1.62*  14* 
July 31, 2023­  19.02­  .95­  (.30)  .65­  (1.26)  (.92)  (2.18)  17.49­  4.13­  422­  .77­  5.38­  144­i 
July 31, 2022­  22.17­  .21­  (1.36)  (1.15)  (.92)  (1.08)  (2.00)  19.02­  (5.76)  395­  .76­  1.03­  37­ 
July 31, 2021  20.31­  .09­  2.05­  2.14­  (.28)  —­  (.28)  22.17­  10.62­  586­  .72­g  .43­  54­ 
July 31, 2020  20.79­  .26­  .12­  .38­  (.44)  (.42)  (.86)  20.31­  1.83­  571­  .67­g  1.27­  66­ 
July 31, 2019  22.02­  .42­  (.07)  .35­  (.59)  (.99)  (1.58)  20.79­  2.36­  652­  .63­  2.04­  31­ 
Class R3                           
January 31, 2024**   $22.91­  .39­  .97­  1.36­  (.55)  —­  (.55)  $23.72­  5.96*  $6,173­  .28*  1.74*  14* 
July 31, 2023­  24.19­  1.26­  (.34)  .92­  (1.28)  (.92)  (2.20)  22.91­  4.38­  6,171­  .52­  5.54­  144­i 
July 31, 2022­  27.61­  .35­  (1.73)  (1.38)  (.96)  (1.08)  (2.04)  24.19­  (5.48)  5,622­  .51­  1.33­  37­ 
July 31, 2021 ∆­  26.19­  .06­  1.36­  1.42­  —­  —­  —­  27.61­  5.42*  7,452­  .30*g  .26*  54­ 
Class R4                           
January 31, 2024**   $22.93­  .42­  .98­  1.40­  (.60)  —­  (.60)  $23.73­  6.13*  $2,657­  .16*  1.83*  14* 
July 31, 2023­  24.22­  1.33­  (.36)  .97­  (1.34)  (.92)  (2.26)  22.93­  4.61­  2,986­  .27­  5.82­  144­i 
July 31, 2022­  27.65­  .40­  (1.72)  (1.32)  (1.03)  (1.08)  (2.11)  24.22­  (5.23)  2,733­  .26­  1.54­  37­ 
July 31, 2021 ∆­  26.19­  .09­  1.37­  1.46­  —­  —­  —­  27.65­  5.57*  2,899­  .16*g  .36*  54­ 

 

The accompanying notes are an integral part of these financial statements.

64 Sustainable Retirement Funds  Sustainable Retirement Funds 65 

 

 

Financial highlights cont.

2030 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $22.95­  .44­  .97­  1.41­  (.64)  —­  (.64)  $23.72­  6.18*  $11­  .08*  1.94*  14* 
July 31, 2023­  24.24­  1.37­  (.37)  1.00­  (1.37)  (.92)  (2.29)  22.95­  4.78­  11­  .12­  6.01­  144­i 
July 31, 2022­  27.68­  .44­  (1.72)  (1.28)  (1.08)  (1.08)  (2.16)  24.24­  (5.11)  10­  .11­  1.69­  37­ 
July 31, 2021 ∆­  26.19­  .12­  1.37­  1.49­  —­  —­  —­  27.68­  5.69*  11­  .07*g  .45*  54­ 
Class R6                           
January 31, 2024**   $22.97­  .45­  .97­  1.42­  (.66)  —­  (.66)  $23.73­  6.23*  $10,703­  .03*  1.98*  14* 
July 31, 2023­  24.25­  1.57­  (.53)  1.04­  (1.40)  (.92)  (2.32)  22.97­  4.93­  12,068­  .02­  6.86­  144­i 
July 31, 2022­  27.69­  .49­  (1.75)  (1.26)  (1.10)  (1.08)  (2.18)  24.25­  (5.01)  18,059­  .01­  1.89­  37­ 
July 31, 2021  25.25­  .30­  2.54­  2.84­  (.40)  —­  (.40)  27.69­  11.33­  18,567­  .05­g  1.13­  54­ 
July 31, 2020  25.60­  .46­  .16­  .62­  (.55)  (.42)  (.97)  25.25­  2.44­  23,780­  .09­g  1.86­  66­ 
July 31, 2019  26.78­  .69­  (.10)  .59­  (.78)  (.99)  (1.77)  25.60­  2.94­  24,909­  .05­  2.73­  31­ 
Class Y                           
January 31, 2024**   $22.90­  .44­  .97­  1.41­  (.64)  —­  (.64)  $23.67­  6.19*  $211,711­  .08*  1.95*  14* 
July 31, 2023­  24.19­  1.38­  (.38)  1.00­  (1.37)  (.92)  (2.29)  22.90­  4.79­  193,228­  .12­  6.08­  144­i 
July 31, 2022­  27.63­  .44­  (1.72)  (1.28)  (1.08)  (1.08)  (2.16)  24.19­  (5.11)  187,829­  .11­  1.70­  37­ 
July 31, 2021  25.22­  .23­  2.58­  2.81­  (.40)  —­  (.40)  27.63­  11.24­  197,357­  .14­g  .89­  54­ 
July 31, 2020  25.57­  .43­  .17­  .60­  (.53)  (.42)  (.95)  25.22­  2.34­  3,709­  .17­g  1.74­  66­ 
July 31, 2019  26.74­  .68­  (.10)  .58­  (.76)  (.99)  (1.75)  25.57­  2.87­  7,617­  .13­  2.69­  31­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

66 Sustainable Retirement Funds  Sustainable Retirement Funds 67 

 

 

Financial highlights
(For a common share outstanding throughout the period)

2025 Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b   on investments­  operations­  income­  on investments­   distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $19.10­  .40­  .61­  1.01­  (.60)  —­  (.60)  $19.51­  5.31*  $22,894­  .22*  2.13*  19* 
July 31, 2023­  20.32­  1.31­  (.78)  .53­  (1.25)  (.50)  (1.75)  19.10­  2.94­  23,402­  .38­  6.83­  156­i 
July 31, 2022­  22.72­  .37­  (1.32)  (.95)  (.66)  (.79)  (1.45)  20.32­  (4.48)  23,539­  .37­  1.74­  57­ 
July 31, 2021  21.56­  .21­  1.18­  1.39­  (.05)  (.18)  (.23)  22.72­  6.52­  24,306­  .41­g  .96­  74­ 
July 31, 2020  21.98­  .33­  (.06)  .27­  (.50)  (.19)  (.69)  21.56­  1.23­  151,047­  .42­g  1.56­  79­ 
July 31, 2019  22.91­  .57­  (.02)  .55­  (.80)  (.68)  (1.48)  21.98­  2.99­  112,950­  .39­  2.60­  44­ 
Class B                           
January 31, 2024**   $17.36­  .29­  .56­  .85­  (.40)  —­  (.40)  $17.81­  4.93*  $83­  .59*  1.68*  19* 
July 31, 2023­  18.54­  1.14­  (.79)  .35­  (1.03)  (.50)  (1.53)  17.36­  2.17­  117­  1.13­  6.45­  156­i 
July 31, 2022­  20.83­  .20­  (1.22)  (1.02)  (.48)  (.79)  (1.27)  18.54­  (5.19)  229­  1.12­  .99­  57­ 
July 31, 2021  19.99­  .01­  1.12­  1.13­  (.11)  (.18)  (.29)  20.83­  5.73­  348­  1.16­g  .05­  74­ 
July 31, 2020  20.38­  .16­  (.08)  .08­  (.28)  (.19)  (.47)  19.99­  .42­  483­  1.17­g  .79­  79­ 
July 31, 2019  21.32­  .40­  (.04)  .36­  (.62)  (.68)  (1.30)  20.38­  2.22­  739­  1.14­  1.95­  44­ 
Class C                           
January 31, 2024**   $17.04­  .29­  .55­  .84­  (.45)  —­  (.45)  $17.43­  4.92*  $1,102­  .59*  1.73*  19* 
July 31, 2023­  18.33­  1.09­  (.75)  .34­  (1.13)  (.50)  (1.63)  17.04­  2.15­  1,198­  1.13­  6.30­  156­i 
July 31, 2022­  20.61­  .18­  (1.18)  (1.00)  (.49)  (.79)  (1.28)  18.33­  (5.17)  1,569­  1.12­  .93­  57­ 
July 31, 2021  19.83­  .02­  1.11­  1.13­  (.17)  (.18)  (.35)  20.61­  5.75­  1,688­  1.16­g  .07­  74­ 
July 31, 2020  20.27­  .16­  (.07)  .09­  (.34)  (.19)  (.53)  19.83­  .45­  2,409­  1.17­g  .80­  79­ 
July 31, 2019  21.26­  .39­  (.04)  .35­  (.66)  (.68)  (1.34)  20.27­  2.21­  2,393­  1.14­  1.93­  44­ 
Class R                           
January 31, 2024**   $17.46­  .34­  .55­  .89­  (.55)  —­  (.55)  $17.80­  5.10*  $624­  .42*  1.94*  19* 
July 31, 2023­  18.74­  1.31­  (.91)  .40­  (1.18)  (.50)  (1.68)  17.46­  2.49­  573­  .78­  7.38­  156­i 
July 31, 2022­  21.06­  .26­  (1.21)  (.95)  (.58)  (.79)  (1.37)  18.74­  (4.83)  716­  .77­  1.29­  57­ 
July 31, 2021  20.18­  .05­  1.18­  1.23­  (.17)  (.18)  (.35)  21.06­  6.18­  741­  .74­g  .28­  74­ 
July 31, 2020  20.57­  .29­  (.10)  .19­  (.39)  (.19)  (.58)  20.18­  .95­  140­  .67­g  1.44­  79­ 
July 31, 2019  21.44­  .48­  (.02)  .46­  (.65)  (.68)  (1.33)  20.57­  2.70­  458­  .64­  2.32­  44­ 
Class R3                           
January 31, 2024**   $19.06­  .39­  .60­  .99­  (.57)  —­  (.57)  $19.48­  5.23*  $3,641­  .29*  2.06*  19* 
July 31, 2023­  20.28­  1.26­  (.77)  .49­  (1.21)  (.50)  (1.71)  19.06­  2.76­  3,582­  .53­  6.59­  156­i 
July 31, 2022­  22.63­  .33­  (1.30)  (.97)  (.59)  (.79)  (1.38)  20.28­  (4.59)  3,502­  .52­  1.56­  57­ 
July 31, 2021 ∆­  21.92­  .06­  .65­  .71­  —­  —­  —­  22.63­  3.24*  5,475­  .31*g  .28*  74­ 
Class R4                           
January 31, 2024**   $19.05­  .41­  .61­  1.02­  (.62)  —­  (.62)  $19.45­  5.36*  $1,246­  .17*  2.17*  19* 
July 31, 2023­  20.27­  1.33­  (.78)  .55­  (1.27)  (.50)  (1.77)  19.05­  3.05­  1,266­  .28­  6.93­  156­i 
July 31, 2022­  22.66­  .39­  (1.31)  (.92)  (.68)  (.79)  (1.47)  20.27­  (4.38)  1,310­  .27­  1.81­  57­ 
July 31, 2021 ∆­  21.92­  .08­  .66­  .74­  —­  —­  —­  22.66­  3.38*  1,351­  .17*g  .38*  74­ 

 

The accompanying notes are an integral part of these financial statements.

68 Sustainable Retirement Funds  Sustainable Retirement Funds 69 

 

 

Financial highlights cont.

2025 Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $19.06­  .43­  .60­  1.03­  (.65)  —­  (.65)  $19.44­  5.43*  $11­  .09*  2.26*  19* 
July 31, 2023­  20.29­  1.37­  (.80)  .57­  (1.30)  (.50)  (1.80)  19.06­  3.17­  10­  .13­  7.13­  156­i 
July 31, 2022­  22.68­  .42­  (1.31)  (.89)  (.71)  (.79)  (1.50)  20.29­  (4.21)  10­  .12­  1.96­  57­ 
July 31, 2021 ∆­  21.92­  .10­  .66­  .76­  —­  —­  —­  22.68­  3.47*  10­  .08*g  .47*  74­ 
Class R6                           
January 31, 2024**   $19.07­  .43­  .61­  1.04­  (.67)  —­  (.67)  $19.44­  5.47*  $5,374­  .04*  2.27*  19* 
July 31, 2023­  20.30­  1.59­  (1.00)  .59­  (1.32)  (.50)  (1.82)  19.07­  3.27­  6,213­  .03­  8.25­  156­i 
July 31, 2022­  22.70­  .44­  (1.32)  (.88)  (.73)  (.79)  (1.52)  20.30­  (4.16)  10,678­  .02­  2.06­  57­ 
July 31, 2021  21.77­  .26­  1.22­  1.48­  (.37)  (.18)  (.55)  22.70­  6.93­  11,001­  .07­g  1.18­  74­ 
July 31, 2020  22.18­  .41­  (.07)  .34­  (.56)  (.19)  (.75)  21.77­  1.54­  15,965­  .09­g  1.89­  79­ 
July 31, 2019  23.11­  .66­  (.04)  .62­  (.87)  (.68)  (1.55)  22.18­  3.35­  20,842­  .05­  3.02­  44­ 
Class Y                           
January 31, 2024**   $19.04­  .43­  .60­  1.03­  (.65)  —­  (.65)  $19.42­  5.43*  $188,923­  .09*  2.26*  19* 
July 31, 2023­  20.27­  1.36­  (.79)  .57­  (1.30)  (.50)  (1.80)  19.04­  3.18­  169,440­  .13­  7.11­  156­i 
July 31, 2022­  22.66­  .42­  (1.31)  (.89)  (.71)  (.79)  (1.50)  20.27­  (4.21)  160,679­  .12­  1.95­  57­ 
July 31, 2021  21.76­  .20­  1.26­  1.46­  (.38)  (.18)  (.56)  22.66­  6.82­  159,475­  .16­g  .92­  74­ 
July 31, 2020  22.13­  .40­  (.08)  .32­  (.50)  (.19)  (.69)  21.76­  1.46­  2,318­  .17­g  1.86­  79­ 
July 31, 2019  23.06­  .66­  (.06)  .60­  (.85)  (.68)  (1.53)  22.13­  3.24­  6,541­  .14­  3.02­  44­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

70 Sustainable Retirement Funds  Sustainable Retirement Funds 71 

 

 

Financial highlights
(For a common share outstanding throughout the period)

Maturity Fund

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class A                           
January 31, 2024**   $15.44­  .33­  .48­  .81­  (.34)  —­  (.34)  $15.91­  5.33*  $23,915­  .21*  2.17*  3* 
July 31, 2023­  16.12­  1.13­  (.65)  .48­  (1.16)  —­  (1.16)  15.44­  3.24­  23,630­  .37­  7.29­  121­i 
July 31, 2022­  17.41­  .34­  (1.00)  (.66)  (.45)  (.18)  (.63)  16.12­  (3.90)  25,827­  .38­  2.04­  24­ 
July 31, 2021  17.18­  .19­  .32­  .51­  (.24)  (.04)  (.28)  17.41­  2.99­  29,465­  .39­g  1.10­  65­ 
July 31, 2020  17.62­  .30­  (.27)  .03­  (.30)  (.17)  (.47)  17.18­  .19­  108,011­  .41­g  1.77­  73­ 
July 31, 2019  17.62­  .53­  .03­  .56­  (.53)  (.03)  (.56)  17.62­  3.35­  104,174­  .38­  3.10­  37­ 
Class B                           
January 31, 2024**   $14.99­  .25­  .47­  .72­  (.28)  —­  (.28)  $15.43­  4.88*  $47­  .59*  1.66*  3* 
July 31, 2023­  15.69­  .99­  (.64)  .35­  (1.05)  —­  (1.05)  14.99­  2.48­  75­  1.12­  6.51­  121­i 
July 31, 2022­  16.96­  .22­  (.99)  (.77)  (.32)  (.18)  (.50)  15.69­  (4.62)  201­  1.13­  1.34­  24­ 
July 31, 2021  16.75­  .05­  .32­  .37­  (.12)  (.04)  (.16)  16.96­  2.22­  531­  1.14­g  .32­  65­ 
July 31, 2020  17.18­  .17­  (.25)  (.08)  (.18)  (.17)  (.35)  16.75­  (.52)  475­  1.16­g  1.03­  73­ 
July 31, 2019  17.20­  .39­  .03­  .42­  (.41)  (.03)  (.44)  17.18­  2.53­  688­  1.13­  2.33­  37­ 
Class C                           
January 31, 2024**   $15.04­  .27­  .45­  .72­  (.28)  —­  (.28)  $15.48­  4.87*  $802­  .59*  1.80*  3* 
July 31, 2023­  15.73­  .98­  (.62)  .36­  (1.05)  —­  (1.05)  15.04­  2.54­  879­  1.12­  6.51­  121­i 
July 31, 2022­  17.00­  .22­  (.99)  (.77)  (.32)  (.18)  (.50)  15.73­  (4.61)  1,066­  1.13­  1.32­  24­ 
July 31, 2021  16.79­  .05­  .33­  .38­  (.13)  (.04)  (.17)  17.00­  2.22­  1,647­  1.13­g  .28­  65­ 
July 31, 2020  17.23­  .17­  (.27)  (.10)  (.17)  (.17)  (.34)  16.79­  (.58)  829­  1.16­g  1.03­  73­ 
July 31, 2019  17.24­  .36­  .07­  .43­  (.41)  (.03)  (.44)  17.23­  2.61­  1,069­  1.13­  2.16­  37­ 
Class R                           
January 31, 2024**   $15.42­  .30­  .47­  .77­  (.31)  —­  (.31)  $15.88­  5.06*  $564­  .41*  1.97*  3* 
July 31, 2023­  16.10­  .96­  (.54)  .42­  (1.10)  —­  (1.10)  15.42­  2.86­  531­  .77­  6.21­  121­i 
July 31, 2022­  17.39­  .27­  (1.00)  (.73)  (.38)  (.18)  (.56)  16.10­  (4.28)  704­  .78­  1.63­  24­ 
July 31, 2021  17.16­  .13­  .33­  .46­  (.19)  (.04)  (.23)  17.39­  2.69­  737­  .73­g  .75­  65­ 
July 31, 2020  17.60­  .25­  (.26)  (.01)  (.26)  (.17)  (.43)  17.16­  (.06)  1,021­  .66­g  1.49­  73­ 
July 31, 2019  17.61­  .54­  (.03)  .51­  (.49)  (.03)  (.52)  17.60­  3.03­  581­  .63­  3.10­  37­ 
Class R3                           
January 31, 2024**   $15.50­  .32­  .48­  .80­  (.33)  —­  (.33)  $15.97­  5.22*  $1,541­  .29 *  2.11*  3* 
July 31, 2023­  16.17­  1.05­  (.59)  .46­  (1.13)  —­  (1.13)  15.50­  3.15­  1,546­  .52­  6.79­  121­i 
July 31, 2022­  17.47­  .31­  (1.01)  (.70)  (.42)  (.18)  (.60)  16.17­  (4.09)  1,926­  .53­  1.86­  24­ 
July 31, 2021 ∆­  17.33­  .08­  .14­  .22­  (.08)  —­  (.08)  17.47­  1.28*  2,584­  .30*g  .49*  65­ 
Class R4                           
January 31, 2024**   $15.51­  .33­  .49­  .82­  (.35)  —­  (.35)  $15.98­  5.34*  $130­  .16*  2.17*  3* 
July 31, 2023­  16.18­  1.22­  (.72)  .50­  (1.17)  —­  (1.17)  15.51­  3.37­  170­  .27­  7.83­  121­i 
July 31, 2022­  17.47­  .36­  (1.01)  (.65)  (.46)  (.18)  (.64)  16.18­  (3.81)  224­  .28­  2.14­  24­ 
July 31, 2021 ∆­  17.33­  .12­  .13­  .25­  (.11)  —­  (.11)  17.47­  1.44*  220­  .16*g  .67*  65­ 

 

The accompanying notes are an integral part of these financial statements.

72 Sustainable Retirement Funds  Sustainable Retirement Funds 73 

 

 

Financial highlights cont.

Maturity Fund cont.

  INVESTMENT OPERATIONS      LESS DISTRIBUTIONS          RATIOS AND SUPPLEMENTAL DATA   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From net  From net    Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  investment  realized gain  Total  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended­  of period­  income (loss)a,b  on investments­  operations­  income­  on investments­  distributions  of period­  value (%)c  (in thousands)  (%)d,e  (%)b,e  (%) 
Class R5                           
January 31, 2024**   $15.51­  .35­  .48­  .83­  (.36)  —­  (.36)  $15.98­  5.43*  $11­  .08*  2.30*  3* 
July 31, 2023­  16.18­  1.16­  (.64)  .52­  (1.19)  —­  (1.19)  15.51­  3.54­  10­  .12­  7.48­  121­i 
July 31, 2022­  17.47­  .38­  (1.00)  (.62)  (.49)  (.18)  (.67)  16.18­  (3.66)  10­  .13­  2.29­  24­ 
July 31, 2021 ∆­  17.33­  .12­  .14­  .26­  (.12)  —­  (.12)  17.47­  1.52*  10­  .07*g  .70*  65­ 
Class R6                           
January 31, 2024**   $15.51­  .36­  .48­  .84­  (.37)  —­  (.37)  $15.98­  5.50*  $1,582­  .03*  2.34*  3* 
July 31, 2023­  16.18­  1.45­  (.91)  .54­  (1.21)  —­  (1.21)  15.51­  3.63­  1,599­  .02­  9.28­  121­i 
July 31, 2022­  17.47­  .41­  (1.02)  (.61)  (.50)  (.18)  (.68)  16.18­  (3.55)  3,662­  .03­  2.42­  24­ 
July 31, 2021  17.24­  .25­  .33­  .58­  (.31)  (.04)  (.35)  17.47­  3.38­  4,673­  .05­g  1.41­  65­ 
July 31, 2020  17.68­  .36­  (.27)  .09­  (.36)  (.17)  (.53)  17.24­  .52­  2,509­  .09­g  2.08­  73­ 
July 31, 2019  17.68­  .61­  .01­  .62­  (.59)  (.03)  (.62)  17.68­  3.69­  2,958­  .05­  3.50­  37­ 
Class Y                           
January 31, 2024**   $15.51­  .35­  .48­  .83­  (.36)  —­  (.36)  $15.98­  5.43*  $173,026­  .08*  2.28*  3* 
July 31, 2023­  16.18­  1.17­  (.65)  .52­  (1.19)  —­  (1.19)  15.51­  3.54­  177,575­  .12­  7.54­  121­i 
July 31, 2022­  17.47­  .38­  (1.00)  (.62)  (.49)  (.18)  (.67)  16.18­  (3.66)  215,711­  .13­  2.28­  24­ 
July 31, 2021  17.25­  .22­  .34­  .56­  (.30)  (.04)  (.34)  17.47­  3.23­  263,315­  .13­g  1.25­  65­ 
July 31, 2020  17.68­  .36­  (.27)  .09­  (.35)  (.17)  (.52)  17.25­  .48­  707­  .16­g  2.10­  73­ 
July 31, 2019  17.68­  .62­  (.01)  .61­  (.58)  (.03)  (.61)  17.68­  3.60­  3,188­  .13­  3.59­  37­ 

 

See page 76 for notes to financial highlights.

The accompanying notes are an integral part of these financial statements.

74 Sustainable Retirement Funds  Sustainable Retirement Funds 75 

 

 

Financial highlights cont.

Before February 10, 2023, each fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date.

* Not annualized.

** Unaudited.

∆ For the period January 4, 2021 (commencement of operations) to July 31, 2021.

a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

b The ratio of net investment income and net investment income per share amounts shown may not correspond with the expected class specific difference due to the timing of income received from the underlying Putnam funds and the timing of subscriptions/redemption to the class.

c Total return does not reflect the effect of sales charges.

d Expense ratios do not include expenses of the underlying funds.

e Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation the expenses for the following periods reflect a reduction of the following based on each fund’s average net assets (Note 2):

  1/31/24  7/31/23  7/31/22  7/31/21  7/31/20  7/31/19 
2065 Fund             
Class A, C, R, R3, R4, R5, R6,Y  6.76%  17.30%  41.55%  80.98%  N/A  N/A 
2060 Fund             
Class A, B, C, R, Y  0.62  1.43  1.71  2.44  3.32%  6.13% 
Class R3, R4, R5  0.62  1.43  1.71  1.43  N/A  N/A 
Class R6  0.62  1.43  1.71  2.44  3.32  6.13 
2055 Fund             
Class A, B, C, R, Y  0.41  0.90  0.88  0.68  0.43  0.45 
Class R3, R4, R5  0.41  0.90  0.88  0.53  N/A  N/A 
Class R6  0.41  0.90  0.88  0.68  0.43  0.45 
2050 Fund             
Class A, B, C, R, Y  0.36  0.77  0.75  0.49  0.16  0.18 
Class R3, R4, R5  0.36  0.77  0.75  0.42  N/A  N/A 
Class R6  0.36  0.77  0.75  0.49  0.16  0.18 
2045 Fund             
Class A, B, C, R, Y  0.33  0.72  0.72  0.45  0.15  0.17 
Class R3, R4, R5  0.33  0.72  0.72  0.40  N/A  N/A 
Class R6  0.33  0.72  0.72  0.45  0.15  0.17 
2040 Fund             
Class A, B, C, R, Y  0.30  0.66  0.66  0.39  0.08  0.09 
Class R3, R4, R5  0.30  0.66  0.66  0.36  N/A  N/A 
Class R6  0.30  0.66  0.66  0.39  0.08  0.09 
2035 Fund             
Class A, B, C, R, Y  0.29  0.62  0.62  0.37  0.09  0.11 
Class R3, R4, R5  0.29  0.62  0.62  0.33  N/A  N/A 
Class R6  0.29  0.62  0.62  0.37  0.09  0.11 

 

76 Sustainable Retirement Funds 

 

 

  1/31/24  7/31/23  7/31/22  7/31/21  7/31/20  7/31/19 
2030 Fund             
Class A, B, C, R, Y  0.26  0.58  0.56  0.33  0.07  0.08 
Class R3, R4, R5  0.26  0.58  0.56  0.30  N/A  N/A 
Class R6  0.26  0.58  0.56  0.33  0.07  0.08 
2025 Fund             
Class A, B, C, R, Y  0.24  0.56  0.56  0.33  0.08  0.10 
Class R3, R4, R5  0.24  0.56  0.56  0.30  N/A  N/A 
Class R6  0.24  0.56  0.56  0.33  0.08  0.10 
Maturity Fund             
Class A, B, C, R, Y  0.25  0.56  0.52  0.33  0.18  0.12 
Class R3, R4, R5  0.25  0.56  0.52  0.29  N/A  N/A 
Class R6  0.25  0.56  0.52  0.33  0.18  0.12 

 

f Amount represents less than $0.01 per share.

g Includes one-time proxy costs which amounted to the following as a percentage of average net assets.

  7/31/21  7/31/20 
2060 Fund  0.01%  0.04% 
2055 Fund  0.01  0.04 
2050 Fund  0.01  0.03 
2045 Fund  0.01  0.04 
2040 Fund  0.01  0.04 
2035 Fund  0.01  0.04 
2030 Fund  0.01  0.04 
2025 Fund  0.01  0.04 
Maturity Fund  0.01  0.04 

 

h Amount represents less than 0.01% of average net assets.

i Reflects a change in the funds investment strategy.

The accompanying notes are an integral part of these financial statements.

Sustainable Retirement Funds 77 

 

 

Notes to financial statements 1/31/24 (Unaudited)

Unless otherwise noted, the “reporting period” represents the period from August 1, 2023 through January 31, 2024. The following table defines commonly used references within the Notes to financial statements:

References to  Represent 
ESG  environmental, social and/or corporate governance 
ETFs  exchange-traded funds 
Franklin Templeton  Franklin Resources, Inc. 
JPMorgan  JPMorgan Chase Bank, N.A. 
PanAgora  PanAgora Asset Management, Inc., an affiliate of Putnam Management 
PIL  Putnam Investments Limited, an affiliate of Putnam Management 
Putnam Management  Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned 
  subsidiary of Franklin Templeton 
SEC  Securities and Exchange Commission 
State Street  State Street Bank and Trust Company 

 

Each of the Putnam Sustainable Retirement Funds (collectively the funds) are named:

 

Putnam Sustainable Retirement 2065 Fund (2065 Fund)  Putnam Sustainable Retirement 2040 Fund (2040 Fund) 
Putnam Sustainable Retirement 2060 Fund (2060 Fund)  Putnam Sustainable Retirement 2035 Fund (2035 Fund) 
Putnam Sustainable Retirement 2055 Fund (2055 Fund)  Putnam Sustainable Retirement 2030 Fund (2030 Fund) 
Putnam Sustainable Retirement 2050 Fund (2050 Fund)  Putnam Sustainable Retirement 2025 Fund (2025 Fund) 
Putnam Sustainable Retirement 2045 Fund (2045 Fund)  Putnam Sustainable Retirement Maturity Fund 
  (Maturity Fund) 

 

Each fund is a diversified series of Putnam Target Date Funds, (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end investment company.

Each target date fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. Each target date fund is one of a series of target date funds that invest primarily in ETFs that focus on investments with positive sustainability or ESG characteristics, referred to as underlying funds. The underlying funds are sponsored by Putnam Management and advised by Putnam Management. Two underlying funds are subadvised by PanAgora. Each target date fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments on or about the funds’ target date. Each target date fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds.

Maturity Fund seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital. The fund employs an asset allocation strategy designed for investors who are already in retirement or who plan to retire (or otherwise begin withdrawing the invested funds) in the near future. The fund is designed to provide diversification among different asset classes by investing its assets primarily in ETFs that focus on investments with positive sustainability or ESG characteristics, referred to as underlying funds. The underlying funds are sponsored by Putnam Management and advised by Putnam Management. Two underlying funds are subadvised by PanAgora.

78 Sustainable Retirement Funds 

 

 

Under normal circumstances, each fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by Putnam Management or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet Putnam Management’s or PanAgora’s, as applicable, sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. Putnam Management may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Each fund, through its investments in underlying funds, makes use of a range of ESG- and sustainability-oriented investment strategies and invests across a variety of asset classes. For example, Putnam Management’s sustainability criteria for the investments of Putnam Sustainable Leaders ETF and Putnam Sustainable Future ETF (two of the underlying funds that invest primarily in equities) differ from the ESG approach used by Putnam Management for the fixed-income underlying funds, and from PanAgora’s quantitatively-oriented ESG equity approach for the underlying funds that it subadvises. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria.

Currently there are ten separate funds, of which nine have a target date specified by the calendar year in the name of each fund. The target dates are in five-year increments beginning with the year 2025. The tenth fund is named Maturity Fund. Amounts invested in each target date fund are allocated among underlying Putnam funds based on the fund’s target date. The target percentages for each target date fund gradually change over time based on the number of years that remain until the target date of the fund so that a fund’s asset allocation will become more conservative as the fund approaches its target date. The asset allocation of each target date fund is designed to provide a diversified investment that Putnam Management believes is neither overly aggressive nor overly conservative for a typical investor planning to retire (or otherwise begin using the invested funds) in the target year. When a fund’s target percentages correspond to those of Maturity Fund, which currently is expected to occur during the latter part of the target year, the fund will be merged into Maturity Fund.

Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a money market mutual fund sponsored by Putnam Management, or in cash or cash equivalents. In addition, the fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. Large positions in Putnam Government Money Market Fund or in cash or cash equivalents may dampen performance and may prevent the fund from achieving its goals. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders.

These financial statements report on each fund, which may invest in certain Putnam funds which are managed by Putnam Management. The financial statements of the underlying Putnam funds contain additional information about the expenses and investments of the underlying Putnam funds and are available upon request. As of the following date, each fund may invest in the following funds:

Effective January 31, 2024   
Putnam Sustainable Leaders ETF  Putnam ESG Core Bond ETF 
Putnam Sustainable Future ETF  Putnam ESG High Yield ETF 
Putnam PanAgora ESG International Equity ETF  Putnam ESG Ultra Short ETF 
Putnam PanAgora ESG Emerging Markets Equity ETF  Putnam Government Money Market Fund 

 

Sustainable Retirement Funds 79 

 

 

Each fund offers the following share classes. The expense for each class of share may differ based on the distribution and investor servicing fees of each class, which are identified in Note 2.

Share class  Sales charge  Contingent deferred charges  Conversion feature 
    1.00% on certain redemptions of   
  Up to 5.75%/  shares bought with no initial   
Class A  Up to 4.00%†  sales charge  None 
      Converts to class A shares 
Class B*‡  None  5.00% phased out over six years  after 8 years 
      Converts to class A shares 
Class C  None  1.00% eliminated after one year  after 8 years 
Class R**  None  None  None 
Class R3**  None  None  None 
Class R4**  None  None  None 
Class R5**  None  None  None 
Class R6**  None  None  None 
Class Y**  None  None  None 

 

* Not available on 2065 Fund.

‡ Purchases of class B shares are closed to new and existing investors except by exchange from class B shares of another Putnam fund or through dividend and/or capital gains reinvestment.

** Not available to all investors.

† Sales charge 5.75% for all funds except Maturity Fund which is 4.00%.

In the normal course of business, each fund enters into contracts that may include agreements to indemnify another party under given circumstances. Each fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against each fund. However, each fund’s management team expects the risk of material loss to be remote.

Each fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of each fund.

Under the Trust’s Amended and Restated Agreement and Declaration of Trust, any claims asserted by a shareholder against or on behalf of the Trust (or its series), including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

Note 1: Significant accounting policies

Each fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The following is a summary of significant accounting policies consistently followed by each fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of each fund are borne pro-rata based on the relative net assets of each class to the total net assets of each fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined

80 Sustainable Retirement Funds 

 

 

by the Trustees. Shares of each class would receive their pro-rata share of the net assets of the fund, if that fund were liquidated. In addition, the Trustees declare separate dividends on each class of shares.

Security Valuation The price of each fund’s shares is based on its net asset value (NAV), which in turn will be generally based on the last sale price or closing price of the underlying Putnam ETFs in which it invests (and in the case of Putnam Government Money Market Fund, based on its NAV), which are classified as Level 1 or Level 2 securities under Accounting Standards Codification Fair Value Measurements and Disclosures (ASC 820). The NAVs of the underlying Putnam ETFs are determined based on the policies contained in each underlying Putnam ETF’s financial statements. The NAV per share of each class equals the total value of its assets, less its liabilities, divided by the number of its outstanding shares. Shares are only valued as of the close of regular trading on the New York Stock Exchange each day the exchange is open.

Security transactions and related investment income Security transactions, which consist of shares of the underlying Putnam funds, are recorded on the trade date (date the order to buy or sell is executed). Gains or losses from the sale of the underlying Putnam funds are determined on the identified cost basis. Income and capital gain distributions from the underlying Putnam funds are recorded on the ex-dividend date.

Interfund lending Each fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the funds to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the funds did not utilize the program.

Federal taxes It is the policy of each fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of each fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

Each fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The funds did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the funds’ federal tax returns for the prior three fiscal years, or life of the fund, if shorter, remain subject to examination by the Internal Revenue Service.

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At July 31, 2023, the following funds had capital loss carryovers available in the following amounts, to the extent allowed by the Code, to offset future net capital gain, if any:

Loss carryover 
  Short-term  Long-term  Total 
2065 Fund  $18,997  $17,892  $36,889 
2060 Fund  398,908  904,036  1,302,944 
2050 Fund  —  10,623,750  10,623,750 
2045 Fund  204,367  14,261,404  14,465,771 
2040 Fund  271,710  20,352,871  20,624,581 
2035 Fund  733,685  22,748,432  23,482,117 
2030 Fund  441,967  32,418,952  32,860,919 
Maturity Fund  99,960  43,979,206  44,079,166 

 

Pursuant to federal income tax regulations applicable to regulated investment companies, the following funds have elected to defer certain capital losses of the following amounts, recognized during the period between November 1, 2022 and July 31, 2023 to its fiscal year ending July 31, 2024.

 

2055 Fund  $5,333,093 
2025 Fund  $33,359,755 

 

Sustainable Retirement Funds 81 

 

 

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis resulting in gross unrealized appreciation and depreciation, respectively, and net unrealized for each fund are as follows:

      Net unrealized   
  Unrealized  Unrealized  appreciation/  Cost for federal 
  appreciation  (depreciation)  (depreciation)  income tax purposes 
2065 Fund  $113,713  $(731)  $112,982  $782,989 
2060 Fund  2,753,794  (19,068)  2,734,726  21,487,957 
2055 Fund  8,330,934  (78,801)  8,252,133  61,342,256 
2050 Fund  14,789,222  (152,699)  14,636,523  112,627,985 
2045 Fund  17,790,504  (197,414)  17,593,090  145,957,302 
2040 Fund  23,565,544  (329,055)  23,236,489  204,782,978 
2035 Fund  20,552,686  (433,317)  20,119,369  211,444,264 
2030 Fund  16,146,541  (731,679)  15,414,862  239,837,487 
2025 Fund  9,475,568  (757,011)  8,718,557  214,207,995 
Maturity Fund  9,462,703  (849,588)  8,613,115  193,192,213 

 

Distributions to shareholders Each fund normally distributes any net investment income, if any, and any distributions from capital gains, if any, annually, except Maturity Fund, which normally distributes any net investment income monthly and any distributions from capital gains annually, if any. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

Expenses of the Trust Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

Note 2: Management fee, administrative services and other transactions

Under the funds’ management contract (the “Management Contract”), each fund pays a management fee to Putnam Management. 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 Maturity Fund, the annual rate is 0.46%. For each other fund, 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:

2065 Fund  0.55% 
2060 Fund  0.54% 
2055 Fund  0.53% 
2050 Fund  0.52% 
2045 Fund  0.51% 
2040 Fund  0.50% 
2035 Fund  0.49% 
2030 Fund  0.48% 
2025 Fund  0.47% 
Maturity Fund  0.46% 

 

82 Sustainable Retirement Funds 

 

 

Putnam Management has contractually agreed to waive fees and/or reimburse expenses of each fund through at least November 30, 2026 for all the funds (with the exception of 2060 Fund, where the contractual agreement is through November 30, 2033) in an amount equal to the fund’s acquired fund fees and expenses. During the reporting period, expenses for each fund were reduced by the following amounts as a result of this waiver:

  Fees waived and reimbursed 
    by the Manager 
2065 Fund    $2,180 
2060 Fund    52,418 
2055 Fund    158,445 
2050 Fund    299,112 
2045 Fund    382,319 
2040 Fund    533,250 
2035 Fund    505,993 
2030 Fund    524,027 
2025 Fund    434,386 
Maturity Fund    429,236 

 

Putnam Management has also contractually agreed to waive fees and/or reimburse expenses of each class of shares of each fund through at least November 30, 2026 for all funds (with the exception of 2060 Fund, where the contractual agreement is through November 30, 2033) in an amount sufficient to result in total annual fund operating expenses for the following class shares of the fund (exclusive of payments under the fund’s distribution plans, brokerage, interest, taxes, investment-related expenses, acquired fund fees and extraordinary expenses) that equal the following annual rates of the fund’s average net assets.

 

  Annual rates 
A  0.60% 
B (ex 2065 Fund)  0.60% 
C  0.60% 
R  0.75% 
R3  0.75% 
R4  0.75% 
R5  0.60% 
R6  0.50% 
Y  0.60% 

 

During the reporting period, expenses for each fund were reduced by the following amounts as a result of this waiver:

 

  Fees waived and reimbursed 
    by the Manager 
2065 Fund    $49,216 
2060 Fund    62,129 
2055 Fund    77,704 
2050 Fund    92,786 
2045 Fund    96,234 
2040 Fund    102,566 
2035 Fund    92,562 
2030 Fund    83,838 
2025 Fund    70,806 
Maturity Fund    57,940 

 

Sustainable Retirement Funds 83 

 

 

PIL is authorized by the Trustees to manage a separate portion of the assets of each fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the funds during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.25% of the average net assets of the portion of the funds managed by PIL.

On January 1, 2024, a subsidiary of Franklin Templeton acquired Putnam U.S. Holdings I, LLC (“Putnam Holdings”), the parent company of Putnam Management and PIL, in a stock and cash transaction (the “Transaction”). As a result of the Transaction, Putnam Management (the investment manager to the fund and a wholly-owned subsidiary of Putnam Holdings) and PIL (sub-adviser to the fund and an indirect, wholly-owned subsidiary of Putnam Holdings) became indirect, wholly-owned subsidiaries of Franklin Templeton. The Transaction also resulted in the automatic termination of the investment management contract between the fund and Putnam Management and the sub-management contract for the fund between Putnam Management and PIL that were in place for the fund before the Transaction (together, the “Previous Advisory Contracts”). However, Putnam Management and PIL continue to provide uninterrupted services with respect to the 2065 Fund and Maturity Fund pursuant to new investment management and sub-management contracts that were approved by fund shareholders at a shareholder meeting held in connection with the Transaction and that took effect on January 1, 2024. The terms of the new investment management and sub-management contracts are substantially similar to those of the previous investment management and sub-management contracts, and the fee rates payable under the new investment management and sub-management contracts are the same as the fee rates under the previous investment management and sub-management contracts.

With respect to 2025 Fund, 2030 Fund and 2035 Fund, for the period January 1, 2024 through January 4, 2024, February 14, 2024 and February 21, 2024, respectively, Putnam Management and PIL continued to provide uninterrupted services with respect to the fund pursuant to interim investment management and sub-management contracts (together, the “Interim Advisory Contracts”) that were approved by the Board of Trustees. The terms of the Interim Advisory Contracts were identical to those of the Previous Advisory Contracts, except for the term of the contracts and those provisions required by regulation. On January 4, 2024, February 14, 2024 and February 21, 2024, respectively, new investment management and sub-management contracts were approved by fund shareholders at a shareholder meeting held in connection with the Transaction (the “New Advisory Contracts”). The New Advisory Contracts took effect on January 4, 2024, February 14, 2024 and February 21, 2024, respectively, and replaced the Interim Advisory Contracts. The terms of the New Advisory Contracts are substantially similar to those of the Previous Advisory Contracts, and the fee rates payable under the New Advisory Contracts are the same as the fee rates under the Previous Advisory Contracts.

For 2060 Fund, 2055 Fund, 2050 Fund, 2045 Fund and 2040 Fund, a shareholder meeting has been called to approve new investment management and sub-management contracts. In the meantime, Putnam Management and PIL continue to provide uninterrupted services with respect to the fund pursuant to interim investment management and sub-management contracts (together, the “Interim Advisory Contracts”) that were approved by the Board of Trustees for use while the fund continues to seek shareholder approval of new investment management and sub-management contracts. The terms of the Interim Advisory Contracts are identical to those of the investment management and sub-management contracts for the fund that were in place prior to consummation of the Transaction, except for the term of the contracts and those provisions required by regulation.

The Interim Advisory Contracts took effect on January 1, 2024 and will continue in effect for a term ending on the earlier of 150 days from that date (the “150-day period”) or, if shareholders of the fund approve new investment management and sub-management contracts with respect to the fund, the effective date of the new contracts. If shareholders of the fund do not approve new investment management and sub-management contracts before the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with its fiduciary duties to the fund.

84 Sustainable Retirement Funds 

 

 

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to each fund and receives fees for investor servicing at the following class specific rates. During the period, the expenses for each class of shares related to investor servicing fees for each fund were as follows:

  Class A  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y  Total 
Maximum %  0.125%  0.125%  0.275%  0.275%  0.275%  0.125%  0.025%  0.125%   
2065 Fund  $125  $179  $15  $16  $16  $7  $27  $7  $392 

 

  Class A  Class B  Class C  Class R  Class R3  Class R4  Class R5  Class R6  Class Y  Total 
Maximum %  0.125%  0.125%  0.125%  0.275%  0.275%  0.275%  0.125%  0.025%  0.125%   
2060 Fund  $961  $10  $200  $24  $86  $123  $7  $218  $9,191  $10,820 
2055 Fund  3,761  27  373  109  4,095  536  7  313  27,817  $37,038 
2050 Fund  4,905  44  650  123  2,575  309  7  653  58,772  $68,038 
2045 Fund  7,861  150  535  104  3,966  1,037  7  609  76,658  $90,927 
2040 Fund  10,325  131  534  228  3,827  690  7  1,078  112,398  $129,218 
2035 Fund  13,651  84  732  747  7,372  1,174  7  1,440  105,139  $130,346 
2030 Fund  14,128  33  472  583  8,077  3,619  7  1,485  120,200  $148,604 
2025 Fund  14,087  61  718  800  4,734  1,660  6  742  107,506  $130,314 
Maturity Fund  14,418  37  536  732  1,975  204  6  196  106,344  $124,448 

 

Each fund has adopted distribution plans (the Plans) with respect to the following share classes pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Franklin Templeton, for services provided and expenses incurred in distributing shares of the funds. The Plans provide for payments by each fund to Putnam Retail Management Limited Partnership 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 rates (“Approved %”) of the average net assets attributable to each class. During the reporting period, the class-specific expenses related to distribution fees for each fund were as follows:

 

  Class A  Class C  Class R  Class R3  Total 
Maximum %  0.35%  1.00%  1.00%  0.35%   
Approved %  0.25%  1.00%  0.50%  0.25%   
2065 Fund  $251  $1,442  $28  $14  $1,735 

 

  Class A  Class B  Class C  Class R  Class R3  Total 
Maximum %  0.35%  1.00%  1.00%  1.00%  0.35%   
Approved %  0.25%  1.00%  1.00%  0.50%  0.25%   
2060 Fund  $1,935  $84  $1,612  $44  $79  $3,754 
2055 Fund  7,573  218  3,012  200  3,753  $14,756 
2050 Fund  9,879  355  5,242  223  2,360  $18,059 
2045 Fund  15,835  1,209  4,313  190  3,635  $25,182 
2040 Fund  20,795  1,057  4,303  418  3,507  $30,080 
2035 Fund  27,500  675  5,904  1,368  6,756  $42,203 
2030 Fund  28,462  264  3,810  1,068  7,401  $41,005 
2025 Fund  28,375  489  5,784  1,465  4,338  $40,451 
Maturity Fund  29,044  296  4,324  1,340  1,809  $36,813 

 

Sustainable Retirement Funds 85 

 

 

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions from the sale of class A shares, and received contingent deferred sales charges from redemptions of class B, if applicable, and class C shares, in the following amounts:

  Class A   
  Net commissions  Class C CDSC 
2065 Fund  $181  $— 

 

  Class A     
  Net commissions  Class B CDSC  Class C CDSC 
2060 Fund  $796  $—  $— 
2055 Fund  2,967  —  107 
2050 Fund  2,125  —  6 
2045 Fund  2,387  —  6 
2040 Fund  2,136  —  20 
2035 Fund  3,120  —  1 
2030 Fund  2,952  —  4 
2025 Fund  1,370  —  53 
Maturity Fund  639  —  12 

 

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received the following amounts on class A redemptions:

 

  Class A CDSC 
2065 Fund  $6 
2060 Fund  36 
2055 Fund  3 
2050 Fund  23 
2045 Fund  59 
2040 Fund  — 
2035 Fund  15 
2030 Fund  3 
2025 Fund  — 
Maturity Fund  — 

 

86 Sustainable Retirement Funds 

 

 

Note 3: Purchases and sales of securities

During the reporting period, cost of purchases and proceeds from sales of underlying Putnam funds, excluding short-term investments in Putnam Government Money Market Fund, were as follows:

  Cost of purchases  Proceeds from sales 
2065 Fund  $276,002  $127,710 
2060 Fund  10,553,901  4,281,573 
2055 Fund  16,261,856  3,773,535 
2050 Fund  26,085,447  10,264,685 
2045 Fund  32,167,484  17,230,267 
2040 Fund  37,277,056  25,178,529 
2035 Fund  45,846,558  26,889,593 
2030 Fund  42,565,220  34,341,069 
2025 Fund  47,989,829  39,042,336 
Maturity Fund  6,812,485  16,597,821 

 

Note 4: Capital shares

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions, including, if applicable, direct exchanges pursuant to share conversions, in capital shares were as follows:

2065 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  10,853  $109,905  14,496  $136,357 
Shares issued in connection with         
reinvestment of distributions  240  2,599  521  4,638 
  11,093  112,504  15,017  140,995 
Shares repurchased  (7,921)  (78,029)  (3,091)  (29,700) 
Net increase  3,172  $34,475  11,926  $111,295 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  19,788  $206,245  8,118  $73,489 
Shares issued in connection with         
reinvestment of distributions  194  2,089  950  8,424 
  19,982  208,334  9,068  81,913 
Shares repurchased  (15,111)  (160,963)  (2,137)  (19,524) 
Net increase  4,871  $47,371  6,931  $62,389 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  9  98  43  390 
  9  98  43  390 
Shares repurchased  —  —  —  — 
Net increase  9  $98  43  $390 

 

Sustainable Retirement Funds 87 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  11  125  47  416 
  11  125  47  416 
Shares repurchased  —  —  —  — 
Net increase  11  $125  47  $416 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  14  152  50  444 
  14  152  50  444 
Shares repurchased  —  —  —  — 
Net increase  14  $152  50  $444 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  16  169  51  459 
  16  169  51  459 
Shares repurchased  —  —  —  — 
Net increase  16  $169  51  $459 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  7,098  $73,316  23,619  $224,349 
Shares issued in connection with         
reinvestment of distributions  376  4,090  1,004  8,972 
  7,474  77,406  24,623  233,321 
Shares repurchased  (1,541)  (17,096)  (18,918)  (180,045) 
Net increase  5,933  $60,310  5,705  $53,276 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  —  $—  149  $1,402 
Shares issued in connection with         
reinvestment of distributions  16  167  62  557 
  16  167  211  1,959 
Shares repurchased  —  —  (277)  (2,729) 
Net increase (decrease)  16  $167  (66)  $(770) 

 

88 Sustainable Retirement Funds 

 

 

2060 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  88,250  $1,058,746  42,801  $458,186 
Shares issued in connection with         
reinvestment of distributions  1,702  20,659  6,585  65,781 
  89,952  1,079,405  49,386  523,967 
Shares repurchased  (23,186)  (264,855)  (10,918)  (116,980) 
Net increase  66,766  $814,550  38,468  $406,987 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  9  113  80  794 
  9  113  80  794 
Shares repurchased  —  —  —  — 
Net increase  9  $113  80  $794 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  1,854  $20,606  4,545  $47,672 
Shares issued in connection with         
reinvestment of distributions  204  2,436  1,509  14,853 
  2,058  23,042  6,054  62,525 
Shares repurchased  (7,480)  (87,122)  (4,471)  (45,580) 
Net increase (decrease)  (5,422)  $(64,080)  1,583  $16,945 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  14  170  86  860 
  14  170  86  860 
Shares repurchased  —  —  —  — 
Net increase  14  $170  86  $860 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  984  $11,288  1,316  $14,190 
Shares issued in connection with         
reinvestment of distributions  66  804  257  2,581 
  1,050  12,092  1,573  16,771 
Shares repurchased  (303)  (3,729)  (143)  (1,593) 
Net increase  747  $8,363  1,430  $15,178 

 

Sustainable Retirement Funds 89 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  2,126  $24,632  3,402  $36,668 
Shares issued in connection with         
reinvestment of distributions  118  1,447  308  3,095 
  2,244  26,079  3,710  39,763 
Shares repurchased  (435)  (4,912)  (40)  (435) 
Net increase  1,809  $21,167  3,670  $39,328 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  15  182  63  628 
  15  182  63  628 
Shares repurchased  —  —  —  — 
Net increase  15  $182  63  $628 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  24,078  $280,293  61,321  $662,142 
Shares issued in connection with         
reinvestment of distributions  2,576  31,501  12,261  123,223 
  26,654  311,794  73,582  785,365 
Shares repurchased  (12,315)  (152,375)  (103,220)  (1,107,765) 
Net increase (decrease)  14,339  $159,419  (29,638)  $(322,400) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  957,440  $10,946,578  921,437  $9,942,702 
Shares issued in connection with         
reinvestment of distributions  20,860  254,071  62,452  625,141 
  978,300  11,200,649  983,889  10,567,843 
Shares repurchased  (529,313)  (5,936,017)  (593,322)  (6,424,633) 
Net increase  448,987  $5,264,632  390,567  $4,143,210 

 

2055 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  182,957  $2,109,321  110,973  $1,166,361 
Shares issued in connection with         
reinvestment of distributions  8,002  93,306  44,714  433,282 
  190,959  2,202,627  155,687  1,599,643 
Shares repurchased  (22,967)  (258,949)  (79,444)  (849,822) 
Net increase  167,992  $1,943,678  76,243  $749,821 

 

90 Sustainable Retirement Funds 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  146  $1,484 
Shares issued in connection with         
reinvestment of distributions  19  221  427  4,106 
  19  221  573  5,590 
Shares repurchased  (838)  (9,047)  (1,942)  (20,400) 
Net decrease  (819)  $(8,826)  (1,369)  $(14,810) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  3,385  $35,813  8,600  $85,427 
Shares issued in connection with         
reinvestment of distributions  362  4,078  5,258  49,270 
  3,747  39,891  13,858  134,697 
Shares repurchased  (9,554)  (99,814)  (10,323)  (104,356) 
Net increase (decrease)  (5,807)  $(59,923)  3,535  $30,341 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  1,485  $16,802  2,606  $28,015 
Shares issued in connection with         
reinvestment of distributions  82  988  407  4,069 
  1,567  17,790  3,013  32,084 
Shares repurchased  (2)  (17)  (176)  (1,922) 
Net increase  1,565  $17,773  2,837  $30,162 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  41,597  $461,866  75,599  $801,739 
Shares issued in connection with         
reinvestment of distributions  3,259  38,328  22,304  218,134 
  44,856  500,194  97,903  1,019,873 
Shares repurchased  (44,202)  (505,042)  (91,836)  (923,481) 
Net increase (decrease)  654  $(4,848)  6,067  $96,392 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  2,044  $22,760  3,443  $36,483 
Shares issued in connection with         
reinvestment of distributions  523  6,159  2,901  28,374 
  2,567  28,919  6,344  64,857 
Shares repurchased  (96)  (1,083)  (803)  (8,739) 
Net increase  2,471  $27,836  5,541  $56,118 

 

Sustainable Retirement Funds 91 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  17  189  93  909 
  17  189  93  909 
Shares repurchased  —  —  —  — 
Net increase  17  $189  93  $909 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  18,838  $213,990  80,161  $855,136 
Shares issued in connection with         
reinvestment of distributions  3,812  44,911  57,144  558,869 
  22,650  258,901  137,305  1,414,005 
Shares repurchased  (42,473)  (503,371)  (459,493)  (4,769,851) 
Net decrease  (19,823)  $(244,470)  (322,188)  $(3,355,846) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  1,585,815  $17,912,170  1,823,385  $19,412,033 
Shares issued in connection with         
reinvestment of distributions  70,496  832,560  282,801  2,774,277 
  1,656,311  18,744,730  2,106,186  22,186,310 
Shares repurchased  (676,330)  (7,552,967)  (1,076,924)  (11,469,408) 
Net increase  979,981  $11,191,763  1,029,262  $10,716,902 

 

2050 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  94,559  $1,747,709  40,118  $680,358 
Shares issued in connection with         
reinvestment of distributions  6,872  127,339  49,826  776,295 
  101,431  1,875,048  89,944  1,456,653 
Shares repurchased  (20,994)  (374,925)  (36,553)  (627,074) 
Net increase  80,437  $1,500,123  53,391  $829,579 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  13  233  555  8,503 
  13  233  555  8,503 
Shares repurchased  (2,001)  (35,014)  (3,071)  (52,608) 
Net decrease  (1,988)  $(34,781)  (2,516)  $(44,105) 

 

92 Sustainable Retirement Funds 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  4,769  $78,891  10,365  $166,654 
Shares issued in connection with         
reinvestment of distributions  594  10,461  6,888  102,221 
  5,363  89,352  17,253  268,875 
Shares repurchased  (3,421)  (56,448)  (6,683)  (106,056) 
Net increase  1,942  $32,904  10,570  $162,819 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  996  $17,135  2,598  $43,242 
Shares issued in connection with         
reinvestment of distributions  23  411  3,861  58,487 
  1,019  17,546  6,459  101,729 
Shares repurchased  (4,712)  (79,264)  (25,439)  (400,275) 
Net decrease  (3,693)  $(61,718)  (18,980)  $(298,546) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  9,332  $163,658  20,826  $352,661 
Shares issued in connection with         
reinvestment of distributions  1,464  27,025  11,119  172,685 
  10,796  190,683  31,945  525,346 
Shares repurchased  (9,077)  (156,988)  (42,372)  (720,522) 
Net increase (decrease)  1,719  $33,695  (10,427)  $(195,176) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  2,216  $39,006  3,676  $62,014 
Shares issued in connection with         
reinvestment of distributions  200  3,690  1,386  21,543 
  2,416  42,696  5,062  83,557 
Shares repurchased  (5,386)  (94,452)  (347)  (5,761) 
Net increase (decrease)  (2,970)  $(51,756)  4,715  $77,796 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  11  205  75  1,176 
  11  205  75  1,176 
Shares repurchased  —  —  —  — 
Net increase  11  $205  75  $1,176 

 

Sustainable Retirement Funds 93 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  18,525  $326,626  49,145  $827,670 
Shares issued in connection with         
reinvestment of distributions  5,301  97,859  73,466  1,140,194 
  23,826  424,485  122,611  1,967,864 
Shares repurchased  (24,264)  (435,154)  (363,253)  (5,986,881) 
Net decrease  (438)  $(10,669)  (240,642)  $(4,019,017) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  1,492,652  $26,040,497  2,058,803  $34,599,967 
Shares issued in connection with         
reinvestment of distributions  97,606  1,800,828  526,087  8,159,612 
  1,590,258  27,841,325  2,584,890  42,759,579 
Shares repurchased  (722,025)  (12,611,237)  (1,384,086)  (23,306,561) 
Net increase  868,233  $15,230,088  1,200,804  $19,453,018 

 

2045 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  46,166  $875,357  101,507  $1,914,436 
Shares issued in connection with         
reinvestment of distributions  14,188  274,256  93,169  1,543,817 
  60,354  1,149,613  194,676  3,458,253 
Shares repurchased  (54,690)  (1,021,767)  (96,551)  (1,733,476) 
Net increase  5,664  $127,846  98,125  $1,724,777 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  218  3,547  3,894  54,475 
  218  3,547  3,894  54,475 
Shares repurchased  (2,789)  (43,403)  (11,328)  (172,959) 
Net decrease  (2,571)  $(39,856)  (7,434)  $(118,484) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  3,524  $55,226  16,096  $234,637 
Shares issued in connection with         
reinvestment of distributions  1,087  17,613  6,782  94,811 
  4,611  72,839  22,878  329,448 
Shares repurchased  (5,161)  (81,308)  (8,485)  (127,251) 
Net increase (decrease)  (550)  $(8,469)  14,393  $202,197 

 

94 Sustainable Retirement Funds 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  640  $12,490  1,062  $20,276 
Shares issued in connection with         
reinvestment of distributions  69  1,413  328  5,802 
  709  13,903  1,390  26,078 
Shares repurchased  (1)  (25)  (16)  (293) 
Net increase  708  $13,878  1,374  $25,785 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  16,781  $421,247  26,162  $623,569 
Shares issued in connection with         
reinvestment of distributions  1,651  42,626  11,070  243,651 
  18,432  463,873  37,232  867,220 
Shares repurchased  (10,097)  (252,835)  (55,794)  (1,322,938) 
Net increase (decrease)  8,335  $211,038  (18,562)  $(455,718) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  1,910  $47,053  6,769  $164,189 
Shares issued in connection with         
reinvestment of distributions  498  12,836  3,361  73,902 
  2,408  59,889  10,130  238,091 
Shares repurchased  (1,085)  (25,984)  (6,579)  (153,686) 
Net increase  1,323  $33,905  3,551  $84,405 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  8  203  46  1,018 
  8  203  46  1,018 
Shares repurchased  —  —  —  — 
Net increase  8  $203  46  $1,018 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  8,222  $203,350  34,529  $819,580 
Shares issued in connection with         
reinvestment of distributions  3,600  92,904  50,087  1,101,418 
  11,822  296,254  84,616  1,920,998 
Shares repurchased  (29,663)  (749,204)  (312,297)  (7,228,105) 
Net decrease  (17,841)  $(452,950)  (227,681)  $(5,307,107) 

 

Sustainable Retirement Funds 95 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  1,333,186  $32,722,442  1,917,597  $45,702,359 
Shares issued in connection with         
reinvestment of distributions  89,534  2,311,767  471,766  10,378,854 
  1,422,720  35,034,209  2,389,363  56,081,213 
Shares repurchased  (800,850)  (19,723,112)  (1,654,782)  (39,229,888) 
Net increase  621,870  $15,311,097  734,581  $16,851,325 

 

2040 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  41,970  $839,522  76,482  $1,487,351 
Shares issued in connection with         
reinvestment of distributions  18,473  380,733  126,565  2,271,840 
  60,443  1,220,255  203,047  3,759,191 
Shares repurchased  (67,033)  (1,341,263)  (90,266)  (1,755,177) 
Net increase (decrease)  (6,590)  $(121,008)  112,781  $2,004,014 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  723  $11,628 
Shares issued in connection with         
reinvestment of distributions  92  1,630  2,923  45,130 
  92  1,630  3,646  56,758 
Shares repurchased  (8,819)  (143,872)  (2,129)  (35,810) 
Net increase (decrease)  (8,727)  $(142,242)  1,517  $20,948 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  3,312  $53,985  7,217  $117,622 
Shares issued in connection with         
reinvestment of distributions  1,026  17,497  8,958  133,749 
  4,338  71,482  16,175  251,371 
Shares repurchased  (5,209)  (85,358)  (6,584)  (106,379) 
Net increase (decrease)  (871)  $(13,876)  9,591  $144,992 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  552  $11,547  1,124  $23,332 
Shares issued in connection with         
reinvestment of distributions  141  3,098  1,020  19,488 
  693  14,645  2,144  42,820 
Shares repurchased  (4,761)  (106,967)  (676)  (14,405) 
Net increase (decrease)  (4,068)  $(92,322)  1,468  $28,415 

 

96 Sustainable Retirement Funds 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  9,207  $230,396  18,788  $464,249 
Shares issued in connection with         
reinvestment of distributions  1,565  41,092  18,042  409,923 
  10,772  271,488  36,830  874,172 
Shares repurchased  (24,229)  (596,844)  (40,370)  (957,135) 
Net decrease  (13,457)  $(325,356)  (3,540)  $(82,963) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  2,626  $67,553  3,773  $93,959 
Shares issued in connection with         
reinvestment of distributions  328  8,622  4,106  93,242 
  2,954  76,175  7,879  187,201 
Shares repurchased  (12,169)  (298,434)  (6,689)  (156,271) 
Net increase (decrease)  (9,215)  $(222,259)  1,190  $30,930 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  9  218  54  1,221 
  9  218  54  1,221 
Shares repurchased  —  —  —  — 
Net increase  9  $218  54  $1,221 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  34,096  $851,553  59,062  $1,448,349 
Shares issued in connection with         
reinvestment of distributions  7,004  183,707  73,308  1,664,817 
  41,100  1,035,260  132,370  3,113,166 
Shares repurchased  (27,802)  (743,877)  (340,429)  (8,125,805) 
Net increase (decrease)  13,298  $291,383  (208,059)  $(5,012,639) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  1,562,896  $38,927,824  2,396,840  $58,614,617 
Shares issued in connection with         
reinvestment of distributions  139,150  3,640,165  853,891  19,349,164 
  1,702,046  42,567,989  3,250,731  77,963,781 
Shares repurchased  (1,158,562)  (29,025,730)  (2,277,214)  (55,525,439) 
Net increase  543,484  $13,542,259  973,517  $22,438,342 

 

Sustainable Retirement Funds 97 

 

 

2035 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  42,826  $857,121  71,788  $1,417,255 
Shares issued in connection with         
reinvestment of distributions  26,237  541,006  130,283  2,389,390 
  69,063  1,398,127  202,071  3,806,645 
Shares repurchased  (58,604)  (1,169,685)  (104,224)  (2,016,569) 
Net increase  10,459  $228,442  97,847  $1,790,076 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  906  $15,224 
Shares issued in connection with         
reinvestment of distributions  136  2,461  1,257  20,287 
  136  2,461  2,163  35,511 
Shares repurchased  (2,116)  (36,591)  (4,946)  (87,202) 
Net decrease  (1,980)  $(34,130)  (2,783)  $(51,691) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  5,426  $92,464  9,715  $166,063 
Shares issued in connection with         
reinvestment of distributions  1,389  24,637  8,653  137,150 
  6,815  117,101  18,368  303,213 
Shares repurchased  (11,602)  (200,763)  (9,507)  (163,944) 
Net increase (decrease)  (4,787)  $(83,662)  8,861  $139,269 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  655  $12,239  1,392  $26,023 
Shares issued in connection with         
reinvestment of distributions  659  12,770  3,488  60,245 
  1,314  25,009  4,880  86,268 
Shares repurchased  (711)  (13,149)  (1,251)  (22,861) 
Net increase  603  $11,860  3,629  $63,407 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  16,027  $396,922  30,539  $744,331 
Shares issued in connection with         
reinvestment of distributions  3,832  99,333  19,738  452,583 
  19,859  496,255  50,277  1,196,914 
Shares repurchased  (13,693)  (338,888)  (44,711)  (1,102,098) 
Net increase  6,166  $157,367  5,566  $94,816 

 

98 Sustainable Retirement Funds 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  3,359  $83,811  8,921  $216,022 
Shares issued in connection with         
reinvestment of distributions  627  16,234  3,483  79,768 
  3,986  100,045  12,404  295,790 
Shares repurchased  (8,711)  (216,030)  (5,315)  (130,226) 
Net increase (decrease)  (4,725)  $(115,985)  7,089  $165,564 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  10  236  41  955 
  10  236  41  955 
Shares repurchased  —  —  —  — 
Net increase  10  $236  41  $955 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  10,091  $254,152  27,512  $669,574 
Shares issued in connection with         
reinvestment of distributions  10,246  265,365  64,258  1,471,509 
  20,337  519,517  91,770  2,141,083 
Shares repurchased  (46,855)  (1,225,988)  (245,116)  (5,858,606) 
Net decrease  (26,518)  $(706,471)  (153,346)  $(3,717,523) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  1,896,554  $47,041,168  2,591,359  $63,129,563 
Shares issued in connection with         
reinvestment of distributions  147,530  3,816,611  611,613  13,993,709 
  2,044,084  50,857,779  3,202,972  77,123,272 
Shares repurchased  (1,228,423)  (30,459,203)  (2,310,976)  (56,040,004) 
Net increase  815,661  $20,398,576  891,996  $21,083,268 

 

2030 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  41,515  $772,894  114,060  $2,216,646 
Shares issued in connection with         
reinvestment of distributions  35,404  690,737  138,762  2,494,933 
  76,919  1,463,631  252,822  4,711,579 
Shares repurchased  (98,057)  (1,885,557)  (165,645)  (3,164,795) 
Net increase (decrease)  (21,138)  $(421,926)  87,177  $1,546,784 

 

Sustainable Retirement Funds 99 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  87  $1,643 
Shares issued in connection with         
reinvestment of distributions  30  555  1,046  17,474 
  30  555  1,133  19,117 
Shares repurchased  (1,938)  (33,698)  (6,580)  (115,728) 
Net decrease  (1,908)  $(33,143)  (5,447)  $(96,611) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  1,962  $33,885  6,157  $106,685 
Shares issued in connection with         
reinvestment of distributions  1,152  20,463  5,670  93,018 
  3,114  54,348  11,827  199,703 
Shares repurchased  (3,736)  (65,448)  (15,403)  (268,905) 
Net decrease  (622)  $(11,100)  (3,576)  $(69,202) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  400  $6,933  908  $16,035 
Shares issued in connection with         
reinvestment of distributions  742  13,200  2,796  45,992 
  1,142  20,133  3,704  62,027 
Shares repurchased  (1)  (12)  (334)  (5,605) 
Net increase  1,141  $20,121  3,370  $56,422 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  14,157  $321,552  34,291  $779,785 
Shares issued in connection with         
reinvestment of distributions  5,931  139,317  23,231  499,934 
  20,088  460,869  57,522  1,279,719 
Shares repurchased  (29,228)  (660,659)  (20,618)  (497,154) 
Net increase (decrease)  (9,140)  $(199,790)  36,904  $782,565 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  3,088  $70,959  10,417  $235,307 
Shares issued in connection with         
reinvestment of distributions  2,787  65,434  11,968  257,429 
  5,875  136,393  22,385  492,736 
Shares repurchased  (24,050)  (531,665)  (5,057)  (115,128) 
Net increase (decrease)  (18,175)  $(395,272)  17,328  $377,608 

 

100 Sustainable Retirement Funds 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  12  293  44  949 
  12  293  44  949 
Shares repurchased  —  —  —  — 
Net increase  12  $293  44  $949 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  17,469  $401,200  67,033  $1,531,905 
Shares issued in connection with         
reinvestment of distributions  14,318  336,190  80,983  1,741,945 
  31,787  737,390  148,016  3,273,850 
Shares repurchased  (106,168)  (2,499,094)  (367,261)  (8,139,488) 
Net decrease  (74,381)  $(1,761,704)  (219,245)  $(4,865,638) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  1,994,101  $45,305,142  3,373,209  $76,828,722 
Shares issued in connection with         
reinvestment of distributions  232,999  5,459,175  840,672  18,040,829 
  2,227,100  50,764,317  4,213,881  94,869,551 
Shares repurchased  (1,719,049)  (38,938,995)  (3,542,446)  (80,193,607) 
Net increase  508,051  $11,825,322  671,435  $14,675,944 

 

2025 Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  37,484  $704,558  112,606  $2,210,300 
Shares issued in connection with         
reinvestment of distributions  36,036  698,014  111,866  2,048,270 
  73,520  1,402,572  224,472  4,258,570 
Shares repurchased  (125,029)  (2,376,705)  (157,657)  (3,016,435) 
Net increase (decrease)  (51,509)  $(974,133)  66,815  $1,242,135 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  114  2,024  807  13,500 
  114  2,024  807  13,500 
Shares repurchased  (2,217)  (37,863)  (6,412)  (113,317) 
Net decrease  (2,103)  $(35,839)  (5,605)  $(99,817) 

 

Sustainable Retirement Funds 101 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  1,743  $29,393  8,023  $139,408 
Shares issued in connection with         
reinvestment of distributions  1,666  28,848  8,663  142,165 
  3,409  58,241  16,686  281,573 
Shares repurchased  (10,502)  (178,297)  (32,018)  (537,745) 
Net decrease  (7,093)  $(120,056)  (15,332)  $(256,172) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  1,186  $20,538  4,321  $75,451 
Shares issued in connection with         
reinvestment of distributions  1,046  18,486  3,936  66,049 
  2,232  39,024  8,257  141,500 
Shares repurchased  (3)  (43)  (13,647)  (229,107) 
Net increase (decrease)  2,229  $38,981  (5,390)  $(87,607) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  12,252  $231,007  21,855  $417,872 
Shares issued in connection with         
reinvestment of distributions  5,331  103,146  15,463  282,826 
  17,583  334,153  37,318  700,698 
Shares repurchased  (18,539)  (351,067)  (22,129)  (435,302) 
Net increase (decrease)  (956)  $(16,914)  15,189  $265,396 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  2,497  $47,262  6,466  $123,316 
Shares issued in connection with         
reinvestment of distributions  1,971  38,058  6,183  112,833 
  4,468  85,320  12,649  236,149 
Shares repurchased  (6,835)  (127,797)  (10,831)  (207,750) 
Net increase (decrease)  (2,367)  $(42,477)  1,818  $28,399 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  19  349  48  875 
  19  349  48  875 
Shares repurchased  —  —  —  — 
Net increase  19  $349  48  $875 

 

102 Sustainable Retirement Funds 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  6,350  $121,412  22,662  $432,128 
Shares issued in connection with         
reinvestment of distributions  10,157  196,123  50,655  924,453 
  16,507  317,535  73,317  1,356,581 
Shares repurchased  (65,856)  (1,262,872)  (273,532)  (5,116,132) 
Net decrease  (49,349)  $(945,337)  (200,215)  $(3,759,551) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  3,624,537  $68,566,828  6,197,896  $118,298,533 
Shares issued in connection with         
reinvestment of distributions  307,940  5,937,090  802,226  14,624,573 
  3,932,477  74,503,918  7,000,122  132,923,106 
Shares repurchased  (3,102,027)  (58,386,697)  (6,029,239)  (114,925,411) 
Net increase  830,450  $16,117,221  970,883  $17,997,695 

 

Maturity Fund

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class A  Shares  Amount  Shares  Amount 
Shares sold  28,111  $438,789  54,888  $848,714 
Shares issued in connection with         
reinvestment of distributions  32,650  503,649  116,681  1,761,268 
  60,761  942,438  171,569  2,609,982 
Shares repurchased  (87,301)  (1,346,797)  (244,019)  (3,769,108) 
Net decrease  (26,540)  $(404,359)  (72,450)  $(1,159,126) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class B  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  69  1,036  585  8,577 
  69  1,036  585  8,577 
Shares repurchased  (2,030)  (29,793)  (8,339)  (126,299) 
Net decrease  (1,961)  $(28,757)  (7,754)  $(117,722) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class C  Shares  Amount  Shares  Amount 
Shares sold  3,357  $48,276  2,641  $39,734 
Shares issued in connection with         
reinvestment of distributions  1,084  16,315  4,344  63,781 
  4,441  64,591  6,985  103,515 
Shares repurchased  (11,055)  (166,851)  (16,296)  (246,950) 
Net decrease  (6,614)  $(102,260)  (9,311)  $(143,435) 

 

Sustainable Retirement Funds 103 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R  Shares  Amount  Shares  Amount 
Shares sold  411  $6,252  847  $13,052 
Shares issued in connection with         
reinvestment of distributions  700  10,793  2,382  35,905 
  1,111  17,045  3,229  48,957 
Shares repurchased  (38)  (554)  (12,507)  (198,098) 
Net increase (decrease)  1,073  $16,491  (9,278)  $(149,141) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R3  Shares  Amount  Shares  Amount 
Shares sold  6,601  $102,575  12,955  $202,119 
Shares issued in connection with         
reinvestment of distributions  1,989  30,841  7,458  113,009 
  8,590  133,416  20,413  315,128 
Shares repurchased  (11,827)  (183,150)  (39,780)  (625,477) 
Net decrease  (3,237)  $(49,734)  (19,367)  $(310,349) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R4  Shares  Amount  Shares  Amount 
Shares sold  581  $8,933  1,191  $18,505 
Shares issued in connection with         
reinvestment of distributions  211  3,269  1,011  15,315 
  792  12,202  2,202  33,820 
Shares repurchased  (3,618)  (55,368)  (5,095)  (78,757) 
Net decrease  (2,826)  $(43,166)  (2,893)  $(44,937) 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R5  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  15  236  48  733 
  15  236  48  733 
Shares repurchased  —  —  —  — 
Net increase  15  $236  48  $733 
 
  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class R6  Shares  Amount  Shares  Amount 
Shares sold  1,339  $20,630  7,735  $120,843 
Shares issued in connection with         
reinvestment of distributions  2,403  37,198  16,614  251,783 
  3,742  57,828  24,349  372,626 
Shares repurchased  (7,832)  (122,071)  (147,652)  (2,248,654) 
Net decrease  (4,090)  $(64,243)  (123,303)  $(1,876,028) 

 

104 Sustainable Retirement Funds 

 

 

  SIX MONTHS ENDED 1/31/24  YEAR ENDED 7/31/23 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  399,683  $6,171,550  1,134,744  $17,633,505 
Shares issued in connection with         
reinvestment of distributions  252,593  3,909,734  954,569  14,476,017 
  652,276  10,081,284  2,089,313  32,109,522 
Shares repurchased  (1,271,559)  (19,548,521)  (3,974,438)  (61,742,204) 
Net decrease  (619,283)  $(9,467,237)  (1,885,125)  $(29,632,682) 

 

At the close of the reporting period, Putnam Investments, LLC owned the following shares of each fund:

 

    Percentage of  Fair value at the 
    shares  end of the 
  Shares owned  outstanding  reporting period 
2065 Fund class C  1,103  3.62%  $12,122 
2065 Fund class R  1,104  100.00  12,251 
2065 Fund class R3  1,112  100.00  12,346 
2065 Fund class R4  1,120  100.00  12,440 
2065 Fund class R5  1,125  100.00  12,498 
2065 Fund class R6  1,128  4.67  12,532 
2065 Fund class Y  1,125  100.00  12,497 
2060 Fund class B  1,484  100.00  18,272 
2060 Fund class R  1,519  100.00  18,947 
2060 Fund class R3  992  17.25  12,340 
2060 Fund class R4  999  11.42  12,438 
2060 Fund class R5  1,002  100.00  12,491 
2055 Fund class R4  1,024  2.81  12,288 
2055 Fund class R5  1,029  100.00  12,343 
2050 Fund class R4  645  5.84  12,132 
2050 Fund class R5  648  100.00  12,194 
2045 Fund class R5  458  100.00  12,038 
2040 Fund class R5  445  100.00  11,851 
2035 Fund class R5  441  100.00  11,584 
2030 Fund class R5  470  100.00  11,159 
2025 Fund class R5  555  100.00  10,780 
Maturity Fund class R5  668  100.00  10,676 

 

At the close of the reporting period, the following funds had shareholders of record that owned the following percentages of the outstanding shares of the fund.

 

2065 Fund  28.4%, 16.8%, 13.9%, 9.0% 
2060 Fund  7.6% 

 

Sustainable Retirement Funds 105 

 

 

Note 5: Transactions with affiliated issuers  Note 5: Transactions with affiliated issuers cont. 

 

Transactions during the reporting period with a company which is under common ownership or control, or involving securities of companies in which a fund owned at least 5% of the outstanding voting securities, were as follows:

 

2065 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $326,671  $125,721  $51,510  $2,234  $—  $3,869  $37,941  15,804  $442,692 
Putnam Sustainable Future ETF  164,538  63,455  34,014  —  —  2,723  20,320  9,742  217,022 
Putnam PanAgora ESG International                   
Equity ETF  121,181  53,488  18,690  4,825  —  148  973  7,295  157,100 
Putnam PanAgora ESG Emerging                   
Markets Equity ETF  34,088  15,472  5,111  780  —  (236)  (2,223)  2,164  41,990 
Putnam ESG Core Bond ETF  21,751  10,115  10,990  590  13  (293)  522  432  21,105 
Putnam ESG High Yield ETF  7,312  3,382  1,174  351  —  (20)  152  190  9,652 
Putnam ESG Ultra Short ETF  8,246  4,369  6,221  246  —  —  16  127  6,410 
Putnam Government Money                   
Market Fund Class G*  —  201,519  201,519  91  —  —  —  —  — 
Putnam Government Money                   
Market Fund Class P*  2,680  16,941  19,621  26  —  —  —  —  — 
Totals  $686,467  $494,462  $348,850  $9,143  $13  $6,191  $57,701    $895,971 
 
2060 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $7,607,099  $4,833,138  $1,709,064  $53,376  $—  $98,155  $932,098  419,880  $11,761,426 
Putnam Sustainable Future ETF  3,816,898  2,371,556  1,034,397  —  —  52,401  508,191  256,528  5,714,649 
Putnam PanAgora ESG International                   
Equity ETF  2,845,835  1,877,537  614,603  113,217  —  (3,755)  44,214  192,671  4,149,228 
Putnam PanAgora ESG Emerging                   
Markets Equity ETF  797,989  540,121  167,240  18,248  —  (9,729)  (46,420)  57,448  1,114,721 
Putnam ESG Core Bond ETF  742,669  559,361  432,795  20,764  437  (13,553)  23,513  17,996  879,195 
Putnam ESG High Yield ETF  255,934  178,216  59,300  12,285  —  (1,347)  6,125  7,473  379,628 
Putnam ESG Ultra Short ETF  253,160  193,972  264,174  7,796  —  (133)  349  3,629  183,174 
Putnam Government Money                   
Market Fund Class G*  —  5,993,282  5,952,620  1,999  —  —  —  40,662  40,662 
Putnam Government Money                   
Market Fund Class P*  48,626  137,299  185,925  403  —  —  —  —  — 
Totals  $16,368,210  $16,684,482  $10,420,118  $228,088  $437  $122,039  $1,468,070    $24,222,683 

 

106 Sustainable Retirement Funds  Sustainable Retirement Funds 107 

 

 

Note 5: Transactions with affiliated issuers cont.  Note 5: Transactions with affiliated issuers cont. 

 

2055 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $23,100,538  $7,049,241  $563,551  $152,282  $—  $37,254  $2,897,418  1,160,988  $32,520,900 
Putnam Sustainable Future ETF  11,443,185  2,937,720  409,879  —  —  40,102  1,527,210  697,509  15,538,338 
Putnam PanAgora ESG International                   
Equity ETF  8,763,937  2,725,839  191,154  329,361  —  1,572  83,516  528,607  11,383,710 
Putnam PanAgora ESG Emerging                   
Markets Equity ETF  2,467,726  757,749  47,675  52,497  —  (1,490)  (175,850)  154,631  3,000,460 
Putnam ESG Core Bond ETF  4,030,302  1,607,316  1,508,912  108,932  2,279  (25,375)  70,156  85,426  4,173,487 
Putnam ESG High Yield ETF  1,394,467  537,339  44,291  64,495  —  (734)  22,791  37,590  1,909,572 
Putnam ESG Ultra Short ETF  1,348,912  646,652  1,008,073  39,476  —  109  1,710  19,600  989,310 
Putnam Government Money                   
Market Fund Class G*  —  9,216,354  9,137,742  5,935  —  —  —  78,612  78,612 
Putnam Government Money                   
Market Fund Class P*  190,570  708,457  899,027  1,467  —  —  —  —  — 
Totals  $52,739,637  $26,186,667  $13,810,304  $754,445  $2,279  $51,438  $4,426,951    $69,594,389 
 
2050 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $42,262,450  $11,345,411  $1,951,075  $276,381  $—  $232,765  $5,035,581  2,032,213  $56,925,132 
Putnam Sustainable Future ETF  20,608,433  4,972,131  1,738,157  —  —  266,448  2,493,127  1,194,151  26,601,982 
Putnam PanAgora ESG International                   
Equity ETF  16,181,723  3,336,064  142,365  600,854  —  (2,049)  160,070  907,043  19,533,443 
Putnam PanAgora ESG Emerging                   
Markets Equity ETF  4,531,187  936,791  37,781  94,509  —  (2,446)  (315,321)  263,473  5,112,430 
Putnam ESG Core Bond ETF  11,716,594  3,203,327  3,919,722  306,701  6,364  (64,477)  181,526  227,556  11,117,248 
Putnam ESG High Yield ETF  3,955,012  994,735  36,287  182,631  —  (1,126)  69,724  98,072  4,982,058 
Putnam ESG Ultra Short ETF  3,716,044  1,296,988  2,439,298  113,513  —  (91)  5,024  51,088  2,578,667 
Putnam Government Money                   
Market Fund Class G*  —  10,202,224  9,788,676  10,141  —  —  —  413,548  413,548 
Putnam Government Money                   
Market Fund Class P*  274,111  1,260,166  1,534,277  2,447  —  —  —  —  — 
Totals  $103,245,554  $37,547,837  $21,587,638  $1,587,177  $6,364  $429,024  $7,629,731    $127,264,508 

 

108 Sustainable Retirement Funds  Sustainable Retirement Funds 109 

 

 

Note 5: Transactions with affiliated issuers cont.  Note 5: Transactions with affiliated issuers cont. 

 

2045 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $52,685,942  $14,081,755  $3,362,760  $333,714  $—  $437,246  $5,995,056  2,493,172  $69,837,239 
Putnam Sustainable Future ETF  25,421,986  5,956,267  2,683,096  —  —  407,515  2,886,154  1,435,964  31,988,826 
Putnam PanAgora ESG International                   
Equity ETF  20,430,247  3,392,024  449,996  732,027  —  16,816  155,862  1,093,319  23,544,953 
Putnam PanAgora ESG Emerging                   
Markets Equity ETF  5,541,831  909,896  119,468  114,195  —  (1,826)  (372,998)  307,021  5,957,435 
Putnam ESG Core Bond ETF  19,713,836  4,371,078  6,422,101  501,605  10,273  (102,327)  287,809  365,332  17,848,295 
Putnam ESG High Yield ETF  6,562,888  1,337,659  149,884  293,579  —  929  108,336  154,723  7,859,928 
Putnam ESG Ultra Short ETF  8,153,656  2,118,805  4,042,962  237,345  —  2,178  13,595  123,730  6,245,272 
Putnam Government Money                   
Market Fund Class G*  —  13,513,898  13,245,454  18,556  —  —  —  268,444  268,444 
Putnam Government Money                   
Market Fund Class P*  535,036  2,320,320  2,855,356  2,713  —  —  —  —  — 
Totals  $139,045,422  $48,001,702  $33,331,077  $2,233,734  $10,273  $760,531  $9,073,814    $163,550,392 
 
2040 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $71,605,737  $15,087,662  $4,905,368  $442,378  $—  $721,599  $7,719,487  3,221,157  $90,229,117 
Putnam Sustainable Future ETF  34,009,411  6,781,036  3,318,678  —  —  542,838  3,747,875  1,874,699  41,762,482 
Putnam PanAgora ESG International                   
Equity ETF  26,528,984  2,634,134  701,411  917,960  —  34,849  142,572  1,329,869  28,639,128 
Putnam PanAgora ESG Emerging                   
Markets Equity ETF  5,425,127  548,225  360,349  108,792  —  788  (360,488)  270,733  5,253,303 
Putnam ESG Core Bond ETF  41,232,826  8,051,795  9,521,656  1,059,410  21,301  (151,906)  554,102  822,130  40,165,161 
Putnam ESG High Yield ETF  9,636,554  1,325,510  349,406  417,007  —  1,496  142,949  211,754  10,757,103 
Putnam ESG Ultra Short ETF  14,354,387  2,848,694  6,021,661  408,603  —  3,880  27,873  222,153  11,213,173 
Putnam Government Money                   
Market Fund Class G*  —  16,788,298  16,788,298  14,702  —  —  —  —  — 
Putnam Government Money                   
Market Fund Class P*  1,020,109  2,848,098  3,868,207  2,181  —  —  —  —  — 
Totals  $203,813,135  $56,913,452  $45,835,034  $3,371,033  $21,301  $1,153,544  $11,974,370    $228,019,467 

 

110 Sustainable Retirement Funds  Sustainable Retirement Funds 111 

 

 

Note 5: Transactions with affiliated issuers cont.  Note 5: Transactions with affiliated issuers cont. 

 

2035 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $62,659,259  $16,768,714  $5,522,263  $390,764  $—  $766,648  $6,759,191  2,907,086  $81,431,549 
Putnam Sustainable Future ETF  29,396,874  8,265,234  3,631,698  —  —  567,547  3,267,627  1,699,769  37,865,584 
Putnam PanAgora ESG International                   
Equity ETF  20,860,576  2,840,968  891,813  731,306  —  16,463  111,162  1,065,105  22,937,356 
Putnam PanAgora ESG Emerging                   
Markets Equity ETF  1,242,489  108,521  588,724  17,031  —  (18,850)  (74,871)  34,455  668,565 
Putnam ESG Core Bond ETF  60,790,581  12,755,011  9,927,771  1,593,293  32,137  (175,789)  801,560  1,314,985  64,243,592 
Putnam ESG High Yield ETF  9,563,631  1,627,892  384,200  420,328  —  (1,522)  146,425  215,595  10,952,226 
Putnam ESG Ultra Short ETF  15,886,519  3,480,218  5,943,124  462,090  —  4,012  37,136  266,761  13,464,761 
Putnam Government Money                   
Market Fund Class G*  —  20,000,399  20,000,399  21,747  —  —  —  —  — 
Putnam Government Money                   
Market Fund Class P*  277,985  3,593,840  3,871,825  6,733  —  —  —  —  — 
Totals  $200,677,914  $69,440,797  $50,761,817  $3,643,292  $32,137  $1,158,509  $11,048,230    $231,563,633 
 
2030 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $53,089,622  $13,750,565  $7,895,009  $311,556  $—  $957,800  $4,922,348  2,314,248  $64,825,326 
Putnam Sustainable Future ETF  24,123,525  6,968,209  4,426,924  —  —  590,029  2,331,379  1,328,112  29,586,218 
Putnam PanAgora ESG International                   
Equity ETF  17,346,125  1,217,627  1,083,130  568,996  —  14,901  40,069  814,272  17,535,592 
Putnam ESG Core Bond ETF  105,562,215  15,473,937  13,383,847  2,644,403  52,688  (271,056)  1,288,345  2,224,329  108,669,594 
Putnam ESG High Yield ETF  14,933,644  1,856,578  578,050  631,760  —  (557)  218,832  323,434  16,430,447 
Putnam ESG Ultra Short ETF  21,825,341  3,298,304  6,974,109  607,287  —  3,580  52,056  360,677  18,205,172 
Putnam Government Money                   
Market Fund Class G*  —  19,439,989  19,439,989  19,075  —  —  —  —  — 
Putnam Government Money                   
Market Fund Class P*  820,219  3,772,874  4,593,093  4,743  —  —  —  —  — 
Totals  $237,700,691  $65,778,083  $58,374,151  $4,787,820  $52,688  $1,294,697  $8,853,029    $255,252,349 

 

112 Sustainable Retirement Funds  Sustainable Retirement Funds 113 

 

 

Note 5: Transactions with affiliated issuers cont.  Note 5: Transactions with affiliated issuers cont. 

 

2025 Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/24  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $29,542,481  $12,844,960  $5,642,215  $173,841  $—  $639,711  $2,834,027  1,435,807  $40,218,964 
Putnam Sustainable Future ETF  12,565,897  6,354,877  2,796,977  —  —  331,208  1,314,899  797,683  17,769,904 
Putnam PanAgora ESG International                   
Equity ETF  10,156,141  1,431,243  1,167,031  332,766  —  21,477  5,052  485,105  10,446,882 
Putnam ESG Core Bond ETF  110,596,484  15,671,049  19,318,222  2,697,115  53,066  (580,849)  1,438,499  2,206,672  107,806,961 
Putnam ESG High Yield ETF  23,731,926  7,470,302  2,387,243  1,055,326  —  (18,277)  388,756  574,517  29,185,464 
Putnam ESG Ultra Short ETF  20,480,502  4,217,398  7,730,648  564,734  —  4,016  46,479  337,152  17,017,747 
Putnam Government Money                   
Market Fund Class G*  —  25,521,304  25,040,674  24,648  —  —  —  480,630  480,630 
Putnam Government Money                   
Market Fund Class P*  101,553  3,724,640  3,826,193  5,389  —  —  —  —  — 
Totals  $207,174,984  $77,235,773  $67,909,203  $4,853,819  $53,066  $397,286  $6,027,712    $222,926,552 
 
 
Maturity Fund                   
              Change in     
              unrealized  Shares   
  Fair value as  Purchase  Sale  Investment  Capital gain  Realized  appreciation  outstanding  Fair value 
Affiliates  of 7/31/23  cost  proceeds  income  distributions  gain (loss)  (depreciation)  as of 1/31/24  as of 1/31/24 
Putnam Sustainable Leaders ETF  $29,772,798  $379,917  $3,722,123  $169,797  $—  $480,226  $2,430,395  1,047,474  $29,341,213 
Putnam Sustainable Future ETF  15,117,229  192,031  2,340,804  —  —  324,938  1,246,249  652,678  14,539,643 
Putnam PanAgora ESG International                   
Equity ETF  8,793,846  172,850  517,013  277,513  —  17,589  4,866  393,407  8,472,138 
Putnam ESG Core Bond ETF  105,152,683  3,852,918  6,360,678  2,510,759  48,087  (206,369)  972,726  2,116,698  103,411,280 
Putnam ESG High Yield ETF  34,812,030  1,260,831  2,591,809  1,389,943  —  (6,597)  439,727  667,602  33,914,182 
Putnam ESG Ultra Short ETF  11,617,244  953,938  1,065,394  312,797  —  784  41,704  228,792  11,548,276 
Putnam Government Money                   
Market Fund Class G*  —  10,614,745  10,036,149  9,773  —  —  —  578,596  578,596 
Putnam Government Money                   
Market Fund Class P*  411,000  2,911,770  3,322,770  3,727  —  —  —  —  — 
Totals  $205,676,830  $20,339,000  $29,956,740  $4,674,309  $48,087  $610,571  $5,135,667    $201,805,328 

 

* Purchase cost and Sale proceeds are excluded from Note 3.

 

114 Sustainable Retirement Funds  Sustainable Retirement Funds 115 

 

 

Note 6: Market, credit and other risks

In the normal course of business, the underlying Putnam funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The underlying Putnam funds may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. The underlying Putnam funds may invest in foreign securities that involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations. The underlying Putnam funds may invest in ETFs with a focus on companies or issuers that exhibit a commitment to 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 for the underlying funds, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or 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 underlying Putnam fund invests, the underlying Putnam fund may temporarily hold securities that are inconsistent with its ESG investment criteria. The financial statements of the underlying Putnam funds contain additional information about the expenses and investments of the underlying Putnam funds and are available upon request.

116 Sustainable Retirement Funds 

 

 

Shareholder meeting results (Unaudited)

October 20, 2023 special meeting

At the meeting, a new Management Contract for Putnam Sustainable Retirement 2065 Fund with Putnam Investment Management, LLC was approved, as follows:

Votes for  Votes against  Abstentions/Votes withheld 
65,221  —  — 

 

At the meeting, a new Sub-Management Contract for Putnam Sustainable Retirement 2065 Fund between Putnam Investment Management, LLC and Putnam Investments Limited was approved, as follows:

Votes for  Votes against  Abstentions/Votes withheld 
65,221  —  — 

 

All tabulations are rounded to the nearest whole number.

December 18, 2023 special meeting

At the meeting, a new Management Contract for Putnam Sustainable Retirement Maturity Fund with Putnam Investment Management, LLC was approved, as follows:

Votes for  Votes against  Abstentions/Votes withheld 
5,658,059  409,590  584,788 

 

At the meeting, a new Sub-Management Contract for Putnam Sustainable Retirement Maturity Fund between Putnam Investment Management, LLC and Putnam Investments Limited was approved, as follows:

 

Votes for  Votes against  Abstentions/Votes withheld 
5,539,545  418,537  694,355 

 

All tabulations are rounded to the nearest whole number.

January 4, 2024 special meeting

At the meeting, a new Management Contract for Putnam Sustainable Retirement 2025 Fund with Putnam Investment Management, LLC was approved, as follows:

Votes for  Votes against  Abstentions/Votes withheld 
4,703,879  166,638  649,996 

 

At the meeting, a new Sub-Management Contract for Putnam Sustainable Retirement 2025 Fund between Putnam Investment Management, LLC and Putnam Investments Limited was approved, as follows:

 

Votes for  Votes against  Abstentions/Votes withheld 
4,630,487  181,423  708,603 

 

All tabulations are rounded to the nearest whole number.

 

Sustainable Retirement Funds 117 

 

 

Shareholder meeting results cont.

February 14, 2024 special meeting

At the meeting, a new Management Contract for Putnam Sustainable Retirement 2030 Fund with Putnam Investment Management, LLC was approved, as follows:

Votes for  Votes against  Abstentions/Votes withheld 
4,584,383  278,649  535,179 

 

At the meeting, a new Sub-Management Contract for Putnam Sustainable Retirement 2030 Fund between Putnam Investment Management, LLC and Putnam Investments Limited was approved, as follows:

 

Votes for  Votes against  Abstentions/Votes withheld 
4,487,778  327,111  583,322 

 

All tabulations are rounded to the nearest whole number.

February 21, 2024 special meeting

At the meeting, a new Management Contract for Putnam Sustainable Retirement 2035 Fund with Putnam Investment Management, LLC was approved, as follows:

Votes for  Votes against  Abstentions/Votes withheld 
3,581,495  143,498  435,822 

 

At the meeting, a new Sub-Management Contract for Putnam Sustainable Retirement 2035 Fund between Putnam Investment Management, LLC and Putnam Investments Limited was approved, as follows:

 

Votes for  Votes against  Abstentions/Votes withheld 
3,464,424  245,570  450,821 

 

All tabulations are rounded to the nearest whole number.

 

118 Sustainable Retirement Funds 

 

 

Fund information

Investment Manager  Trustees  Jonathan S. Horwitz 
Putnam Investment  Kenneth R. Leibler, Chair  Executive Vice President, 
Management, LLC  Barbara M. Baumann, Vice Chair  Principal Executive Officer, 
100 Federal Street  Liaquat Ahamed  and Compliance Liaison 
Boston, MA 02110  Katinka Domotorffy   
  Catharine Bond Hill  Kelley Hunt 
Investment Sub-Advisor  Jennifer Williams Murphy  AML Compliance Officer 
Putnam Investments Limited  Marie Pillai   
16 St James’s Street  George Putnam III  Martin Lemaire 
London, England SW1A 1ER  Robert L. Reynolds  Vice President and 
  Manoj P. Singh  Derivatives Risk Manager 
Marketing Services  Mona K. Sutphen   
Putnam Retail Management  Jane E. Trust  Alan G. McCormack 
Limited Partnership    Vice President and 
100 Federal Street  Officers  Derivatives Risk Manager 
Boston, MA 02110  Robert L. Reynolds   
  President, The Putnam Funds  Denere P. Poulack 
Custodian    Assistant Vice President, 
State Street Bank  Kevin R. Blatchford  Assistant Clerk, and 
and Trust Company  Vice President and  Assistant Treasurer 
  Assistant Treasurer   
Legal Counsel    Janet C. Smith 
Ropes & Gray LLP  James F. Clark  Vice President, 
  Vice President and  Principal Financial Officer, 
  Chief Compliance Officer  Principal Accounting Officer, 
    and Assistant Treasurer 
  Michael J. Higgins   
  Vice President, Treasurer,  Stephen J. Tate 
  and Clerk  Vice President and 
    Chief Legal Officer 

 

This report is for the information of shareholders of Putnam Sustainable Retirement Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus, the most recent copy of the fund’s Quarterly Performance Summary, and the fund’s Quarterly Ranking Summary. For more recent performance, please visit putnam.com or franklintempleton.com. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund, which are described in its prospectus. For this and other information or to request a prospectus, call 1-800-225-1581 toll free. Please read the prospectus carefully before investing. The fund’s Statement of Additional Information contains additional information about the fund’s Trustees and is available without charge upon request by calling 1-800-225-1581.

 

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Item 2. Code of Ethics:
Not applicable

Item 3. Audit Committee Financial Expert:
Not applicable

Item 4. Principal Accountant Fees and Services:
Not applicable

Item 5. Audit Committee of Listed Registrants
Not applicable

Item 6. Schedule of Investments:
The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:
Not applicable

Item 8. Portfolio Managers of Closed-End Investment Companies
Not Applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:
Not applicable

Item 10. Submission of Matters to a Vote of Security Holders:
Not applicable

Item 11. Controls and Procedures:
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

Item 12. Disclosures of Securities Lending Activities for Closed-End Investment Companies:
Not Applicable

Item 13. Recovery of Erroneously Awarded Compensation.
Not Applicable

Item 14. Exhibits:
(a)(1) Not applicable

(a)(2) Not applicable

(a)(3) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.

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, thereunto duly authorized.

Putnam Target Date Funds
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer

Date: March 26, 2024
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 (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer

Date: March 26, 2024
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer

Date: March 26, 2024