# EDGAR Filing Document

**Accession Number:** 0001295293
**File Stem:** 0000928816-23-000429
**Filing Date:** 2023-3
**Character Count:** 393732
**Document Hash:** 67157bbb6797285323210e3f560a6f31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-23-000429.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0000928816-23-000429

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**EFFECTIVENESS DATE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam Target Date Funds
- **CENTRAL INDEX KEY:** 0001295293
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21598
- **FILM NUMBER:** 23775134

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Putnam RetirementReady Funds
- **DATE OF NAME CHANGE:** 20040624

## Series and Classes Contracts Data

### Putnam Sustainable Retirement 2050 Fund (Series ID: S000003995)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011141 | Class A Shares  |  |
| C000011142 | Class B Shares  |  |
| C000011143 | Class C Shares  |  |
| C000011145 | Class R Shares  |  |
| C000011146 | Class Y Shares  |  |
| C000174674 | Class R6 Shares |  |
| C000222431 | Class R4 Shares |  |
| C000222432 | Class R5 Shares |  |
| C000222433 | Class R3 Shares |  |

### Putnam Sustainable Retirement Maturity Fund (Series ID: S000003996)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011147 | Class A Shares  |  |
| C000011148 | Class B Shares  |  |
| C000011149 | Class C Shares  |  |
| C000011151 | Class R Shares  |  |
| C000011152 | Class Y Shares  |  |
| C000174675 | Class R6 Shares |  |
| C000222434 | Class R3 Shares |  |
| C000222435 | Class R4 Shares |  |
| C000222436 | Class R5 Shares |  |

### Putnam Sustainable Retirement 2045 Fund (Series ID: S000003997)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011153 | Class A Shares  |  |
| C000011154 | Class B Shares  |  |
| C000011155 | Class C Shares  |  |
| C000011157 | Class R Shares  |  |
| C000011158 | Class Y Shares  |  |
| C000174676 | Class R6 Shares |  |
| C000222437 | Class R4 Shares |  |
| C000222438 | Class R3 Shares |  |
| C000222439 | Class R5 Shares |  |

### Putnam Sustainable Retirement 2040 Fund (Series ID: S000003998)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011159 | Class A Shares  |  |
| C000011160 | Class B Shares  |  |
| C000011161 | Class C Shares  |  |
| C000011163 | Class R Shares  |  |
| C000011164 | Class Y Shares  |  |
| C000174677 | Class R6 Shares |  |
| C000222440 | Class R4 Shares |  |
| C000222441 | Class R3 Shares |  |
| C000222442 | Class R5 Shares |  |

### Putnam Sustainable Retirement 2035 Fund (Series ID: S000003999)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011165 | Class A Shares  |  |
| C000011166 | Class B Shares  |  |
| C000011167 | Class C Shares  |  |
| C000011169 | Class R Shares  |  |
| C000011170 | Class Y Shares  |  |
| C000174678 | Class R6 Shares |  |
| C000222443 | Class R4 Shares |  |
| C000222444 | Class R5 Shares |  |
| C000222445 | Class R3 Shares |  |

### Putnam Sustainable Retirement 2030 Fund (Series ID: S000004000)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011171 | Class A Shares  |  |
| C000011172 | Class B Shares  |  |
| C000011173 | Class C Shares  |  |
| C000011175 | Class R Shares  |  |
| C000011176 | Class Y Shares  |  |
| C000174679 | Class R6 Shares |  |
| C000222446 | Class R3 Shares |  |
| C000222447 | Class R4 Shares |  |
| C000222448 | Class R5 Shares |  |

### Putnam Sustainable Retirement 2025 Fund (Series ID: S000004001)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011177 | Class A Shares  |  |
| C000011178 | Class B Shares  |  |
| C000011179 | Class C Shares  |  |
| C000011181 | Class R Shares  |  |
| C000011182 | Class Y Shares  |  |
| C000174680 | Class R6 Shares |  |
| C000222449 | Class R3 Shares |  |
| C000222450 | Class R4 Shares |  |
| C000222451 | Class R5 Shares |  |

### Putnam Sustainable Retirement 2055 Fund (Series ID: S000030470)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000093618 | Class A         |  |
| C000093619 | Class B         |  |
| C000093620 | Class C         |  |
| C000093622 | Class R         |  |
| C000093623 | Class Y         |  |
| C000174682 | Class R6 Shares |  |
| C000222455 | Class R5 Shares |  |
| C000222456 | Class R4 Shares |  |
| C000222457 | Class R3 Shares |  |

### Putnam Sustainable Retirement 2060 Fund (Series ID: S000051718)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000162753 | Class A Shares  |  |
| C000162754 | Class B Shares  |  |
| C000162755 | Class C Shares  |  |
| C000162757 | Class R Shares  |  |
| C000162758 | Class Y Shares  |  |
| C000174683 | Class R6 Shares |  |
| C000222458 | Class R5 Shares |  |
| C000222459 | Class R4 Shares |  |
| C000222460 | Class R3 Shares |  |

### Putnam Sustainable Retirement 2065 Fund (Series ID: S000070577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000224205 | Class Y      |  |
| C000224206 | Class R6     |  |
| C000224207 | Class R5     |  |
| C000224208 | Class R4     |  |
| C000224209 | Class A      |  |
| C000224210 | Class R      |  |
| C000224211 | Class C      |  |
| C000224213 | Class R3     |  |

UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

<br>**FORM N-CSR**<br>

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANIES**<br>

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<br>100 Federal Street<br>Boston, Massachusetts 02110

Copy to: Bryan Chegwidden, Esq.<br>Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036

Registrant's telephone number, including area code: (617) 292-1000

Date of fiscal year end: July 31, 2023

Date of reporting period: August 1, 2022 – January 31, 2023

<br><u>Item 1. Report to Stockholders:</u>

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

![](sustainableretirex1x1.jpg) <br>

------

Putnam<br>Sustainable Retirement<br>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**<br>**1** \| **31** \| **23**

---

| | |
|:---|:---|
| [Message from the Trustees](#page_3) | [1](#page_3) |
| [Interview with your fund's portfolio manager](#page_5) | [3](#page_5) |
| [The funds' underlying investments as of 1/31/23](#page_8) | [6](#page_8) |
| [The funds' underlying investments as of 2/10/23](#page_10) | [8](#page_10) |
| [Your fund's performance](#page_12) | [10](#page_12) |
| [Your fund's expenses](#page_36) | [34](#page_36) |
| [Consider these risks before investing](#page_42) | [40](#page_42) |
| [Terms and definitions](#page_44) | [42](#page_44) |
| [Other information for shareholders](#page_46) | [44](#page_46) |
| [Financial statements](#page_47) | [45](#page_47) |

---

------

**Message from the Trustees**

March 14, 2023

Dear Fellow Shareholder:

Stock and bond markets rose in early 2023 as inflation continued to ease and the U.S. Federal Reserve moderated its interest-rate increases. Investors showed optimism that the Fed might slow the economy and reduce inflation without causing a recession. Still, caution may be warranted. While the Fed has reduced the size of its interest-rate increases, it also signaled that more rate hikes are likely if concerns persist about a resurgence in inflation.

Putnam's investment teams believe a recession is possible this year or next. However, they also are finding what they believe to be attractive investment opportunities in a range of asset classes, including stocks and taxable and tax-exempt bonds. As active researchers, our teams analyze interest-rate and credit risks as they seek out investments for your fund. They also consider how stocks and bonds are likely to perform in uncertain economic conditions.

Thank you for investing with Putnam. ![](sustainableretirex3x1.jpg) <br>

------

![](sustainableretirex4x1.jpg) <br>

*Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. Fund returns in the table above do not reflect a sales charge of 4.00% for Sustainable Retirement Maturity Fund and 5.75% for all other funds; had they, returns would have been lower. See below and pages 10–33 for additional performance information. For a portion of the periods, the funds had expense limitations, without which returns would have been lower. To obtain the most recent month-end performance, visit putnam.com.*

*Effective February 10, 2023, the funds are managed with a materially different investment strategy than the strategy used to achieve the performance for the periods shown in the table above.*

\* *With the exception of Putnam Sustainable Retirement 2050 Fund, 2055 Fund, 2060 Fund, and 2065 Fund (inceptions: 5/2/05, 11/30/10, 11/30/15, and 1/4/21, respectively), the inception date of the class A shares of the Sustainable Retirement Funds is 11/1/04.*

*Returns for periods of less than one year are not annualized.* ![](sustainableretirex4x2.jpg) <br>

See above and pages 10–33 for additional fund performance information. Index descriptions can be found on pages 42–43.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

2 Sustainable Retirement Funds

------

![](sustainableretirex5x1.jpg) <br> ![](sustainableretirex5x2.jpg) <br>

**How were market conditions during the six-month reporting period?**

Midway through the period, signs of cooling inflation led to an improvement in market sentiment. Stocks also benefited from better-than-expected third-quarter 2022 earnings reports, steady employment, and optimism that the Federal Reserve would soon begin to slow the pace of interest-rate hikes in the second half of the period. On the other hand, the intensifying Russia-Ukraine War, civil unrest in China, fears of recession, and hawkish Fed rhetoric weighed on sentiment at times.

Global equities, as measured by the MSCI World Index [ND], posted a gain of 2.15% for the six-month reporting period. International stocks rose 9.52%, as measured by the MSCI EAFE Index [ND]. Emerging market stocks, as measured by the MSCI Emerging Markets Index [GD], climbed 4.92%. U.S. stocks returned –0.44%, as measured by the S&P 500 Index.

Bonds posted positive returns for the second half of the period but turned in low single-digit performance for the full six-month period. Stubbornly high inflation remained a top priority for the Fed and other central banks. In early November, the Fed raised its benchmark

Sustainable Retirement Funds 3

------

interest rate by 0.75%, the fourth consecutive increase of this magnitude. However, it signaled it might soon begin to slow the pace of tightening, which bolstered sentiment. A smaller hike of 0.50% in mid-December brought the federal funds rate to 4.25%–4.50%, a level not seen in 15 years. Fed officials indicated they would continue raising interest rates in 2023 until there was sufficient evidence inflation was sustainably trending downward.

For the six-month period, global bonds, as measured by the FTSE World Government Bond Index, returned –2.75%. Investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned –2.37%. The yield on the 10-year U.S. Treasury note began the period at 2.67%. After peaking at 4.25% on October 24, the 10-year U.S. Treasury yield ended the period at 3.52%. High-yield bonds returned 1.38%, as measured by the JPMorgan Developed High Yield Index.

**How did the funds perform for the six months ended January 31, 2023?**

All the Sustainable Retirement Funds finished with positive absolute returns for the six-month reporting period. Funds intended for investors further from retirement outperformed near-retirement funds, as global equities experienced strength compared with bonds over the period. The glide path of the funds is an important tool that distinguishes Putnam from its peers. Our glide path starts off more aggressively than the average for our Lipper peer group. We hold a higher equity weight in the early part of the glide path for funds serving people retiring in the 2050s or 2060s. Our glide path becomes more conservative relative to our peers for the funds serving investors nearing retirement in the 2020s or 2030s.

**Which strategies contributed to or detracted from performance during the period?**

Overall, our active asset allocation decisions aided benchmark-relative performance. We entered the period with an underweight position to equity risk and moved further underweight by the end of the period. This helped performance as equities experienced volatility due to fear of recession and monetary policy tightening. An out-of-benchmark position to commodity risk that ranged from long to modestly long during the period led to a loss. The portfolios were neutral with respect to interest-rate risk.

![](sustainableretirex6x1.jpg)

Overall, our security selection decisions boosted benchmark-relative performance. Our quantitative U.S. large-cap core and fundamental U.S. large-cap value equity strategies lifted performance over the period. Our opportunistic fixed income strategy also enhanced results.

**What is your near-term outlook for the markets?**

Volatility was a major constant across markets in 2022. We expect high inflation, monetary policy tightening, the war in Ukraine, and recession fears will continue to weigh on market sentiment for the foreseeable future.

Our near-term outlook for equities is bearish. We believe the market is too optimistic with respect to a Fed policy pivot. We believe the Fed is unlikely to execute a soft landing and will either continue hiking interest rates more than the market anticipates or trigger a recession. Either path would prove negative for equities, in our view.

Our near-term outlook for rate-sensitive fixed income is slightly bearish. Given the Fed's statement following its February 2023 meeting and jobs data, we believe we will see more hawkish language from the central bank as it continues to tame inflation.

Our view on commodities is slightly bullish. A strengthening U.S. dollar, rising real yields

4 Sustainable Retirement Funds

------

[which adjust for the impact of inflation], and building recessionary forces are headwinds for commodities, in our view. However, in the medium term, we believe supply constraints are a reason to be bullish.

Against this backdrop, we continue to have conviction in our investment strategies given our ability to adapt the portfolios to changing market conditions.

**Thank you, Brett, for your time and insights today.**

*The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice.*

*Please note that the holdings discussed in this report may not have been held by each fund for the entire period. Portfolio composition is subject to review in accordance with each fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk. Statements in the Q&A concerning each fund's performance or portfolio composition relative to those of each fund's Lipper peer group may reference information produced by Lipper Inc. or through a third party.*

Of special interest

Putnam Sustainable Retirement Funds were repositioned from Putnam RetirementReady Funds on February 10, 2023. As part of the repositioning, the funds shifted their focus to investing primarily in exchange-traded funds (ETFs) known as the underlying funds. The underlying funds focus on investments with positive sustainability or environmental, social, and governance (ESG) characteristics. For more information, please see pages 8–9 for a description of the underlying funds.

**ABOUT DERIVATIVES**

Derivatives are an increasingly common type of investment instrument, the performance of which is *derived* from an underlying security, index, currency, or other area of the capital markets. Derivatives employed by the underlying funds' managers generally serve one of two main purposes: to implement a strategy that may be difficult or more expensive to invest in through traditional securities, or to hedge unwanted risk associated with a particular position.

For example, the underlying funds' managers might use currency forward contracts to capitalize on an anticipated change in exchange rates between two currencies. This approach would require a significantly smaller outlay of capital than purchasing traditional bonds denominated in the underlying currencies. In another example, the managers may identify a bond that they believe is undervalued relative to its risk of default, but may seek to reduce the interest-rate risk of that bond by using interest-rate swaps, a derivative through which two parties "swap" payments based on the movement of certain rates. In other examples, the managers may use options and futures contracts to hedge against a variety of risks by establishing a combination of long and short exposures to specific equity markets or sectors.

Like any other investment, derivatives may not appreciate in value and may lose money. Derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities. And because derivatives typically represent contractual agreements between two financial institutions, derivatives entail "counterparty risk," which is the risk that the other party is unable or unwilling to pay. Putnam monitors the counterparty risks we assume. For example, Putnam often enters into collateral agreements that require the counterparties to post collateral on a regular basis to cover their obligations to the underlying funds. Counterparty risk for exchange-traded futures and centrally cleared swaps is mitigated by the daily exchange of margin and other safeguards against default through their respective clearinghouses.

Sustainable Retirement Funds 5

------

**The funds' underlying investments as of 1/31/23**

Historically, each Putnam Sustainable Retirement Fund invests, to varying degrees, in a variety of Putnam mutual funds. This section describes the goals and strategies of each of the underlying Putnam mutual funds as of January 31, 2023.

**Putnam Dynamic Asset Allocation Balanced Fund**

The fund's portfolio is diversified across stocks and bonds in global markets and is designed for investors seeking total return. The fund's strategic equity allocation is 60% (the range is 45% to 75%), with the balance invested in bonds and money market instruments. The Portfolio Managers can adjust the allocations based on market conditions.

**Putnam Dynamic Asset Allocation Conservative Fund**

The fund's globally diversified portfolio emphasizes bonds over stocks and is designed for investors who want to protect the value of their investment while receiving regular income and protection against inflation. The strategic fixed-income allocation is 70% (with a range of 55% to 85%), with the balance invested in stocks and money market instruments. The Portfolio Managers can adjust allocations based on market conditions.

**Putnam Dynamic Asset Allocation Equity Fund**

The fund's portfolio invests mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide and is designed for investors seeking long-term growth. The fund typically allocates approximately 75% of its assets to investments in U.S. companies and 25% of its assets to international companies, but allocations may vary. The Portfolio Managers can adjust allocations based on market conditions.

**Putnam Dynamic Asset Allocation Growth Fund**

The fund's portfolio invests mainly in equity securities (growth or value stocks or both) of U.S. and international companies of any size and is designed for investors seeking capital appreciation with moderate risk. The fund's strategic equity weighting is 80% (the range is 65% to 95%), with the balance invested in a range of fixed-income investments. The Portfolio Managers can adjust allocations based on market conditions.

**Putnam Fixed Income Absolute Return Fund**<sup>\*</sup> **and Putnam Multi-Asset Absolute Return Fund**<sup>\*\*</sup>

Each fund pursues an "absolute return" strategy that seeks to earn a positive total return over a reasonable period of time regardless of market conditions or general market direction. Putnam Fixed Income Absolute Return Fund invests in a broadly diversified portfolio reflecting uncorrelated fixed-income strategies. Putnam Multi-Asset Absolute Return Fund combines two independent investment strategies: a beta strategy, which provides broad exposure to investment markets, and an alpha strategy, which seeks returns from active trading. Actual allocations of both funds will vary.

**Putnam Government Money Market Fund**

The fund seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity. The fund invests at least 99.5% of its total assets in cash, U.S. government securities, and repurchase agreements that are fully collateralized by U.S. government securities or cash.

<sup>\*</sup> Effective 2/28/23, the fund was renamed Putnam Core Bond Fund.

<sup>\*\*</sup> Effective 2/17/23, the fund merged into Putnam Multi-Asset Income Fund.

6 Sustainable Retirement Funds

------

**You can lose money by investing in Putnam Government Money Market Fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

**Allocations by fund** as of 1/31/23

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Putnam Fund** | **2065 Fund** | **2060 Fund** | **2055 Fund** | **2050 Fund** | **2045 Fund** | **2040 Fund** | **2035 Fund** | **2030 Fund** | **2025 Fund** | **Maturity Fund** |
| **Putnam Dynamic Asset Allocation** |  |  |  |  |  |  |  |  |  |  |
| **Equity Fund** | 73.9% | 68.4% | 52.0% | 32.5% | 9.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| **Putnam Dynamic Asset Allocation** |  |  |  |  |  |  |  |  |  |  |
| **Growth Fund** | 16.0% | 21.1% | 36.9% | 55.1% | 68.6% | 51.8% | 16.4% | 0.0% | 0.0% | 0.0% |
| **Putnam Dynamic Asset Allocation** |  |  |  |  |  |  |  |  |  |  |
| **Balanced Fund** | 0.0% | 0.0% | 0.0% | 0.0% | 4.3% | 23.4% | 48.3% | 41.3% | 13.4% | 0.0% |
| **Putnam Dynamic Asset Allocation** |  |  |  |  |  |  |  |  |  |  |
| **Conservative Fund** | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 13.0% | 28.5% | 34.7% |
| **Putnam Multi-Asset Absolute** |  |  |  |  |  |  |  |  |  |  |
| **Return Fund**<sup>\*</sup> | 9.2% | 9.2% | 9.2% | 9.5% | 12.7% | 16.7% | 20.5% | 25.5% | 29.2% | 29.7% |
| **Putnam Fixed Income Absolute** |  |  |  |  |  |  |  |  |  |  |
| **Return Fund**<sup>\*\*</sup> | 0.6% | 0.8% | 1.4% | 2.4% | 2.9% | 5.3% | 9.7% | 15.0% | 23.0% | 29.6% |
| **Putnam Government Money** |  |  |  |  |  |  |  |  |  |  |
| **Market Fund** | 0.4% | 0.5% | 0.5% | 0.5% | 1.8% | 2.9% | 4.0% | 5.2% | 5.9% | 5.9% |

---

Percentages are based on net assets as of 1/31/23. Portfolio composition will vary over time. Due to rounding, percentages may not equal 100%.

<sup>\*</sup> Effective 2/17/23, the fund merged into Putnam Multi-Asset Income Fund.

<sup>\*\*</sup> Effective 2/28/23, the fund was renamed Putnam Core Bond Fund.

Sustainable Retirement Funds 7

------

**The funds' underlying investments as of 2/10/23**

Putnam Sustainable Retirement Funds invest primarily in exchange-traded funds (ETFs) known as the underlying funds. The underlying funds focus on investments with positive sustainability or environmental, social, and governance (ESG) characteristics. This section describes the goals and strategies of each of the underlying funds as of February 10, 2023. For more information, please see each fund's prospectus.

**Putnam ESG Core Bond ETF**

This ETF invests mainly in a diversified portfolio of investment-grade fixed income securities. This ETF focuses on companies or issuers that Putnam Management believes meet relevant ESG criteria on a sector-specific basis.

**Putnam ESG High Yield ETF**

This ETF invests mainly in bonds that are rated below investment grade in quality. This ETF invests in companies or issuers that Putnam Management believes meet relevant ESG criteria on a sector-specific basis. Bonds must meet the criteria of one or more of the following: (1) obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer).

**Putnam ESG Ultra Short ETF**

This ETF invests in a diversified short-duration fixed income portfolio comprising investment-grade money market and U.S. dollar-denominated foreign securities. This ETF focuses on companies or issuers that Putnam Management believes meet relevant ESG criteria on a sector-specific basis.

**Putnam PanAgora ESG Emerging Markets Equity ETF**

This ETF invests mainly in growth and/or value common stocks of emerging market companies of any size. This ETF focuses on companies that its subadvisor, PanAgora Asset Management (PanAgora), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.

**Putnam PanAgora ESG International Equity ETF**

This ETF invests mainly in growth and/or value common stocks of companies of any size outside the United States. This ETF focuses on companies that its subadvisor, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.

**Putnam Sustainable Leaders ETF**

This ETF invests mainly in common stocks of U.S. companies of any size. This ETF focuses on companies that Putnam Management believes exhibit a commitment to "financially material sustainable business practices." Putnam Management views "financially material sustainable business practices" as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to ESG issues.

**Putnam Sustainable Future ETF**

This ETF invests mainly in common stocks of U.S. companies of any size. This ETF focuses on companies whose products and services Putnam Management believes provide solutions that directly contribute to sustainable ESG development.

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.

8 Sustainable Retirement Funds

------

The following table presents your fund's expected, initial approximate allocations to each asset class and underlying fund as of 2/10/23 and its projected approximate allocations to those asset classes and underlying funds as of 2/10/24. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying fund\*** | **Year** | **2065 Fund** | **2060 Fund** | **2055 Fund** | **2050 Fund** | **2045 Fund** | **2040 Fund** | **2035 Fund** | **2030 Fund** | **2025 Fund** | **Maturity Fund** |
| **Putnam Sustainable** | 2023 | 47.6% | 46.8% | 44.7% | 42.2% | 39.6% | 37.0% | 33.3% | 25.2% | 16.4% | 14.1% |
| **Leaders ETF** | 2024 | 47.6% | 46.5% | 44.2% | 41.6% | 39.1% | 36.3% | 32.4% | 22.8% | 15.6% | 14.1% |
| **Putnam Sustainable** | 2023 | 23.8% | 23.4% | 22.3% | 21.1% | 19.8% | 18.5% | 16.6% | 12.6% | 8.2% | 7.1% |
| **Future ETF** | 2024 | 23.8% | 23.2% | 22.1% | 20.8% | 19.5% | 18.2% | 16.2% | 11.4% | 7.8% | 7.1% |
| **Putnam PanAgora ESG** | 2023 | 17.8% | 17.6% | 16.8% | 15.8% | 14.8% | 13.2% | 10.6% | 7.6% | 4.9% | 4.2% |
| **International Equity ETF** | 2024 | 17.8% | 17.4% | 16.6% | 15.6% | 14.6% | 12.7% | 10.0% | 6.8% | 4.7% | 4.2% |
| **Putnam PanAgora ESG** | 2023 | 5.9% | 5.9% | 5.6% | 5.3% | 4.9% | 3.5% | 1.0% | 0.0% | 0.0% | 0.0% |
| **Emerging Markets Equity ETF** | 2024 | 5.9% | 5.8% | 5.5% | 5.2% | 4.8% | 3.0% | 0.4% | 0.0% | 0.0% | 0.0% |
|  | 2023 | 3.2% | 4.4% | 7.6% | 11.4% | 14.3% | 20.0% | 29.8% | 43.3% | 54.9% | 51.7% |
| **Putnam ESG Core Bond ETF** | 2024 | 3.2% | 4.9% | 8.3% | 12.0% | 14.9% | 21.7% | 32.0% | 46.9% | 52.7% | 51.7% |
|  | 2023 | 1.1% | 1.5% | 2.5% | 3.8% | 4.8% | 4.9% | 4.8% | 6.1% | 9.6% | 16.9% |
| **Putnam ESG High Yield ETF** | 2024 | 1.1% | 1.6% | 2.8% | 4.0% | 4.9% | 4.8% | 4.8% | 6.5% | 13.3% | 16.9% |
|  | 2023 | 0.5% | 0.5% | 0.5% | 0.5% | 1.8% | 3.0% | 4.0% | 5.2% | 6.0% | 6.0% |
| **Putnam ESG Ultra Short ETF** | 2024 | 0.5% | 0.5% | 0.5% | 0.7% | 2.1% | 3.2% | 4.3% | 5.5% | 6.0% | 6.0% |
|  | 2023 | 95.2% | 93.7% | 89.4% | 84.3% | 79.1% | 72.2% | 61.4% | 45.4% | 29.5% | 25.4% |
| **Total equity**<sup>\*\*</sup> | 2024 | 95.2% | 92.9% | 88.4% | 83.3% | 78.1% | 70.2% | 59.0% | 41.1% | 28.0% | 25.4% |
|  | 2023 | 4.8% | 6.3% | 10.6% | 15.7% | 20.9% | 27.8% | 38.6% | 54.6% | 70.5% | 74.6% |
| **Total fixed income**<sup>\*\*</sup> | 2024 | 4.8% | 7.1% | 11.6% | 16.7% | 21.9% | 29.8% | 41.0% | 58.9% | 72.0% | 74.6% |

---

<sup>\*</sup> 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.

<sup>\*\*</sup> 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.

Sustainable Retirement Funds 9

------

**Your fund's performance**

This section shows your fund's performance, price, and distribution information for periods ended January 31, 2023, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information as of the most recent calendar quarter-end and expense information taken from each fund's current prospectus. Performance should always be considered in light of a fund's investment strategy. Data represent past performance. Past performance does not guarantee future results. Effective February 10, 2023, the funds are managed with a materially different investment strategy than the strategy used to achieve the performance for the periods shown in the tables below. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. For the most recent month-end performance, please visit the Individual Investors section at putnam.com or call Putnam at 1-800-225-1581. Class R, R3, R4, R5, R6, and Y shares are not available to all investors. See the Terms and definitions section in this report for definitions of the share classes offered by your fund.

**Annualized fund performance** Total return for periods ended 1/31/23

---

| | | | |
|:---|:---|:---|:---|
|  | **Life of** |  |  |
|  | **fund** | **1 year** | **6 months** |
| **2065 Fund** |  |  |  |
| **Class A** (1/4/21) |  |  |  |
| Before sales charge | 2.36% | –6.53% | 2.22% |
| After sales charge | –0.50 | –11.91 | –3.66 |
| **Class C** (1/4/21) |  |  |  |
| Before CDSC | 1.60 | –7.25 | 1.79 |
| After CDSC | 1.60 | –8.14 | 0.81 |
| **Class R** (1/4/21) |  |  |  |
| Net asset value | 1.92 | –6.92 | 2.00 |
| **Class R3** (1/4/21) |  |  |  |
| Net asset value | 2.21 | –6.67 | 2.16 |
| **Class R4** (1/4/21) |  |  |  |
| Net asset value | 2.45 | –6.42 | 2.23 |
| **Class R5** (1/4/21) |  |  |  |
| Net asset value | 2.60 | –6.28 | 2.27 |
| **Class R6** (1/4/21) |  |  |  |
| Net asset value | 2.71 | –6.17 | 2.39 |
| **Class Y** (1/4/21) |  |  |  |
| Net asset value | 2.61 | –6.26 | 2.30 |

---

10 Sustainable Retirement Funds

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |
|  | **fund** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2060 Fund** |  |  |  |  |  |
| **Class A** (11/30/15) |  |  |  |  |  |
| Before sales charge | 7.17% | 4.64% | 6.52% | –6.56% | 2.14% |
| After sales charge | 6.29 | 3.41 | 4.44 | –11.93 | –3.73 |
| **Class B** (11/30/15) |  |  |  |  |  |
| Before CDSC | 6.38 | 3.87 | 5.73 | –7.27 | 1.77 |
| After CDSC | 6.38 | 3.56 | 4.85 | –11.66 | –3.04 |
| **Class C** (11/30/15) |  |  |  |  |  |
| Before CDSC | 6.38 | 3.88 | 5.74 | –7.26 | 1.79 |
| After CDSC | 6.38 | 3.88 | 5.74 | –8.14 | 0.83 |
| **Class R** (11/30/15) |  |  |  |  |  |
| Net asset value | 6.87 | 4.34 | 6.17 | –6.86 | 2.01 |
| **Class R3** (1/4/21) |  |  |  |  |  |
| Net asset value | 7.08 | 4.56 | 6.42 | –6.65 | 2.08 |
| **Class R4** (1/4/21) |  |  |  |  |  |
| Net asset value | 7.35 | 4.82 | 6.68 | –6.47 | 2.18 |
| **Class R5** (1/4/21) |  |  |  |  |  |
| Net asset value | 7.49 | 4.96 | 6.82 | –6.31 | 2.26 |
| **Class R6** (9/1/16) |  |  |  |  |  |
| Net asset value | 7.54 | 5.02 | 6.92 | –6.21 | 2.37 |
| **Class Y** (11/30/15) |  |  |  |  |  |
| Net asset value | 7.44 | 4.92 | 6.80 | –6.31 | 2.29 |

---

Sustainable Retirement Funds 11

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2055 Fund** |  |  |  |  |  |  |
| **Class A** (11/30/10) |  |  |  |  |  |  |
| Before sales charge | 8.37% | 8.13% | 4.42% | 6.20% | –6.50% | 2.11% |
| After sales charge | 7.84 | 7.49 | 3.19 | 4.13 | –11.88 | –3.76 |
| **Class B** (11/30/10) |  |  |  |  |  |  |
| Before CDSC | 7.83 | 7.49 | 3.65 | 5.41 | –7.27 | 1.65 |
| After CDSC | 7.83 | 7.49 | 3.37 | 4.54 | –11.53 | –3.02 |
| **Class C** (11/30/10) |  |  |  |  |  |  |
| Before CDSC | 7.84 | 7.49 | 3.66 | 5.45 | –7.12 | 1.78 |
| After CDSC | 7.84 | 7.49 | 3.66 | 5.45 | –7.97 | 0.84 |
| **Class R** (11/30/10) |  |  |  |  |  |  |
| Net asset value | 8.07 | 7.83 | 4.10 | 5.83 | –6.89 | 1.88 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 8.30 | 8.06 | 4.33 | 6.09 | –6.68 | 1.94 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 8.57 | 8.33 | 4.59 | 6.34 | –6.47 | 2.07 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 8.68 | 8.46 | 4.75 | 6.47 | –6.33 | 2.13 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 8.71 | 8.49 | 4.81 | 6.58 | –6.14 | 2.34 |
| **Class Y** (11/30/10) |  |  |  |  |  |  |
| Net asset value | 8.64 | 8.41 | 4.70 | 6.47 | –6.21 | 2.24 |

---

12 Sustainable Retirement Funds

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2050 Fund** |  |  |  |  |  |  |
| **Class A** (5/2/05) |  |  |  |  |  |  |
| Before sales charge | 6.43% | 7.93% | 4.21% | 5.81% | –6.45% | 2.00% |
| After sales charge | 6.08 | 7.29 | 2.98 | 3.74 | –11.82 | –3.86 |
| **Class B** (5/2/05) |  |  |  |  |  |  |
| Before CDSC | 6.07 | 7.28 | 3.44 | 5.03 | –7.14 | 1.63 |
| After CDSC | 6.07 | 7.28 | 3.16 | 4.17 | –11.30 | –2.92 |
| **Class C** (5/2/05) |  |  |  |  |  |  |
| Before CDSC | 6.07 | 7.28 | 3.43 | 5.02 | –7.19 | 1.60 |
| After CDSC | 6.07 | 7.28 | 3.43 | 5.02 | –8.01 | 0.70 |
| **Class R** (5/2/05) |  |  |  |  |  |  |
| Net asset value | 6.14 | 7.62 | 3.88 | 5.42 | –6.82 | 1.76 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.36 | 7.85 | 4.11 | 5.68 | –6.60 | 1.93 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.62 | 8.12 | 4.36 | 5.93 | –6.38 | 2.04 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.72 | 8.24 | 4.53 | 6.11 | –6.22 | 2.17 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 6.73 | 8.26 | 4.57 | 6.18 | –6.12 | 2.22 |
| **Class Y** (5/2/05) |  |  |  |  |  |  |
| Net asset value | 6.69 | 8.20 | 4.47 | 6.09 | –6.22 | 2.11 |

---

Sustainable Retirement Funds 13

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2045 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 6.31% | 7.56% | 3.82% | 5.18% | –6.07% | 1.81% |
| After sales charge | 5.97 | 6.92 | 2.60 | 3.13 | –11.47 | –4.04 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.96 | 6.91 | 3.05 | 4.41 | –6.69 | 1.47 |
| After CDSC | 5.96 | 6.91 | 2.80 | 3.62 | –10.69 | –2.88 |
| Cla**s**s C (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.96 | 6.91 | 3.04 | 4.40 | –6.77 | 1.45 |
| After CDSC | 5.96 | 6.91 | 3.04 | 4.40 | –7.57 | 0.58 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 6.03 | 7.25 | 3.50 | 4.80 | –6.43 | 1.61 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.24 | 7.49 | 3.74 | 5.10 | –6.17 | 1.80 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.51 | 7.76 | 4.00 | 5.35 | –5.95 | 1.91 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.60 | 7.87 | 4.14 | 5.49 | –5.78 | 1.97 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 6.61 | 7.90 | 4.18 | 5.56 | –5.68 | 2.04 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 6.58 | 7.84 | 4.10 | 5.48 | –5.77 | 2.02 |

---

14 Sustainable Retirement Funds

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2040 Fund** |  |  |  |  |  |  |
| Cl**a**ss A (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 6.02% | 6.98% | 3.28% | 4.30% | –5.28% | 1.63% |
| After sales charge | 5.68 | 6.34 | 2.06 | 2.26 | –10.73 | –4.22 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.67 | 6.33 | 2.50 | 3.52 | –5.98 | 1.24 |
| After CDSC | 5.67 | 6.33 | 2.24 | 2.74 | –9.92 | –3.00 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.67 | 6.33 | 2.50 | 3.51 | –6.03 | 1.18 |
| After CDSC | 5.67 | 6.33 | 2.50 | 3.51 | –6.81 | 0.34 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 5.74 | 6.67 | 2.95 | 3.93 | –5.67 | 1.40 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.92 | 6.86 | 3.16 | 4.17 | –5.44 | 1.54 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.18 | 7.13 | 3.41 | 4.42 | –5.21 | 1.64 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.29 | 7.27 | 3.57 | 4.57 | –5.08 | 1.71 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 6.32 | 7.30 | 3.62 | 4.64 | –4.98 | 1.77 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 6.28 | 7.24 | 3.53 | 4.55 | –5.08 | 1.71 |

---

Sustainable Retirement Funds 15

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2035 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 5.50% | 6.10% | 2.61% | 3.16% | –4.45% | 1.17% |
| After sales charge | 5.16 | 5.48 | 1.40 | 1.14 | –9.95 | –4.65 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.15 | 5.47 | 1.84 | 2.37 | –5.21 | 0.78 |
| After CDSC | 5.15 | 5.47 | 1.56 | 1.56 | –9.38 | –3.65 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.15 | 5.47 | 1.85 | 2.39 | –5.15 | 0.81 |
| After CDSC | 5.15 | 5.47 | 1.85 | 2.39 | –5.98 | –0.07 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 5.21 | 5.80 | 2.28 | 2.77 | –4.88 | 0.94 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.38 | 5.98 | 2.49 | 3.03 | –4.63 | 1.08 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.64 | 6.24 | 2.74 | 3.28 | –4.40 | 1.21 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.75 | 6.38 | 2.90 | 3.42 | –4.24 | 1.30 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 5.80 | 6.43 | 2.97 | 3.51 | –4.14 | 1.37 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 5.76 | 6.37 | 2.87 | 3.43 | –4.23 | 1.31 |

---

16 Sustainable Retirement Funds

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2030 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 4.87% | 5.07% | 1.92% | 1.90% | –3.52% | 0.93% |
| After sales charge | 4.53 | 4.45 | 0.72 | –0.09 | –9.07 | –4.88 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 4.52 | 4.45 | 1.16 | 1.12 | –4.28 | 0.51 |
| After CDSC | 4.52 | 4.45 | 0.86 | 0.29 | –8.53 | –3.96 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 4.52 | 4.45 | 1.16 | 1.13 | –4.25 | 0.51 |
| After CDSC | 4.52 | 4.45 | 1.16 | 1.13 | –5.10 | –0.39 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 4.59 | 4.78 | 1.59 | 1.53 | –3.92 | 0.68 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.73 | 4.93 | 1.78 | 1.75 | –3.68 | 0.82 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.99 | 5.20 | 2.04 | 2.00 | –3.47 | 0.92 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.09 | 5.33 | 2.19 | 2.17 | –3.28 | 1.03 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 5.16 | 5.40 | 2.27 | 2.25 | –3.18 | 1.09 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 5.13 | 5.34 | 2.18 | 2.16 | –3.28 | 1.03 |

---

Sustainable Retirement Funds 17

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2025 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 4.13% | 3.95% | 1.17% | 0.67% | –2.67% | 0.73% |
| After sales charge | 3.80 | 3.33 | –0.02 | –1.30 | –8.27 | –5.06 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 3.79 | 3.33 | 0.42 | –0.07 | –3.40 | 0.40 |
| After CDSC | 3.79 | 3.33 | 0.11 | –0.92 | –7.83 | –4.20 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 3.79 | 3.33 | 0.42 | –0.08 | –3.39 | 0.35 |
| After CDSC | 3.79 | 3.33 | 0.42 | –0.08 | –4.27 | –0.57 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 3.85 | 3.65 | 0.85 | 0.32 | –3.07 | 0.50 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 3.99 | 3.80 | 1.03 | 0.53 | –2.79 | 0.66 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.25 | 4.05 | 1.27 | 0.77 | –2.58 | 0.78 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.35 | 4.19 | 1.43 | 0.93 | –2.43 | 0.84 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 4.43 | 4.27 | 1.53 | 1.03 | –2.33 | 0.94 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 4.39 | 4.21 | 1.43 | 0.93 | –2.43 | 0.85 |

---

18 Sustainable Retirement Funds

------

**Annualized fund performance** Total return for periods ended 1/31/23 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **Maturity Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 2.43% | 2.04% | 0.52% | –0.44% | –1.97% | 0.72% |
| After sales charge | 2.20 | 1.62 | –0.30 | –1.79 | –5.89 | –3.31 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 2.09 | 1.43 | –0.24 | –1.18 | –2.73 | 0.34 |
| After CDSC | 2.09 | 1.43 | –0.58 | –2.07 | –7.29 | –4.38 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 2.10 | 1.42 | –0.23 | –1.19 | –2.77 | 0.34 |
| After CDSC | 2.10 | 1.42 | –0.23 | –1.19 | –3.68 | –0.60 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 2.16 | 1.75 | 0.20 | –0.78 | –2.37 | 0.51 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 2.27 | 1.88 | 0.37 | –0.58 | –2.11 | 0.70 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 2.53 | 2.14 | 0.63 | –0.32 | –1.88 | 0.82 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 2.64 | 2.27 | 0.79 | –0.18 | –1.71 | 0.84 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 2.72 | 2.35 | 0.87 | –0.08 | –1.62 | 0.89 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 2.68 | 2.29 | 0.77 | –0.18 | –1.77 | 0.84 |

---

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. After-sales-charge returns for class A shares reflect the deduction of the maximum 5.75% sales charge levied at the time of purchase. The maximum sales charges for Sustainable Retirement Maturity Fund class A shares is 4.00%. Class B share returns after the contingent deferred sales charge (CDSC) reflect the applicable CDSC, which is 5% in the first year, declining over time to 1% in the sixth year, and is eliminated thereafter. Class C share returns after CDSC reflect a 1% CDSC for the first year that is eliminated thereafter. Class R, R3, R4, R5, R6, and Y shares have no initial sales charge or CDSC. Performance for class R3 shares prior to their inception is derived from the performance of class Y shares, adjusted for the higher 12b-1 and investor servicing fees applicable to class R3 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R3 shares). Performance for class R4 shares prior to their inception is derived from the performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R4 shares). For the 2060, 2055, 2050, and 2045 Funds, performance for class R5 shares prior to their inception is derived from the historical performance of class R6 shares and has not been adjusted for the lower fund expenses applicable to class R5 shares (relative to the comparable expenses applicable to class R6 shares prior to the inception of class R5 shares); had it, returns would have been higher. For the 2040, 2035, 2030, 2025, and Maturity Funds, performance for class R5 shares prior to their inception is derived from the historical performance of class R6 shares, adjusted for higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to class R6 shares prior to the inception of class R5 shares). Performance for class R6 shares prior to their inception is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees for class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it, returns would have been higher.

For a portion of the periods, these funds had expense limitations, without which returns would have been lower.

Returns for periods of less than one year are not annualized.

For the funds with eight years of performance, class B and C share performance reflects conversion to class A shares after eight years.

Sustainable Retirement Funds 19

------

**Comparative annualized index returns** For periods ended 1/31/23

---

| | | |
|:---|:---|:---|
|  | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** |
| Life of fund (since 11/1/04)<sup>\*</sup> | 9.45% | 3.11% |
| Life of fund (since 5/2/05)<sup>†</sup> | 9.53 | 3.14 |
| Life of fund (since 11/30/10)<sup>‡</sup> | 12.92 | 2.00 |
| Life of fund (since 11/30/15)<sup>§</sup> | 11.90 | 1.25 |
| Life of fund (since 1/4/21)<sup>\*\*</sup> | 5.60 | –5.81 |
| 10 years | 12.68 | 1.43 |
| 5 years | 9.54 | 0.86 |
| 3 years | 9.88 | –2.35 |
| 1 year | –8.22 | –8.36 |
| 6 months | –0.44 | –2.37 |

---

Index results should be compared with fund performance before sales charge, before CDSC, or at net asset value.

Returns for periods of less than one year are not annualized.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

<sup>\*</sup> Inception date of all the Putnam Sustainable Retirement Funds with the exception of the 2050, 2055, 2060, and 2065 Fund.

<sup>†</sup> Inception date of the Putnam Sustainable Retirement 2050 Fund.

<sup>‡</sup> Inception date of the Putnam Sustainable Retirement 2055 Fund.

<sup>§</sup> Inception date of the Putnam Sustainable Retirement 2060 Fund.

<sup>\*\*</sup> Inception date of the Putnam Sustainable Retirement 2065 Fund.

20 Sustainable Retirement Funds

------

**Fund price and distribution information** For the six-month period ended 1/31/23

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions** |  |  |  |  |  |  |  |  |
|  |  |  | Capital gains | Capital gains |  |  |  |  |
|  |  |  | Long-term | Short-term |  |  |  |  |
|  | Number | Income | gains | gains | Total | Share value | 7/31/22 | 1/31/23 |
| **2065 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $0.174 | $0.235 | $0.019 | **$0.428** | Before sales charge | $9.72 | $9.48 |
|  |  |  |  |  |  | After sales charge | 10.31 | 10.06 |
| Class C | 1 | 0.106 | 0.235 | 0.019 | **0.360** | Net asset value | 9.64 | 9.43 |
| Class R | 1 | 0.117 | 0.235 | 0.019 | **0.371** | Net asset value | 9.70 | 9.50 |
| Class R3 | 1 | 0.141 | 0.235 | 0.019 | **0.395** | Net asset value | 9.72 | 9.51 |
| Class R4 | 1 | 0.166 | 0.235 | 0.019 | **0.420** | Net asset value | 9.74 | 9.51 |
| Class R5 | 1 | 0.180 | 0.235 | 0.019 | **0.434** | Net asset value | 9.75 | 9.51 |
| Class R6 | 1 | 0.191 | 0.235 | 0.019 | **0.445** | Net asset value | 9.75 | 9.51 |
| Class Y | 1 | 0.182 | 0.235 | 0.019 | **0.436** | Net asset value | 9.75 | 9.51 |
| **2060 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $0.170 | $0.486 |  | **$0.656** | Before sales charge | $11.07 | $10.61 |
|  |  |  |  |  |  | After sales charge | 11.75 | 11.26 |
| Class B | 1 | 0.083 | 0.486 |  | **0.569** | Net asset value | 10.97 | 10.56 |
| Class C | 1 | 0.083 | 0.486 |  | **0.569** | Net asset value | 10.86 | 10.45 |
| Class R | 1 | 0.120 | 0.486 |  | **0.606** | Net asset value | 11.12 | 10.70 |
| Class R3 | 1 | 0.155 | 0.486 |  | **0.641** | Net asset value | 11.12 | 10.67 |
| Class R4 | 1 | 0.185 | 0.486 |  | **0.671** | Net asset value | 11.14 | 10.67 |
| Class R5 | 1 | 0.193 | 0.486 |  | **0.679** | Net asset value | 11.15 | 10.68 |
| Class R6 | 1 | 0.204 | 0.486 |  | **0.690** | Net asset value | 11.16 | 10.69 |
| Class Y | 1 | 0.196 | 0.486 |  | **0.682** | Net asset value | 11.11 | 10.64 |
| **2055 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $0.188 | $0.777 |  | **$0.965** | Before sales charge | $11.07 | $10.28 |
|  |  |  |  |  |  | After sales charge | 11.75 | 10.91 |
| Class B | 1 | 0.082 | 0.777 |  | **0.859** | Net asset value | 10.92 | 10.19 |
| Class C | 1 | 0.081 | 0.777 |  | **0.858** | Net asset value | 10.65 | 9.93 |
| Class R | 1 | 0.161 | 0.777 |  | **0.938** | Net asset value | 11.36 | 10.58 |
| Class R3 | 1 | 0.173 | 0.777 |  | **0.950** | Net asset value | 11.15 | 10.36 |
| Class R4 | 1 | 0.196 | 0.777 |  | **0.973** | Net asset value | 11.17 | 10.37 |
| Class R5 | 1 | 0.212 | 0.777 |  | **0.989** | Net asset value | 11.18 | 10.37 |
| Class R6 | 1 | 0.223 | 0.777 |  | **1.000** | Net asset value | 11.18 | 10.38 |
| Class Y | 1 | 0.214 | 0.777 |  | **0.991** | Net asset value | 11.21 | 10.41 |
| **2050 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $0.358 | $1.691 |  | **$2.049** | Before sales charge | $18.27 | $16.47 |
|  |  |  |  |  |  | After sales charge | 19.38 | 17.47 |
| Class B | 1 | 0.097 | 1.691 |  | **1.788** | Net asset value | 17.80 | 16.20 |
| Class C | 1 | 0.238 | 1.691 |  | **1.929** | Net asset value | 17.44 | 15.68 |
| Class R | 1 | 0.300 | 1.691 |  | **1.991** | Net asset value | 17.80 | 16.01 |
| Class R3 | 1 | 0.325 | 1.691 |  | **2.016** | Net asset value | 18.19 | 16.41 |
| Class R4 | 1 | 0.383 | 1.691 |  | **2.074** | Net asset value | 18.23 | 16.41 |
| Class R5 | 1 | 0.404 | 1.691 |  | **2.095** | Net asset value | 18.23 | 16.41 |
| Class R6 | 1 | 0.422 | 1.691 |  | **2.113** | Net asset value | 18.24 | 16.41 |
| Class Y | 1 | 0.404 | 1.691 |  | **2.095** | Net asset value | 18.23 | 16.40 |

---

Sustainable Retirement Funds 21

------

**Fund price and distribution information** For the six-month period ended 1/31/23 *cont.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions** |  |  |  |  |  |  |  |  |
|  |  |  | Capital gains | Capital gains |  |  |  |  |
|  |  |  | Long-term | Short-term |  |  |  |  |
|  | Number | Income | gains | gains | Total | Share value | 7/31/22 | 1/31/23 |
| **2045 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $0.730 | $1.750 | $0.001 | **$2.481** | Before sales charge | $19.66 | $17.41 |
|  |  |  |  |  |  | After sales charge | 20.86 | 18.47 |
| Class B | 1 | 0.598 | 1.750 | 0.001 | **2.349** | Net asset value | 16.92 | 14.70 |
| Class C | 1 | 0.596 | 1.750 | 0.001 | **2.347** | Net asset value | 16.90 | 14.68 |
| Class R | 1 | 0.613 | 1.750 | 0.001 | **2.364** | Net asset value | 20.72 | 18.57 |
| Class R3 | 1 | 0.650 | 1.750 | 0.001 | **2.401** | Net asset value | 25.20 | 23.13 |
| Class R4 | 1 | 0.734 | 1.750 | 0.001 | **2.485** | Net asset value | 25.24 | 23.11 |
| Class R5 | 1 | 0.769 | 1.750 | 0.001 | **2.520** | Net asset value | 25.27 | 23.12 |
| Class R6 | 1 | 0.794 | 1.750 | 0.001 | **2.545** | Net asset value | 25.28 | 23.12 |
| Class Y | 1 | 0.770 | 1.750 | 0.001 | **2.521** | Net asset value | 25.27 | 23.13 |
| **2040 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $0.896 | $2.248 |  | **$3.144** | Before sales charge | $21.67 | $18.74 |
|  |  |  |  |  |  | After sales charge | 22.99 | 19.88 |
| Class B | 1 | 0.748 | 2.248 |  | **2.996** | Net asset value | 19.00 | 16.11 |
| Class C | 1 | 0.771 | 2.248 |  | **3.019** | Net asset value | 18.50 | 15.57 |
| Class R | 1 | 0.808 | 2.248 |  | **3.056** | Net asset value | 22.82 | 19.95 |
| Class R3 | 1 | 0.845 | 2.248 |  | **3.093** | Net asset value | 26.54 | 23.72 |
| Class R4 | 1 | 0.910 | 2.248 |  | **3.158** | Net asset value | 26.57 | 23.71 |
| Class R5 | 1 | 0.945 | 2.248 |  | **3.193** | Net asset value | 26.59 | 23.71 |
| Class R6 | 1 | 0.971 | 2.248 |  | **3.219** | Net asset value | 26.60 | 23.71 |
| Class Y | 1 | 0.946 | 2.248 |  | **3.194** | Net asset value | 26.54 | 23.66 |
| **2035 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $1.133 | $1.267 |  | **$2.400** | Before sales charge | $21.25 | $19.01 |
|  |  |  |  |  |  | After sales charge | 22.55 | 20.17 |
| Class B | 1 | 0.923 | 1.267 |  | **2.190** | Net asset value | 18.83 | 16.71 |
| Class C | 1 | 1.002 | 1.267 |  | **2.269** | Net asset value | 18.62 | 16.42 |
| Class R | 1 | 1.059 | 1.267 |  | **2.326** | Net asset value | 20.11 | 17.89 |
| Class R3 | 1 | 1.068 | 1.267 |  | **2.335** | Net asset value | 25.90 | 23.76 |
| Class R4 | 1 | 1.148 | 1.267 |  | **2.415** | Net asset value | 25.92 | 23.73 |
| Class R5 | 1 | 1.181 | 1.267 |  | **2.448** | Net asset value | 25.94 | 23.74 |
| Class R6 | 1 | 1.206 | 1.267 |  | **2.473** | Net asset value | 25.96 | 23.75 |
| Class Y | 1 | 1.182 | 1.267 |  | **2.449** | Net asset value | 25.92 | 23.72 |
| **2030 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $1.325 | $0.922 |  | **$2.247** | Before sales charge | $20.61 | $18.49 |
|  |  |  |  |  |  | After sales charge | 21.87 | 19.62 |
| Class B | 1 | 1.149 | 0.922 |  | **2.071** | Net asset value | 19.20 | 17.17 |
| Class C | 1 | 1.175 | 0.922 |  | **2.097** | Net asset value | 18.93 | 16.87 |
| Class R | 1 | 1.256 | 0.922 |  | **2.178** | Net asset value | 19.02 | 16.91 |
| Class R3 | 1 | 1.275 | 0.922 |  | **2.197** | Net asset value | 24.19 | 22.13 |
| Class R4 | 1 | 1.336 | 0.922 |  | **2.258** | Net asset value | 24.22 | 22.12 |
| Class R5 | 1 | 1.372 | 0.922 |  | **2.294** | Net asset value | 24.24 | 22.13 |
| Class R6 | 1 | 1.396 | 0.922 |  | **2.318** | Net asset value | 24.25 | 22.13 |
| Class Y | 1 | 1.372 | 0.922 |  | **2.294** | Net asset value | 24.19 | 22.08 |

---

22 Sustainable Retirement Funds

------

**Fund price and distribution information** For the six-month period ended 1/31/23 *cont.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions** |  |  |  |  |  |  |  |  |
|  |  |  | Capital gains | Capital gains |  |  |  |  |
|  |  |  | Long-term | Short-term |  |  |  |  |
|  | Number | Income | gains | gains | Total | Share value | 7/31/22 | 1/31/23 |
| **2025 Fund** |  |  |  |  |  |  |  |  |
| Class A | 1 | $1.246 | $0.496 |  | **$1.742** | Before sales charge | $20.32 | $18.69 |
|  |  |  |  |  |  | After sales charge | 21.56 | 19.83 |
| Class B | 1 | 1.028 | 0.496 |  | **1.524** | Net asset value | 18.54 | 17.06 |
| Class C | 1 | 1.125 | 0.496 |  | **1.621** | Net asset value | 18.33 | 16.74 |
| Class R | 1 | 1.183 | 0.496 |  | **1.679** | Net asset value | 18.74 | 17.12 |
| Class R3 | 1 | 1.212 | 0.496 |  | **1.708** | Net asset value | 20.28 | 18.67 |
| Class R4 | 1 | 1.266 | 0.496 |  | **1.762** | Net asset value | 20.27 | 18.63 |
| Class R5 | 1 | 1.297 | 0.496 |  | **1.793** | Net asset value | 20.29 | 18.63 |
| Class R6 | 1 | 1.317 | 0.496 |  | **1.813** | Net asset value | 20.30 | 18.64 |
| Class Y | 1 | 1.298 | 0.496 |  | **1.794** | Net asset value | 20.27 | 18.61 |
| **Maturity Fund** |  |  |  |  |  |  |  |  |
| Class A | 6 | $0.977 |  |  | **$0.977** | Before sales charge | $16.12 | $15.24 |
|  |  |  |  |  |  | After sales charge | 16.79 | 15.88 |
| Class B | 6 | 0.917 |  |  | **0.917** | Net asset value | 15.69 | 14.81 |
| Class C | 6 | 0.918 |  |  | **0.918** | Net asset value | 15.73 | 14.85 |
| Class R | 6 | 0.945 |  |  | **0.945** | Net asset value | 16.10 | 15.22 |
| Class R3 | 6 | 0.965 |  |  | **0.965** | Net asset value | 16.17 | 15.30 |
| Class R4 | 6 | 0.983 |  |  | **0.983** | Net asset value | 16.18 | 15.31 |
| Class R5 | 6 | 0.997 |  |  | **0.997** | Net asset value | 16.18 | 15.30 |
| Class R6 | 6 | 1.005 |  |  | **1.005** | Net asset value | 16.18 | 15.30 |
| Class Y | 6 | 0.997 |  |  | **0.997** | Net asset value | 16.18 | 15.30 |

---

The classification of distributions, if any, is an estimate. Before-sales-charge share value and current dividend rate for class A shares, if applicable, do not take into account any sales charge levied at the time of purchase. After-sales-charge share value, current dividend rate, and current 30-day SEC yield, if applicable, are calculated assuming that the maximum sales charge (5.75% for class A shares for all funds except Sustainable Retirement Maturity Fund, for which the rate is 4.00% for class A shares) was levied at the time of purchase. Final distribution information will appear on your year-end tax forms.

Sustainable Retirement Funds 23

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **Life of** |  |  |
|  | **fund** | **1 year** | **6 months** |
| **2065 Fund** |  |  |  |
| **Class A** (1/4/21) |  |  |  |
| Before sales charge | –0.66% | –16.33% | 2.84% |
| After sales charge | –3.56 | –21.14 | –3.07 |
| **Class C** (1/4/21) |  |  |  |
| Before CDSC | –1.39 | –17.00 | 2.44 |
| After CDSC | –1.39 | –17.79 | 1.46 |
| **Class R** (1/4/21) |  |  |  |
| Net asset value | –1.05 | –16.64 | 2.54 |
| **Class R3** (1/4/21) |  |  |  |
| Net asset value | –0.81 | –16.50 | 2.70 |
| **Class R4** (1/4/21) |  |  |  |
| Net asset value | –0.56 | –16.28 | 2.86 |
| **Class R5** (1/4/21) |  |  |  |
| Net asset value | –0.42 | –16.15 | 2.90 |
| **Class R6** (1/4/21) |  |  |  |
| Net asset value | –0.31 | –16.06 | 3.02 |
| **Class Y** (1/4/21) |  |  |  |
| Net asset value | –0.41 | –16.14 | 2.92 |

---

24 Sustainable Retirement Funds

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |
|  | **fund** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2060 Fund** |  |  |  |  |  |
| **Class A** (11/30/15) |  |  |  |  |  |
| Before sales charge | 6.35% | 4.25% | 4.15% | –16.24% | 2.76% |
| After sales charge | 5.47 | 3.02 | 2.11 | –21.06 | –3.15 |
| **Class B** (11/30/15) |  |  |  |  |  |
| Before CDSC | 5.55 | 3.45 | 3.37 | –16.92 | 2.33 |
| After CDSC | 5.55 | 3.15 | 2.51 | –20.85 | –2.51 |
| **Class C** (11/30/15) |  |  |  |  |  |
| Before CDSC | 5.55 | 3.47 | 3.36 | –16.86 | 2.35 |
| After CDSC | 5.55 | 3.47 | 3.36 | –17.65 | 1.38 |
| **Class R** (11/30/15) |  |  |  |  |  |
| Net asset value | 6.04 | 3.93 | 3.79 | –16.53 | 2.56 |
| **Class R3** (1/4/21) |  |  |  |  |  |
| Net asset value | 6.25 | 4.14 | 4.03 | –16.36 | 2.70 |
| **Class R4** (1/4/21) |  |  |  |  |  |
| Net asset value | 6.52 | 4.41 | 4.29 | –16.19 | 2.79 |
| **Class R5** (1/4/21) |  |  |  |  |  |
| Net asset value | 6.66 | 4.54 | 4.42 | –16.05 | 2.87 |
| **Class R6** (9/1/16) |  |  |  |  |  |
| Net asset value | 6.69 | 4.59 | 4.49 | –15.96 | 2.87 |
| **Class Y** (11/30/15) |  |  |  |  |  |
| Net asset value | 6.61 | 4.50 | 4.40 | –16.08 | 2.91 |

---

Sustainable Retirement Funds 25

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2055 Fund** |  |  |  |  |  |  |
| **Class A** (11/30/10) |  |  |  |  |  |  |
| Before sales charge | 7.90% | 7.98% | 4.04% | 3.90% | –15.90% | 2.65% |
| After sales charge | 7.37 | 7.34 | 2.82 | 1.87 | –20.74 | –3.25 |
| **Class B** (11/30/10) |  |  |  |  |  |  |
| Before CDSC | 7.36 | 7.33 | 3.27 | 3.15 | –16.50 | 2.33 |
| After CDSC | 7.36 | 7.33 | 2.99 | 2.30 | –20.33 | –2.36 |
| **Class C** (11/30/10) |  |  |  |  |  |  |
| Before CDSC | 7.37 | 7.32 | 3.28 | 3.16 | –16.44 | 2.28 |
| After CDSC | 7.37 | 7.32 | 3.28 | 3.16 | –17.20 | 1.34 |
| **Class R** (11/30/10) |  |  |  |  |  |  |
| Net asset value | 7.62 | 7.69 | 3.74 | 3.57 | –16.13 | 2.51 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 7.84 | 7.92 | 3.97 | 3.81 | –15.97 | 2.68 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 8.10 | 8.17 | 4.21 | 4.06 | –15.79 | 2.70 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 8.22 | 8.30 | 4.37 | 4.19 | –15.67 | 2.76 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 8.24 | 8.33 | 4.41 | 4.26 | –15.58 | 2.86 |
| **Class Y** (11/30/10) |  |  |  |  |  |  |
| Net asset value | 8.17 | 8.25 | 4.30 | 4.16 | –15.68 | 2.77 |

---

26 Sustainable Retirement Funds

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2050 Fund** |  |  |  |  |  |  |
| **Class A** (5/2/05) |  |  |  |  |  |  |
| Before sales charge | 6.13% | 7.80% | 3.86% | 3.65% | –15.37% | 2.55% |
| After sales charge | 5.77 | 7.17 | 2.64 | 1.62 | –20.23 | –3.34 |
| **Class B** (5/2/05) |  |  |  |  |  |  |
| Before CDSC | 5.77 | 7.16 | 3.08 | 2.87 | –16.01 | 2.20 |
| After CDSC | 5.77 | 7.16 | 2.81 | 2.04 | –19.77 | –2.38 |
| **Class C** (5/2/05) |  |  |  |  |  |  |
| Before CDSC | 5.77 | 7.16 | 3.08 | 2.88 | –15.99 | 2.19 |
| After CDSC | 5.77 | 7.16 | 3.08 | 2.88 | –16.73 | 1.28 |
| **Class R** (5/2/05) |  |  |  |  |  |  |
| Net asset value | 5.84 | 7.50 | 3.54 | 3.30 | –15.69 | 2.40 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.06 | 7.73 | 3.78 | 3.54 | –15.44 | 2.55 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.32 | 8.00 | 4.03 | 3.79 | –15.24 | 2.65 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.41 | 8.12 | 4.18 | 3.96 | –15.11 | 2.71 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 6.43 | 8.14 | 4.22 | 4.03 | –15.02 | 2.76 |
| **Class Y** (5/2/05) |  |  |  |  |  |  |
| Net asset value | 6.39 | 8.07 | 4.13 | 3.92 | –15.12 | 2.71 |

---

Sustainable Retirement Funds 27

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2045 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 6.05% | 7.48% | 3.56% | 3.29% | –14.07% | 2.42% |
| After sales charge | 5.71 | 6.84 | 2.34 | 1.27 | –19.01 | –3.46 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.70 | 6.83 | 2.78 | 2.52 | –14.72 | 2.05 |
| After CDSC | 5.70 | 6.83 | 2.53 | 1.75 | –18.37 | –2.31 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.70 | 6.83 | 2.78 | 2.51 | –14.70 | 2.04 |
| After CDSC | 5.70 | 6.83 | 2.78 | 2.51 | –15.43 | 1.17 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 5.77 | 7.17 | 3.24 | 2.93 | –14.42 | 2.27 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.98 | 7.40 | 3.48 | 3.20 | –14.20 | 2.35 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.25 | 7.67 | 3.74 | 3.46 | –13.97 | 2.49 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.34 | 7.79 | 3.87 | 3.58 | –13.81 | 2.59 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 6.35 | 7.81 | 3.91 | 3.64 | –13.76 | 2.61 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 6.32 | 7.75 | 3.83 | 3.58 | –13.84 | 2.56 |

---

28 Sustainable Retirement Funds

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2040 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 5.80% | 6.94% | 3.05% | 2.71% | –12.29% | 2.20% |
| After sales charge | 5.45 | 6.30 | 1.84 | 0.71 | –17.33 | –3.68 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.45 | 6.29 | 2.28 | 1.94 | –12.96 | 1.80 |
| After CDSC | 5.45 | 6.29 | 2.02 | 1.18 | –16.60 | –2.46 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 5.45 | 6.30 | 2.29 | 1.93 | –12.95 | 1.81 |
| After CDSC | 5.45 | 6.30 | 2.29 | 1.93 | –13.68 | 0.96 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 5.52 | 6.63 | 2.73 | 2.33 | –12.70 | 1.96 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.69 | 6.82 | 2.93 | 2.57 | –12.44 | 2.11 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.96 | 7.09 | 3.19 | 2.83 | –12.22 | 2.20 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 6.07 | 7.23 | 3.36 | 2.99 | –12.07 | 2.30 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 6.09 | 7.26 | 3.40 | 3.06 | –11.99 | 2.36 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 6.06 | 7.20 | 3.31 | 2.95 | –12.09 | 2.31 |

---

Sustainable Retirement Funds 29

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2035 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 5.31% | 6.09% | 2.41% | 1.91% | –10.33% | 1.82% |
| After sales charge | 4.97 | 5.47 | 1.20 | –0.08 | –15.49 | –4.04 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 4.97 | 5.47 | 1.66 | 1.16 | –10.98 | 1.44 |
| After CDSC | 4.97 | 5.47 | 1.38 | 0.36 | –14.90 | –3.03 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 4.97 | 5.46 | 1.65 | 1.16 | –11.01 | 1.45 |
| After CDSC | 4.97 | 5.46 | 1.65 | 1.16 | –11.79 | 0.56 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 5.03 | 5.80 | 2.09 | 1.54 | –10.68 | 1.59 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.19 | 5.98 | 2.30 | 1.80 | –10.44 | 1.75 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.46 | 6.24 | 2.55 | 2.05 | –10.23 | 1.87 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 5.56 | 6.37 | 2.70 | 2.17 | –10.11 | 1.92 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 5.61 | 6.42 | 2.76 | 2.25 | –10.02 | 1.98 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 5.58 | 6.37 | 2.68 | 2.18 | –10.12 | 1.93 |

---

30 Sustainable Retirement Funds

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2030 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 4.73% | 5.09% | 1.74% | 1.02% | –8.10% | 1.44% |
| After sales charge | 4.39 | 4.47 | 0.54 | –0.96 | –13.39 | –4.39 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 4.38 | 4.46 | 0.98 | 0.24 | –8.79 | 1.03 |
| After CDSC | 4.38 | 4.46 | 0.69 | –0.58 | –12.84 | –3.47 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 4.38 | 4.47 | 0.97 | 0.24 | –8.83 | 1.02 |
| After CDSC | 4.38 | 4.47 | 0.97 | 0.24 | –9.64 | 0.13 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 4.45 | 4.79 | 1.42 | 0.65 | –8.51 | 1.24 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.59 | 4.95 | 1.61 | 0.88 | –8.25 | 1.35 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.85 | 5.21 | 1.86 | 1.12 | –8.02 | 1.49 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.95 | 5.34 | 2.00 | 1.26 | –7.88 | 1.55 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 5.02 | 5.41 | 2.08 | 1.36 | –7.79 | 1.61 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 4.99 | 5.35 | 1.99 | 1.26 | –7.89 | 1.56 |

---

Sustainable Retirement Funds 31

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **2025 Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 4.04% | 3.98% | 1.00% | 0.09% | –5.99% | 1.12% |
| After sales charge | 3.70 | 3.36 | –0.19 | –1.87 | –11.40 | –4.69 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 3.69 | 3.35 | 0.25 | –0.65 | –6.68 | 0.80 |
| After CDSC | 3.69 | 3.35 | –0.06 | –1.50 | –10.96 | –3.82 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 3.69 | 3.36 | 0.25 | –0.64 | –6.67 | 0.79 |
| After CDSC | 3.69 | 3.36 | 0.25 | –0.64 | –7.52 | –0.13 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 3.76 | 3.69 | 0.68 | –0.25 | –6.35 | 0.92 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 3.89 | 3.83 | 0.85 | –0.05 | –6.11 | 1.10 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.15 | 4.09 | 1.10 | 0.20 | –5.91 | 1.17 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 4.25 | 4.22 | 1.27 | 0.35 | –5.72 | 1.28 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 4.33 | 4.30 | 1.35 | 0.44 | –5.67 | 1.33 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 4.30 | 4.24 | 1.25 | 0.36 | –5.73 | 1.28 |

---

32 Sustainable Retirement Funds

------

**Annualized fund performance as of the most recent calendar quarter**<br>Total return for periods ended 12/31/22 *cont.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Life of** |  |  |  |  |  |
|  | **fund** | **10 years** | **5 years** | **3 years** | **1 year** | **6 months** |
| **Maturity Fund** |  |  |  |  |  |  |
| **Class A** (11/1/04) |  |  |  |  |  |  |
| Before sales charge | 2.35% | 1.98% | 0.28% | –0.83% | –4.42% | 1.05% |
| After sales charge | 2.12 | 1.56 | –0.54 | –2.17 | –8.24 | –3.00 |
| **Class B** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 2.01 | 1.37 | –0.48 | –1.58 | –5.17 | 0.61 |
| After CDSC | 2.01 | 1.37 | –0.82 | –2.48 | –9.62 | –4.13 |
| **Class C** (11/1/04) |  |  |  |  |  |  |
| Before CDSC | 2.02 | 1.37 | –0.47 | –1.57 | –5.14 | 0.69 |
| After CDSC | 2.02 | 1.37 | –0.47 | –1.57 | –6.03 | –0.26 |
| **Class R** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 2.08 | 1.69 | –0.04 | –1.19 | –4.81 | 0.84 |
| **Class R3** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 2.19 | 1.81 | 0.11 | –1.00 | –4.61 | 0.90 |
| **Class R4** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 2.45 | 2.08 | 0.37 | –0.74 | –4.38 | 1.08 |
| **Class R5** (1/4/21) |  |  |  |  |  |  |
| Net asset value | 2.56 | 2.21 | 0.52 | –0.59 | –4.23 | 1.10 |
| **Class R6** (9/1/16) |  |  |  |  |  |  |
| Net asset value | 2.63 | 2.29 | 0.61 | –0.50 | –4.13 | 1.15 |
| **Class Y** (11/1/04) |  |  |  |  |  |  |
| Net asset value | 2.60 | 2.23 | 0.53 | –0.57 | –4.22 | 1.17 |

---

See the discussion following the fund performance tables on page 19 for information about the calculation of fund performance.

Returns for periods of less than one year are not annualized.

Sustainable Retirement Funds 33

------

**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 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 22.18% | 22.93% | 22.58% | 22.33% | 22.08% | 21.93% | 21.83% | 21.93% |
| Annualized expense ratio for the |  |  |  |  |  |  |  |  |
| six-month period ended 1/31/23<sup>†</sup> | 0.27% | 1.02% | 0.67% | 0.42% | 0.17% | 0.02% | –0.08% | 0.02% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 7/31/22<sup>\*\*#</sup> | 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 7/31/22<sup>#</sup> | 2.53% | 3.28% | 3.28% | 2.93% | 2.68% | 2.43% | 2.28% | 2.18% | 2.28% |
| Annualized expense ratio for |  |  |  |  |  |  |  |  |  |
| the six-month period ended |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.27% | 1.02% | 1.02% | 0.67% | 0.42% | 0.17% | 0.02% | –0.08% | 0.02% |
| **2055 Fund** |  |  |  |  |  |  |  |  |  |
| Net expenses for the fiscal |  |  |  |  |  |  |  |  |  |
| year ended 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 1.70% | 2.45% | 2.45% | 2.10% | 1.85% | 1.60% | 1.45% | 1.35% | 1.45% |
| Annualized expense ratio for |  |  |  |  |  |  |  |  |  |
| the six-month period ended |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.27% | 1.02% | 1.02% | 0.67% | 0.42% | 0.17% | 0.02% | –0.08% | 0.02% |
| **2050 Fund** |  |  |  |  |  |  |  |  |  |
| Net expenses for the fiscal |  |  |  |  |  |  |  |  |  |
| year ended 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 1.56% | 2.31% | 2.31% | 1.96% | 1.71% | 1.46% | 1.31% | 1.21% | 1.31% |
| Annualized expense ratio for |  |  |  |  |  |  |  |  |  |
| the six-month period ended |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.27% | 1.02% | 1.02% | 0.67% | 0.42% | 0.17% | 0.02% | –0.08% | 0.02% |

---

34 Sustainable Retirement Funds

------

**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 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 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 |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.27% | 1.02% | 1.02% | 0.67% | 0.42% | 0.17% | 0.02% | –0.08% | 0.02% |
| **2040 Fund** |  |  |  |  |  |  |  |  |  |
| Net expenses for the fiscal |  |  |  |  |  |  |  |  |  |
| year ended 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 1.46% | 2.21% | 2.21% | 1.86% | 1.61% | 1.36% | 1.21% | 1.11% | 1.21% |
| Annualized expense ratio for |  |  |  |  |  |  |  |  |  |
| the six-month period ended |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.28% | 1.03% | 1.03% | 0.68% | 0.43% | 0.18% | 0.03% | –0.07% | 0.03% |
| **2035 Fund** |  |  |  |  |  |  |  |  |  |
| Net expenses for the fiscal |  |  |  |  |  |  |  |  |  |
| year ended 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 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 |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.32% | 1.07% | 1.07% | 0.72% | 0.47% | 0.22% | 0.07% | –0.03% | 0.07% |
| **2030 Fund** |  |  |  |  |  |  |  |  |  |
| Net expenses for the fiscal |  |  |  |  |  |  |  |  |  |
| year ended 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 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 |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.33% | 1.08% | 1.08% | 0.73% | 0.48% | 0.23% | 0.08% | –0.02% | 0.08% |
| **2025 Fund** |  |  |  |  |  |  |  |  |  |
| Net expenses for the fiscal |  |  |  |  |  |  |  |  |  |
| year ended 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 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 |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.34% | 1.09% | 1.09% | 0.74% | 0.49% | 0.24% | 0.09% | –0.01% | 0.09% |
| **Maturity Fund** |  |  |  |  |  |  |  |  |  |
| Net expenses for the fiscal |  |  |  |  |  |  |  |  |  |
| year ended 7/31/22<sup>\*#</sup> | 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 7/31/22<sup>#</sup> | 1.32% | 2.07% | 2.07% | 1.72% | 1.47% | 1.22% | 1.07% | 0.97% | 1.07% |
| Annualized expense ratio for |  |  |  |  |  |  |  |  |  |
| the six-month period ended |  |  |  |  |  |  |  |  |  |
| 1/31/23<sup>†</sup> | 0.35% | 1.10% | 1.10% | 0.75% | 0.50% | 0.25% | 0.10% | 0.00% | 0.10% |

---

Sustainable Retirement Funds 35

------

**Expense ratios** *cont.*

Fiscal year expense information for the net expenses and total operating expenses for the fiscal year ended 7/31/22 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, each of which is based on expenses limitations that were in effect prior to 2/1/23.

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 | 0.54% |
| 2040 Fund | 0.52% |
| 2035 Fund | 0.50% |
| 2030 Fund | 0.46% |
| 2025 Fund | 0.43% |
| Maturity Fund | 0.44% |

---

<sup>\*</sup> Reflects Putnam Management's decision to contractually limit expenses through 2/10/26.

<sup>\*\*</sup> Reflects Putnam Management's decision to contractually limit expenses through 2/10/33.

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

<sup>#</sup> Restated to reflect current fees.

36 Sustainable Retirement Funds

------

**Expenses per $1,000**

The following table shows the expenses you would have paid on a $1,000 investment in each fund from 8/1/22 to 1/31/23. 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<sup>\*†</sup> | $1.38 | $5.19 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1022.20 | $1017.90 | $1020.00 | $1021.60 | $1022.30 | $1022.70 | $1023.90 | $1023.00 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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<sup>\*†</sup> | $1.38 | $5.19 | $5.19 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1021.40 | $1017.70 | $1017.90 | $1020.10 | $1020.80 | $1021.80 | $1022.60 | $1023.70 | $1022.90 |
| **2055 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.38 | $5.18 | $5.19 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1021.10 | $1016.50 | $1017.80 | $1018.80 | $1019.40 | $1020.70 | $1021.30 | $1023.40 | $1022.40 |
| **2050 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.37 | $5.18 | $5.18 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1020.00 | $1016.30 | $1016.00 | $1017.60 | $1019.30 | $1020.40 | $1021.70 | $1022.20 | $1021.10 |
| **2045 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.37 | $5.18 | $5.18 | $3.40 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1018.10 | $1014.70 | $1014.50 | $1016.10 | $1018.00 | $1019.10 | $1019.70 | $1020.40 | $1020.20 |
| **2040 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.42 | $5.22 | $5.22 | $3.45 | $2.18 | $0.91 | $0.15 | $(0.36) | $0.15 |
| Ending value (after expenses) | $1016.30 | $1012.40 | $1011.80 | $1014.00 | $1015.40 | $1016.40 | $1017.10 | $1017.70 | $1017.10 |
| **2035 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.62 | $5.42 | $5.42 | $3.65 | $2.38 | $1.12 | $0.36 | $(0.15) | $0.36 |
| Ending value (after expenses) | $1011.70 | $1007.80 | $1008.10 | $1009.40 | $1010.80 | $1012.10 | $1013.00 | $1013.70 | $1013.10 |
| **2030 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.67 | $5.46 | $5.46 | $3.69 | $2.43 | $1.16 | $0.41 | $(0.10) | $0.41 |
| Ending value (after expenses) | $1009.30 | $1005.10 | $1005.10 | $1006.80 | $1008.20 | $1009.20 | $1010.30 | $1010.90 | $1010.30 |
| **2025 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.72 | $5.51 | $5.50 | $3.74 | $2.48 | $1.21 | $0.46 | $(0.05) | $0.46 |
| Ending value (after expenses) | $1007.30 | $1004.00 | $1003.50 | $1005.00 | $1006.60 | $1007.80 | $1008.40 | $1009.40 | $1008.50 |
| **Maturity Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.77 | $5.55 | $5.55 | $3.79 | $2.53 | $1.27 | $0.51 | $— | $0.51 |
| Ending value (after expenses) | $1007.20 | $1003.40 | $1003.40 | $1005.10 | $1007.00 | $1008.20 | $1008.40 | $1008.90 | $1008.40 |

---

<sup>\*</sup> 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 1/31/23.

The expense ratio may differ for each share class.

<sup>†</sup> 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 (365).

Sustainable Retirement Funds 37

------

**Estimate the expenses you paid**

To estimate the expenses you paid for the six months ended 1/31/23, use the following calculation method.

To find the value of your investment on 8/1/22, call Putnam at 1-800-225-1581.

![](sustainableretirex40x1.jpg)

38 Sustainable Retirement Funds

------

**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<sup>\*†</sup> | $1.38 | $5.19 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1023.84 | $1020.06 | $1021.83 | $1023.09 | $1024.35 | $1025.10 | $1025.61 | $1025.10 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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<sup>\*†</sup> | $1.38 | $5.19 | $5.19 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1023.84 | $1020.06 | $1020.06 | $1021.83 | $1023.09 | $1024.35 | $1025.10 | $1025.61 | $1025.10 |
| **2055 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.38 | $5.19 | $5.19 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1023.84 | $1020.06 | $1020.06 | $1021.83 | $1023.09 | $1024.35 | $1025.10 | $1025.61 | $1025.10 |
| **2050 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.38 | $5.19 | $5.19 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1023.84 | $1020.06 | $1020.06 | $1021.83 | $1023.09 | $1024.35 | $1025.10 | $1025.61 | $1025.10 |
| **2045 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.38 | $5.19 | $5.19 | $3.41 | $2.14 | $0.87 | $0.10 | $(0.41) | $0.10 |
| Ending value (after expenses) | $1023.84 | $1020.06 | $1020.06 | $1021.83 | $1023.09 | $1024.35 | $1025.10 | $1025.61 | $1025.10 |
| **2040 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.43 | $5.24 | $5.24 | $3.47 | $2.19 | $0.92 | $0.15 | $(0.36) | $0.15 |
| Ending value (after expenses) | $1023.79 | $1020.01 | $1020.01 | $1021.78 | $1023.04 | $1024.30 | $1025.05 | $1025.56 | $1025.05 |
| **2035 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.63 | $5.45 | $5.45 | $3.67 | $2.40 | $1.12 | $0.36 | $(0.15) | $0.36 |
| Ending value (after expenses) | $1023.59 | $1019.81 | $1019.81 | $1021.58 | $1022.84 | $1024.10 | $1024.85 | $1025.36 | $1024.85 |
| **2030 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.68 | $5.50 | $5.50 | $3.72 | $2.45 | $1.17 | $0.41 | $(0.10) | $0.41 |
| Ending value (after expenses) | $1023.54 | $1019.76 | $1019.76 | $1021.53 | $1022.79 | $1024.05 | $1024.80 | $1025.31 | $1024.80 |
| **2025 Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.73 | $5.55 | $5.55 | $3.77 | $2.50 | $1.22 | $0.46 | $(0.05) | $0.46 |
| Ending value (after expenses) | $1023.49 | $1019.71 | $1019.71 | $1021.48 | $1022.74 | $1024.00 | $1024.75 | $1025.26 | $1024.75 |
| **Maturity Fund** |  |  |  |  |  |  |  |  |  |
| Expenses paid per $1,000<sup>\*†</sup> | $1.79 | $5.60 | $5.60 | $3.82 | $2.55 | $1.28 | $0.51 | $— | $0.51 |
| Ending value (after expenses) | $1023.44 | $1019.66 | $1019.66 | $1021.42 | $1022.68 | $1023.95 | $1024.70 | $1025.21 | $1024.70 |

---

<sup>\*</sup> 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 1/31/23.

<sup>†</sup> 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 (365).

Sustainable Retirement Funds 39

------

**Consider these risks before investing**

If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses. Our allocation of assets among permitted asset categories may hurt performance.

The value of investments in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds' portfolio holdings.

Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Lower-rated bonds may offer higher yields in return for more risk. Mortgage-backed securities are subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying funds may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks.

Investing in underlying funds with an ESG or sustainability focus may result in each fund having exposure to underlying funds that invest in certain types of companies, industries, or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, the underlying funds' managers 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. The net asset value (NAV) of an underlying fund will generally fluctuate with changes in the market value of the underlying fund's holdings. The underlying funds have a limited number of financial institutions that act as authorized participants, which are not obligated to engage in creation and/or redemption transactions, and there may be a significantly diminished trading market for underlying fund shares, or underlying fund shares may trade at a discount (or premium) to NAV and possibly face trading halts and/or de-listing. The underlying funds have a limited public trading history and there can be no assurance that an active trading market will develop or be maintained or that the market for underlying fund shares will operate as intended. Certain accounts or affiliates of Putnam Management will own or control a substantial amount of an underlying fund's shares, and dispositions of a large number of shares may adversely affect the underlying fund's liquidity and net assets. Some of the underlying funds may effect creations and redemptions in cash, and investments by a fund in an underlying fund's shares may be less tax-efficient than an investment in an exchange-traded fund (ETF) that distributes portfolio securities entirely in-kind. Two of the underlying funds are semi-transparent ETFs, which do not disclose to the public what assets they hold each day. This may create additional risks, including that an investor may have to pay more money to trade the semi-transparent ETF's shares.

40 Sustainable Retirement Funds

------

The principal value of each fund is not guaranteed at any time, including at the target date. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's credit quality or value.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the underlying funds may not perform as well as other securities that we do not select for the underlying funds. We, or the underlying funds' other service providers, may experience disruptions or operating errors that could have a negative effect on the underlying funds. You can lose money by investing in the funds.

Sustainable Retirement Funds 41

------

**Terms and definitions**

**Important terms**

**Total return** shows how the value of each fund's shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

**Before sales charge,** or net asset value, is the price, or value, of one share of a mutual fund, without a sales charge. Before-sales-charge figures fluctuate with market conditions. They are calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

**After sales charge** is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. After-sales-charge performance figures shown here assume the 5.75% maximum sales charge for class A shares (4.00% for class A shares of Putnam Sustainable Retirement Maturity Fund).

**Contingent deferred sales charge (CDSC)** is generally a charge applied at the time of the redemption of class B or C shares and assumes redemption at the end of the period. Your fund's class B CDSC declines over time from a 5% maximum during the first year to 1% during the sixth year. After the sixth year, the CDSC no longer applies. The CDSC for class C shares is 1% for one year after purchase.

**Share classes**

**Class A shares** are generally subject to an initial sales charge and no CDSC (except on certain redemptions of shares bought without an initial sales charge).

**Class B shares** (all funds except for Putnam Sustainable Retirement 2065 Fund) are closed to new investments and are only available by exchange from another Putnam fund or through dividend and/or capital gains reinvestment. They are not subject to an initial sales charge and may be subject to a CDSC.

**Class C shares** are not subject to an initial sales charge and are subject to a CDSC only if the shares are redeemed during the first year.

**Class R shares** are not subject to an initial sales charge or CDSC and are only available to employer-sponsored retirement plans.

**Class R3 shares** are not subject to an initial sales charge or CDSC and are only available to employer-sponsored retirement plans.

**Class R4 shares** are not subject to an initial sales charge or CDSC and carry no 12b-1 fee. They are only available to employer-sponsored retirement plans.

**Class R5 shares** are not subject to an initial sales charge or CDSC and carry no 12b-1 fee. They are only available to employer-sponsored retirement plans.

**Class R6 shares** are not subject to an initial sales charge or CDSC and carry no 12b-1 fee. They are generally only available to employer-sponsored retirement plans, corporate and institutional clients, and clients in other approved programs.

**Class Y shares** are not subject to an initial sales charge or CDSC and carry no 12b-1 fee. They are generally only available to corporate and institutional clients and clients in other approved programs.

**Comparative indexes**

**Bloomberg U.S. Aggregate Bond Index** is an unmanaged index of U.S. investment-grade fixed income securities.

**FTSE<sup>®</sup> World Government Bond Index (WGBI)** measures the performance of fixed-rate, local-currency, investment-grade sovereign bonds.

**ICE BofA (Intercontinental Exchange Bank of America) U.S. 3-Month Treasury Bill Index** is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.

42 Sustainable Retirement Funds

------

**JPMorgan Developed High Yield Index** is an unmanaged index of high-yield fixed income securities issued in developed countries.

**MSCI EAFE (Europe, Australasia, Far East) Index (ND)** is an unmanaged index of equity securities from developed countries in Western Europe, the Far East, and Australasia. Calculated with net dividends (ND), this total return index reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**MSCI Emerging Markets Index (GD)** is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. Gross total return (GD) indexes reinvest as much as possible of a company's dividend distributions.

**MSCI World Index (ND)** is an unmanaged index of equity securities from developed countries.

**S&P 500**<sup>®</sup> **Index** is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

FTSE Russell is the source and owner of the trademarks, service marks, and copyrights related to the FTSE Indexes. FTSE<sup>®</sup> is a trademark of FTSE Russell.

ICE Data Indices, LLC ("ICE BofA"), used with permission. ICE BofA permits use of the ICE BofA indices and related data on an "as is" basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.

**Lipper,** a Refinitiv company, is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund's category assignment at its discretion. Lipper category medians reflect performance trends for funds within a category.

Sustainable Retirement Funds 43

------

**Other information for shareholders**

**Important notice regarding delivery of shareholder documents**

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

**Proxy voting**

Putnam is committed to managing our mutual funds in the best interests of our shareholders. 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, 2022, 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 Putnam's Shareholder Services at 1-800-225-1581.

**Fund portfolio holdings**

Each 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 each fund's Form N-PORT on the SEC's website at www.sec.gov.

Prior to its use of Form N-PORT, each fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

**Trustee and employee fund ownership**

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of January 31, 2023, Putnam employees had approximately $478,000,000 and the Trustees had approximately $64,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees' and employees' immediate family members as well as investments through retirement and deferred compensation plans.

44 Sustainable Retirement Funds

------

**Financial statements**

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

**The fund's portfolio** lists 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 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 45

------

**The funds' portfolios** 1/31/23 (Unaudited)

---

| | | |
|:---|:---|:---|
| **2065 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (9.8%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 431 | $3582 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 6323 | 58110 |
| **Total Absolute Return Funds (cost $67,622)** |  | **$61692** |
| **Asset Allocation Funds (89.8%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Equity Fund Class P <sup>†††</sup> | 36828 | $465870 |
| Putnam Dynamic Asset Allocation Growth Fund Class P <sup>†††</sup> | 5990 | 100632 |
| **Total Asset Allocation Funds (cost $593,087)** |  | **$566502** |
| **Fixed Income Funds (0.4%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 2809 | $2809 |
| **Total Fixed Income Funds (cost $2,809)** |  | **$2809** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $663,518)** |  | **$631003** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $630,541.

---

| | | |
|:---|:---|:---|
| **2060 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (10.0%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 12720 | $105706 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 139943 | 1286078 |
| **Total Absolute Return Funds (cost $1,534,492)** |  | **$1391784** |
| **Asset Allocation Funds (89.6%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Equity Fund Class P <sup>†††</sup> | 756758 | $9572993 |
| Putnam Dynamic Asset Allocation Growth Fund Class P <sup>†††</sup> | 176013 | 2957010 |
| **Total Asset Allocation Funds (cost $12,662,836)** |  | **$12530003** |
| **Fixed Income Funds (0.5%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 65812 | $65812 |
| **Total Fixed Income Funds (cost $65,812)** |  | **$65812** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $14,263,140)** |  | **$13987599** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $13,986,062.

46 Sustainable Retirement Funds

------

**The funds' portfolios** 1/31/23 (Unaudited) *cont.*

---

| | | |
|:---|:---|:---|
| **2055 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (10.6%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 81270 | $675353 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 476876 | 4382491 |
| **Total Absolute Return Funds (cost $5,575,417)** |  | **$5057844** |
| **Asset Allocation Funds (88.9%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Equity Fund Class P <sup>†††</sup> | 1954058 | $24718838 |
| Putnam Dynamic Asset Allocation Growth Fund Class P <sup>†††</sup> | 1043543 | 17531528 |
| **Total Asset Allocation Funds (cost $46,863,325)** |  | **$42250366** |
| **Fixed Income Funds (0.5%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 223681 | $223681 |
| **Total Fixed Income Funds (cost $223,681)** |  | **$223681** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $52,662,423)** |  | **$47531891** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $47,524,563.

---

| | | |
|:---|:---|:---|
| **2050 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (11.9%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 271261 | $2254182 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 984584 | 9048327 |
| **Total Absolute Return Funds (cost $12,458,142)** |  | **$11302509** |
| **Asset Allocation Funds (87.6%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Equity Fund Class P <sup>†††</sup> | 2435644 | $30810893 |
| Putnam Dynamic Asset Allocation Growth Fund Class P <sup>†††</sup> | 3114228 | 52319024 |
| **Total Asset Allocation Funds (cost $91,121,664)** |  | **$83129917** |
| **Fixed Income Funds (0.5%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 449739 | $449739 |
| **Total Fixed Income Funds (cost $449,739)** |  | **$449739** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $104,029,545)** |  | **$94882165** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $94,872,680.

Sustainable Retirement Funds 47

------

**The funds' portfolios** 1/31/23 (Unaudited) *cont.*

---

| | | |
|:---|:---|:---|
| **2045 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (15.5%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 464023 | $3856028 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 1852629 | 17025659 |
| **Total Absolute Return Funds (cost $23,011,367)** |  | **$20881687** |
| **Asset Allocation Funds (82.7%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Balanced Fund Class P <sup>†††</sup> | 410741 | $5787339 |
| Putnam Dynamic Asset Allocation Equity Fund Class P <sup>†††</sup> | 1042208 | 13183937 |
| Putnam Dynamic Asset Allocation Growth Fund Class P <sup>†††</sup> | 5491391 | 92255363 |
| **Total Asset Allocation Funds (cost $121,487,708)** |  | **$111226639** |
| **Fixed Income Funds (1.8%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 2443775 | $2443775 |
| **Total Fixed Income Funds (cost $2,443,775)** |  | **$2443775** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $146,942,850)** |  | **$134552101** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $134,537,900.

---

| | | |
|:---|:---|:---|
| **2040 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (22.0%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 1260723 | $10476611 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 3598251 | 33067927 |
| **Total Absolute Return Funds (cost $48,040,688)** |  | **$43544538** |
| **Asset Allocation Funds (75.1%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Balanced Fund Class P <sup>†††</sup> | 3284875 | $46283890 |
| Putnam Dynamic Asset Allocation Growth Fund Class P <sup>†††</sup> | 6105089 | 102565503 |
| **Total Asset Allocation Funds (cost $160,594,646)** |  | **$148849393** |
| **Fixed Income Funds (2.9%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 5719403 | $5719403 |
| **Total Fixed Income Funds (cost $5,719,403)** |  | **$5719403** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $214,354,737)** |  | **$198113334** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $198,087,647.

48 Sustainable Retirement Funds

------

**The funds' portfolios** 1/31/23 (Unaudited) *cont.*

---

| | | |
|:---|:---|:---|
| **2035 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (30.2%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 2264118 | $18814821 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 4334939 | 39838091 |
| **Total Absolute Return Funds (cost $64,477,416)** |  | **$58652912** |
| **Asset Allocation Funds (65.8%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Balanced Fund Class P <sup>†††</sup> | 6655918 | $93781880 |
| Putnam Dynamic Asset Allocation Conservative Fund Class P <sup>†††</sup> | 239877 | 2336400 |
| Putnam Dynamic Asset Allocation Growth Fund Class P <sup>†††</sup> | 1891452 | 31776397 |
| **Total Asset Allocation Funds (cost $141,980,335)** |  | **$127894677** |
| **Fixed Income Funds (4.0%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 7717637 | $7717637 |
| **Total Fixed Income Funds (cost $7,717,637)** |  | **$7717637** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $214,175,388)** |  | **$194265226** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $194,222,651.

---

| | | |
|:---|:---|:---|
| **2030 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (40.5%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 4372153 | $36332592 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 6698054 | 61555120 |
| **Total Absolute Return Funds (cost $107,796,658)** |  | **$97887712** |
| **Asset Allocation Funds (54.3%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Balanced Fund Class P <sup>†††</sup> | 7085132 | $99829507 |
| Putnam Dynamic Asset Allocation Conservative Fund Class P <sup>†††</sup> | 3234018 | 31499339 |
| **Total Asset Allocation Funds (cost $146,925,956)** |  | **$131328846** |
| **Fixed Income Funds (5.2%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 12511532 | $12511532 |
| **Total Fixed Income Funds (cost $12,511,532)** |  | **$12511532** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $267,234,146)** |  | **$241728090** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $241,672,924.

Sustainable Retirement Funds 49

------

**The funds' portfolios** 1/31/23 (Unaudited) *cont.*

---

| | | |
|:---|:---|:---|
| **2025 Fund** | **Shares** | **Value** |
| **Absolute Return Funds (52.2%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 5750906 | $47790025 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 6600449 | 60658127 |
| **Total Absolute Return Funds (cost $117,326,287)** |  | **$108448152** |
| **Asset Allocation Funds (41.9%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Balanced Fund Class P <sup>†††</sup> | 1973425 | $27805559 |
| Putnam Dynamic Asset Allocation Conservative Fund Class P <sup>†††</sup> | 6076094 | 59181152 |
| **Total Asset Allocation Funds (cost $93,850,041)** |  | **$86986711** |
| **Fixed Income Funds (5.9%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 12261112 | $12261112 |
| **Total Fixed Income Funds (cost $12,261,112)** |  | **$12261112** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $223,437,440)** |  | **$207695975** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $207,640,746.

---

| | | |
|:---|:---|:---|
| **Maturity Fund** | **Shares** | **Value** |
| **Absolute Return Funds (59.3%)**<sup>\*</sup> |  |  |
| Putnam Fixed Income Absolute Return Fund Class P <sup>††† §</sup> | 8023264 | $66673319 |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>††† Δ</sup> | 7280045 | 66903613 |
| **Total Absolute Return Funds (cost $148,608,787)** |  | **$133576932** |
| **Asset Allocation Funds (34.7%)**<sup>\*</sup> |  |  |
| Putnam Dynamic Asset Allocation Conservative Fund Class P <sup>†††</sup> | 8029686 | $78209141 |
| **Total Asset Allocation Funds (cost $87,827,525)** |  | **$78209141** |
| **Fixed Income Funds (5.9%)**<sup>\*</sup> |  |  |
| Putnam Government Money Market Fund Class G <sup>†††</sup> | 13342756 | $13342756 |
| **Total Fixed Income Funds (cost $13,342,756)** |  | **$13342756** |
| **TOTAL INVESTMENTS** |  |  |
| **Total Investments (cost $249,779,068)** |  | **$225128829** |

---

<sup>\*</sup> Percentages indicated are based on net assets of $225,069,686.

<br>**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, 2022 through January 31, 2023 (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*.

<sup>†††</sup> Affiliated Company (Note 5).

<sup>§</sup> Effective 2/28/23, the fund was renamed Putnam Core Bond Fund.

<sup>Δ</sup> Effective 2/17/23, the fund merged into Putnam Multi-Asset Income Fund.

50 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Valuation inputs** | **Valuation inputs** | |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 2065 Fund | $165133 | $465870 | $— | $631003 |
| 2060 Fund | 4414606 | 9572993 |  | 13987599 |
| 2055 Fund | 22813053 | 24718838 |  | 47531891 |
| 2050 Fund | 64071272 | 30810893 |  | 94882165 |
| 2045 Fund | 121368164 | 13183937 |  | 134552101 |
| 2040 Fund | 198113334 |  |  | 198113334 |
| 2035 Fund | 194265226 |  |  | 194265226 |
| 2030 Fund | 241728090 |  |  | 241728090 |
| 2025 Fund | 207695975 |  |  | 207695975 |
| Maturity Fund | 225128829 |  |  | 225128829 |

---

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

Sustainable Retirement Funds 51

------

**Statement of assets and liabilities** 1/31/23 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASSETS** | **2065 Fund** | **2060 Fund** | **2055 Fund** | **2050 Fund** | **2045 Fund** |
| Investments in affiliated underlying |  |  |  |  |  |
| Putnam funds, at value (Notes 1 and 5) | $631003 | $13987599 | $47531891 | $94882165 | $134552101 |
| Cash |  | 6 |  | 1 | 7 |
| Receivable for income distributions |  |  |  |  |  |
| from underlying Putnam fund shares | 10 | 214 | 726 | 1459 | 7922 |
| Receivable for shares of the fund sold | 81 | 3411 | 170796 | 19573 | 338571 |
| Receivable for investments sold |  |  | 3501 | 5221 | 277041 |
| Receivable from Manager (Note 2) | 2538 | 6796 | 17110 | 31638 | 42886 |
| **Total assets** | **633632** | **13998026** | **47724024** | **94940057** | **135218528** |
| **LIABILITIES** |  |  |  |  |  |
| Payable to custodian | 15 |  |  |  |  |
| Payable for shares of the |  |  |  |  |  |
| fund repurchased |  |  | 3501 | 5221 | 277041 |
| Payable for investments purchased | 90 | 3630 | 171535 | 21046 | 346626 |
| Payable for investor servicing |  |  |  |  |  |
| fees (Note 2) | 95 | 2493 | 9267 | 17837 | 26148 |
| Payable for distribution fees (Note 2) | 471 | 1429 | 6391 | 8913 | 12634 |
| Payable for reports to shareholders | 2270 | 2657 | 3587 | 4636 | 4767 |
| Payable for auditing and tax fee | 47 | 1139 | 3977 | 7970 | 11552 |
| Other accrued expenses | 103 | 616 | 1203 | 1754 | 1860 |
| **Total liabilities** | **3091** | **11964** | **199461** | **67377** | **680628** |
| **Net assets** | **$630541** | **$13986062** | **$47524563** | **$94872680** | **$134537900** |
| **REPRESENTED BY** |  |  |  |  |  |
| Paid-in-capital |  |  |  |  |  |
| (unlimited shares authorized) |  |  |  |  |  |
| (Notes 1 and 4) | $665814 | $15260721 | $52774949 | $105407076 | $149484372 |
| Total distributable earnings (Note 1) | (35273) | (1274659) | (5250386) | (10534396) | (14946472) |
| **Total — Representing net assets** |  |  |  |  |  |
| **applicable to capital outstanding** | **$630541** | **$13986062** | **$47524563** | **$94872680** | **$134537900** |
| **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** | **Computation of net asset value, offering price and redemption price Class A** | **Computation of net asset value, offering price and redemption price Class A** | **Computation of net asset value, offering price and redemption price Class A** |  |  |
| Net Assets | $134376 | $1148177 | $5122641 | $7149614 | $12548074 |
| Number of shares outstanding | 14181 | 108187 | 498447 | 434100 | 720569 |
| Net asset value and redemption price | $9.48 | $10.61 | $10.28 | $16.47 | $17.41 |
| Offering price per class A share |  |  |  |  |  |
| (100/94.25 of Class A net asset value)<sup>\*</sup> | $10.06 | $11.26 | $10.91 | $17.47 | $18.47 |

---

(Continued on next page)

52 Sustainable Retirement Funds

------

**Statement of assets and liabilities** 1/31/23 (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** | **Computation of net asset value and offering price Class B** | **Computation of net asset value and offering price Class B** |  |  |  |
| Net Assets | N/A | $15575 | $53000 | $85055 | $389196 |
| Number of shares outstanding | N/A | 1475 | 5200 | 5251 | 26481 |
| Net asset value and offering price<sup>\*\*\*</sup> | N/A | $10.56 | $10.19 | $16.20 | $14.70 |
| **Computation of net asset value and offering price Class C** | **Computation of net asset value and offering price Class C** | **Computation of net asset value and offering price Class C** |  |  |  |
| Net Assets | $223964 | $290507 | $630556 | $951339 | $657219 |
| Number of shares outstanding | 23759 | 27796 | 63528 | 60674 | 44759 |
| Net asset value and offering price<sup>\*\*\*</sup> | $9.43 | $10.45 | $9.93 | $15.68 | $14.68 |
| **Computation of net asset value, offering price and redemption price Class R** | **Computation of net asset value, offering price and redemption price Class R** | **Computation of net asset value, offering price and redemption price Class R** | **Computation of net asset value, offering price and redemption price Class R** |  |  |
| Net Assets | $10408 | $16095 | $52703 | $536599 | $54024 |
| Number of shares outstanding | 1095 | 1505 | 4980 | 33517 | 2909 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $9.50<sup>†</sup> | $10.70<sup>†</sup> | $10.58 | $16.01 | $18.57 |
| **Computation of net asset value, offering price and redemption price Class R3** | **Computation of net asset value, offering price and redemption price Class R3** | **Computation of net asset value, offering price and redemption price Class R3** | **Computation of net asset value, offering price and redemption price Class R3** |  |  |
| Net Assets | $10463 | $46797 | $2659142 | $1605375 | $2644742 |
| Number of shares outstanding | 1101 | 4386 | 256588 | 97827 | 114344 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $9.51<sup>†</sup> | $10.67 | $10.36 | $16.41 | $23.13 |
| **Computation of net asset value, offering price and redemption price Class R4** | **Computation of net asset value, offering price and redemption price Class R4** | **Computation of net asset value, offering price and redemption price Class R4** | **Computation of net asset value, offering price and redemption price Class R4** |  |  |
| Net Assets | $10517 | $55447 | $335513 | $201410 | $774116 |
| Number of shares outstanding | 1106 | 5195 | 32342 | 12271 | 33494 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $9.51 | $10.67 | $10.37 | $16.41 | $23.11 |
| **Computation of net asset value, offering price and redemption price Class R5** | **Computation of net asset value, offering price and redemption price Class R5** | **Computation of net asset value, offering price and redemption price Class R5** | **Computation of net asset value, offering price and redemption price Class R5** |  |  |
| Net Assets | $10549 | $10542 | $10503 | $10456 | $10410 |
| Number of shares outstanding | 1109 | 987 | 1012 | 637 | 450 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $9.51 | $10.68 | $10.37<sup>†</sup> | $16.41 | $23.12<sup>†</sup> |
| **Computation of net asset value, offering price and redemption price Class R6** | **Computation of net asset value, offering price and redemption price Class R6** | **Computation of net asset value, offering price and redemption price Class R6** | **Computation of net asset value, offering price and redemption price Class R6** |  |  |
| Net Assets | $217295 | $2023717 | $6371235 | $10119814 | $11201705 |
| Number of shares outstanding | 22852 | 189374 | 614023 | 616789 | 484523 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $9.51 | $10.69 | $10.38 | $16.41 | $23.12 |
| **Computation of net asset value, offering price and redemption price Class Y** | **Computation of net asset value, offering price and redemption price Class Y** | **Computation of net asset value, offering price and redemption price Class Y** | **Computation of net asset value, offering price and redemption price Class Y** |  |  |
| Net Assets | $12969 | $10379205 | $32289270 | $74213018 | $106258414 |
| Number of shares outstanding | 1364 | 975365 | 3103082 | 4525899 | 4594725 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $9.51 | $10.64 | $10.41 | $16.40 | $23.13 |
| Cost of investments (Note 1) | $663518 | $14263140 | $52662423 | $104029545 | $146942850 |

---

<sup>\*</sup> On retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

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

<sup>†</sup> Net asset value may not recalculate due to rounding of fractional shares.

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

Sustainable Retirement Funds 53

------

**Statement of assets and liabilities** 1/31/23 (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) | $198113334 | $194265226 | $241728090 | $207695975 | $225128829 |
| Cash |  | 1 |  | 12 | 1022 |
| Receivable for income distributions |  |  |  |  |  |
| from underlying Putnam fund shares | 18710 | 25073 | 40947 | 39638 | 44090 |
| Receivable for shares of the fund sold | 5483 | 3637 | 243245 | 412484 | 190355 |
| Receivable for investments sold | 516040 | 51734 | 100637 | 1261229 | 157812 |
| Receivable from Manager (Note 2) | 56062 | 44417 | 47113 | 38467 | 41168 |
| **Total assets** | **198709629** | **194390088** | **242160032** | **209447805** | **225563276** |
| **LIABILITIES** |  |  |  |  |  |
| Payable to custodian | 4 |  |  |  |  |
| Payable for shares of the |  |  |  |  |  |
| fund repurchased | 516040 | 51734 | 98941 | 1261229 | 157812 |
| Payable for investments purchased | 24479 | 29196 | 286684 | 453309 | 234884 |
| Payable for investor servicing |  |  |  |  |  |
| fees (Note 2) | 39218 | 38727 | 48821 | 42067 | 47013 |
| Payable for distribution fees (Note 2) | 16499 | 22797 | 23860 | 24980 | 24187 |
| Payable for reports to shareholders | 5733 | 5088 | 5856 | 5101 | 6472 |
| Payable for auditing and tax fee | 17346 | 16935 | 21400 | 18275 | 21341 |
| Other accrued expenses | 2663 | 2960 | 1546 | 2098 | 1881 |
| **Total liabilities** | **621982** | **167437** | **487108** | **1807059** | **493590** |
| **Net assets** | **$198087647** | **$194222651** | **$241672924** | **$207640746** | **$225069686** |
| **REPRESENTED BY** |  |  |  |  |  |
| Paid-in-capital |  |  |  |  |  |
| (unlimited shares authorized) |  |  |  |  |  |
| (Notes 1 and 4) | $218858151 | $218727458 | $276114061 | $241573112 | $268363337 |
| Total distributable earnings (Note 1) | (20770504) | (24504807) | (34441137) | (33932366) | (43293651) |
| **Total — Representing net assets** |  |  |  |  |  |
| **applicable to capital outstanding** | **$198087647** | **$194222651** | **$241672924** | **$207640746** | **$225069686** |
| **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** | **Computation of net asset value, offering price and redemption price Class A** | **Computation of net asset value, offering price and redemption price Class A** | **Computation of net asset value, offering price and redemption price Class A** |  |  |
| Net Assets | $15931792 | $21722167 | $23252145 | $23573270 | $24460851 |
| Number of shares outstanding | 850355 | 1142748 | 1257762 | 1261049 | 1604885 |
| Net asset value and redemption price | $18.74 | $19.01 | $18.49 | $18.69 | $15.24 |
| Offering price per class A share |  |  |  |  |  |
| (100/94.25 of Class A net asset value)<sup>\*</sup> | $19.88 | $20.17 | $19.62 | $19.83 | N/A |
| Offering price per class A share |  |  |  |  |  |
| (100/96.00 of Class A net asset value)<sup>\*\*</sup> | N/A | N/A | N/A | N/A | $15.88 |

---

(Continued on next page)

54 Sustainable Retirement Funds

------

**Statement of assets and liabilities** 1/31/23 (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** | **Computation of net asset value and offering price Class B** | **Computation of net asset value and offering price Class B** |  |  |  |
| Net Assets | $298673 | $170508 | $155842 | $155492 | $121027 |
| Number of shares outstanding | 18542 | 10202 | 9074 | 9116 | 8171 |
| Net asset value and offering price<sup>\*\*\*</sup> | $16.11 | $16.71 | $17.17 | $17.06 | $14.81 |
| **Computation of net asset value and offering price Class C** | **Computation of net asset value and offering price Class C** | **Computation of net asset value and offering price Class C** |  |  |  |
| Net Assets | $836790 | $1131858 | $859454 | $1613675 | $942620 |
| Number of shares outstanding | 53728 | 68944 | 50948 | 96406 | 63456 |
| Net asset value and offering price<sup>\*\*\*</sup> | $15.57 | $16.42 | $16.87 | $16.74 | $14.85 |
| **Computation of net asset value, offering price and redemption price Class R** | **Computation of net asset value, offering price and redemption price Class R** | **Computation of net asset value, offering price and redemption price Class R** | **Computation of net asset value, offering price and redemption price Class R** |  |  |
| Net Assets | $150122 | $521235 | $401047 | $514448 | $512325 |
| Number of shares outstanding | 7526 | 29129 | 23711 | 30043 | 33653 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $19.95 | $17.89 | $16.91 | $17.12 | $15.22 |
| **Computation of net asset value, offering price and redemption price Class R3** | **Computation of net asset value, offering price and redemption price Class R3** | **Computation of net asset value, offering price and redemption price Class R3** | **Computation of net asset value, offering price and redemption price Class R3** |  |  |
| Net Assets | $3568078 | $5024609 | $5584078 | $3418918 | $1588212 |
| Number of shares outstanding | 150452 | 211455 | 252322 | 183152 | 103804 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $23.72 | $23.76 | $22.13 | $18.67 | $15.30 |
| **Computation of net asset value, offering price and redemption price Class R4** | **Computation of net asset value, offering price and redemption price Class R4** | **Computation of net asset value, offering price and redemption price Class R4** | **Computation of net asset value, offering price and redemption price Class R4** |  |  |
| Net Assets | $772120 | $919278 | $2792822 | $1322934 | $213303 |
| Number of shares outstanding | 32563 | 38732 | 126238 | 70992 | 13936 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $23.71 | $23.73 | $22.12 | $18.63 | $15.31 |
| **Computation of net asset value, offering price and redemption price Class R5** | **Computation of net asset value, offering price and redemption price Class R5** | **Computation of net asset value, offering price and redemption price Class R5** | **Computation of net asset value, offering price and redemption price Class R5** |  |  |
| Net Assets | $10343 | $10245 | $10131 | $9995 | $9865 |
| Number of shares outstanding | 436 | 431 | 458 | 536 | 645 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $23.71<sup>†</sup> | $23.74<sup>†</sup> | $22.13<sup>†</sup> | $18.63<sup>†</sup> | $15.30<sup>†</sup> |
| **Computation of net asset value, offering price and redemption price Class R6** | **Computation of net asset value, offering price and redemption price Class R6** | **Computation of net asset value, offering price and redemption price Class R6** | **Computation of net asset value, offering price and redemption price Class R6** |  |  |
| Net Assets | $12730438 | $15626662 | $18436310 | $10474631 | $3418829 |
| Number of shares outstanding | 536847 | 658061 | 833233 | 562054 | 223452 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $23.71 | $23.75 | $22.13 | $18.64 | $15.30 |
| **Computation of net asset value, offering price and redemption price Class Y** | **Computation of net asset value, offering price and redemption price Class Y** | **Computation of net asset value, offering price and redemption price Class Y** | **Computation of net asset value, offering price and redemption price Class Y** |  |  |
| Net Assets | $163789291 | $149096089 | $190181095 | $166557383 | $193802654 |
| Number of shares outstanding | 6922321 | 6285670 | 8614057 | 8950052 | 12663981 |
| Net asset value, offering price |  |  |  |  |  |
| and redemption value | $23.66 | $23.72 | $22.08 | $18.61 | $15.30 |
| Cost of investments (Note 1) | $214354737 | $214175388 | $267234146 | $223437440 | $249779068 |

---

<sup>\*</sup> On retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

<sup>\*\*</sup> On retail sales of less than $100,000. On sales of $100,000 or more the offering price is reduced.

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

<sup>†</sup> Net asset value may not recalculate due to rounding of fractional shares.

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

Sustainable Retirement Funds 55

------

**Statement of operations** Six months ended 1/31/23 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INVESTMENT INCOME** | **2065 Fund** | **2060 Fund** | **2055 Fund** | **2050 Fund** | **2045 Fund** |
| Income distributions from underlying |  |  |  |  |  |
| Putnam fund shares (Note 5) | $9776 | $240368 | $889691 | $1963428 | $3633123 |
| **EXPENSES** |  |  |  |  |  |
| Compensation of Manager (Note 2) | 1424 | 33979 | 116369 | 228779 | 325164 |
| Investor servicing fees (Note 2) | 255 | 6932 | 26608 | 51593 | 76499 |
| Distribution fees (Note 2) | 1152 | 2864 | 12875 | 16958 | 23507 |
| Reports to shareholders | 3465 | 3830 | 4452 | 5032 | 5201 |
| Blue sky expense | 35312 | 36276 | 37270 | 38259 | 38848 |
| Other | 467 | 4131 | 12394 | 24482 | 32692 |
| Fees waived and reimbursed |  |  |  |  |  |
| by Manager (Note 2) | (40936) | (84656) | (193689) | (344822) | (471505) |
| **Total expenses** | **1139** | **3356** | **16279** | **20281** | **30406** |
| **Net investment income** | **8637** | **237012** | **873412** | **1943147** | **3602717** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| **Net realized gain (loss) on:** |  |  |  |  |  |
| Sale of underlying Putnam fund shares |  |  |  |  |  |
| (Notes 1 and 3) | (15706) | (1029567) | 157800 | 60571 | (560478) |
| Capital gain distribution |  |  |  |  |  |
| from underlying Putnam fund |  |  |  |  |  |
| shares (Note 5) | 14706 | 336760 | 968726 | 1503849 | 1557445 |
| **Total net realized gain (loss)** | **(1000)** | **(692807)** | **1126526** | **1564420** | **996967** |
| **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| Underlying Putnam fund shares | 14401 | 867315 | (863705) | (1349757) | (1970765) |
| **Total change in net** |  |  |  |  |  |
| **appreciation (depreciation)** | **14401** | **867315** | **(863705)** | **(1349757)** | **(1970765)** |
| **Net gain (loss) on investments** | **13401** | **174508** | **262821** | **214663** | **(973798)** |
| **Net increase in net assets resulting** |  |  |  |  |  |
| **from operations** | **$22038** | **$411520** | **$1136233** | **$2157810** | **$2628919** |

---

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

56 Sustainable Retirement Funds

------

**Statement of operations** Six months ended 1/31/23 (Unaudited) *cont.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Maturity** |
| **INVESTMENT INCOME** | **2040 Fund** | **2035 Fund** | **2030 Fund** | **2025 Fund** | **Fund** |
| Income distributions from underlying |  |  |  |  |  |
| Putnam fund shares (Note 5) | $6769373 | $7887380 | $12034308 | $11926985 | $14223689 |
| **EXPENSES** |  |  |  |  |  |
| Compensation of Manager (Note 2) | 478589 | 458030 | 566828 | 474041 | 541013 |
| Investor servicing fees (Note 2) | 115036 | 112964 | 143687 | 123809 | 145916 |
| Distribution fees (Note 2) | 29431 | 40519 | 41390 | 43912 | 40714 |
| Reports to shareholders | 5544 | 5277 | 5542 | 5181 | 5224 |
| Blue sky expense | 38887 | 38848 | 39027 | 40710 | 39159 |
| Other | 44807 | 42827 | 57274 | 47783 | 55721 |
| Fees waived and reimbursed |  |  |  |  |  |
| by Manager (Note 2) | (654431) | (600135) | (718353) | (605400) | (675694) |
| **Total expenses** | **57863** | **98330** | **135395** | **130036** | **152053** |
| **Net investment income** | **6711510** | **7789050** | **11898913** | **11796949** | **14071636** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| **Net realized gain (loss) on:** |  |  |  |  |  |
| Sale of underlying Putnam fund shares |  |  |  |  |  |
| (Notes 1 and 3) | (1268469) | (2059931) | (2464905) | (9557275) | (3637467) |
| Capital gain distribution |  |  |  |  |  |
| from underlying Putnam fund |  |  |  |  |  |
| shares (Note 5) | 2857476 | 4366280 | 5677971 | 3670588 | 3300846 |
| **Total net realized gain (loss)** | **1589007** | **2306349** | **3213066** | **(5886687)** | **(336621)** |
| **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| Underlying Putnam Fund shares | (4846714) | (7499350) | (12741573) | (4087763) | (12189093) |
| **Total change in net depreciation** | **(4846714)** | **(7499350)** | **(12741573)** | **(4087763)** | **(12189093)** |
| **Net loss on investments** | **(3257707)** | **(5193001)** | **(9528507)** | **(9974450)** | **(12525714)** |
| **Net increase in net assets resulting** |  |  |  |  |  |
| **from operations** | **$3453803** | **$2596049** | **$2370406** | **$1822499** | **$1545922** |

---

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

Sustainable Retirement Funds 57

------

**Statement of changes in net assets**

---

| | | |
|:---|:---|:---|
| **2065 Fund — INCREASE IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $8637 | $573 |
| Net realized gain (loss) of underlying Putnam fund shares | (1000) | 25205 |
| Net unrealized appreciation (depreciation) of underlying |  |  |
| Putnam fund shares | 14401 | (60459) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **22038** | **(34681)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (1886) | (1241) |
| Class C | (2481) | (3970) |
| Class R | (123) | (473) |
| Class R3 | (149) | (500) |
| Class R4 | (175) | (527) |
| Class R5 | (190) | (544) |
| Class R6 | (3851) | (2336) |
| Class Y | (233) | (544) |
| Net realized short-term gain on investments |  |  |
| Class A | (206) | (242) |
| Class C | (445) | (829) |
| Class R | (20) | (103) |
| Class R3 | (20) | (103) |
| Class R4 | (20) | (103) |
| Class R5 | (20) | (103) |
| Class R6 | (383) | (418) |
| Class Y | (24) | (103) |
| From net realized long-term gain on investments |  |  |
| Class A | (2547) |  |
| Class C | (5500) |  |
| Class R | (247) |  |
| Class R3 | (247) |  |
| Class R4 | (249) |  |
| Class R5 | (249) |  |
| Class R6 | (4738) |  |
| Class Y | (300) |  |
| Increase from capital share transactions (Note 4) | 221992 | 274080 |
| **Total increase in net assets** | **219727** | **227260** |
| **NET ASSETS** |  |  |
| Beginning of period | 410814 | 183554 |
| **End of period** | **$630541** | **$410814** |

---

<sup>\*</sup> Unaudited

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

58 Sustainable Retirement Funds

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **2060 Fund — INCREASE IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $237012 | $73800 |
| Net realized gain (loss) of underlying Putnam fund shares | (692807) | 800304 |
| Net unrealized appreciation (depreciation) of underlying |  |  |
| Putnam fund shares | 867315 | (1780338) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **411520** | **(906234)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (17047) | (48077) |
| Class B | (116) | (706) |
| Class C | (2167) | (13724) |
| Class R | (170) | (800) |
| Class R3 | (624) | (1990) |
| Class R4 | (853) | (1720) |
| Class R5 | (178) | (589) |
| Class R6 | (36431) | (85723) |
| Class Y | (179660) | (265838) |
| Net realized short-term gain on investments |  |  |
| Class A |  | (7403) |
| Class B |  | (132) |
| Class C |  | (2429) |
| Class R |  | (134) |
| Class R3 |  | (315) |
| Class R4 |  | (262) |
| Class R5 |  | (87) |
| Class R6 |  | (12460) |
| Class Y |  | (39300) |
| From net realized long-term gain on investments |  |  |
| Class A | (48734) | (64495) |
| Class B | (678) | (1152) |
| Class C | (12686) | (21138) |
| Class R | (690) | (1168) |
| Class R3 | (1957) | (2744) |
| Class R4 | (2242) | (2281) |
| Class R5 | (450) | (756) |
| Class R6 | (86792) | (108754) |
| Class Y | (445481) | (344595) |
| Increase from capital share transactions (Note 4) | 3242904 | 6592636 |
| **Total increase in net assets** | **2817468** | **4657630** |
| **NET ASSETS** |  |  |
| Beginning of period | 11168594 | 6510964 |
| **End of period** | **$13986062** | **$11168594** |

---

<sup>\*</sup> Unaudited

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

Sustainable Retirement Funds 59

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **2055 Fund — INCREASE IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $873412 | $444900 |
| Net realized gain of underlying Putnam fund shares | 1126526 | 5777296 |
| Net unrealized depreciation of underlying |  |  |
| Putnam fund shares | (863705) | (10283137) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **1136233** | **(4060941)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (86036) | (237999) |
| Class B | (392) | (3783) |
| Class C | (4651) | (49655) |
| Class R | (698) | (598) |
| Class R3 | (48535) | (148241) |
| Class R4 | (5716) | (17051) |
| Class R5 | (195) | (586) |
| Class R6 | (124628) | (315790) |
| Class Y | (599087) | (1397057) |
| From net realized long-term gain on investments |  |  |
| Class A | (355585) | (317792) |
| Class B | (3714) | (6127) |
| Class C | (44619) | (78090) |
| Class R | (3371) | (1916) |
| Class R3 | (218048) | (204164) |
| Class R4 | (22658) | (22474) |
| Class R5 | (714) | (750) |
| Class R6 | (434241) | (396353) |
| Class Y | (2175190) | (1777722) |
| Increase from capital share transactions (Note 4) | 7086269 | 16338426 |
| **Total increase in net assets** | **4094424** | **7301337** |
| **NET ASSETS** |  |  |
| Beginning of period | 43430139 | 36128802 |
| **End of period** | **$47524563** | **$43430139** |

---

<sup>\*</sup> Unaudited

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

60 Sustainable Retirement Funds

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **2050 Fund — INCREASE (DECREASE) IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $1943147 | $1263265 |
| Net realized gain of underlying Putnam fund shares | 1564420 | 14294401 |
| Net unrealized depreciation of underlying |  |  |
| Putnam fund shares | (1349757) | (24286923) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **2157810** | **(8729257)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (136534) | (368100) |
| Class B | (461) | (8680) |
| Class C | (12612) | (40364) |
| Class R | (8813) | (20853) |
| Class R3 | (34577) | (181065) |
| Class R4 | (3978) | (7603) |
| Class R5 | (227) | (580) |
| Class R6 | (227715) | (569268) |
| Class Y | (1573501) | (3824139) |
| From net realized long-term gain on investments |  |  |
| Class A | (644915) | (399670) |
| Class B | (8042) | (12066) |
| Class C | (89609) | (52841) |
| Class R | (49674) | (26122) |
| Class R3 | (179909) | (203079) |
| Class R4 | (17565) | (8232) |
| Class R5 | (950) | (601) |
| Class R6 | (912479) | (578012) |
| Class Y | (6586111) | (3943437) |
| Increase from capital share transactions (Note 4) | 15140458 | 16570346 |
| **Total increase (decrease) in net assets** | **6810596** | **(2403623)** |
| **NET ASSETS** |  |  |
| Beginning of period | 88062084 | 90465707 |
| **End of period** | **$94872680** | **$88062084** |

---

<sup>\*</sup> Unaudited

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

Sustainable Retirement Funds 61

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **2045 Fund — INCREASE IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $3602717 | $1846744 |
| Net realized gain of underlying Putnam fund shares | 996967 | 16529262 |
| Net unrealized depreciation of underlying |  |  |
| Putnam fund shares | (1970765) | (29652783) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **2628919** | **(11276777)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (459165) | (712068) |
| Class B | (13868) | (27603) |
| Class C | (24076) | (53176) |
| Class R | (1505) | (3177) |
| Class R3 | (73380) | (173897) |
| Class R4 | (21829) | (39024) |
| Class R5 | (311) | (524) |
| Class R6 | (343625) | (547347) |
| Class Y | (3170059) | (4494648) |
| Net realized short-term gain on investments |  |  |
| Class A | (629) | (1560) |
| Class B | (23) | (68) |
| Class C | (40) | (132) |
| Class R | (2) | (9) |
| Class R3 | (113) | (399) |
| Class R4 | (30) | (85) |
| Class R5 | (1) | (1) |
| Class R6 | (433) | (1126) |
| Class Y | (4117) | (9410) |
| From net realized long-term gain on investments |  |  |
| Class A | (1100739) | (735994) |
| Class B | (40584) | (32146) |
| Class C | (70695) | (62133) |
| Class R | (4295) | (4108) |
| Class R3 | (197562) | (188412) |
| Class R4 | (52044) | (39927) |
| Class R5 | (707) | (520) |
| Class R6 | (757360) | (531204) |
| Class Y | (7204678) | (4438192) |
| Increase from capital share transactions (Note 4) | 17786205 | 36251748 |
| **Total increase in net assets** | **6873254** | **12878081** |
| **NET ASSETS** |  |  |
| Beginning of period | 127664646 | 114786565 |
| **End of period** | **$134537900** | **$127664646** |

---

<sup>\*</sup> Unaudited

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

62 Sustainable Retirement Funds

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **2040 Fund — INCREASE (DECREASE) IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $6711510 | $3210059 |
| Net realized gain of underlying Putnam fund shares | 1589007 | 26003462 |
| Net unrealized depreciation of underlying |  |  |
| Putnam fund shares | (4846714) | (44215525) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **3453803** | **(15002004)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (650540) | (879785) |
| Class B | (11267) | (17995) |
| Class C | (34157) | (45729) |
| Class R | (5153) | (2063) |
| Class R3 | (112406) | (153759) |
| Class R4 | (26868) | (30735) |
| Class R5 | (361) | (489) |
| Class R6 | (502186) | (655946) |
| Class Y | (5730843) | (7329464) |
| From net realized long-term gain on investments |  |  |
| Class A | (1632157) | (812415) |
| Class B | (33863) | (20325) |
| Class C | (99592) | (47465) |
| Class R | (14335) | (3250) |
| Class R3 | (299041) | (151663) |
| Class R4 | (66374) | (28339) |
| Class R5 | (860) | (432) |
| Class R6 | (1162631) | (567379) |
| Class Y | (13618322) | (6471817) |
| Increase from capital share transactions (Note 4) | 26562835 | 23568450 |
| **Total increase (decrease) in net assets** | **6015682** | **(8652604)** |
| **NET ASSETS** |  |  |
| Beginning of period | 192071965 | 200724569 |
| **End of period** | **$198087647** | **$192071965** |

---

<sup>\*</sup> Unaudited

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

Sustainable Retirement Funds 63

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **2035 Fund — INCREASE IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $7789050 | $2897833 |
| Net realized gain of underlying Putnam fund shares | 2306349 | 17486785 |
| Net unrealized depreciation of underlying |  |  |
| Putnam fund shares | (7499350) | (32557666) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **2596049** | **(12173048)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (1149216) | (1149210) |
| Class B | (8550) | (16264) |
| Class C | (60566) | (58643) |
| Class R | (27429) | (24407) |
| Class R3 | (207006) | (251819) |
| Class R4 | (37919) | (31241) |
| Class R5 | (460) | (468) |
| Class R6 | (717606) | (755501) |
| Class Y | (6754008) | (5988006) |
| Net realized short-term gain on investments |  |  |
| Class A |  | (978) |
| Class B |  | (16) |
| Class C |  | (57) |
| Class R |  | (24) |
| Class R3 |  | (226) |
| Class R4 |  | (27) |
| Class R5 |  | —<sup>†</sup> |
| Class R6 |  | (602) |
| Class Y |  | (4913) |
| From net realized long-term gain on investments |  |  |
| Class A | (1285133) | (1310424) |
| Class B | (11737) | (21092) |
| Class C | (76584) | (76438) |
| Class R | (32816) | (32331) |
| Class R3 | (245577) | (302961) |
| Class R4 | (41849) | (35684) |
| Class R5 | (495) | (511) |
| Class R6 | (753903) | (805538) |
| Class Y | (7239702) | (6567590) |
| Increase from capital share transactions (Note 4) | 23504839 | 39552318 |
| **Total increase in net assets** | **7450332** | **9944299** |
| **NET ASSETS** |  |  |
| Beginning of period | 186772319 | 176828020 |
| **End of period** | **$194222651** | **$186772319** |

---

<sup>\*</sup> Unaudited

<sup>†</sup> Amount represents less than $1.

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

64 Sustainable Retirement Funds

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **2030 Fund — INCREASE (DECREASE) IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $11898913 | $4111468 |
| Net realized gain of underlying Putnam fund shares | 3213066 | 16093635 |
| Net unrealized depreciation of underlying |  |  |
| Putnam fund shares | (12741573) | (33076640) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **2370406** | **(12871537)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (1485935) | (1025829) |
| Class B | (9695) | (8366) |
| Class C | (52263) | (40103) |
| Class R | (26523) | (20632) |
| Class R3 | (290130) | (252857) |
| Class R4 | (152314) | (105359) |
| Class R5 | (568) | (409) |
| Class R6 | (1049075) | (721929) |
| Class Y | (10789894) | (7796393) |
| From net realized long-term gain on investments |  |  |
| Class A | (1033986) | (1100970) |
| Class B | (7779) | (11299) |
| Class C | (41010) | (53124) |
| Class R | (19470) | (23954) |
| Class R3 | (209804) | (281920) |
| Class R4 | (105115) | (111670) |
| Class R5 | (381) | (416) |
| Class R6 | (692871) | (719060) |
| Class Y | (7250935) | (7886065) |
| Increase from capital share transactions (Note 4) | 23888074 | 18518863 |
| **Total increase (decrease) in net assets** | **3040732** | **(14513029)** |
| **NET ASSETS** |  |  |
| Beginning of period | 238632192 | 253145221 |
| **End of period** | **$241672924** | **$238632192** |

---

<sup>\*</sup> Unaudited

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

Sustainable Retirement Funds 65

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **2025 Fund — INCREASE (DECREASE) IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $11796949 | $3844787 |
| Net realized gain (loss) of underlying Putnam fund shares | (5886687) | 6131810 |
| Net unrealized depreciation of underlying |  |  |
| Putnam fund shares | (4087763) | (18754058) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **1822499** | **(8777461)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (1468168) | (752203) |
| Class B | (9107) | (7562) |
| Class C | (98665) | (36980) |
| Class R | (46537) | (19159) |
| Class R3 | (200694) | (104842) |
| Class R4 | (81071) | (39300) |
| Class R5 | (634) | (325) |
| Class R6 | (671541) | (350124) |
| Class Y | (10592593) | (5032791) |
| From net realized long-term gain on investments |  |  |
| Class A | (584440) | (902644) |
| Class B | (4394) | (12400) |
| Class C | (43500) | (60141) |
| Class R | (19512) | (26252) |
| Class R3 | (82132) | (141940) |
| Class R4 | (31762) | (46113) |
| Class R5 | (242) | (361) |
| Class R6 | (252912) | (377790) |
| Class Y | (4047709) | (5590421) |
| Increase from capital share transactions (Note 4) | 21820527 | 20116553 |
| **Total increase (decrease) in net assets** | **5407413** | **(2162256)** |
| **NET ASSETS** |  |  |
| Beginning of period | 202233333 | 204395589 |
| **End of period** | **$207640746** | **$202233333** |

---

<sup>\*</sup> Unaudited

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

66 Sustainable Retirement Funds

------

**Statement of changes in net assets** *cont.*

---

| | | |
|:---|:---|:---|
| **Maturity Fund —DECREASE IN NET ASSETS** | **Six months ended 1/31/23**<sup>\*</sup> | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $14071636 | $6261498 |
| Net realized gain (loss) of underlying Putnam fund shares | (336621) | 715377 |
| Net unrealized depreciation of underlying |  |  |
| Putnam fund shares | (12189093) | (17469257) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **1545922** | **(10492382)** |
| Distributions to shareholders (Note 1) |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (1508471) | (731815) |
| Class B | (7770) | (8169) |
| Class C | (55725) | (26365) |
| Class R | (30992) | (15976) |
| Class R3 | (95715) | (50926) |
| Class R4 | (13222) | (5981) |
| Class R5 | (608) | (287) |
| Class R6 | (230291) | (125027) |
| Class Y | (12180180) | (6932183) |
| From net realized long-term gain on investments |  |  |
| Class A |  | (301741) |
| Class B |  | (4929) |
| Class C |  | (15434) |
| Class R |  | (7663) |
| Class R3 |  | (22316) |
| Class R4 |  | (2359) |
| Class R5 |  | (107) |
| Class R6 |  | (46706) |
| Class Y |  | (2638840) |
| Decrease from capital share transactions (Note 4) | (11682591) | (32424138) |
| **Total decrease in net assets** | **(24259643)** | **(53853344)** |
| **NET ASSETS** |  |  |
| Beginning of period | 249329329 | 303182673 |
| **End of period** | **$225069686** | **$249329329** |

---

<sup>\*</sup> Unaudited

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

Sustainable Retirement Funds 67

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2065 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$9.72** | .18 | —<sup>f</sup> | **.18** | (.17) | (.25) | **(.42)** | **$9.48** | **2.22**<sup>\*</sup> | **$134** | .14<sup>\*</sup> | 1.94<sup>\*</sup> | 29<sup>\*</sup> |
| July 31, 2022 | **11.34** | .05 | (1.04) | **(.99)** | (.53) | (.10) | **(.63)** | **9.72** | **(9.42)** | **57** | .28 | .52 | 13 |
| July 31, 2021<sup>∆</sup> | **10.00** | (.02) | 1.36 | **1.34** |  |  | **—** | **11.34** | **13.40**<sup>\*</sup> | **18** | .18<sup>\*</sup> | (.17)<sup>\*</sup> | 7<sup>\*</sup> |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$9.64** | .13 | .02 | **.15** | (.11) | (.25) | **(.36)** | **$9.43** | **1.79**<sup>\*</sup> | **$224** | .51<sup>\*</sup> | 1.43<sup>\*</sup> | 29<sup>\*</sup> |
| 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<sup>∆</sup> | **10.00** | (.07) | 1.36 | **1.29** |  |  | **—** | **11.29** | **12.90**<sup>\*</sup> | **84** | .61<sup>\*</sup> | (.60)<sup>\*</sup> | 7<sup>\*</sup> |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$9.70** | .14 | .03 | **.17** | (.12) | (.25) | **(.37)** | **$9.50** | **2.00**<sup>\*</sup> | **$10** | .34<sup>\*</sup> | 1.45<sup>\*</sup> | 29<sup>\*</sup> |
| July 31, 2022 | **11.32** | .04 | (1.09) | **(1.05)** | (.47) | (.10) | **(.57)** | **9.70** | **(9.89)** | **10** | .68 | .41 | 13 |
| July 31, 2021<sup>∆</sup> | **10.00** | (.04) | 1.36 | **1.32** |  |  | **—** | **11.32** | **13.20**<sup>\*</sup> | **11** | .41<sup>\*</sup> | (.40)<sup>\*</sup> | 7<sup>\*</sup> |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$9.72** | .15 | .03 | **.18** | (.14) | (.25) | **(.39)** | **$9.51** | **2.16**<sup>\*</sup> | **$10** | .21<sup>\*</sup> | 1.58<sup>\*</sup> | 29<sup>\*</sup> |
| July 31, 2022 | **11.33** | .07 | (1.08) | **(1.01)** | (.50) | (.10) | **(.60)** | **9.72** | **(9.58)** | **10** | .43 | .66 | 13 |
| July 31, 2021<sup>∆</sup> | **10.00** | (.03) | 1.36 | **1.33** |  |  | **—** | **11.33** | **13.30**<sup>\*</sup> | **11** | .26<sup>\*</sup> | (.25)<sup>\*</sup> | 7<sup>\*</sup> |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$9.74** | .16 | .03 | **.19** | (.17) | (.25) | **(.42)** | **$9.51** | **2.23**<sup>\*</sup> | **$11** | .09<sup>\*</sup> | 1.70<sup>\*</sup> | 29<sup>\*</sup> |
| July 31, 2022 | **11.35** | .10 | (1.08) | **(.98)** | (.53) | (.10) | **(.63)** | **9.74** | **(9.35)** | **10** | .18 | .91 | 13 |
| July 31, 2021<sup>∆</sup> | **10.00** | (.01) | 1.36 | **1.35** |  |  | **—** | **11.35** | **13.50**<sup>\*</sup> | **11** | .12<sup>\*</sup> | (.11)<sup>\*</sup> | 7<sup>\*</sup> |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$9.75** | .17 | .02 | **.19** | (.18) | (.25) | **(.43)** | **$9.51** | **2.27**<sup>\*</sup> | **$11** | .01<sup>\*</sup> | 1.78<sup>\*</sup> | 29<sup>\*</sup> |
| July 31, 2022 | **11.36** | .11 | (1.08) | **(.97)** | (.54) | (.10) | **(.64)** | **9.75** | **(9.21)** | **10** | .03 | 1.06 | 13 |
| July 31, 2021<sup>∆</sup> | **10.00** | —<sup>f</sup> | 1.36 | **1.36** |  |  | **—** | **11.36** | **13.60**<sup>\*</sup> | **11** | .03<sup>\*</sup> | (.02)<sup>\*</sup> | 7<sup>\*</sup> |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$9.75** | .17 | .03 | **.20** | (.19) | (.25) | **(.44)** | **$9.51** | **2.39**<sup>\*</sup> | **$217** | (.04)<sup>\*</sup> | 1.87<sup>\*</sup> | 29<sup>\*</sup> |
| July 31, 2022 | **11.36** | .07 | (1.02) | **(.95)** | (.56) | (.10) | **(.66)** | **9.75** | **(9.11)** | **122** | (.07) | .67 | 13 |
| July 31, 2021<sup>∆</sup> | **10.00** | —<sup>f</sup> | 1.36 | **1.36** |  |  | **—** | **11.36** | **13.60**<sup>\*</sup> | **26** | (.03)<sup>\*</sup> | .04<sup>\*</sup> | 7<sup>\*</sup> |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$9.75** | .17 | .02 | **.19** | (.18) | (.25) | **(.43)** | **$9.51** | **2.30**<sup>\*</sup> | **$13** | .01<sup>\*</sup> | 1.81<sup>\*</sup> | 29 <sup>\*</sup> |
| July 31, 2022 | **11.36** | .11 | (1.08) | **(.97)** | (.54) | (.10) | **(.64)** | **9.75** | **(9.21)** | **11** | .03 | 1.03 | 13 |
| July 31, 2021<sup>∆</sup> | **10.00** | —<sup>f</sup> | 1.36 | **1.36** |  |  | **—** | **11.36** | **13.60**<sup>\*</sup> | **11** | .03<sup>\*</sup> | (.02)<sup>\*</sup> | 7<sup>\*</sup> |

---

See page 106 for notes to financial highlights.

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

68 Sustainable Retirement Funds Sustainable Retirement Funds 69

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2060 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.07** | .19 | .01 | **.20** | (.17) | (.49) | **(.66)** | **$10.61** | **2.14**<sup>\*</sup> | **$1148** | .14<sup>\*</sup> | 1.75<sup>\*</sup> | 64<sup>\*</sup> |
| 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** | .34<sup>g</sup> | .24 | 73 |
| July 31, 2020 | **10.99** | .12 | .52 | **.64** | (.12) | (.51) | **(.63)** | **11.00** | **5.83** | **1773** | .41<sup>g</sup> | 1.15 | 86 |
| July 31, 2019 | **11.70** | .11 | (.12) | **(.01)** | (.34) | (.36) | **(.70)** | **10.99** | **.72** | **1323** | .38 | 1.01 | 69 |
| July 31, 2018 | **11.11** | .26 | .98 | **1.24** | (.45) | (.20) | **(.65)** | **11.70** | **11.28** | **232** | .40 | 2.22 | 63 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$10.97** | .14 | .02 | **.16** | (.08) | (.49) | **(.57)** | **$10.56** | **1.77**<sup>\*</sup> | **$16** | .52<sup>\*</sup> | 1.32<sup>\*</sup> | 64<sup>\*</sup> |
| 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** | 1.09<sup>g</sup> | (.29) | 73 |
| July 31, 2020 | **10.94** | .05 | .51 | **.56** | (.03) | (.51) | **(.54)** | **10.96** | **5.06** | **17** | 1.16<sup>g</sup> | .46 | 86 |
| July 31, 2019 | **11.66** | .06 | (.15) | **(.09)** | (.27) | (.36) | **(.63)** | **10.94** | **(.07)** | **22** | 1.13 | .56 | 69 |
| July 31, 2018 | **11.05** | .12 | 1.03 | **1.15** | (.34) | (.20) | **(.54)** | **11.66** | **10.54** | **16** | 1.15 | 1.07 | 63 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$10.86** | .13 | .03 | **.16** | (.08) | (.49) | **(.57)** | **$10.45** | **1.79**<sup>\*</sup> | **$291** | .52<sup>\*</sup> | 1.29<sup>\*</sup> | 64<sup>\*</sup> |
| 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** | 1.09<sup>g</sup> | (.34) | 73 |
| July 31, 2020 | **10.90** | .04 | .52 | **.56** | (.06) | (.51) | **(.57)** | **10.89** | **5.06** | **198** | 1.16<sup>g</sup> | .42 | 86 |
| July 31, 2019 | **11.60** | .01 | (.10) | **(.09)** | (.25) | (.36) | **(.61)** | **10.90** | **(.05)** | **134** | 1.13 | .06 | 69 |
| July 31, 2018 | **11.03** | .09 | 1.05 | **1.14** | (.37) | (.20) | **(.57)** | **11.60** | **10.41** | **85** | 1.15 | .79 | 63 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.12** | .16 | .03 | **.19** | (.12) | (.49) | **(.61)** | **$10.70** | **2.01**<sup>\*</sup> | **$16** | .34<sup>\*</sup> | 1.49<sup>\*</sup> | 64<sup>\*</sup> |
| 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<sup>c</sup> | .10 | 73 |
| July 31, 2020 | **11.01** | .06 | .55 | **.61** | (.02) | (.51) | **(.53)** | **11.09** | **5.49** | **14** | .66<sup>g</sup> | .59 | 86 |
| July 31, 2019 | **11.69** | .09 | (.12) | **(.03)** | (.29) | (.36) | **(.65)** | **11.01** | **.52** | **27** | .63 | .82 | 69 |
| July 31, 2018 | **11.10** | .14 | 1.06 | **1.20** | (.41) | (.20) | **(.61)** | **11.69** | **10.97** | **28** | .65 | 1.23 | 63 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.12** | .18 | .02 | **.20** | (.16) | (.49) | **(.65)** | **$10.67** | **2.08**<sup>\*</sup> | **$47** | .21<sup>\*</sup> | 1.68<sup>\*</sup> | 64<sup>\*</sup> |
| 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<sup>∆</sup> | **12.31** | (.03) | 1.66 | **1.63** |  |  | **—** | **13.94** | **13.24**<sup>\*</sup> | **39** | .26<sup>\*g</sup> | (.25)<sup>\*</sup> | 73 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.14** | .20 | .01 | **.21** | (.19) | (.49) | **(.68)** | **$10.67** | **2.18**<sup>\*</sup> | **$55** | .09<sup>\*</sup> | 1.91<sup>\*</sup> | 64<sup>\*</sup> |
| 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<sup>∆</sup> | **12.31** | (.01) | 1.66 | **1.65** |  |  | **—** | **13.96** | **13.40**<sup>\*</sup> | **32** | .12<sup>\*g</sup> | (.11)<sup>\*</sup> | 73 |

---

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

70 Sustainable Retirement Funds Sustainable Retirement Funds 71

------

**Financial highlights** *cont.*

**2060 Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.15** | .19 | .02 | **.21** | (.19) | (.49) | **(.68)** | **$10.68** | **2.26**<sup>\*</sup> | **$11** | .01<sup>\*</sup> | 1.82<sup>\*</sup> | 64<sup>\*</sup> |
| 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<sup>∆</sup> | **12.31** | —<sup>f</sup> | 1.66 | **1.66** |  |  | **—** | **13.97** | **13.48**<sup>\*</sup> | **11** | .03<sup>\*g</sup> | (.02)<sup>\*</sup> | 73 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.16** | .20 | .02 | **.22** | (.20) | (.49) | **(.69)** | **$10.69** | **2.37**<sup>\*</sup> | **$2024** | (.04)<sup>\*</sup> | 1.91<sup>\*</sup> | 64<sup>\*</sup> |
| July 31, 2022 | **13.98** | .13 | (1.17) | **(1.04)** | (.74) | (1.04) | **(1.78)** | **11.16** | **(9.07)** | **1909** | (.07) | 1.06 | 52 |
| July 31, 2021 | **11.11** | .10 | 3.15 | **3.25** | (.11) | (.27) | **(.38)** | **13.98** | **29.67** | **1487** | .01<sup>g</sup> | .76 | 73 |
| July 31, 2020 | **11.08** | .17 | .52 | **.69** | (.15) | (.51) | **(.66)** | **11.11** | **6.20** | **877** | .09<sup>g</sup> | 1.63 | 86 |
| July 31, 2019 | **11.77** | .20 | (.18) | **.02** | (.35) | (.36) | **(.71)** | **11.08** | **1.02** | **775** | .05 | 1.87 | 69 |
| July 31, 2018 | **11.15** | .23 | 1.06 | **1.29** | (.47) | (.20) | **(.67)** | **11.77** | **11.71** | **435** | .05 | 2.00 | 63 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.11** | .21 | .01 | **.22** | (.20) | (.49) | **(.69)** | **$10.64** | **2.29**<sup>\*</sup> | **$10379** | .01<sup>\*</sup> | 1.94<sup>\*</sup> | 64<sup>\*</sup> |
| July 31, 2022 | **13.94** | .10 | (1.16) | **(1.06)** | (.73) | (1.04) | **(1.77)** | **11.11** | **(9.23)** | **7863** | .03 | .85 | 52 |
| July 31, 2021 | **11.08** | .09 | 3.15 | **3.24** | (.11) | (.27) | **(.38)** | **13.94** | **29.66** | **3705** | .09<sup>g</sup> | .67 | 73 |
| July 31, 2020 | **11.06** | .16 | .51 | **.67** | (.14) | (.51) | **(.65)** | **11.08** | **6.08** | **79** | .16<sup>g</sup> | 1.52 | 86 |
| July 31, 2019 | **11.74** | .04 | (.02) | **.02** | (.34) | (.36) | **(.70)** | **11.06** | **1.01** | **116** | .13 | .34 | 69 |
| July 31, 2018 | **11.14** | .26 | 1.00 | **1.26** | (.46) | (.20) | **(.66)** | **11.74** | **11.46** | **51** | .15 | 2.22 | 63 |

---

See page 106 for notes to financial highlights.

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

72 Sustainable Retirement Funds Sustainable Retirement Funds 73

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2055 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.07** | .20 | (.02) | **.18** | (.19) | (.78) | **(.97)** | **$10.28** | **2.11**<sup>\*</sup> | **$5123** | .14<sup>\*</sup> | 1.92<sup>\*</sup> | 33<sup>\*</sup> |
| July 31, 2022 | **13.76** | .12 | (1.20) | **(1.08)** | (.69) | (.92) | **(1.61)** | **11.07** | **(9.33)** | **4851** | .28 | .94 | 28 |
| July 31, 2021 | **10.77** | .04 | 2.99 | **3.03** | (.04) |  | **(.04)** | **13.76** | **28.18** | **4412** | .34<sup>g</sup> | .39 | 39 |
| July 31, 2020 | **11.01** | .13 | .48 | **.61** | (.08) | (.77) | **(.85)** | **10.77** | **5.53** | **16369** | .43<sup>g</sup> | 1.21 | 50 |
| July 31, 2019 | **12.57** | .13 | (.25) | **(.12)** | (.31) | (1.13) | **(1.44)** | **11.01** | **.73** | **14360** | .42 | 1.19 | 57 |
| July 31, 2018 | **11.92** | .22 | 1.08 | **1.30** | (.48) | (.17) | **(.65)** | **12.57** | **11.05** | **12962** | .44 | 1.80 | 34 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$10.92** | .15 | (.02) | **.13** | (.08) | (.78) | **(.86)** | **$10.19** | **1.65**<sup>\*</sup> | **$53** | .51<sup>\*</sup> | 1.42<sup>\*</sup> | 33<sup>\*</sup> |
| 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** | 1.09<sup>g</sup> | (.31) | 39 |
| July 31, 2020 | **10.92** | .05 | .47 | **.52** |  | (.77) | **(.77)** | **10.67** | **4.72** | **103** | 1.18<sup>g</sup> | .45 | 50 |
| July 31, 2019 | **12.45** | .05 | (.23) | **(.18)** | (.22) | (1.13) | **(1.35)** | **10.92** | **.06** | **102** | 1.17 | .47 | 57 |
| July 31, 2018 | **11.81** | .11 | 1.09 | **1.20** | (.39) | (.17) | **(.56)** | **12.45** | **10.26** | **103** | 1.19 | .94 | 34 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$10.65** | .15 | (.01) | **.14** | (.08) | (.78) | **(.86)** | **$9.93** | **1.78**<sup>\*</sup> | **$631** | .51<sup>\*</sup> | 1.50<sup>\*</sup> | 33<sup>\*</sup> |
| 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** | **1158** | 1.09<sup>g</sup> | (.27) | 39 |
| July 31, 2020 | **10.73** | .05 | .46 | **.51** | —<sup>f</sup> | (.77) | **(.77)** | **10.47** | **4.74** | **923** | 1.18<sup>g</sup> | .53 | 50 |
| July 31, 2019 | **12.28** | .05 | (.24) | **(.19)** | (.23) | (1.13) | **(1.36)** | **10.73** | **.02** | **959** | 1.17 | .49 | 57 |
| July 31, 2018 | **11.66** | .13 | 1.06 | **1.19** | (.40) | (.17) | **(.57)** | **12.28** | **10.25** | **895** | 1.19 | 1.08 | 34 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.36** | .19 | (.03) | **.16** | (.16) | (.78) | **(.94)** | **$10.58** | **1.88**<sup>\*</sup> | **$53** | .34<sup>\*</sup> | 1.79<sup>\*</sup> | 33<sup>\*</sup> |
| 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** | .68<sup>g</sup> | .15 | 39 |
| July 31, 2020 | **11.07** | .10 | .49 | **.59** | (.06) | (.77) | **(.83)** | **10.83** | **5.26** | **116** | .68<sup>g</sup> | .94 | 50 |
| July 31, 2019 | **12.52** | .07 | (.21) | **(.14)** | (.18) | (1.13) | **(1.31)** | **11.07** | **.44** | **87** | .67 | .58 | 57 |
| July 31, 2018 | **11.86** | .23 | 1.05 | **1.28** | (.45) | (.17) | **(.62)** | **12.52** | **10.86** | **176** | .69 | 1.91 | 34 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.15** | .20 | (.04) | **.16** | (.17) | (.78) | **(.95)** | **$10.36** | **1.94**<sup>\*</sup> | **$2659** | .21<sup>\*</sup> | 1.88<sup>\*</sup> | 33<sup>\*</sup> |
| July 31, 2022 | **13.84** | .10 | (1.20) | **(1.10)** | (.67) | (.92) | **(1.59)** | **11.15** | **(9.42)** | **2904** | .43 | .79 | 28 |
| July 31, 2021<sup>∆</sup> | **12.27** | (.03) | 1.60 | **1.57** |  |  | **—** | **13.84** | **12.80** <sup>\*</sup> | **2945** | .26<sup>\*g</sup> | (.24)<sup>\*</sup> | 39 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.17** | .21 | (.03) | **.18** | (.20) | (.78) | **(.98)** | **$10.37** | **2.07**<sup>\*</sup> | **$336** | .09<sup>\*</sup> | 1.94<sup>\*</sup> | 33<sup>\*</sup> |
| 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<sup>∆</sup> | **12.27** | (.01) | 1.60 | **1.59** |  |  | **—** | **13.86** | **12.96**<sup>\*</sup> | **336** | .12<sup>\*g</sup> | (.10)<sup>\*</sup> | 39 |

---

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

74 Sustainable Retirement Funds Sustainable Retirement Funds 75

------

**Financial highlights** *cont.*

**2055 Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.18** | .21 | (.03) | **.18** | (.21) | (.78) | **(.99)** | **$10.37** | **2.13**<sup>\*</sup> | **$11** | .01<sup>\*</sup> | 1.98<sup>\*</sup> | 33<sup>\*</sup> |
| 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<sup>∆</sup> | **12.27** | —<sup>f</sup> | 1.60 | **1.60** |  |  | **—** | **13.87** | **13.04**<sup>\*</sup> | **11** | .03<sup>\*g</sup> | (.01)<sup>\*</sup> | 39 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.18** | .22 | (.02) | **.20** | (.22) | (.78) | **(1.00)** | **$10.38** | **2.34**<sup>\*</sup> | **$6371** | (.04)<sup>\*</sup> | 2.06<sup>\*</sup> | 33<sup>\*</sup> |
| July 31, 2022 | **13.88** | .16 | (1.21) | **(1.05)** | (.73) | (.92) | **(1.65)** | **11.18** | **(9.03)** | **6073** | (.07) | 1.26 | 28 |
| July 31, 2021 | **10.91** | .10 | 3.00 | **3.10** | (.13) |  | **(.13)** | **13.88** | **28.60** | **6221** | —<sup>g,h</sup> | .84 | 39 |
| July 31, 2020 | **11.14** | .16 | .50 | **.66** | (.12) | (.77) | **(.89)** | **10.91** | **5.88** | **6246** | .09<sup>g</sup> | 1.55 | 50 |
| July 31, 2019 | **12.71** | .18 | (.26) | **(.08)** | (.36) | (1.13) | **(1.49)** | **11.14** | **1.10** | **6071** | .05 | 1.62 | 57 |
| July 31, 2018 | **12.03** | .25 | 1.12 | **1.37** | (.52) | (.17) | **(.69)** | **12.71** | **11.55** | **5241** | .05 | 2.03 | 34 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$11.21** | .22 | (.03) | **.19** | (.21) | (.78) | **(.99)** | **$10.41** | **2.24**<sup>\*</sup> | **$32290** | .01<sup>\*</sup> | 2.03<sup>\*</sup> | 33<sup>\*</sup> |
| July 31, 2022 | **13.91** | .14 | (1.20) | **(1.06)** | (.72) | (.92) | **(1.64)** | **11.21** | **(9.07)** | **28572** | .03 | 1.13 | 28 |
| July 31, 2021 | **10.95** | .10 | 2.99 | **3.09** | (.13) |  | **(.13)** | **13.91** | **28.41** | **20777** | .09<sup>g</sup> | .78 | 39 |
| July 31, 2020 | **11.12** | .18 | .47 | **.65** | (.05) | (.77) | **(.82)** | **10.95** | **5.80** | **318** | .18<sup>g</sup> | 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 |
| July 31, 2018 | **12.01** | .22 | 1.13 | **1.35** | (.51) | (.17) | **(.68)** | **12.68** | **11.35** | **4409** | .19 | 1.80 | 34 |

---

See page 106 for notes to financial highlights.

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

76 Sustainable Retirement Funds Sustainable Retirement Funds 77

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2050 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.27** | .36 | (.11) | **.25** | (.36) | (1.69) | **(2.05)** | **$16.47** | **2.00**<sup>\*</sup> | **$7150** | .13<sup>\*</sup> | 2.08<sup>\*</sup> | 25<sup>\*</sup> |
| July 31, 2022 | **22.32** | .23 | (1.99) | **(1.76)** | (1.10) | (1.19) | **(2.29)** | **18.27** | **(9.16)** | **7023** | .28 | 1.11 | 32 |
| July 31, 2021 | **17.62** | .03 | 4.67 | **4.70** | —<sup>f</sup> |  | **—**<sup>f</sup> | **22.32** | **26.68** | **7601** | .34<sup>g</sup> | .19 | 33 |
| July 31, 2020 | **17.96** | .23 | .72 | **.95** | (.22) | (1.07) | **(1.29)** | **17.62** | **5.33** | **53927** | .42<sup>g</sup> | 1.34 | 46 |
| July 31, 2019 | **20.52** | .23 | (.40) | **(.17)** | (.51) | (1.88) | **(2.39)** | **17.96** | **.87** | **48610** | .39 | 1.27 | 35 |
| July 31, 2018 | **19.41** | .36 | 1.72 | **2.08** | (.84) | (.13) | **(.97)** | **20.52** | **10.82** | **45447** | .41 | 1.81 | 38 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$17.80** | .22 | (.03) | **.19** | (.10) | (1.69) | **(1.79)** | **$16.20** | **1.63**<sup>\*</sup> | **$85** | .51<sup>\*</sup> | 1.28<sup>\*</sup> | 25<sup>\*</sup> |
| 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** | 1.09<sup>g</sup> | (.27) | 33 |
| July 31, 2020 | **17.67** | .09 | .71 | **.80** | (.04) | (1.07) | **(1.11)** | **17.36** | **4.52** | **294** | 1.17<sup>g</sup> | .55 | 46 |
| July 31, 2019 | **20.19** | .11 | (.39) | **(.28)** | (.36) | (1.88) | **(2.24)** | **17.67** | **.14** | **416** | 1.14 | .59 | 35 |
| July 31, 2018 | **19.13** | .23 | 1.65 | **1.88** | (.69) | (.13) | **(.82)** | **20.19** | **9.90** | **449** | 1.16 | 1.16 | 38 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$17.44** | .28 | (.11) | **.17** | (.24) | (1.69) | **(1.93)** | **$15.68** | **1.60**<sup>\*</sup> | **$951** | .51<sup>\*</sup> | 1.72<sup>\*</sup> | 25<sup>\*</sup> |
| 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** | **1077** | 1.09<sup>g</sup> | (.28) | 33 |
| July 31, 2020 | **17.48** | .09 | .71 | **.80** | (.10) | (1.07) | **(1.17)** | **17.11** | **4.55** | **864** | 1.17<sup>g</sup> | .52 | 46 |
| July 31, 2019 | **20.02** | .09 | (.38) | **(.29)** | (.37) | (1.88) | **(2.25)** | **17.48** | **.13** | **754** | 1.14 | .53 | 35 |
| July 31, 2018 | **18.95** | .27 | 1.60 | **1.87** | (.67) | (.13) | **(.80)** | **20.02** | **9.93** | **703** | 1.16 | 1.40 | 38 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$17.80** | .32 | (.12) | **.20** | (.30) | (1.69) | **(1.99)** | **$16.01** | **1.76**<sup>\*</sup> | **$537** | .34<sup>\*</sup> | 1.91<sup>\*</sup> | 25<sup>\*</sup> |
| 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** | .67<sup>g</sup> | .15 | 33 |
| July 31, 2020 | **17.72** | .18 | .71 | **.89** | (.14) | (1.07) | **(1.21)** | **17.40** | **5.01** | **568** | .67<sup>g</sup> | 1.06 | 46 |
| July 31, 2019 | **20.27** | .18 | (.38) | **(.20)** | (.47) | (1.88) | **(2.35)** | **17.72** | **.68** | **505** | .64 | 1.01 | 35 |
| July 31, 2018 | **19.20** | .34 | 1.66 | **2.00** | (.80) | (.13) | **(.93)** | **20.27** | **10.51** | **823** | .66 | 1.69 | 38 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.19** | .36 | (.12) | **.24** | (.33) | (1.69) | **(2.02)** | **$16.41** | **1.93**<sup>\*</sup> | **$1605** | .21<sup>\*</sup> | 2.07<sup>\*</sup> | 25<sup>\*</sup> |
| July 31, 2022 | **22.23** | .29 | (2.08) | **(1.79)** | (1.06) | (1.19) | **(2.25)** | **18.19** | **(9.30)** | **2144** | .43 | 1.39 | 32 |
| July 31, 2021<sup>∆</sup> | **19.82** | (.05) | 2.46 | **2.41** |  |  | **—** | **22.23** | **12.16**<sup>\*</sup> | **3864** | .26<sup>\*g</sup> | (.22)<sup>\*</sup> | 33 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.23** | .38 | (.13) | **.25** | (.38) | (1.69) | **(2.07)** | **$16.41** | **2.04**<sup>\*</sup> | **$201** | .08<sup>\*</sup> | 2.19<sup>\*</sup> | 25<sup>\*</sup> |
| 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<sup>∆</sup> | **19.82** | (.02) | 2.46 | **2.44** |  |  | **—** | **22.26** | **12.31**<sup>\*</sup> | **176** | .12<sup>\*g</sup> | (.08)<sup>\*</sup> | 33 |

---

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

78 Sustainable Retirement Funds Sustainable Retirement Funds 79

------

**Financial highlights** *cont.*

**2050 Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.23** | .38 | (.11) | **.27** | (.40) | (1.69) | **(2.09)** | **$16.41** | **2.17**<sup>\*</sup> | **$10** | .01<sup>\*</sup> | 2.20 <sup>\*</sup> | 25<sup>\*</sup> |
| 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<sup>∆</sup> | **19.82** | —<sup>f</sup> | 2.46 | **2.46** |  |  | **—** | **22.28** | **12.41**<sup>\*</sup> | **11** | .03<sup>\*g</sup> | .01<sup>\*</sup> | 33 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.24** | .39 | (.11) | **.28** | (.42) | (1.69) | **(2.11)** | **$16.41** | **2.22**<sup>\*</sup> | **$10120** | (.04)<sup>\*</sup> | 2.26<sup>\*</sup> | 25<sup>\*</sup> |
| July 31, 2022 | **22.29** | .30 | (1.99) | **(1.69)** | (1.17) | (1.19) | **(2.36)** | **18.24** | **(8.85)** | **9794** | (.07) | 1.48 | 32 |
| July 31, 2021 | **17.80** | .17 | 4.62 | **4.79** | (.30) |  | **(.30)** | **22.29** | **27.13** | **10882** | — <sup>g h</sup> | .84 | 33 |
| July 31, 2020 | **18.13** | .29 | .73 | **1.02** | (.28) | (1.07) | **(1.35)** | **17.80** | **5.65** | **9883** | .08<sup>g</sup> | 1.67 | 46 |
| July 31, 2019 | **20.70** | .31 | (.41) | **(.10)** | (.59) | (1.88) | **(2.47)** | **18.13** | **1.23** | **11249** | .05 | 1.67 | 35 |
| July 31, 2018 | **19.58** | .42 | 1.74 | **2.16** | (.91) | (.13) | **(1.04)** | **20.70** | **11.15** | **11848** | .05 | 2.08 | 38 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.23** | .39 | (.13) | **.26** | (.40) | (1.69) | **(2.09)** | **$16.40** | **2.11**<sup>\*</sup> | **$74213** | .01<sup>\*</sup> | 2.25<sup>\*</sup> | 25<sup>\*</sup> |
| July 31, 2022 | **22.27** | .28 | (1.98) | **(1.70)** | (1.15) | (1.19) | **(2.34)** | **18.23** | **(8.89)** | **67397** | .03 | 1.39 | 32 |
| July 31, 2021 | **17.81** | .17 | 4.60 | **4.77** | (.31) |  | **(.31)** | **22.27** | **26.97** | **65784** | .09<sup>g</sup> | .84 | 33 |
| July 31, 2020 | **18.14** | .52 | .49 | **1.01** | (.27) | (1.07) | **(1.34)** | **17.81** | **5.58** | **418** | .17<sup>g</sup> | 2.91 | 46 |
| July 31, 2019 | **20.66** | .09 | (.20) | **(.11)** | (.53) | (1.88) | **(2.41)** | **18.14** | **1.17** | **6430** | .14 | .51 | 35 |
| July 31, 2018 | **19.54** | .40 | 1.74 | **2.14** | (.89) | (.13) | **(1.02)** | **20.66** | **11.07** | **2370** | .16 | 1.99 | 38 |

---

See page 106 for notes to financial highlights.

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

80 Sustainable Retirement Funds Sustainable Retirement Funds 81

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2045 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$19.66** | .54 | (.31) | **.23** | (.73) | (1.75) | **(2.48)** | **$17.41** | **1.81**<sup>\*</sup> | **$12548** | .13<sup>\*</sup> | 2.87<sup>\*</sup> | 34<sup>\*</sup> |
| July 31, 2022 | **24.20** | .30 | (2.05) | **(1.75)** | (1.37) | (1.42) | **(2.79)** | **19.66** | **(8.55)** | **11577** | .28 | 1.37 | 33 |
| July 31, 2021 | **19.54** | .05 | 4.66 | **4.71** | —<sup>f</sup> | (.05) | **(.05)** | **24.20** | **24.14** | **13491** | .35<sup>g</sup> | .24 | 36 |
| July 31, 2020 | **19.90** | .25 | .69 | **.94** | (.29) | (1.01) | **(1.30)** | **19.54** | **4.75** | **70455** | .42<sup>g</sup> | 1.35 | 47 |
| July 31, 2019 | **22.67** | .27 | (.41) | **(.14)** | (.69) | (1.94) | **(2.63)** | **19.90** | **1.01** | **55446** | .40 | 1.33 | 50 |
| July 31, 2018 | **21.46** | .40 | 1.80 | **2.20** | (.99) |  | **(.99)** | **22.67** | **10.35** | **47694** | .42 | 1.79 | 43 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.92** | .37 | (.24) | **.13** | (.60) | (1.75) | **(2.35)** | **$14.70** | **1.47**<sup>\*</sup> | **$389** | .51<sup>\*</sup> | 2.28<sup>\*</sup> | 34<sup>\*</sup> |
| 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** | 1.10<sup>g</sup> | (.27) | 36 |
| July 31, 2020 | **17.75** | .11 | .60 | **.71** | (.15) | (1.01) | **(1.16)** | **17.30** | **3.98** | **482** | 1.17<sup>g</sup> | .65 | 47 |
| July 31, 2019 | **20.50** | .12 | (.40) | **(.28)** | (.53) | (1.94) | **(2.47)** | **17.75** | **.28** | **544** | 1.15 | .66 | 50 |
| July 31, 2018 | **19.51** | .21 | 1.62 | **1.83** | (.84) |  | **(.84)** | **20.50** | **9.48** | **636** | 1.17 | 1.05 | 43 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.90** | .37 | (.24) | **.13** | (.60) | (1.75) | **(2.35)** | **$14.68** | **1.45**<sup>\*</sup> | **$657** | .51<sup>\*</sup> | 2.30<sup>\*</sup> | 34<sup>\*</sup> |
| 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** | 1.10<sup>g</sup> | (.27) | 36 |
| July 31, 2020 | **17.73** | .11 | .60 | **.71** | (.14) | (1.01) | **(1.15)** | **17.29** | **3.97** | **930** | 1.17<sup>g</sup> | .65 | 47 |
| July 31, 2019 | **20.52** | .13 | (.41) | **(.28)** | (.57) | (1.94) | **(2.51)** | **17.73** | **.26** | **944** | 1.15 | .69 | 50 |
| July 31, 2018 | **19.53** | .22 | 1.62 | **1.84** | (.85) |  | **(.85)** | **20.52** | **9.50** | **1018** | 1.17 | 1.07 | 43 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.72** | .52 | (.31) | **.21** | (.61) | (1.75) | **(2.36)** | **$18.57** | **1.61**<sup>\*</sup> | **$54** | .34<sup>\*</sup> | 2.62<sup>\*</sup> | 34<sup>\*</sup> |
| 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** | .68<sup>g</sup> | .36 | 36 |
| July 31, 2020 | **20.63** | .24 | .70 | **.94** | (.03) | (1.01) | **(1.04)** | **20.53** | **4.58** | **226** | .67<sup>g</sup> | 1.19 | 47 |
| July 31, 2019 | **23.32** | .21 | (.39) | **(.18)** | (.57) | (1.94) | **(2.51)** | **20.63** | **.73** | **212** | .65 | 1.00 | 50 |
| July 31, 2018 | **22.04** | .35 | 1.85 | **2.20** | (.92) |  | **(.92)** | **23.32** | **10.05** | **1120** | .67 | 1.53 | 43 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.20** | .58 | (.25) | **.33** | (.65) | (1.75) | **(2.40)** | **$23.13** | **1.80**<sup>\*</sup> | **$2645** | .21<sup>\*</sup> | 2.42<sup>\*</sup> | 34<sup>\*</sup> |
| July 31, 2022 | **30.24** | .36 | (2.67) | **(2.31)** | (1.31) | (1.42) | **(2.73)** | **25.20** | **(8.69)** | **3383** | .43 | 1.29 | 33 |
| July 31, 2021<sup>∆</sup> | **27.23** | (.06) | 3.07 | **3.01** |  |  | **—** | **30.24** | **11.05**<sup>\*</sup> | **4270** | .26<sup>\*g</sup> | (.21)<sup>\*</sup> | 36 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.24** | .72 | (.37) | **.35** | (.73) | (1.75) | **(2.48)** | **$23.11** | **1.91**<sup>\*</sup> | **$774** | .08<sup>\*</sup> | 2.98<sup>\*</sup> | 34<sup>\*</sup> |
| 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<sup>∆</sup> | **27.23** | (.02) | 3.08 | **3.06** |  |  | **—** | **30.29** | **11.24**<sup>\*</sup> | **840** | .12<sup>\*g</sup> | (.06)<sup>\*</sup> | 36 |

---

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

82 Sustainable Retirement Funds Sustainable Retirement Funds 83

------

**Financial highlights** *cont.*

**2045 Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.27** | .69 | (.32) | **.37** | (.77) | (1.75) | **(2.52)** | **$23.12** | **1.97**<sup>\*</sup> | **$10** | .01<sup>\*</sup> | 2.84<sup>\*</sup> | 34<sup>\*</sup> |
| 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<sup>∆</sup> | **27.23** | .01 | 3.07 | **3.08** |  |  | **—** | **30.31** | **11.31**<sup>\*</sup> | **11** | .03<sup>\*g</sup> | .02<sup>\*</sup> | 36 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.28** | .70 | (.32) | **.38** | (.79) | (1.75) | **(2.54)** | **$23.12** | **2.04**<sup>\*</sup> | **$11202** | (.04)<sup>\*</sup> | 2.90<sup>\*</sup> | 34<sup>\*</sup> |
| July 31, 2022 | **30.33** | .47 | (2.64) | **(2.17)** | (1.46) | (1.42) | **(2.88)** | **25.28** | **(8.22)** | **10842** | (.07) | 1.68 | 33 |
| July 31, 2021 | **24.62** | .23 | 5.77 | **6.00** | (.24) | (.05) | **(.29)** | **30.33** | **24.52** | **11513** | .01<sup>g</sup> | .83 | 36 |
| July 31, 2020 | **24.72** | .40 | .86 | **1.26** | (.35) | (1.01) | **(1.36)** | **24.62** | **5.11** | **10492** | .09<sup>g</sup> | 1.67 | 47 |
| July 31, 2019 | **27.44** | .43 | (.44) | **(.01)** | (.77) | (1.94) | **(2.71)** | **24.72** | **1.36** | **11005** | .05 | 1.72 | 50 |
| July 31, 2018 | **25.76** | .58 | 2.16 | **2.74** | (1.06) |  | **(1.06)** | **27.44** | **10.75** | **10434** | .05 | 2.17 | 43 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.27** | .69 | (.31) | **.38** | (.77) | (1.75) | **(2.52)** | **$23.13** | **2.02**<sup>\*</sup> | **$106258** | .01<sup>\*</sup> | 2.86<sup>\*</sup> | 34<sup>\*</sup> |
| July 31, 2022 | **30.33** | .42 | (2.63) | **(2.21)** | (1.43) | (1.42) | **(2.85)** | **25.27** | **(8.34)** | **100019** | .03 | 1.50 | 33 |
| July 31, 2021 | **24.62** | .23 | 5.78 | **6.01** | (.25) | (.05) | **(.30)** | **30.33** | **24.54** | **83023** | .10<sup>g</sup> | .80 | 36 |
| July 31, 2020 | **24.67** | .42 | .82 | **1.24** | (.28) | (1.01) | **(1.29)** | **24.62** | **5.03** | **831** | .17<sup>g</sup> | 1.78 | 47 |
| July 31, 2019 | **27.38** | .43 | (.46) | **(.03)** | (.74) | (1.94) | **(2.68)** | **24.67** | **1.27** | **2478** | .15 | 1.74 | 50 |
| July 31, 2018 | **25.72** | .51 | 2.19 | **2.70** | (1.04) |  | **(1.04)** | **27.38** | **10.58** | **8609** | .17 | 1.89 | 43 |

---

See page 106 for notes to financial highlights.

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

84 Sustainable Retirement Funds Sustainable Retirement Funds 85

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2040 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$21.67** | .70 | (.48) | **.22** | (.90) | (2.25) | **(3.15)** | **$18.74** | **1.63**<sup>\*</sup> | **$15932** | .14<sup>\*</sup> | 3.40<sup>\*</sup> | 39<sup>\*</sup> |
| July 31, 2022 | **25.95** | .33 | (2.05) | **(1.72)** | (1.33) | (1.23) | **(2.56)** | **21.67** | **(7.60)** | **15869** | .30 | 1.37 | 32 |
| July 31, 2021 | **21.58** | .05 | 4.32 | **4.37** | —<sup>f</sup> |  | **—**<sup>f</sup> | **25.95** | **20.26** | **17763** | .36<sup>g</sup> | .23 | 43 |
| July 31, 2020 | **22.00** | .29 | .60 | **.89** | (.25) | (1.06) | **(1.31)** | **21.58** | **4.04** | **151384** | .41<sup>g</sup> | 1.37 | 53 |
| July 31, 2019 | **24.24** | .34 | (.32) | **.02** | (.64) | (1.62) | **(2.26)** | **22.00** | **1.33** | **138186** | .38 | 1.55 | 28 |
| July 31, 2018 | **23.21** | .42 | 1.73 | **2.15** | (1.10) | (.02) | **(1.12)** | **24.24** | **9.36** | **126350** | .39 | 1.77 | 39 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$19.00** | .53 | (.42) | **.11** | (.75) | (2.25) | **(3.00)** | **$16.11** | **1.24**<sup>\*</sup> | **$299** | .52<sup>\*</sup> | 2.97<sup>\*</sup> | 39<sup>\*</sup> |
| 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** | 1.10<sup>g</sup> | (.22) | 43 |
| July 31, 2020 | **19.99** | .12 | .53 | **.65** | (.08) | (1.06) | **(1.14)** | **19.50** | **3.24** | **523** | 1.16<sup>g</sup> | .63 | 53 |
| July 31, 2019 | **22.20** | .16 | (.29) | **(.13)** | (.46) | (1.62) | **(2.08)** | **19.99** | **.61** | **574** | 1.13 | .79 | 28 |
| July 31, 2018 | **21.35** | .23 | 1.58 | **1.81** | (.94) | (.02) | **(.96)** | **22.20** | **8.53** | **672** | 1.14 | 1.05 | 39 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.50** | .53 | (.44) | **.09** | (.77) | (2.25) | **(3.02)** | **$15.57** | **1.18**<sup>\*</sup> | **$837** | .52<sup>\*</sup> | 3.05<sup>\*</sup> | 39<sup>\*</sup> |
| 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** | 1.10<sup>g</sup> | (.22) | 43 |
| July 31, 2020 | **19.63** | .12 | .52 | **.64** | (.10) | (1.06) | **(1.16)** | **19.11** | **3.23** | **829** | 1.16<sup>g</sup> | .63 | 53 |
| July 31, 2019 | **21.88** | .20 | (.34) | **(.14)** | (.49) | (1.62) | **(2.11)** | **19.63** | **.57** | **1011** | 1.13 | 1.03 | 28 |
| July 31, 2018 | **21.06** | .22 | 1.57 | **1.79** | (.95) | (.02) | **(.97)** | **21.88** | **8.58** | **993** | 1.14 | 1.02 | 39 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$22.82** | .70 | (.51) | **.19** | (.81) | (2.25) | **(3.06)** | **$19.95** | **1.40**<sup>\*</sup> | **$150** | .35<sup>\*</sup> | 3.24<sup>\*</sup> | 39<sup>\*</sup> |
| 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** | .69<sup>g</sup> | .32 | 43 |
| July 31, 2020 | **23.06** | .24 | .62 | **.86** | (.21) | (1.06) | **(1.27)** | **22.65** | **3.73** | **357** | .66<sup>g</sup> | 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 |
| July 31, 2018 | **23.95** | .59 | 1.57 | **2.16** | (1.00) | (.02) | **(1.02)** | **25.09** | **9.09** | **212** | .64 | 2.38 | 39 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$26.54** | .85 | (.57) | **.28** | (.85) | (2.25) | **(3.10)** | **$23.72** | **1.54**<sup>\*</sup> | **$3568** | .22<sup>\*</sup> | 3.37<sup>\*</sup> | 39<sup>\*</sup> |
| July 31, 2022 | **31.18** | .37 | (2.53) | **(2.16)** | (1.25) | (1.23) | **(2.48)** | **26.54** | **(7.73)** | **3365** | .45 | 1.27 | 32 |
| July 31, 2021<sup>∆</sup> | **28.47** | (.03) | 2.74 | **2.71** |  |  | **—** | **31.18** | **9.52**<sup>\*</sup> | **3860** | .27<sup>\*g</sup> | (.11)<sup>\*</sup> | 43 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$26.57** | .89 | (.59) | **.30** | (.91) | (2.25) | **(3.16)** | **$23.71** | **1.64**<sup>\*</sup> | **$772** | .09<sup>\*</sup> | 3.52<sup>\*</sup> | 39<sup>\*</sup> |
| 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<sup>∆</sup> | **28.47** | .01 | 2.74 | **2.75** |  |  | **—** | **31.22** | **9.66**<sup>\*</sup> | **880** | .13<sup>\*g</sup> | .03<sup>\*</sup> | 43 |

---

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

86 Sustainable Retirement Funds Sustainable Retirement Funds 87

------

**Financial highlights** *cont.*

**2040 Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$26.59** | .90 | (.58) | **.32** | (.95) | (2.25) | **(3.20)** | **$23.71** | **1.71**<sup>\*</sup> | **$10** | .02<sup>\*</sup> | 3.53<sup>\*</sup> | 39<sup>\*</sup> |
| 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<sup>∆</sup> | **28.47** | .03 | 2.75 | **2.78** |  |  | **—** | **31.25** | **9.76**<sup>\*</sup> | **11** | .04<sup>\*g</sup> | .12<sup>\*</sup> | 43 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$26.60** | .90 | (.57) | **.33** | (.97) | (2.25) | **(3.22)** | **$23.71** | **1.77**<sup>\*</sup> | **$12730** | (.03)<sup>\*</sup> | 3.56<sup>\*</sup> | 39<sup>\*</sup> |
| July 31, 2022 | **31.27** | .50 | (2.52) | **(2.02)** | (1.42) | (1.23) | **(2.65)** | **26.60** | **(7.28)** | **13998** | (.05) | 1.72 | 32 |
| July 31, 2021 | **26.34** | .26 | 5.14 | **5.40** | (.47) |  | **(.47)** | **31.27** | **20.69** | **14318** | .02<sup>g</sup> | .89 | 43 |
| July 31, 2020 | **26.56** | .45 | .70 | **1.15** | (.31) | (1.06) | **(1.37)** | **26.34** | **4.36** | **17177** | .09<sup>g</sup> | 1.76 | 53 |
| July 31, 2019 | **28.73** | .49 | (.32) | **.17** | (.72) | (1.62) | **(2.34)** | **26.56** | **1.68** | **21085** | .05 | 1.84 | 28 |
| July 31, 2018 | **27.29** | .59 | 2.05 | **2.64** | (1.18) | (.02) | **(1.20)** | **28.73** | **9.75** | **22335** | .05 | 2.10 | 39 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$26.54** | .90 | (.58) | **.32** | (.95) | (2.25) | **(3.20)** | **$23.66** | **1.71**<sup>\*</sup> | **$163789** | .02<sup>\*</sup> | 3.55<sup>\*</sup> | 39<sup>\*</sup> |
| July 31, 2022 | **31.20** | .48 | (2.52) | **(2.04)** | (1.39) | (1.23) | **(2.62)** | **26.54** | **(7.35)** | **156842** | .05 | 1.65 | 32 |
| July 31, 2021 | **26.31** | .25 | 5.12 | **5.37** | (.48) |  | **(.48)** | **31.20** | **20.59** | **162247** | .10<sup>g</sup> | .86 | 43 |
| July 31, 2020 | **26.54** | .51 | .61 | **1.12** | (.29) | (1.06) | **(1.35)** | **26.31** | **4.24** | **1823** | .16<sup>g</sup> | 1.97 | 53 |
| July 31, 2019 | **28.68** | .46 | (.31) | **.15** | (.67) | (1.62) | **(2.29)** | **26.54** | **1.61** | **4637** | .13 | 1.74 | 28 |
| July 31, 2018 | **27.26** | .61 | 1.99 | **2.60** | (1.16) | (.02) | **(1.18)** | **28.68** | **9.61** | **4063** | .14 | 2.16 | 39 |

---

See page 106 for notes to financial highlights.

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

88 Sustainable Retirement Funds Sustainable Retirement Funds 89

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2035 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$21.25** | .82 | (.66) | **.16** | (1.13) | (1.27) | **(2.40)** | **$19.01** | **1.17**<sup>\*</sup> | **$21722** | .16<sup>\*</sup> | 4.04<sup>\*</sup> | 40<sup>\*</sup> |
| July 31, 2022 | **25.36** | .32 | (1.73) | **(1.41)** | (1.27) | (1.43) | **(2.70)** | **21.25** | **(6.43)** | **21379** | .34 | 1.36 | 39 |
| July 31, 2021 | **21.92** | .16 | 3.28 | **3.44** | —<sup>f</sup> |  | **—**<sup>f</sup> | **25.36** | **15.70** | **23803** | .38<sup>g</sup> | .70 | 46 |
| July 31, 2020 | **22.18** | .31 | .38 | **.69** | (.38) | (.57) | **(.95)** | **21.92** | **3.12** | **127040** | .42<sup>g</sup> | 1.45 | 63 |
| July 31, 2019 | **24.08** | .40 | (.19) | **.21** | (.77) | (1.34) | **(2.11)** | **22.18** | **1.93** | **103856** | .39 | 1.79 | 44 |
| July 31, 2018 | **23.10** | .41 | 1.41 | **1.82** | (.84) |  | **(.84)** | **24.08** | **7.94** | **86367** | .41 | 1.73 | 43 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.83** | .63 | (.56) | **.07** | (.92) | (1.27) | **(2.19)** | **$16.71** | **.78**<sup>\*</sup> | **$171** | .54<sup>\*</sup> | 3.47<sup>\*</sup> | 40<sup>\*</sup> |
| 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** | 1.13<sup>g</sup> | (.05) | 46 |
| July 31, 2020 | **20.17** | .14 | .33 | **.47** | (.20) | (.57) | **(.77)** | **19.87** | **2.32** | **463** | 1.17<sup>g</sup> | .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 |
| July 31, 2018 | **21.21** | .23 | 1.28 | **1.51** | (.65) |  | **(.65)** | **22.07** | **7.13** | **767** | 1.16 | 1.04 | 43 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.62** | .64 | (.57) | **.07** | (1.00) | (1.27) | **(2.27)** | **$16.42** | **.81**<sup>\*</sup> | **$1132** | .54<sup>\*</sup> | 3.60<sup>\*</sup> | 40<sup>\*</sup> |
| July 31, 2022 | **22.56** | .15 | (1.55) | **(1.40)** | (1.11) | (1.43) | **(2.54)** | **18.62** | **(7.15)** | **1134** | 1.09 | .73 | 39 |
| July 31, 2021 | **19.70** | (.01) | 2.93 | **2.92** | (.06) |  | **(.06)** | **22.56** | **14.85** | **1213** | 1.13<sup>g</sup> | (.05) | 46 |
| July 31, 2020 | **20.02** | .14 | .33 | **.47** | (.22) | (.57) | **(.79)** | **19.70** | **2.37** | **1391** | 1.17<sup>g</sup> | .72 | 63 |
| July 31, 2019 | **21.96** | .21 | (.19) | **.02** | (.62) | (1.34) | **(1.96)** | **20.02** | **1.12** | **1675** | 1.14 | 1.06 | 44 |
| July 31, 2018 | **21.12** | .21 | 1.30 | **1.51** | (.67) |  | **(.67)** | **21.96** | **7.18** | **1496** | 1.16 | .98 | 43 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.11** | .73 | (.62) | **.11** | (1.06) | (1.27) | **(2.33)** | **$17.89** | **.94**<sup>\*</sup> | **$521** | .36<sup>\*</sup> | 3.82<sup>\*</sup> | 40<sup>\*</sup> |
| 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** | .71<sup>g</sup> | .29 | 46 |
| July 31, 2020 | **21.31** | .25 | .35 | **.60** | (.30) | (.57) | **(.87)** | **21.04** | **2.86** | **654** | .67<sup>g</sup> | 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 |
| July 31, 2018 | **22.26** | .46 | 1.24 | **1.70** | (.80) |  | **(.80)** | **23.16** | **7.69** | **797** | .66 | 2.00 | 43 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.90** | .97 | (.77) | **.20** | (1.07) | (1.27) | **(2.34)** | **$23.76** | **1.08**<sup>\*</sup> | **$5025** | .23<sup>\*</sup> | 3.89<sup>\*</sup> | 40<sup>\*</sup> |
| July 31, 2022 | **30.30** | .35 | (2.13) | **(1.78)** | (1.19) | (1.43) | **(2.62)** | **25.90** | **(6.58)** | **5458** | .49 | 1.24 | 39 |
| July 31, 2021<sup>∆</sup> | **28.16** | .03 | 2.11 | **2.14** |  |  | **—** | **30.30** | **7.60**<sup>\*</sup> | **7415** | .30<sup>\*g</sup> | .09<sup>\*</sup> | 46 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.92** | 1.04 | (.81) | **.23** | (1.15) | (1.27) | **(2.42)** | **$23.73** | **1.21**<sup>\*</sup> | **$919** | .11<sup>\*</sup> | 4.16<sup>\*</sup> | 40<sup>\*</sup> |
| 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<sup>∆</sup> | **28.16** | .06 | 2.12 | **2.18** |  |  | **—** | **30.34** | **7.74**<sup>\*</sup> | **687** | .16<sup>\*g</sup> | .19<sup>\*</sup> | 46 |

---

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

90 Sustainable Retirement Funds Sustainable Retirement Funds 91

------

**Financial highlights** *cont.*

**2035 Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.94** | 1.04 | (.79) | **.25** | (1.18) | (1.27) | **(2.45)** | **$23.74** | **1.30**<sup>\*</sup> | **$10** | .03<sup>\*</sup> | 4.17<sup>\*</sup> | 40<sup>\*</sup> |
| 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<sup>∆</sup> | **28.16** | .09 | 2.12 | **2.21** |  |  | **—** | **30.37** | **7.85**<sup>\*</sup> | **11** | .07<sup>\*g</sup> | .31<sup>\*</sup> | 46 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.96** | 1.04 | (.77) | **.27** | (1.21) | (1.27) | **(2.48)** | **$23.75** | **1.37**<sup>\*</sup> | **$15627** | (.02)<sup>\*</sup> | 4.18<sup>\*</sup> | 40<sup>\*</sup> |
| July 31, 2022 | **30.38** | .48 | (2.12) | **(1.64)** | (1.35) | (1.43) | **(2.78)** | **25.96** | **(6.11)** | **15997** | (.01) | 1.71 | 39 |
| July 31, 2021 | **26.44** | .29 | 3.94 | **4.23** | (.29) |  | **(.29)** | **30.38** | **16.10** | **17492** | .04<sup>g</sup> | 1.01 | 46 |
| July 31, 2020 | **26.53** | .45 | .46 | **.91** | (.43) | (.57) | **(1.00)** | **26.44** | **3.48** | **16244** | .09<sup>g</sup> | 1.75 | 63 |
| July 31, 2019 | **28.35** | .59 | (.22) | **.37** | (.85) | (1.34) | **(2.19)** | **26.53** | **2.24** | **18605** | .05 | 2.24 | 44 |
| July 31, 2018 | **27.03** | .60 | 1.64 | **2.24** | (.92) |  | **(.92)** | **28.35** | **8.34** | **21366** | .05 | 2.14 | 43 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$25.92** | 1.06 | (.81) | **.25** | (1.18) | (1.27) | **(2.45)** | **$23.72** | **1.31**<sup>\*</sup> | **$149096** | .03<sup>\*</sup> | 4.25<sup>\*</sup> | 40<sup>\*</sup> |
| July 31, 2022 | **30.35** | .45 | (2.12) | **(1.67)** | (1.33) | (1.43) | **(2.76)** | **25.92** | **(6.23)** | **141266** | .09 | 1.62 | 39 |
| July 31, 2021 | **26.42** | .26 | 3.97 | **4.23** | (.30) |  | **(.30)** | **30.35** | **16.09** | **124961** | .13<sup>g</sup> | .89 | 46 |
| July 31, 2020 | **26.48** | .45 | .44 | **.89** | (.38) | (.57) | **(.95)** | **26.42** | **3.38** | **1713** | .17<sup>g</sup> | 1.75 | 63 |
| July 31, 2019 | **28.30** | .59 | (.24) | **.35** | (.83) | (1.34) | **(2.17)** | **26.48** | **2.14** | **5493** | .14 | 2.23 | 44 |
| July 31, 2018 | **26.98** | .55 | 1.67 | **2.22** | (.90) |  | **(.90)** | **28.30** | **8.26** | **13086** | .16 | 1.97 | 43 |

---

See page 106 for notes to financial highlights.

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

92 Sustainable Retirement Funds Sustainable Retirement Funds 93

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2030 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.61** | .97 | (.84) | **.13** | (1.33) | (.92) | **(2.25)** | **$18.49** | **.93**<sup>\*</sup> | **$23252** | .17<sup>\*</sup> | 4.92<sup>\*</sup> | 47<sup>\*</sup> |
| July 31, 2022 | **23.86** | .32 | (1.47) | **(1.15)** | (1.02) | (1.08) | **(2.10)** | **20.61** | **(5.36)** | **22901** | .36 | 1.43 | 37 |
| July 31, 2021 | **21.51** | .23 | 2.12 | **2.35** | —<sup>f</sup> |  | **—**<sup>f</sup> | **23.86** | **10.93** | **24643** | .39<sup>g</sup> | 1.03 | 54 |
| July 31, 2020 | **21.95** | .32 | .15 | **.47** | (.49) | (.42) | **(.91)** | **21.51** | **2.12** | **198756** | .42<sup>g</sup> | 1.53 | 66 |
| July 31, 2019 | **23.22** | .51 | (.08) | **.43** | (.71) | (.99) | **(1.70)** | **21.95** | **2.62** | **180390** | .38 | 2.33 | 31 |
| July 31, 2018 | **22.51** | .41 | 1.02 | **1.43** | (.72) |  | **(.72)** | **23.22** | **6.38** | **164247** | .39 | 1.80 | 46 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$19.20** | .79 | (.75) | **.04** | (1.15) | (.92) | **(2.07)** | **$17.17** | **.51**<sup>\*</sup> | **$156** | .55<sup>\*</sup> | 4.28<sup>\*</sup> | 47<sup>\*</sup> |
| 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** | 1.14<sup>g</sup> | .04 | 54 |
| July 31, 2020 | **20.76** | .16 | .13 | **.29** | (.31) | (.42) | **(.73)** | **20.32** | **1.36** | **617** | 1.17<sup>g</sup> | .77 | 66 |
| July 31, 2019 | **22.02** | .33 | (.09) | **.24** | (.51) | (.99) | **(1.50)** | **20.76** | **1.80** | **815** | 1.13 | 1.61 | 31 |
| July 31, 2018 | **21.36** | .26 | .95 | **1.21** | (.55) |  | **(.55)** | **22.02** | **5.66** | **1025** | 1.14 | 1.17 | 46 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.93** | .82 | (.78) | **.04** | (1.18) | (.92) | **(2.10)** | **$16.87** | **.51**<sup>\*</sup> | **$859** | .55<sup>\*</sup> | 4.52<sup>\*</sup> | 47<sup>\*</sup> |
| 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** | —<sup>f</sup> | 2.04 | **2.04** | (.19) |  | **(.19)** | **22.03** | **10.14** | **1349** | 1.14<sup>g</sup> | —<sup>h</sup> | 54 |
| July 31, 2020 | **20.66** | .15 | .14 | **.29** | (.35) | (.42) | **(.77)** | **20.18** | **1.36** | **1384** | 1.17<sup>g</sup> | .77 | 66 |
| July 31, 2019 | **21.94** | .33 | (.09) | **.24** | (.53) | (.99) | **(1.52)** | **20.66** | **1.81** | **1430** | 1.13 | 1.61 | 31 |
| July 31, 2018 | **21.32** | .25 | .95 | **1.20** | (.58) |  | **(.58)** | **21.94** | **5.62** | **1454** | 1.14 | 1.16 | 46 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$19.02** | .87 | (.80) | **.07** | (1.26) | (.92) | **(2.18)** | **$16.91** | **.68**<sup>\*</sup> | **$401** | .37<sup>\*</sup> | 4.77<sup>\*</sup> | 47<sup>\*</sup> |
| 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** | .72<sup>g</sup> | .43 | 54 |
| July 31, 2020 | **20.79** | .26 | .12 | **.38** | (.44) | (.42) | **(.86)** | **20.31** | **1.83** | **571** | .67<sup>g</sup> | 1.27 | 66 |
| July 31, 2019 | **22.02** | .42 | (.07) | **.35** | (.59) | (.99) | **(1.58)** | **20.79** | **2.36** | **652** | .63 | 2.04 | 31 |
| July 31, 2018 | **21.39** | .44 | .86 | **1.30** | (.67) |  | **(.67)** | **22.02** | **6.12** | **570** | .64 | 2.02 | 46 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$24.19** | 1.14 | (1.00) | **.14** | (1.28) | (.92) | **(2.20)** | **$22.13** | **.82**<sup>\*</sup> | **$5584** | .24<sup>\*</sup> | 4.90<sup>\*</sup> | 47<sup>\*</sup> |
| July 31, 2022 | **27.61** | .35 | (1.73) | **(1.38)** | (.96) | (1.08) | **(2.04)** | **24.19** | **(5.48)** | **5622** | .51 | 1.33 | 37 |
| July 31, 2021<sup>∆</sup> | **26.19** | .06 | 1.36 | **1.42** |  |  | **—** | **27.61** | **5.42**<sup>\*</sup> | **7452** | .30<sup>\*g</sup> | .26<sup>\*</sup> | 54 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$24.22** | 1.17 | (1.01) | **.16** | (1.34) | (.92) | **(2.26)** | **$22.12** | **.92**<sup>\*</sup> | **$2793** | .12<sup>\*</sup> | 5.01<sup>\*</sup> | 47<sup>\*</sup> |
| July 31, 2022 | **27.65** | .40 | (1.72) | **(1.32)** | (1.03) | (1.08) | **(2.11)** | **24.22** | **(5.23)** | **2733** | .26 | 1.54 | 37 |
| July 31, 2021<sup>∆</sup> | **26.19** | .09 | 1.37 | **1.46** |  |  | **—** | **27.65** | **5.57**<sup>\*</sup> | **2899** | .16<sup>\*g</sup> | .36<sup>\*</sup> | 54 |

---

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

94 Sustainable Retirement Funds Sustainable Retirement Funds 95

------

**Financial highlights** *cont.*

**2030 Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$24.24** | 1.18 | (1.00) | **.18** | (1.37) | (.92) | **(2.29)** | **$22.13** | **1.03**<sup>\*</sup> | **$10** | .04<sup>\*</sup> | 5.06<sup>\*</sup> | 47<sup>\*</sup> |
| 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<sup>∆</sup> | **26.19** | .12 | 1.37 | **1.49** |  |  | **—** | **27.68** | **5.69**<sup>\*</sup> | **11** | .07<sup>\*g</sup> | .45<sup>\*</sup> | 54 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$24.25** | 1.20 | (1.00) | **.20** | (1.40) | (.92) | **(2.32)** | **$22.13** | **1.09**<sup>\*</sup> | **$18436** | (.01)<sup>\*</sup> | 5.14<sup>\*</sup> | 47<sup>\*</sup> |
| July 31, 2022 | **27.69** | .49 | (1.75) | **(1.26)** | (1.10) | (1.08) | **(2.18)** | **24.25** | **(5.01)** | **18059** | .01 | 1.89 | 37 |
| July 31, 2021 | **25.25** | .30 | 2.54 | **2.84** | (.40) |  | **(.40)** | **27.69** | **11.33** | **18567** | .05<sup>g</sup> | 1.13 | 54 |
| July 31, 2020 | **25.60** | .46 | .16 | **.62** | (.55) | (.42) | **(.97)** | **25.25** | **2.44** | **23780** | .09<sup>g</sup> | 1.86 | 66 |
| July 31, 2019 | **26.78** | .69 | (.10) | **.59** | (.78) | (.99) | **(1.77)** | **25.60** | **2.94** | **24909** | .05 | 2.73 | 31 |
| July 31, 2018 | **25.84** | .57 | 1.17 | **1.74** | (.80) |  | **(.80)** | **26.78** | **6.75** | **21927** | .05 | 2.16 | 46 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$24.19** | 1.19 | (1.01) | **.18** | (1.37) | (.92) | **(2.29)** | **$22.08** | **1.03**<sup>\*</sup> | **$190181** | .04<sup>\*</sup> | 5.10<sup>\*</sup> | 47<sup>\*</sup> |
| July 31, 2022 | **27.63** | .44 | (1.72) | **(1.28)** | (1.08) | (1.08) | **(2.16)** | **24.19** | **(5.11)** | **187829** | .11 | 1.70 | 37 |
| July 31, 2021 | **25.22** | .23 | 2.58 | **2.81** | (.40) |  | **(.40)** | **27.63** | **11.24** | **197357** | .14<sup>g</sup> | .89 | 54 |
| July 31, 2020 | **25.57** | .43 | .17 | **.60** | (.53) | (.42) | **(.95)** | **25.22** | **2.34** | **3709** | .17<sup>g</sup> | 1.74 | 66 |
| July 31, 2019 | **26.74** | .68 | (.10) | **.58** | (.76) | (.99) | **(1.75)** | **25.57** | **2.87** | **7617** | .13 | 2.69 | 31 |
| July 31, 2018 | **25.80** | .54 | 1.18 | **1.72** | (.78) |  | **(.78)** | **26.74** | **6.70** | **7307** | .14 | 2.03 | 46 |

---

See page 106 for notes to financial highlights.

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

96 Sustainable Retirement Funds Sustainable Retirement Funds 97

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**2025 Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.32** | 1.12 | (1.00) | **.12** | (1.25) | (.50) | **(1.75)** | **$18.69** | **.73**<sup>\*</sup> | **$23573** | .17<sup>\*</sup> | 5.67<sup>\*</sup> | 72<sup>\*</sup> |
| July 31, 2022 | **22.72** | .37 | (1.32) | **(.95)** | (.66) | (.79) | **(1.45)** | **20.32** | **(4.48)** | **23539** | .37 | 1.74 | 57 |
| July 31, 2021 | **21.56** | .21 | 1.18 | **1.39** | (.05) | (.18) | **(.23)** | **22.72** | **6.52** | **24306** | .41<sup>g</sup> | .96 | 74 |
| July 31, 2020 | **21.98** | .33 | (.06) | **.27** | (.50) | (.19) | **(.69)** | **21.56** | **1.23** | **151047** | .42<sup>g</sup> | 1.56 | 79 |
| July 31, 2019 | **22.91** | .57 | (.02) | **.55** | (.80) | (.68) | **(1.48)** | **21.98** | **2.99** | **112950** | .39 | 2.60 | 44 |
| July 31, 2018 | **22.36** | .45 | .59 | **1.04** | (.49) |  | **(.49)** | **22.91** | **4.64** | **93296** | .41 | 1.99 | 52 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.54** | .91 | (.86) | **.05** | (1.03) | (.50) | **(1.53)** | **$17.06** | **.40**<sup>\*</sup> | **$155** | .55<sup>\*</sup> | 5.03<sup>\*</sup> | 72<sup>\*</sup> |
| 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** | 1.16<sup>g</sup> | .05 | 74 |
| July 31, 2020 | **20.38** | .16 | (.08) | **.08** | (.28) | (.19) | **(.47)** | **19.99** | **.42** | **483** | 1.17<sup>g</sup> | .79 | 79 |
| July 31, 2019 | **21.32** | .40 | (.04) | **.36** | (.62) | (.68) | **(1.30)** | **20.38** | **2.22** | **739** | 1.14 | 1.95 | 44 |
| July 31, 2018 | **20.84** | .28 | .53 | **.81** | (.33) |  | **(.33)** | **21.32** | **3.90** | **998** | 1.16 | 1.31 | 52 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.33** | .95 | (.91) | **.04** | (1.13) | (.50) | **(1.63)** | **$16.74** | **.35**<sup>\*</sup> | **$1614** | .55<sup>\*</sup> | 5.36<sup>\*</sup> | 72<sup>\*</sup> |
| July 31, 2022 | **20.61** | .18 | (1.18) | **(1.00)** | (.49) | (.79) | **(1.28)** | **18.33** | **(5.17)** | **1569** | 1.12 | .93 | 57 |
| July 31, 2021 | **19.83** | .02 | 1.11 | **1.13** | (.17) | (.18) | **(.35)** | **20.61** | **5.75** | **1688** | 1.16<sup>g</sup> | .07 | 74 |
| July 31, 2020 | **20.27** | .16 | (.07) | **.09** | (.34) | (.19) | **(.53)** | **19.83** | **.45** | **2409** | 1.17<sup>g</sup> | .80 | 79 |
| July 31, 2019 | **21.26** | .39 | (.04) | **.35** | (.66) | (.68) | **(1.34)** | **20.27** | **2.21** | **2393** | 1.14 | 1.93 | 44 |
| July 31, 2018 | **20.78** | .25 | .56 | **.81** | (.33) |  | **(.33)** | **21.26** | **3.89** | **2175** | 1.16 | 1.19 | 52 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$18.74** | 1.06 | (1.00) | **.06** | (1.18) | (.50) | **(1.68)** | **$17.12** | **.50**<sup>\*</sup> | **$514** | .37<sup>\*</sup> | 5.85<sup>\*</sup> | 72<sup>\*</sup> |
| 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** | .74<sup>g</sup> | .28 | 74 |
| July 31, 2020 | **20.57** | .29 | (.10) | **.19** | (.39) | (.19) | **(.58)** | **20.18** | **.95** | **140** | .67<sup>g</sup> | 1.44 | 79 |
| July 31, 2019 | **21.44** | .48 | (.02) | **.46** | (.65) | (.68) | **(1.33)** | **20.57** | **2.70** | **458** | .64 | 2.32 | 44 |
| July 31, 2018 | **20.97** | .45 | .47 | **.92** | (.45) |  | **(.45)** | **21.44** | **4.38** | **1045** | .66 | 2.13 | 52 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.28** | 1.10 | (1.00) | **.10** | (1.21) | (.50) | **(1.71)** | **$18.67** | **.66**<sup>\*</sup> | **$3419** | .25<sup>\*</sup> | 5.60<sup>\*</sup> | 72<sup>\*</sup> |
| July 31, 2022 | **22.63** | .33 | (1.30) | **(.97)** | (.59) | (.79) | **(1.38)** | **20.28** | **(4.59)** | **3502** | .52 | 1.56 | 57 |
| July 31, 2021<sup>∆</sup> | **21.92** | .06 | .65 | **.71** |  |  | **—** | **22.63** | **3.24**<sup>\*</sup> | **5475** | .31<sup>\*g</sup> | .28<sup>\*</sup> | 74 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.27** | 1.13 | (1.00) | **.13** | (1.27) | (.50) | **(1.77)** | **$18.63** | **.78**<sup>\*</sup> | **$1323** | .12<sup>\*</sup> | 5.77<sup>\*</sup> | 72<sup>\*</sup> |
| July 31, 2022 | **22.66** | .39 | (1.31) | **(.92)** | (.68) | (.79) | **(1.47)** | **20.27** | **(4.38)** | **1310** | .27 | 1.81 | 57 |
| July 31, 2021<sup>∆</sup> | **21.92** | .08 | .66 | **.74** |  |  | **—** | **22.66** | **3.38**<sup>\*</sup> | **1351** | .17<sup>\*g</sup> | .38<sup>\*</sup> | 74 |

---

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

98 Sustainable Retirement Funds Sustainable Retirement Funds 99

------

**Financial highlights** *cont.*

**2025 Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.29** | 1.16 | (1.02) | **.14** | (1.30) | (.50) | **(1.80)** | **$18.63** | **.84**<sup>\*</sup> | **$10** | .04<sup>\*</sup> | 5.89<sup>\*</sup> | 72<sup>\*</sup> |
| 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<sup>∆</sup> | **21.92** | .10 | .66 | **.76** |  |  | **—** | **22.68** | **3.47**<sup>\*</sup> | **10** | .08<sup>\*g</sup> | .47<sup>\*</sup> | 74 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.30** | 1.17 | (1.01) | **.16** | (1.32) | (.50) | **(1.82)** | **$18.64** | **.94**<sup>\*</sup> | **$10475** | (.01)<sup>\*</sup> | 5.96<sup>\*</sup> | 72<sup>\*</sup> |
| July 31, 2022 | **22.70** | .44 | (1.32) | **(.88)** | (.73) | (.79) | **(1.52)** | **20.30** | **(4.16)** | **10678** | .02 | 2.06 | 57 |
| July 31, 2021 | **21.77** | .26 | 1.22 | **1.48** | (.37) | (.18) | **(.55)** | **22.70** | **6.93** | **11001** | .07<sup>g</sup> | 1.18 | 74 |
| July 31, 2020 | **22.18** | .41 | (.07) | **.34** | (.56) | (.19) | **(.75)** | **21.77** | **1.54** | **15965** | .09<sup>g</sup> | 1.89 | 79 |
| July 31, 2019 | **23.11** | .66 | (.04) | **.62** | (.87) | (.68) | **(1.55)** | **22.18** | **3.35** | **20842** | .05 | 3.02 | 44 |
| July 31, 2018 | **22.55** | .54 | .58 | **1.12** | (.56) |  | **(.56)** | **23.11** | **5.00** | **18185** | .05 | 2.36 | 52 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$20.27** | 1.17 | (1.03) | **.14** | (1.30) | (.50) | **(1.80)** | **$18.61** | **.85**<sup>\*</sup> | **$166557** | .04<sup>\*</sup> | 5.94<sup>\*</sup> | 72<sup>\*</sup> |
| July 31, 2022 | **22.66** | .42 | (1.31) | **(.89)** | (.71) | (.79) | **(1.50)** | **20.27** | **(4.21)** | **160679** | .12 | 1.95 | 57 |
| July 31, 2021 | **21.76** | .20 | 1.26 | **1.46** | (.38) | (.18) | **(.56)** | **22.66** | **6.82** | **159475** | .16<sup>g</sup> | .92 | 74 |
| July 31, 2020 | **22.13** | .40 | (.08) | **.32** | (.50) | (.19) | **(.69)** | **21.76** | **1.46** | **2318** | .17<sup>g</sup> | 1.86 | 79 |
| July 31, 2019 | **23.06** | .66 | (.06) | **.60** | (.85) | (.68) | **(1.53)** | **22.13** | **3.24** | **6541** | .14 | 3.02 | 44 |
| July 31, 2018 | **22.50** | .51 | .59 | **1.10** | (.54) |  | **(.54)** | **23.06** | **4.91** | **13079** | .16 | 2.23 | 52 |

---

See page 106 for notes to financial highlights.

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

100 Sustainable Retirement Funds Sustainable Retirement Funds 101

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

**Maturity Fund**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.12** | .94 | (.84) | **.10** | (.98) |  | **(.98)** | **$15.24** | **.72**<sup>\*</sup> | **$24461** | .17<sup>\*</sup> | 6.01<sup>\*</sup> | 37<sup>\*</sup> |
| July 31, 2022 | **17.41** | .34 | (1.00) | **(.66)** | (.45) | (.18) | **(.63)** | **16.12** | **(3.90)** | **25827** | .38 | 2.04 | 24 |
| July 31, 2021 | **17.18** | .19 | .32 | **.51** | (.24) | (.04) | **(.28)** | **17.41** | **2.99** | **29465** | .39<sup>g</sup> | 1.10 | 65 |
| July 31, 2020 | **17.62** | .30 | (.27) | **.03** | (.30) | (.17) | **(.47)** | **17.18** | **.19** | **108011** | .41<sup>g</sup> | 1.77 | 73 |
| July 31, 2019 | **17.62** | .53 | .03 | **.56** | (.53) | (.03) | **(.56)** | **17.62** | **3.35** | **104174** | .38 | 3.10 | 37 |
| July 31, 2018 | **17.65** | .44 | (.02) | **.42** | (.45) |  | **(.45)** | **17.62** | **2.37** | **92361** | .39 | 2.47 | 68 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$15.69** | .72 | (.68) | **.04** | (.92) |  | **(.92)** | **$14.81** | **.34**<sup>\*</sup> | **$121** | .55<sup>\*</sup> | 4.69<sup>\*</sup> | 37<sup>\*</sup> |
| 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** | 1.14<sup>g</sup> | .32 | 65 |
| July 31, 2020 | **17.18** | .17 | (.25) | **(.08)** | (.18) | (.17) | **(.35)** | **16.75** | **(.52)** | **475** | 1.16<sup>g</sup> | 1.03 | 73 |
| July 31, 2019 | **17.20** | .39 | .03 | **.42** | (.41) | (.03) | **(.44)** | **17.18** | **2.53** | **688** | 1.13 | 2.33 | 37 |
| July 31, 2018 | **17.28** | .31 | (.02) | **.29** | (.37) |  | **(.37)** | **17.20** | **1.64** | **849** | 1.14 | 1.78 | 68 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$15.73** | .85 | (.81) | **.04** | (.92) |  | **(.92)** | **$14.85** | **.34**<sup>\*</sup> | **$943** | .55<sup>\*</sup> | 5.56<sup>\*</sup> | 37<sup>\*</sup> |
| July 31, 2022 | **17.00** | .22 | (.99) | **(.77)** | (.32) | (.18) | **(.50)** | **15.73** | **(4.61)** | **1066** | 1.13 | 1.32 | 24 |
| July 31, 2021 | **16.79** | .05 | .33 | **.38** | (.13) | (.04) | **(.17)** | **17.00** | **2.22** | **1647** | 1.13<sup>g</sup> | .28 | 65 |
| July 31, 2020 | **17.23** | .17 | (.27) | **(.10)** | (.17) | (.17) | **(.34)** | **16.79** | **(.58)** | **829** | 1.16<sup>g</sup> | 1.03 | 73 |
| July 31, 2019 | **17.24** | .36 | .07 | **.43** | (.41) | (.03) | **(.44)** | **17.23** | **2.61** | **1069** | 1.13 | 2.16 | 37 |
| July 31, 2018 | **17.33** | .31 | (.03) | **.28** | (.37) |  | **(.37)** | **17.24** | **1.58** | **1172** | 1.14 | 1.81 | 68 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.10** | .76 | (.69) | **.07** | (.95) |  | **(.95)** | **$15.22** | **.51**<sup>\*</sup> | **$512** | .38<sup>\*</sup> | 4.85<sup>\*</sup> | 37<sup>\*</sup> |
| 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** | .73<sup>g</sup> | .75 | 65 |
| July 31, 2020 | **17.60** | .25 | (.26) | **(.01)** | (.26) | (.17) | **(.43)** | **17.16** | **(.06)** | **1021** | .66<sup>g</sup> | 1.49 | 73 |
| July 31, 2019 | **17.61** | .54 | (.03) | **.51** | (.49) | (.03) | **(.52)** | **17.60** | **3.03** | **581** | .63 | 3.10 | 37 |
| July 31, 2018 | **17.64** | .43 | (.06) | **.37** | (.40) |  | **(.40)** | **17.61** | **2.10** | **527** | .64 | 2.42 | 68 |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.17** | .87 | (.77) | **.10** | (.97) |  | **(.97)** | **$15.30** | **.70**<sup>\*</sup> | **$1588** | .25<sup>\*</sup> | 5.54<sup>\*</sup> | 37<sup>\*</sup> |
| July 31, 2022 | **17.47** | .31 | (1.01) | **(.70)** | (.42) | (.18) | **(.60)** | **16.17** | **(4.09)** | **1926** | .53 | 1.86 | 24 |
| July 31, 2021<sup>∆</sup> | **17.33** | .08 | .14 | **.22** | (.08) |  | **(.08)** | **17.47** | **1.28**<sup>\*</sup> | **2584** | .30<sup>\*g</sup> | .49<sup>\*</sup> | 65 |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.18** | .99 | (.88) | **.11** | (.98) |  | **(.98)** | **$15.31** | **.82**<sup>\*</sup> | **$213** | .12<sup>\*</sup> | 6.25<sup>\*</sup> | 37<sup>\*</sup> |
| July 31, 2022 | **17.47** | .36 | (1.01) | **(.65)** | (.46) | (.18) | **(.64)** | **16.18** | **(3.81)** | **224** | .28 | 2.14 | 24 |
| July 31, 2021<sup>∆</sup> | **17.33** | .12 | .13 | **.25** | (.11) |  | **(.11)** | **17.47** | **1.44**<sup>\*</sup> | **220** | .16<sup>\*g</sup> | .67<sup>\*</sup> | 65 |

---

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

102 Sustainable Retirement Funds Sustainable Retirement Funds 103

------

**Financial highlights** *cont.*

**Maturity Fund** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **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)<sup>a,b</sup> | on investments | **operations** | income | on investments | **distributions** | **of period** | **value (%)**<sup>c</sup> | **(in thousands)** | (%)<sup>d,e</sup> | (%)<sup>b,e</sup> | (%) |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.18** | .98 | (.86) | **.12** | (1.00) |  | **(1.00)** | **$15.30** | **.84**<sup>\*</sup> | **$10** | .05<sup>\*</sup> | 6.23<sup>\*</sup> | 37<sup>\*</sup> |
| July 31, 2022 | **17.47** | .38 | (1.00) | **(.62)** | (.49) | (.18) | **(.67)** | **16.18** | **(3.66)** | **10** | .13 | 2.29 | 24 |
| July 31, 2021<sup>∆</sup> | **17.33** | .12 | .14 | **.26** | (.12) |  | **(.12)** | **17.47** | **1.52**<sup>\*</sup> | **10** | .07<sup>\*g</sup> | .70<sup>\*</sup> | 65 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.18** | 1.00 | (.87) | **.13** | (1.01) |  | **(1.01)** | **$15.30** | **.89**<sup>\*</sup> | **$3419** | —<sup>\*h</sup> | 6.33<sup>\*</sup> | 37<sup>\*</sup> |
| July 31, 2022 | **17.47** | .41 | (1.02) | **(.61)** | (.50) | (.18) | **(.68)** | **16.18** | **(3.55)** | **3662** | .03 | 2.42 | 24 |
| July 31, 2021 | **17.24** | .25 | .33 | **.58** | (.31) | (.04) | **(.35)** | **17.47** | **3.38** | **4673** | .05<sup>g</sup> | 1.41 | 65 |
| July 31, 2020 | **17.68** | .36 | (.27) | **.09** | (.36) | (.17) | **(.53)** | **17.24** | **.52** | **2509** | .09<sup>g</sup> | 2.08 | 73 |
| July 31, 2019 | **17.68** | .61 | .01 | **.62** | (.59) | (.03) | **(.62)** | **17.68** | **3.69** | **2958** | .05 | 3.50 | 37 |
| July 31, 2018 | **17.71** | .50 | (.02) | **.48** | (.51) |  | **(.51)** | **17.68** | **2.71** | **3842** | .05 | 2.83 | 68 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$16.18** | .95 | (.83) | **.12** | (1.00) |  | **(1.00)** | **$15.30** | **.84**<sup>\*</sup> | **$193803** | .05<sup>\*</sup> | 6.03<sup>\*</sup> | 37<sup>\*</sup> |
| July 31, 2022 | **17.47** | .38 | (1.00) | **(.62)** | (.49) | (.18) | **(.67)** | **16.18** | **(3.66)** | **215711** | .13 | 2.28 | 24 |
| July 31, 2021 | **17.25** | .22 | .34 | **.56** | (.30) | (.04) | **(.34)** | **17.47** | **3.23** | **263315** | .13<sup>g</sup> | 1.25 | 65 |
| July 31, 2020 | **17.68** | .36 | (.27) | **.09** | (.35) | (.17) | **(.52)** | **17.25** | **.48** | **707** | .16<sup>g</sup> | 2.10 | 73 |
| July 31, 2019 | **17.68** | .62 | (.01) | **.61** | (.58) | (.03) | **(.61)** | **17.68** | **3.60** | **3188** | .13 | 3.59 | 37 |
| July 31, 2018 | **17.71** | .48 | (.02) | **.46** | (.49) |  | **(.49)** | **17.68** | **2.62** | **4630** | .14 | 2.70 | 68 |

---

See page 106 for notes to financial highlights.

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

104 Sustainable Retirement Funds Sustainable Retirement Funds 105

------

**Financial highlights** *cont.*

<sup>\*</sup> Not annualized.

<sup>\*\*</sup> Unaudited.

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

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

<sup>b</sup> 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.

<sup>c</sup> Total return does not reflect the effect of sales charges.

<sup>d</sup> Expense ratios do not include expenses of the underlying funds.

<sup>e</sup> 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):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1/31/23** | **7/31/22** | **7/31/21** | **7/31/20** | **7/31/19** | **7/31/18** |
| **2065 Fund** | | | | | | |
| Class A, C, R, R3, R4, R5, R6,Y | 8.01% | 41.55% | 80.98% | N/A | N/A | N/A |
| **2060 Fund** |  |  |  |  |  |  |
| Class A, B, C, R, Y | 0.68 | 1.71 | 2.44 | 3.32% | 6.13% | 16.06% |
| Class R3, R4, R5 | 0.68 | 1.71 | 1.43 | N/A | N/A | N/A |
| Class R6 | 0.68 | 1.71 | 2.44 | 3.32 | 6.13 | 16.06 |
| **2055 Fund** |  |  |  |  |  |  |
| Class A, B, C, R, Y | 0.44 | 0.88 | 0.68 | 0.43 | 0.45 | 0.44 |
| Class R3, R4, R5 | 0.44 | 0.88 | 0.53 | N/A | N/A | N/A |
| Class R6 | 0.44 | 0.88 | 0.68 | 0.43 | 0.45 | 0.44 |
| **2050 Fund** |  |  |  |  |  |  |
| Class A, B, C, R, Y | 0.40 | 0.75 | 0.49 | 0.16 | 0.18 | 0.18 |
| Class R3, R4, R5 | 0.40 | 0.75 | 0.42 | N/A | N/A | N/A |
| Class R6 | 0.40 | 0.75 | 0.49 | 0.16 | 0.18 | 0.18 |
| **2045 Fund** |  |  |  |  |  |  |
| Class A, B, C, R, Y | 0.37 | 0.72 | 0.45 | 0.15 | 0.17 | 0.18 |
| Class R3, R4, R5 | 0.37 | 0.72 | 0.40 | N/A | N/A | N/A |
| Class R6 | 0.37 | 0.72 | 0.45 | 0.15 | 0.17 | 0.18 |
| **2040 Fund** |  |  |  |  |  |  |
| Class A, B, C, R, Y | 0.34 | 0.66 | 0.39 | 0.08 | 0.09 | 0.12 |
| Class R3, R4, R5 | 0.34 | 0.66 | 0.36 | N/A | N/A | N/A |
| Class R6 | 0.34 | 0.66 | 0.39 | 0.08 | 0.09 | 0.12 |
| **2035 Fund** |  |  |  |  |  |  |
| Class A, B, C, R, Y | 0.32 | 0.62 | 0.37 | 0.09 | 0.11 | 0.11 |
| Class R3, R4, R5 | 0.32 | 0.62 | 0.33 | N/A | N/A | N/A |
| Class R6 | 0.32 | 0.62 | 0.37 | 0.09 | 0.11 | 0.11 |

---

106 Sustainable Retirement Funds

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1/31/23** | **7/31/22** | **7/31/21** | **7/31/20** | **7/31/19** | **7/31/18** |
| **2030 Fund** | | | | | | |
| Class A, B, C, R, Y | 0.31 | 0.56 | 0.33 | 0.07 | 0.08 | 0.08 |
| Class R3, R4, R5 | 0.31 | 0.56 | 0.30 | N/A | N/A | N/A |
| Class R6 | 0.31 | 0.56 | 0.33 | 0.07 | 0.08 | 0.08 |
| **2025 Fund** |  |  |  |  |  |  |
| Class A, B, C, R, Y | 0.30 | 0.56 | 0.33 | 0.08 | 0.10 | 0.11 |
| Class R3, R4, R5 | 0.30 | 0.56 | 0.30 | N/A | N/A | N/A |
| Class R6 | 0.30 | 0.56 | 0.33 | 0.08 | 0.10 | 0.11 |
| **Maturity Fund** |  |  |  |  |  |  |
| Class A, B, C, R, Y | 0.29 | 0.52 | 0.33 | 0.18 | 0.12 | 0.12 |
| Class R3, R4, R5 | 0.29 | 0.52 | 0.29 | N/A | N/A | N/A |
| Class R6 | 0.29 | 0.52 | 0.33 | 0.18 | 0.12 | 0.12 |

---

<sup>f</sup> Amount represents less than $0.01 per share.

<sup>g</sup> 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 |

---

<sup>h</sup> Amount represents less than 0.01% of average net assets.

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

Sustainable Retirement Funds 107

------

**Notes to financial statements** 1/31/23 (Unaudited)

Within the following Notes to financial statements, references to "State Street" represent State Street Bank and Trust Company, references to "the SEC" represent the Securities and Exchange Commission and references to "Putnam Management" represent Putnam Investment Management, LLC, each fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Unless otherwise noted, the "reporting period" represents the period from August 1, 2022 through January 31, 2023.

Effective February 10, 2023, each of the Putnam Sustainable Retirement Funds are named: Putnam Sustainable Retirement 2065 Fund (2065 Fund), Putnam Sustainable Retirement 2060 Fund (2060 Fund), Putnam Sustainable Retirement 2055 Fund (2055 Fund), Putnam Sustainable Retirement 2050 Fund (2050 Fund), Putnam Sustainable Retirement 2045 Fund (2045 Fund), Putnam Sustainable Retirement 2040 Fund (2040 Fund), Putnam Sustainable Retirement 2035 Fund (2035 Fund), Putnam Sustainable Retirement 2030 Fund (2030 Fund), Putnam Sustainable Retirement 2025 Fund (2025 Fund), and Putnam Sustainable Retirement Maturity Fund (Maturity Fund) (collectively the funds). 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 fund, except Maturity 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. Maturity Fund seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital. Prior to February 10, 2023 the Putnam RetirementReady® Funds were named the following: Putnam RetirementReady 2065 Fund (2065 Fund), Putnam RetirementReady 2060 Fund (2060 Fund), Putnam RetirementReady 2055 Fund (2055 Fund), Putnam RetirementReady 2050 Fund (2050 Fund), Putnam RetirementReady 2045 Fund (2045 Fund), Putnam RetirementReady 2040 Fund (2040 Fund), Putnam RetirementReady 2035 Fund (2035 Fund), Putnam RetirementReady 2030 Fund (2030 Fund), Putnam RetirementReady 2025 Fund (2025 Fund) and Putnam RetirementReady Maturity Fund (Maturity Fund).

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.

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 dates, each fund may invest in the following funds:

---

| | |
|:---|:---|
| **As of January 31, 2023** | **Effective February 10, 2023** |
| Putnam Fixed Income Absolute Return Fund Class P <sup>§</sup> | Putnam Sustainable Leaders ETF |
| Putnam Multi-Asset Absolute Return Fund Class P <sup>Δ</sup> | Putnam Sustainable Future ETF |
| Putnam Dynamic Asset Allocation Balanced Fund Class P | Putnam PanAgora ESG International Equity ETF |
| Putnam Dynamic Asset Allocation Conservative Fund Class P | Putnam PanAgora ESG Emerging Markets Equity ETF |
| Putnam Dynamic Asset Allocation Equity Fund Class P | Putnam ESG Core Bond ETF |
| Putnam Dynamic Asset Allocation Growth Fund Class P | Putnam ESG High Yield ETF |
| Putnam Government Money Market Fund Class G | Putnam ESG Ultra Short ETF |
|  | Putnam Government Money Market Fund Class P |

---

<sup>§</sup> Effective 2/28/23, the fund was renamed Putnam Core Bond Fund.

<sup>Δ</sup> Effective 2/17/23, the fund merged into Putnam Multi-Asset Income Fund.

108 Sustainable Retirement Funds

------

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%<sup>†</sup> | sales charge |  |
|  |  |  | Converts to class A shares |
| Class B<sup>\*‡</sup> |  | 5.00% phased out over six years | after 8 years |
|  |  |  | Converts to class A shares |
| Class C |  | 1.00% eliminated after one year | after 8 years |
| Class R<sup>\*\*</sup> |  |  |  |
| Class R3<sup>\*\*</sup> |  |  |  |
| Class R4<sup>\*\*</sup> |  |  |  |
| Class R5<sup>\*\*</sup> |  |  |  |
| Class R6<sup>\*\*</sup> |  |  |  |
| Class Y<sup>\*\*</sup> |  |  |  |

---

<sup>\*</sup> Not available on 2065 Fund.

<sup>‡</sup> 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.

<sup>\*\*</sup> Not available to all investors.

<sup>†</sup> 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 each fund's Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, 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**

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 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 is in turn based on the NAVs of the underlying Putnam funds in which it invests, which are classified as Level 1 or Level 2 securities under Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* (ASC 820). The NAVs of

Sustainable Retirement Funds 109

------

the underlying Putnam funds are determined based on the policies contained in each underlying Putnam fund'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 scheduled 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.

Pursuant to federal income tax regulations applicable to regulated investment companies, Maturity Fund has elected to defer certain capital losses of $484,775 recognized during the period between November 1, 2021 and July 31, 2022 to its fiscal year ending July 31, 2023.

Pursuant to federal income tax regulations applicable to regulated investment companies, the following funds have elected to defer the following amounts to their fiscal year ending July 31, 2023 of late year ordinary losses ((i) ordinary losses recognized between January 1, 2022 and July 31, 2022, and (ii) specified ordinary and currency losses recognized between November 1, 2021 and July 31, 2022).

---

| | |
|:---|:---|
| 2055 Fund | $7866 |

---

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 | $14459 | $(47601) | $(33142) | $664145 |
| 2060 Fund | 304413 | (885821) | (581408) | 14569007 |
| 2055 Fund | 581924 | (6833286) | (6251362) | 53783253 |
| 2050 Fund | 1404811 | (13463903) | (12059092) | 106941257 |
| 2045 Fund | 1464390 | (16942881) | (15478491) | 150030592 |
| 2040 Fund | 3415080 | (25648325) | (22233245) | 220346579 |
| 2035 Fund | 1184489 | (26822008) | (25637519) | 219902745 |
| 2030 Fund | 890286 | (36576169) | (35685883) | 277413973 |
| 2025 Fund | 815765 | (27634824) | (26819059) | 234515034 |
| Maturity Fund | 292817 | (42713734) | (42420917) | 267549746 |

---

110 Sustainable Retirement Funds

------

**Distributions to shareholders** Each fund normally distributes any net investment income and any net realized capital gains annually, except Maturity Fund, which normally distributes any net investment income monthly and any net realized capital gains annually. 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% |

---

Putnam Management has contractually agreed to waive fees and/or reimburse expenses of each fund through at least November 30, 2025 (with the exception of 2060 Fund, where the contractual agreement is through November 30, 2032) in an amount equal to the fund's acquired fund fees and expenses. As of February 1, 2023 the contractual agreement will be through the following: February 10, 2026 for all the funds (with the exception of 2060 Fund, where the contractual agreement is through February 10, 2033). 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 | $1621 |
| 2060 Fund | 39425 |
| 2055 Fund | 138405 |
| 2050 Fund | 279148 |
| 2045 Fund | 404253 |
| 2040 Fund | 589108 |
| 2035 Fund | 545750 |
| 2030 Fund | 669622 |
| 2025 Fund | 567091 |
| Maturity Fund | 652813 |

---

Sustainable Retirement Funds 111

------

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, 2025 for all funds (with the exception of 2060 Fund, where the contractual agreement is through November 30, 2032) 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. Effective February 1, 2023 the contractual agreement is through February 10, 2026 for all funds (with the exception of 2060 Fund, where the contractual agreement is through February 10, 2033).

---

| | | |
|:---|:---|:---|
|  | **Prior to February 1, 2023** | **Effective February 1, 2023** |
| A | 0.65% | 0.60% |
| B (N/A 2065 Fund) | 0.65% | 0.60% |
| C | 0.65% | 0.60% |
| R | 0.80% | 0.75% |
| R3 | 0.80% | 0.75% |
| R4 | 0.80% | 0.75% |
| R5 | 0.65% | 0.60% |
| R6 | 0.55% | 0.50% |
| Y | 0.65% | 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 | $39315 |
| 2060 Fund | 45231 |
| 2055 Fund | 55284 |
| 2050 Fund | 65674 |
| 2045 Fund | 67252 |
| 2040 Fund | 65323 |
| 2035 Fund | 54385 |
| 2030 Fund | 48731 |
| 2025 Fund | 38309 |
| Maturity Fund | 22881 |

---

Putnam Investments Limited (PIL), an affiliate of Putnam Management, 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.

112 Sustainable Retirement Funds

------

Putnam Investor Services, Inc. provides investor servicing agent functions to each fund 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 | $53 | $125 | $14 | $14 | $14 | $6 | $22 | $7 | **$255** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $645 | $9 | $173 | $21 | $57 | $59 | $6 | $235 | $5727 | **$6932** |
| 2055 Fund | 2949 | 32 | 370 | 61 | 3892 | 429 | 6 | 749 | 18120 | **$26608** |
| 2050 Fund | 4205 | 63 | 553 | 684 | 2453 | 243 | 6 | 1197 | 42189 | **$51593** |
| 2045 Fund | 7098 | 242 | 418 | 65 | 4084 | 928 | 6 | 1326 | 62332 | **$76499** |
| 2040 Fund | 9626 | 177 | 494 | 191 | 4634 | 1028 | 6 | 1703 | 97177 | **$115036** |
| 2035 Fund | 13116 | 112 | 693 | 700 | 6854 | 1113 | 6 | 1909 | 88461 | **$112964** |
| 2030 Fund | 14231 | 106 | 518 | 537 | 7276 | 3699 | 6 | 2245 | 115069 | **$143687** |
| 2025 Fund | 14491 | 113 | 973 | 935 | 4590 | 1779 | 6 | 1301 | 99621 | **$123809** |
| Maturity Fund | 15519 | 105 | 603 | 862 | 2323 | 293 | 6 | 451 | 125754 | **$145916** |

---

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 Putnam Investments, LLC, 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 | $107 | $1007 | $25 | $13 | **$1152** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $1302 | $75 | $1396 | $39 | $52 | **$2864** |
| 2055 Fund | 5949 | 262 | 2986 | 111 | 3567 | **$12875** |
| 2050 Fund | 8486 | 508 | 4462 | 1254 | 2248 | **$16958** |
| 2045 Fund | 14321 | 1953 | 3373 | 118 | 3742 | **$23507** |
| 2040 Fund | 19419 | 1428 | 3985 | 351 | 4248 | **$29431** |
| 2035 Fund | 26461 | 902 | 5589 | 1283 | 6284 | **$40519** |
| 2030 Fund | 28710 | 851 | 4175 | 984 | 6670 | **$41390** |
| 2025 Fund | 29228 | 913 | 7850 | 1714 | 4207 | **$43912** |
| Maturity Fund | 31294 | 844 | 4867 | 1580 | 2129 | **$40714** |

---

Sustainable Retirement Funds 113

------

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 | $231 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** |  |  |
|  | **Net commissions** | **Class B CDSC** | **Class C CDSC** |
| 2060 Fund | $1129 | $— | $29 |
| 2055 Fund | 3300 |  | 15 |
| 2050 Fund | 2852 |  |  |
| 2045 Fund | 2758 |  |  |
| 2040 Fund | 2868 |  | 91 |
| 2035 Fund | 5279 | 12 | 37 |
| 2030 Fund | 3673 | 3 | 10 |
| 2025 Fund | 2355 | 16 |  |
| Maturity Fund | 632 | 5 |  |

---

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 | $— |
| 2060 Fund | 9 |
| 2055 Fund | 39 |
| 2050 Fund | 25 |
| 2045 Fund | 54 |
| 2040 Fund |  |
| 2035 Fund |  |
| 2030 Fund | 4 |
| 2025 Fund | 29 |
| Maturity Fund |  |

---

114 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 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost of purchases** | **Proceeds from sales** |
| 2065 Fund | $302275 | $81115 |
| 2060 Fund | 7234186 | 4254037 |
| 2055 Fund | 12545683 | 7744208 |
| 2050 Fund | 19804715 | 11703561 |
| 2045 Fund | 32725938 | 23318244 |
| 2040 Fund | 51759591 | 39620244 |
| 2035 Fund | 56890646 | 39870375 |
| 2030 Fund | 77293104 | 59030332 |
| 2025 Fund | 96563632 | 77495289 |
| Maturity Fund | 46624366 | 55072287 |

---

**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 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8136 | $75507 | 4650 | $47340 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 521 | 4639 | 133 | 1483 |
|  | 8657 | 80146 | 4783 | 48823 |
| Shares repurchased | (299) | (2730) | (506) | (5344) |
| **Net increase** | **8358** | **$77416** | **4277** | **$43479** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5677 | $50119 | 10824 | $117093 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 950 | 8425 | 432 | 4799 |
|  | 6627 | 58544 | 11256 | 121892 |
| Shares repurchased | (1516) | (13640) | (6) | (60) |
| **Net increase** | **5111** | **$44904** | **11250** | **$121832** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 43 | 390 | 52 | 576 |
|  | 43 | 390 | 52 | 576 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **43** | **$390** | **52** | **$576** |

---

Sustainable Retirement Funds 115

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 47 | 416 | 54 | 603 |
|  | 47 | 416 | 54 | 603 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **47** | **$416** | **54** | **$603** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 50 | 444 | 56 | 630 |
|  | 50 | 444 | 56 | 630 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **50** | **$444** | **56** | **$630** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 51 | 459 | 58 | 647 |
|  | 51 | 459 | 58 | 647 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **51** | **$459** | **58** | **$647** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 15004 | $141069 | 11748 | $121499 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 1004 | 8972 | 246 | 2754 |
|  | 16008 | 150041 | 11994 | 124253 |
| Shares repurchased | (5674) | (53822) | (1741) | (19727) |
| **Net increase** | **10334** | **$96219** | **10253** | **$104526** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 130 | $1212 | 117 | $1140 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 62 | 557 | 58 | 647 |
|  | 192 | 1769 | 175 | 1787 |
| Shares repurchased | (3) | (25) |  |  |
| **Net increase** | **189** | **$1744** | **175** | **$1787** |

---

116 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2060 Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 17473 | $184563 | 21525 | $263959 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 6585 | 65781 | 9439 | 119975 |
|  | 24058 | 250344 | 30964 | 383934 |
| Shares repurchased | (4703) | (49216) | (7823) | (97208) |
| **Net increase** | **19355** | **$201128** | **23141** | **$286726** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 80 | 794 | 157 | 1990 |
|  | 80 | 794 | 157 | 1990 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **80** | **$794** | **157** | **$1990** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2548 | $26447 | 4890 | $58994 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 1509 | 14853 | 2978 | 37291 |
|  | 4057 | 41300 | 7868 | 96285 |
| Shares repurchased | (3461) | (34851) | (1871) | (22177) |
| **Net increase** | **596** | **$6449** | **5997** | **$74108** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 86 | 860 | 164 | 2102 |
|  | 86 | 860 | 164 | 2102 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **86** | **$860** | **164** | **$2102** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 569 | $6049 | 702 | $8765 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 257 | 2581 | 395 | 5049 |
|  | 826 | 8630 | 1097 | 13814 |
| Shares repurchased | (13) | (131) | (289) | (3705) |
| **Net increase** | **813** | **$8499** | **808** | **$10109** |

---

Sustainable Retirement Funds 117

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1627 | $17366 | 858 | $10187 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 308 | 3095 | 334 | 4263 |
|  | 1935 | 20461 | 1192 | 14450 |
| Shares repurchased | (11) | (115) | (193) | (2331) |
| **Net increase** | **1924** | **$20346** | **999** | **$12119** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 63 | 628 | 112 | 1432 |
|  | 63 | 628 | 112 | 1432 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **63** | **$628** | **112** | **$1432** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 28208 | $302053 | 67112 | $819790 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 12261 | 123223 | 16192 | 206937 |
|  | 40469 | 425276 | 83304 | 1026727 |
| Shares repurchased | (22146) | (237892) | (18611) | (231894) |
| **Net increase** | **18323** | **$187384** | **64693** | **$794833** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 541362 | $5823174 | 709969 | $8605860 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 62452 | 625141 | 50999 | 649732 |
|  | 603814 | 6448315 | 760968 | 9255592 |
| Shares repurchased | (336056) | (3631499) | (319250) | (3846375) |
| **Net increase** | **267758** | **$2816816** | **441718** | **$5409217** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2055 Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 56596 | $605077 | 110471 | $1344823 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 44714 | 433282 | 42780 | 542027 |
|  | 101310 | 1038359 | 153251 | 1886850 |
| Shares repurchased | (41095) | (443020) | (35792) | (433881) |
| **Net increase** | **60215** | **$595339** | **117459** | **$1452969** |

---

118 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 146 | $1484 |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 427 | 4106 | 790 | 9910 |
|  | 573 | 5590 | 790 | 9910 |
| Shares repurchased | (1181) | (12569) | (2541) | (32273) |
| **Net decrease** | **(608)** | **$(6979)** | **(1751)** | **$(22363)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5897 | $58173 | 6047 | $71960 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 5258 | 49270 | 10437 | 127744 |
|  | 11155 | 107443 | 16484 | 199704 |
| Shares repurchased | (3901) | (39800) | (47339) | (534126) |
| **Net increase (decrease)** | **7254** | **$67643** | **(30855)** | **$(334422)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1192 | $12883 | 2040 | $25485 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 407 | 4069 | 193 | 2514 |
|  | 1599 | 16952 | 2233 | 27999 |
| Shares repurchased | (63) | (710) | (10900) | (152099) |
| **Net increase (decrease)** | **1536** | **$16242** | **(8667)** | **$(124100)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 37135 | $395943 | 70713 | $881261 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 22304 | 218134 | 27596 | 352405 |
|  | 59439 | 614077 | 98309 | 1233666 |
| Shares repurchased | (63343) | (632385) | (50620) | (643410) |
| **Net increase (decrease)** | **(3904)** | **$(18308)** | **47689** | **$590256** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1763 | $18753 | 3469 | $41685 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 2901 | 28374 | 3095 | 39525 |
|  | 4664 | 47127 | 6564 | 81210 |
| Shares repurchased | (721) | (7862) | (2425) | (29615) |
| **Net increase** | **3943** | **$39265** | **4139** | **$51595** |

---

Sustainable Retirement Funds 119

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 93 | 909 | 104 | 1336 |
|  | 93 | 909 | 104 | 1336 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **93** | **$909** | **104** | **$1336** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 50931 | $547245 | 89447 | $1097303 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 57144 | 558869 | 55767 | 712143 |
|  | 108075 | 1106114 | 145214 | 1809446 |
| Shares repurchased | (37095) | (389472) | (50388) | (680459) |
| **Net increase** | **70980** | **$716642** | **94826** | **$1128987** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 726398 | $7829829 | 1370372 | $17397526 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 282801 | 2774277 | 247836 | 3174779 |
|  | 1009199 | 10604106 | 1618208 | 20572305 |
| Shares repurchased | (455287) | (4928590) | (562871) | (6978137) |
| **Net increase** | **553912** | **$5675516** | **1055337** | **$13594168** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2050 Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 19652 | $338103 | 44345 | $908711 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 49826 | 776295 | 36607 | 762523 |
|  | 69478 | 1114398 | 80952 | 1671234 |
| Shares repurchased | (19724) | (350212) | (37149) | (788328) |
| **Net increase** | **49754** | **$764186** | **43803** | **$882906** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 555 | 8503 | 1018 | 20746 |
|  | 555 | 8503 | 1018 | 20746 |
| Shares repurchased | (2689) | (46351) | (8157) | (167556) |
| **Net decrease** | **(2134)** | **$(37848)** | **(7139)** | **$(146810)** |

---

120 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4226 | $69164 | 8593 | $165488 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 6888 | 102221 | 4670 | 93205 |
|  | 11114 | 171385 | 13263 | 258693 |
| Shares repurchased | (1749) | (28910) | (12337) | (254352) |
| **Net increase** | **9365** | **$142475** | **926** | **$4341** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1638 | $27759 | 4781 | $90340 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 3861 | 58487 | 2311 | 46975 |
|  | 5499 | 86246 | 7092 | 137315 |
| Shares repurchased | (1) | (20) | (13756) | (303514) |
| **Net increase (decrease)** | **5498** | **$86226** | **(6664)** | **$(166199)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9306 | $161082 | 23123 | $479160 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 11119 | 172685 | 18513 | 384144 |
|  | 20425 | 333767 | 41636 | 863304 |
| Shares repurchased | (40471) | (689170) | (97594) | (2041973) |
| **Net decrease** | **(20046)** | **$(355403)** | **(55958)** | **$(1178669)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1628 | $27734 | 2981 | $60668 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 1387 | 21543 | 762 | 15835 |
|  | 3015 | 49277 | 3743 | 76503 |
| Shares repurchased | (52) | (869) | (2342) | (51522) |
| **Net increase** | **2963** | **$48408** | **1401** | **$24981** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 75 | 1176 | 57 | 1181 |
|  | 75 | 1176 | 57 | 1181 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **75** | **$1176** | **57** | **$1181** |

---

Sustainable Retirement Funds 121

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 19071 | $330291 | 52381 | $1045426 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 73466 | 1140194 | 55291 | 1147279 |
|  | 92537 | 1470485 | 107672 | 2192705 |
| Shares repurchased | (12563) | (222281) | (59040) | (1184905) |
| **Net increase** | **79974** | **$1248204** | **48632** | **$1007800** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 735742 | $12610421 | 1378537 | $28437742 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 526087 | 8159612 | 374522 | 7767576 |
|  | 1261829 | 20770033 | 1753059 | 36205318 |
| Shares repurchased | (433893) | (7526999) | (1008529) | (20064503) |
| **Net increase** | **827936** | **$13243034** | **744530** | **$16140815** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2045 Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 73826 | $1424815 | 56362 | $1241578 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 93169 | 1543817 | 64583 | 1431815 |
|  | 166995 | 2968632 | 120945 | 2673393 |
| Shares repurchased | (35386) | (674145) | (89587) | (2013243) |
| **Net increase** | **131609** | **$2294487** | **31358** | **$660150** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 12 | $226 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 3895 | 54475 | 3122 | 59817 |
|  | 3895 | 54475 | 3134 | 60043 |
| Shares repurchased | (2070) | (32445) | (3219) | (65213) |
| **Net increase (decrease)** | **1825** | **$22030** | **(85)** | **$(5170)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2393 | $36810 | 3796 | $71310 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 6782 | 94811 | 6031 | 115441 |
|  | 9175 | 131621 | 9827 | 186751 |
| Shares repurchased | (5498) | (82979) | (15355) | (281833) |
| **Net increase (decrease)** | **3677** | **$48642** | **(5528)** | **$(95082)** |

---

122 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 459 | $8938 | 1445 | $33360 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 328 | 5802 | 311 | 7294 |
|  | 787 | 14740 | 1756 | 40654 |
| Shares repurchased | (2) | (38) | (4686) | (106728) |
| **Net increase (decrease)** | **785** | **$14702** | **(2930)** | **$(66074)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 11718 | $281300 | 31200 | $828677 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 11070 | 243651 | 12749 | 362708 |
|  | 22788 | 524951 | 43949 | 1191385 |
| Shares repurchased | (42662) | (1009379) | (50905) | (1427722) |
| **Net decrease** | **(19874)** | **$(484428)** | **(6956)** | **$(236337)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4938 | $121490 | 3930 | $108847 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 3361 | 73902 | 2778 | 79036 |
|  | 8299 | 195392 | 6708 | 187883 |
| Shares repurchased | (1676) | (40212) | (7569) | (204197) |
| **Net increase (decrease)** | **6623** | **$155180** | **(861)** | **$(16314)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 46 | 1018 | 37 | 1045 |
|  | 46 | 1018 | 37 | 1045 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **46** | **$1018** | **37** | **$1045** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 17402 | $419044 | 40600 | $1118991 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 50087 | 1101418 | 37950 | 1079677 |
|  | 67489 | 1520462 | 78550 | 2198668 |
| Shares repurchased | (11848) | (287548) | (29249) | (844448) |
| **Net increase** | **55641** | **$1232914** | **49301** | **$1354220** |

---

Sustainable Retirement Funds 123

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 816153 | $19809825 | 1965959 | $54453754 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 471766 | 10378854 | 314204 | 8942250 |
|  | 1287919 | 30188679 | 2280163 | 63396004 |
| Shares repurchased | (650493) | (15687019) | (1060280) | (28740694) |
| **Net increase** | **637426** | **$14501660** | **1219883** | **$34655310** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2040 Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 21885 | $449970 | 62079 | $1501779 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 126565 | 2271840 | 70022 | 1684028 |
|  | 148450 | 2721810 | 132101 | 3185807 |
| Shares repurchased | (30318) | (624699) | (84401) | (2074275) |
| **Net increase** | **118132** | **$2097111** | **47700** | **$1111532** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 723 | $11628 |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 2923 | 45130 | 1809 | 38320 |
|  | 3646 | 56758 | 1809 | 38320 |
| Shares repurchased | (778) | (13835) | (9566) | (214250) |
| **Net increase (decrease)** | **2868** | **$42923** | **(7757)** | **$(175930)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3402 | $58290 | 9948 | $206049 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 8958 | 133749 | 4520 | 93194 |
|  | 12360 | 192039 | 14468 | 299243 |
| Shares repurchased | (1719) | (29270) | (7926) | (155780) |
| **Net increase** | **10641** | **$162769** | **6542** | **$143463** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 514 | $11037 | 4404 | $108830 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 1020 | 19488 | 209 | 5313 |
|  | 1534 | 30525 | 4613 | 114143 |
| Shares repurchased | (226) | (5139) | (8995) | (240459) |
| **Net increase (decrease)** | **1308** | **$25386** | **(4382)** | **$(126316)** |

---

124 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8405 | $214111 | 18284 | $529830 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 18042 | 409923 | 10360 | 305422 |
|  | 26447 | 624034 | 28644 | 835252 |
| Shares repurchased | (2763) | (66860) | (25668) | (758030) |
| **Net increase** | **23684** | **$557174** | **2976** | **$77222** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2230 | $57002 | 4920 | $140069 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 4106 | 93242 | 2005 | 59074 |
|  | 6336 | 150244 | 6925 | 199143 |
| Shares repurchased | (2032) | (49532) | (6866) | (215815) |
| **Net increase (decrease)** | **4304** | **$100712** | **59** | **$(16672)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 54 | 1221 | 31 | 921 |
|  | 54 | 1221 | 31 | 921 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **54** | **$1221** | **31** | **$921** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 36139 | $899051 | 39113 | $1119527 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 73308 | 1664817 | 41525 | 1223325 |
|  | 109447 | 2563868 | 80638 | 2342852 |
| Shares repurchased | (98774) | (2409262) | (12376) | (358784) |
| **Net increase** | **10673** | **$154606** | **68262** | **$1984068** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1045004 | $26477268 | 1745646 | $50116854 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 853891 | 19349164 | 469272 | 13801281 |
|  | 1898895 | 45826432 | 2214918 | 63918135 |
| Shares repurchased | (886217) | (22405499) | (1505462) | (43347973) |
| **Net increase** | **1012678** | **$23420933** | **709456** | **$20570162** |

---

Sustainable Retirement Funds 125

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2035 Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 27215 | $555783 | 76714 | $1807114 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 130283 | 2389390 | 105454 | 2439141 |
|  | 157498 | 2945173 | 182168 | 4246255 |
| Shares repurchased | (21027) | (422442) | (114450) | (2708189) |
| **Net increase** | **136471** | **$2522731** | **67718** | **$1538066** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 251 | $5729 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 1257 | 20287 | 1815 | 37372 |
|  | 1257 | 20287 | 2066 | 43101 |
| Shares repurchased | (2844) | (52020) | (6547) | (132409) |
| **Net decrease** | **(1587)** | **$(31733)** | **(4481)** | **$(89308)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5000 | $88234 | 10690 | $217924 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 8653 | 137150 | 6637 | 135138 |
|  | 13653 | 225384 | 17327 | 353062 |
| Shares repurchased | (5608) | (99877) | (10192) | (209920) |
| **Net increase** | **8045** | **$125507** | **7135** | **$143142** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 723 | $13968 | 1245 | $27338 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 3488 | 60245 | 2587 | 56762 |
|  | 4211 | 74213 | 3832 | 84100 |
| Shares repurchased | (776) | (14511) | (14531) | (352593) |
| **Net increase (decrease)** | **3435** | **$59702** | **(10699)** | **$(268493)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 13617 | $337594 | 38095 | $1091915 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 19738 | 452583 | 19674 | 555005 |
|  | 33355 | 790177 | 57769 | 1646920 |
| Shares repurchased | (32664) | (815886) | (91725) | (2681642) |
| **Net increase (decrease)** | **691** | **$(25709)** | **(33956)** | **$(1034722)** |

---

126 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5293 | $129161 | 6270 | $174008 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 3483 | 79768 | 2374 | 66952 |
|  | 8776 | 208929 | 8644 | 240960 |
| Shares repurchased | (544) | (13872) | (783) | (21608) |
| **Net increase** | **8232** | **$195057** | **7861** | **$219352** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 41 | 955 | 35 | 978 |
|  | 41 | 955 | 35 | 978 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **41** | **$955** | **35** | **$978** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 11483 | $285234 | 36540 | $1010045 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 64258 | 1471509 | 55377 | 1561641 |
|  | 75741 | 1756743 | 91917 | 2571686 |
| Shares repurchased | (33944) | (856823) | (51347) | (1444465) |
| **Net increase** | **41797** | **$899920** | **40570** | **$1127221** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1192092 | $29687376 | 2665788 | $74335695 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 611613 | 13993709 | 445724 | 12560509 |
|  | 1803705 | 43681085 | 3111512 | 86896204 |
| Shares repurchased | (968210) | (23922676) | (1779189) | (48980122) |
| **Net increase** | **835495** | **$19758409** | **1332323** | **$37916082** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2030 Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 70353 | $1409258 | 93889 | $2065922 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 138762 | 2494933 | 95630 | 2104825 |
|  | 209115 | 3904191 | 189519 | 4170747 |
| Shares repurchased | (62394) | (1247331) | (111266) | (2496550) |
| **Net increase** | **146721** | **$2656860** | **78253** | **$1674197** |

---

Sustainable Retirement Funds 127

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 87 | $1643 | 1 | $22 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 1046 | 17474 | 955 | 19665 |
|  | 1133 | 19117 | 956 | 19687 |
| Shares repurchased | (1706) | (31284) | (3952) | (83603) |
| **Net decrease** | **(573)** | **$(12167)** | **(2996)** | **$(63916)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3088 | $54941 | 6674 | $137533 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 5684 | 93273 | 4592 | 93227 |
|  | 8772 | 148214 | 11266 | 230760 |
| Shares repurchased | (5277) | (97549) | (25037) | (528041) |
| **Net increase (decrease)** | **3495** | **$50665** | **(13771)** | **$(297281)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 481 | $8804 | 1520 | $32301 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 2796 | 45992 | 2190 | 44586 |
|  | 3277 | 54796 | 3710 | 76887 |
| Shares repurchased | (333) | (5602) | (9366) | (199482) |
| **Net increase (decrease)** | **2944** | **$49194** | **(5656)** | **$(122595)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 16357 | $381676 | 23408 | $602855 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 23231 | 499934 | 20688 | 534777 |
|  | 39588 | 881610 | 44096 | 1137632 |
| Shares repurchased | (19678) | (476100) | (81530) | (2130830) |
| **Net increase (decrease)** | **19910** | **$405510** | **(37434)** | **$(993198)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3656 | $85148 | 4068 | $103800 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 11968 | 257429 | 8399 | 217029 |
|  | 15624 | 342577 | 12467 | 320829 |
| Shares repurchased | (2238) | (51646) | (4443) | (119771) |
| **Net increase** | **13386** | **$290931** | **8024** | **$201058** |

---

128 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 44 | 949 | 32 | 825 |
|  | 44 | 949 | 32 | 825 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **44** | **$949** | **32** | **$825** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 31822 | $753800 | 58317 | $1475929 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 80983 | 1741945 | 55766 | 1440989 |
|  | 112805 | 2495745 | 114083 | 2916918 |
| Shares repurchased | (24260) | (568786) | (39842) | (1057927) |
| **Net increase** | **88545** | **$1926959** | **74241** | **$1858991** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1579301 | $36968567 | 2626666 | $67382328 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 840672 | 18040829 | 608083 | 15682458 |
|  | 2419973 | 55009396 | 3234749 | 83064786 |
| Shares repurchased | (1570685) | (36490223) | (2612298) | (66804004) |
| **Net increase** | **849288** | **$18519173** | **622451** | **$16260782** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2025 Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 80316 | $1606078 | 211051 | $4620165 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 111866 | 2048270 | 77309 | 1649010 |
|  | 192182 | 3654348 | 288360 | 6269175 |
| Shares repurchased | (89492) | (1739928) | (199882) | (4242014) |
| **Net increase** | **102690** | **$1914420** | **88478** | **$2027161** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 807 | 13500 | 1021 | 19962 |
|  | 807 | 13500 | 1021 | 19962 |
| Shares repurchased | (4039) | (72901) | (5386) | (104384) |
| **Net decrease** | **(3232)** | **$(59401)** | **(4365)** | **$(84422)** |

---

Sustainable Retirement Funds 129

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4281 | $76552 | 31036 | $586866 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 8663 | 142165 | 4819 | 93106 |
|  | 12944 | 218717 | 35855 | 679972 |
| Shares repurchased | (2177) | (38643) | (32141) | (618761) |
| **Net increase** | **10767** | **$180074** | **3714** | **$61211** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1360 | $24739 | 4295 | $82940 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 3936 | 66049 | 2304 | 45411 |
|  | 5296 | 90788 | 6599 | 128351 |
| Shares repurchased | (13464) | (225987) | (3566) | (73332) |
| **Net increase (decrease)** | **(8168)** | **$(135199)** | **3033** | **$55019** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 10325 | $202371 | 18231 | $389114 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 15463 | 282826 | 11586 | 246781 |
|  | 25788 | 485197 | 29817 | 635895 |
| Shares repurchased | (15366) | (307074) | (99044) | (2196995) |
| **Net increase (decrease)** | **10422** | **$178123** | **(69227)** | **$(1561100)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3100 | $60469 | 4582 | $97500 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 6183 | 112833 | 4016 | 85413 |
|  | 9283 | 173302 | 8598 | 182913 |
| Shares repurchased | (2931) | (58831) | (3558) | (79224) |
| **Net increase** | **6352** | **$114471** | **5040** | **$103689** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 48 | 875 | 32 | 686 |
|  | 48 | 875 | 32 | 686 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **48** | **$875** | **32** | **$686** |

---

130 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9358 | $184238 | 32087 | $677476 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 50655 | 924453 | 34223 | 727914 |
|  | 60013 | 1108691 | 66310 | 1405390 |
| Shares repurchased | (23927) | (479452) | (25061) | (544385) |
| **Net increase** | **36086** | **$629239** | **41249** | **$861005** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3076845 | $60068561 | 4703012 | $99603305 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 802226 | 14624573 | 500050 | 10621061 |
|  | 3879071 | 74693134 | 5203062 | 110224366 |
| Shares repurchased | (2857849) | (55695209) | (4312399) | (91571062) |
| **Net increase** | **1021222** | **$18997925** | **890663** | **$18653304** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Maturity Fund** |  |  |  |  |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 36418 | $567675 | 65774 | $1099645 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 98784 | 1489114 | 60623 | 1017033 |
|  | 135202 | 2056789 | 126397 | 2116678 |
| Shares repurchased | (132734) | (2077193) | (216741) | (3612716) |
| **Net increase (decrease)** | **2468** | **$(20404)** | **(90344)** | **$(1496038)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 173 | $2817 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 531 | 7770 | 799 | 13097 |
|  | 531 | 7770 | 972 | 15914 |
| Shares repurchased | (5146) | (79127) | (19493) | (314974) |
| **Net decrease** | **(4615)** | **$(71357)** | **(18521)** | **$(299060)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1267 | $19394 | 3527 | $57797 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 3800 | 55725 | 2545 | 41798 |
|  | 5067 | 75119 | 6072 | 99595 |
| Shares repurchased | (9349) | (144049) | (35229) | (579438) |
| **Net decrease** | **(4282)** | **$(68930)** | **(29157)** | **$(479843)** |

---

Sustainable Retirement Funds 131

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 411 | $6426 | 1121 | $18525 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 2039 | 30694 | 1410 | 23639 |
|  | 2450 | 37120 | 2531 | 42164 |
| Shares repurchased | (12500) | (197993) | (1194) | (20727) |
| **Net increase (decrease)** | **(10050)** | **$(160873)** | **1337** | **$21437** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R3** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7909 | $125033 | 18949 | $319636 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 6325 | 95715 | 4349 | 73242 |
|  | 14234 | 220748 | 23298 | 392878 |
| Shares repurchased | (29502) | (467358) | (52182) | (895175) |
| **Net decrease** | **(15268)** | **$(246610)** | **(28884)** | **$(502297)** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R4** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 648 | $10195 | 1057 | $17691 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 874 | 13222 | 496 | 8340 |
|  | 1522 | 23417 | 1553 | 26031 |
| Shares repurchased | (1452) | (22966) | (301) | (5163) |
| **Net increase** | **70** | **$451** | **1252** | **$20868** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R5** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 40 | 607 | 24 | 394 |
|  | 40 | 607 | 24 | 394 |
| Shares repurchased |  |  |  |  |
| **Net increase** | **40** | **$607** | **24** | **$394** |
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4507 | $71419 | 28865 | $493117 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 15206 | 230291 | 10205 | 171733 |
|  | 19713 | 301710 | 39070 | 664850 |
| Shares repurchased | (22654) | (345791) | (80212) | (1352523) |
| **Net decrease** | **(2941)** | **$(44081)** | **(41142)** | **$(687673)** |

---

132 Sustainable Retirement Funds

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 688118 | $10803843 | 2412688 | $40588299 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 804201 | 12180180 | 568592 | 9570793 |
|  | 1492319 | 22984023 | 2981280 | 50159092 |
| Shares repurchased | (2161356) | (34055417) | (4721796) | (79161018) |
| **Net decrease** | **(669037)** | **$(11071394)** | **(1740516)** | **$(29001926)** |

---

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 A | 1107 | 7.81% | $10494 |
| 2065 Fund class C | 1096 | 4.61 | 10335 |
| 2065 Fund class R | 1095 | 100.00 | 10408 |
| 2065 Fund class R3 | 1101 | 100.00 | 10463 |
| 2065 Fund class R4 | 1106 | 100.00 | 10517 |
| 2065 Fund class R5 | 1109 | 100.00 | 10549 |
| 2065 Fund class R6 | 1112 | 4.87 | 10575 |
| 2065 Fund class Y | 1109 | 81.30 | 10547 |
| 2060 Fund class B | 1475 | 100.00 | 15575 |
| 2060 Fund class R | 1505 | 100.00 | 16095 |
| 2060 Fund class R3 | 980 | 22.34 | 10457 |
| 2060 Fund class R4 | 985 | 18.96 | 10510 |
| 2060 Fund class R5 | 987 | 100.00 | 10542 |
| 2055 Fund class R4 | 1009 | 3.12 | 10463 |
| 2055 Fund class R5 | 1012 | 100.00 | 10503 |
| 2050 Fund class R4 | 635 | 5.17 | 10420 |
| 2050 Fund class R5 | 637 | 100.00 | 10456 |
| 2045 Fund class R5 | 450 | 100.00 | 10410 |
| 2040 Fund class R5 | 436 | 100.00 | 10343 |
| 2035 Fund class R5 | 431 | 100.00 | 10245 |
| 2030 Fund class R5 | 458 | 100.00 | 10131 |
| 2025 Fund class R5 | 536 | 100.00 | 9995 |
| Maturity Fund class R5 | 645 | 100.00 | 9865 |

---

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 | 32.7%, 13.9%, 13.6%, 7.3% |
| 2060 Fund | 14.0% |
| 2055 Fund | 13.2% |
| 2050 Fund | 9.6% |
| 2045 Fund | 7.8% |
| 2040 Fund | 6.0% |
| 2035 Fund | 7.2% |
| 2030 Fund | 7.1% |

---

Sustainable Retirement Funds 133

------

---

| | |
|:---|:---|
| **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 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $2338 | $1865 | $530 | $130 | $— | $(66) | $(25) | 431 | $3582 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 37655 | 36645 | 9934 | 7662 |  | (224) | (6032) | 6323 | 58110 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Equity Fund Class P | 303800 | 214518 | 55850 | 1014 | 13838 | (12677) | 16079 | 36828 | 465870 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Growth Fund Class P | 65577 | 44863 | 11448 | 938 | 868 | (2739) | 4379 | 5990 | 100632 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 1778 | 4384 | 3353 | 32 |  |  |  | 2809 | 2809 |
| **Totals** | **$411148** | **$302275** | **$81115** | **$9776** | **$14706** | **$(15706)** | **$14401** |  | **$631003** |
| **2060 Fund** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Change in** |  |  |
|  |  |  |  |  |  |  | **unrealized** | **Shares** |  |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **Capital gain** | **Realized** | **appreciation** | **outstanding** | **Fair value** |
| **Affiliates** | **of 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $84674 | $59093 | $34811 | $4160 | $— | $(2795) | $(455) | 12720 | $105706 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 1022838 | 859411 | 447057 | 183824 |  | (5730) | (143384) | 139943 | 1286078 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Equity Fund Class P | 7793917 | 4707297 | 2883092 | 22728 | 310121 | (809039) | 763910 | 756758 | 9572993 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Growth Fund Class P | 2216268 | 1510124 | 804623 | 28776 | 26639 | (212003) | 247244 | 176013 | 2957010 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 52005 | 98261 | 84454 | 880 |  |  |  | 65812 | 65812 |
| **Totals** | **$11169702** | **$7234186** | **$4254037** | **$240368** | **$336760** | **$(1029567)** | **$867315** |  | **$13987599** |
| **2055 Fund** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Change in** |  |  |
|  |  |  |  |  |  |  | **unrealized** | **Shares** |  |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **Capital gain** | **Realized** | **appreciation** | **outstanding** | **Fair value** |
| **Affiliates** | **of 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $618292 | $194307 | $115683 | $26779 | $— | $(15539) | $(6024) | 81270 | $675353 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 3981759 | 1739513 | 826357 | 627305 |  | (19711) | (492713) | 476876 | 4382491 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Equity Fund Class P | 23353185 | 5843765 | 4194052 | 59321 | 809450 | 170162 | (454222) | 1954058 | 24718838 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Growth Fund Class P | 15281283 | 4481804 | 2343701 | 172680 | 159276 | 22888 | 89254 | 1043543 | 17531528 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 201802 | 286294 | 264415 | 3606 |  |  |  | 223681 | 223681 |
| **Totals** | **$43436321** | **$12545683** | **$7744208** | **$889691** | **$968726** | **$157800** | **$(863705)** |  | **$47531891** |

---

134 Sustainable Retirement Funds Sustainable Retirement Funds 135

------

---

| | |
|:---|:---|
| **Note 5: Transactions with affiliated issuers** *cont.* | **Note 5: Transactions with affiliated issuers** *cont.* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2050 Fund** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Change in** |  |  |
|  |  |  |  |  |  |  | **unrealized** | **Shares** |  |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **Capital gain** | **Realized** | **appreciation** | **outstanding** | **Fair value** |
| **Affiliates** | **of 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $2012015 | $531117 | $219557 | $88734 | $— | $(27285) | $(42108) | 271261 | $2254182 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 8264031 | 3090662 | 1264242 | 1277196 |  | (40742) | (1001382) | 984584 | 9048327 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Equity Fund Class P | 30589686 | 5606012 | 4923730 | 75194 | 1026036 | 224102 | (685177) | 2435644 | 30810893 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Growth Fund Class P | 46792545 | 10040573 | 4797500 | 516156 | 477813 | (95504) | 378910 | 3114228 | 52319024 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 411920 | 536351 | 498532 | 6148 |  |  |  | 449739 | 449739 |
| **Totals** | **$88070197** | **$19804715** | **$11703561** | **$1963428** | **$1503849** | **$60571** | **$(1349757)** |  | **$94882165** |
| **2045 Fund** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Change in** |  |  |
|  |  |  |  |  |  |  | **unrealized** | **Shares** |  |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **Capital gain** | **Realized** | **appreciation** | **outstanding** | **Fair value** |
| **Affiliates** | **of 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $3544879 | $1041286 | $606613 | $151215 | $— | $(78437) | $(45087) | 464023 | $3856028 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 15578755 | 6188080 | 2760936 | 2430677 |  | (61705) | (1918535) | 1852629 | 17025659 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Balanced Fund Class P | 4222962 | 2354274 | 671010 | 40539 | 213335 | (190558) | 71671 | 410741 | 5787339 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Equity Fund Class P | 14737541 | 2851686 | 4031971 | 34474 | 470403 | (552410) | 179091 | 1042208 | 13183937 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Growth Fund Class P | 87539237 | 17486381 | 12834982 | 943819 | 873707 | 322632 | (257905) | 5491391 | 92255363 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 2052276 | 2804231 | 2412732 | 32399 |  |  |  | 2443775 | 2443775 |
| **Totals** | **$127675650** | **$32725938** | **$23318244** | **$3633123** | **$1557445** | **$(560478)** | **$(1970765)** |  | **$134552101** |
| **2040 Fund** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Change in** |  |  |
|  |  |  |  |  |  |  | **unrealized** | **Shares** |  |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **Capital gain** | **Realized** | **appreciation** | **outstanding** | **Fair value** |
| **Affiliates** | **of 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $9442421 | $2711606 | $1353643 | $414069 | $— | $(148475) | $(175298) | 1260723 | $10476611 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 31159487 | 11035078 | 5212073 | 4808499 |  | (197704) | (3716861) | 3598251 | 33067927 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Balanced Fund Class P | 39150969 | 14059011 | 5527710 | 359638 | 1834023 | (269136) | (1129244) | 3284875 | 46283890 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Growth Fund Class P | 106848234 | 17142480 | 20946746 | 1105581 | 1023453 | (653154) | 174689 | 6105089 | 102565503 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 5488059 | 6811416 | 6580072 | 81586 |  |  |  | 5719403 | 5719403 |
| **Totals** | **$192089170** | **$51759591** | **$39620244** | **$6769373** | **$2857476** | **$(1268469)** | **$(4846714)** |  | **$198113334** |

---

136 Sustainable Retirement Funds Sustainable Retirement Funds 137

------

---

| | |
|:---|:---|
| **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 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $17222617 | $4736915 | $2550425 | $750775 | $— | $(301253) | $(293033) | 2264118 | $18814821 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 37367432 | 13614772 | 6358565 | 5861989 |  | (281417) | (4504131) | 4334939 | 39838091 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Balanced Fund Class P | 87097187 | 22626119 | 12280278 | 783783 | 3949706 | (198640) | (3462508) | 6655918 | 93781880 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Conservative Fund Class P | 1864102 | 842970 | 275272 | 19543 | 79308 | (53691) | (41709) | 239877 | 2336400 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Growth Fund Class P | 36269780 | 6193778 | 10264262 | 364331 | 337266 | (1224930) | 802031 | 1891452 | 31776397 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 6983118 | 8876092 | 8141573 | 106959 |  |  |  | 7717637 | 7717637 |
| **Totals** | **$186804236** | **$56890646** | **$39870375** | **$7887380** | **$4366280** | **$(2059931)** | **$(7499350)** |  | **$194265226** |
| **2030 Fund** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Change in** |  |  |
|  |  |  |  |  |  |  | **unrealized** | **Shares** |  |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **Capital gain** | **Realized** | **appreciation** | **outstanding** | **Fair value** |
| **Affiliates** | **of 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $34569723 | $8822996 | $5870593 | $1484931 | $— | $(705678) | $(483856) | 4372153 | $36332592 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 59537807 | 20737369 | 11226698 | 9170364 |  | (549611) | (6943747) | 6698054 | 61555120 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Balanced Fund Class P | 105659880 | 22049366 | 22824661 | 913896 | 4461918 | (406003) | (4649075) | 7085132 | 99829507 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Conservative Fund Class P | 26906708 | 10718737 | 4657598 | 287685 | 1216053 | (803613) | (664895) | 3234018 | 31499339 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 11997678 | 14964636 | 14450782 | 177432 |  |  |  | 12511532 | 12511532 |
| **Totals** | **$238671796** | **$77293104** | **$59030332** | **$12034308** | **$5677971** | **$(2464905)** | **$(12741573)** |  | **$241728090** |
| **2025 Fund** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Change in** |  |  |
|  |  |  |  |  |  |  | **unrealized** | **Shares** |  |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **Capital gain** | **Realized** | **appreciation** | **outstanding** | **Fair value** |
| **Affiliates** | **of 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $44535018 | $18157292 | $13383014 | $1925522 | $— | $(1923811) | $404540 | 5750906 | $47790025 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 58461295 | 28029719 | 18502040 | 8987533 |  | (564479) | (6766368) | 6600449 | 60658127 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Balanced Fund Class P | 32608771 | 10486060 | 13603517 | 274711 | 1309312 | (3983490) | 2297735 | 1973425 | 27805559 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Conservative Fund Class P | 54829130 | 23508958 | 16047771 | 564299 | 2361276 | (3085495) | (23670) | 6076094 | 59181152 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 11838456 | 16381603 | 15958947 | 174920 |  |  |  | 12261112 | 12261112 |
| **Totals** | **$202272670** | **$96563632** | **$77495289** | **$11926985** | **$3670588** | **$(9557275)** | **$(4087763)** |  | **$207695975** |

---

138 Sustainable Retirement Funds Sustainable Retirement Funds 139

------

---

| | |
|:---|:---|
| **Note 5: Transactions with affiliated issuers** *cont.* | **Note 5: Transactions with affiliated issuers** *cont.* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Maturity Fund** |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Change in** |  |  |
|  |  |  |  |  |  |  | **unrealized** | **Shares** |  |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **Capital gain** | **Realized** | **appreciation** | **outstanding** | **Fair value** |
| **Affiliates** | **of 7/31/22** | **cost** | **proceeds** | **income** | **distributions** | **gain (loss)** | **(depreciation)** | **as of 1/31/23** | **as of 1/31/23** |
| Putnam Fixed Income Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>§</sup> | $74251546 | $6403244 | $11564245 | $2913474 | $— | $(1737630) | $(679596) | 8023264 | $66673319 |
| Putnam Multi-Asset Absolute |  |  |  |  |  |  |  |  |  |
| Return Fund Class P <sup>Δ</sup> | 73921982 | 14123281 | 12777292 | 10286651 |  | (289437) | (8074921) | 7280045 | 66903613 |
| Putnam Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| Conservative Fund Class P | 86558235 | 10018534 | 13322652 | 820350 | 3300846 | (1610400) | (3434576) | 8029686 | 78209141 |
| Putnam Government Money |  |  |  |  |  |  |  |  |  |
| Market Fund Class G | 14671547 | 16079307 | 17408098 | 203214 |  |  |  | 13342756 | 13342756 |
| **Totals** | **$249403310** | **$46624366** | **$55072287** | **$14223689** | **$3300846** | **$(3637467)** | **$(12189093)** |  | **$225128829** |

---

<sup>§</sup> Effective 2/28/23, the fund was renamed Putnam Core Bond Fund.

<sup>Δ</sup> Effective 2/17/23, the fund merged into Putnam Multi-Asset Income Fund.

**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 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.

The Covid–19 pandemic and efforts to contain its spread have resulted in, among other effects, significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, significant changes in fiscal and monetary policies, and economic downturns and recessions. The effects of the Covid–19 pandemic have negatively affected, and may continue to negatively affect, the global economy, the economies of the United States and other individual countries, the financial performance of individual issuers, sectors, industries, asset classes, and markets, and the value, volatility, and liquidity of particular securities and other assets. The effects of the Covid–19 pandemic also are likely to exacerbate other risks that apply to the fund, which could negatively impact the fund's performance and lead to losses on your investment in the fund. The duration of the Covid–19 pandemic and its effects cannot be determined with certainty.

140 Sustainable Retirement Funds Sustainable Retirement Funds 141

------

**Putnam family of funds**

The following is a list of Putnam's open-end mutual funds offered to the public. *Investors should carefully consider the investment objective, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial advisor or call Putnam Investor Services at 1-800-225-1581. Please read the prospectus carefully before investing.*

---

| | |
|:---|:---|
| **Blend** | **Income** |
| Core Equity Fund | Convertible Securities Fund |
| Emerging Markets Equity Fund | Core Bond Fund |
| Focused Equity Fund | Diversified Income Trust |
| Focused International Equity Fund | Floating Rate Income Fund |
| International Capital Opportunities Fund | Global Income Trust |
| International Equity Fund | Government Money Market Fund<sup>\*</sup> |
| Research Fund | High Yield Fund |
|  | Income Fund |
| **Global Sector** | Money Market Fund<sup>†</sup> |
| Global Health Care Fund | Mortgage Opportunities Fund |
| Global Technology Fund | Mortgage Securities Fund |
|  | Short Duration Bond Fund |
| **Growth** | Ultra Short Duration Income Fund |
| Growth Opportunities Fund |  |
| Small Cap Growth Fund | **Tax-free Income** |
| Sustainable Future Fund | Intermediate-Term Municipal Income Fund |
| Sustainable Leaders Fund | Short-Term Municipal Income Fund |
|  | Strategic Intermediate Municipal Fund |
| **Value** | Tax Exempt Income Fund |
| International Value Fund | Tax-Free High Yield Fund |
| Large Cap Value Fund |  |
| Small Cap Value Fund | *State tax-free income funds:*<sup>‡</sup> |
|  | California, Massachusetts, Minnesota, |
|  | New Jersey, New York, Ohio, and Pennsylvania |

---

142 Sustainable Retirement Funds

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Asset Allocation** *(cont.)* |
| George Putnam Balanced Fund | Retirement Advantage Maturity Fund |
|  | Retirement Advantage 2065 Fund |
| Dynamic Asset Allocation Balanced Fund | Retirement Advantage 2060 Fund |
| Dynamic Asset Allocation Conservative Fund | Retirement Advantage 2055 Fund |
| Dynamic Asset Allocation Growth Fund | Retirement Advantage 2050 Fund |
|  | Retirement Advantage 2045 Fund |
| Multi-Asset Income Fund | Retirement Advantage 2040 Fund |
|  | Retirement Advantage 2035 Fund |
|  | Retirement Advantage 2030 Fund |
|  | Retirement Advantage 2025 Fund |
|  | Sustainable Retirement Maturity Fund |
|  | Sustainable Retirement 2065 Fund |
|  | Sustainable Retirement 2060 Fund |
|  | Sustainable Retirement 2055 Fund |
|  | Sustainable Retirement 2050 Fund |
|  | Sustainable Retirement 2045 Fund |
|  | Sustainable Retirement 2040 Fund |
|  | Sustainable Retirement 2035 Fund |
|  | Sustainable Retirement 2030 Fund |
|  | Sustainable Retirement 2025 Fund |

---

<sup>\*</sup> **You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>†</sup> **You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

**<sup>‡</sup> Not available in all states.**

**Check your account balances and the most recent month-end performance in the Individual Investors section at putnam.com.**

Sustainable Retirement Funds 143

------

**Services for shareholders**

**Investor services**

**Systematic investment plan** Tell us how much you wish to invest regularly — weekly, semimonthly, or monthly — and the amount you choose will be transferred automatically from your checking or savings account. There's no additional fee for this service, and you can suspend it at any time. This plan may be a great way to save for college expenses or to plan for your retirement.

Please note that regular investing does not guarantee a profit or protect against loss in a declining market. Before arranging a systematic investment plan, consider your financial ability to continue making purchases in periods when prices are low.

**Systematic exchange** You can make regular transfers from one Putnam fund to another Putnam fund. There are no additional fees for this service, and you can cancel or change your options at any time.

**Dividends PLUS** You can choose to have the dividend distributions from one of your Putnam funds automatically reinvested in another Putnam fund at no additional charge.

**Free exchange privilege** You can exchange money between Putnam funds free of charge, as long as they are the same class of shares. A signature guarantee is required if you are exchanging more than $500,000. The fund reserves the right to revise or terminate the exchange privilege.

**Reinstatement privilege** If you've sold Putnam shares or received a check for a dividend or capital gain, you may reinvest the proceeds with Putnam within 90 days of the transaction and they will be reinvested at the fund's current net asset value — with no sales charge. However, reinstatement of class B shares may have special tax consequences. Ask your financial or tax representative for details.

**Check-writing service** You have ready access to many Putnam accounts. It's as simple as writing a check, and there are no special fees or service charges. For more information about the check-writing service, call Putnam or visit our website.

**Dollar cost averaging** When you're investing for long-term goals, it's time, not timing, that counts. Investing on a systematic basis is a better strategy than trying to figure out when the markets will go up or down. This means investing the same amount of money regularly over a long period. This method of investing is called dollar cost averaging. When a fund's share price declines, your investment dollars buy more shares at lower prices. When it increases, they buy fewer shares. Over time, you will pay a lower average price per share.

**For more information**

**Visit the Individual Investors section at putnam.com** A secure section of our website contains complete information on your account, including balances and transactions, updated daily. You may also conduct transactions, such as exchanges, additional investments, and address changes. Log on today to get your password.

**Call us toll free at 1-800-225-1581** Ask a helpful Putnam representative or your financial advisor for details about any of these or other services, or see your prospectus.

144 Sustainable Retirement Funds

------

**Fund information**

Founded over 85 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage funds across income, value, blend, growth, sustainable, and asset allocation categories.

---

| | | |
|:---|:---|:---|
| **Investment Manager** | **Trustees** | Richard T. Kircher |
| Putnam Investment | Kenneth R. Leibler, *Chair* | *Vice President and* |
| Management, LLC | Barbara M. Baumann, *Vice Chair* | *BSA Compliance Officer* |
| 100 Federal Street | Liaquat Ahamed |  |
| Boston, MA 02110 | Katinka Domotorffy | Martin Lemaire |
|  | Catharine Bond Hill | *Vice President and* |
| **Investment Sub-Advisor** | Jennifer Williams Murphy | *Derivatives Risk Manager* |
| Putnam Investments Limited | Marie Pillai |  |
| 16 St James's Street | George Putnam III | Susan G. Malloy |
| London, England SW1A 1ER | Robert L. Reynolds | *Vice President and* |
|  | Manoj P. Singh | *Assistant Treasurer* |
| **Marketing Services** | Mona K. Sutphen |  |
| Putnam Retail Management |  | Alan G. McCormack |
| Limited Partnership | **Officers** | *Vice President and* |
| 100 Federal Street | Robert L. Reynolds | *Derivatives Risk Manager* |
| Boston, MA 02110 | *President* |  |
|  |  | Denere P. Poulack |
| **Custodian** | James F. Clark | *Assistant Vice President,* |
| State Street Bank | *Vice President, Chief Compliance* | *Assistant Clerk, and* |
| and Trust Company | *Officer, and Chief Risk Officer* | *Assistant Treasurer* |
| **Legal Counsel** | Nancy E. Florek | Janet C. Smith |
| Ropes & Gray LLP | *Vice President, Assistant Clerk,* | *Vice President,* |
|  | *and Assistant Treasurer* | *Principal Financial Officer,* |
|  |  | *Principal Accounting Officer,* |
|  | Michael J. Higgins | *and Assistant Treasurer* |
|  | *Vice President, Treasurer,* |  |
|  | *and Clerk* | Stephen J. Tate |
|  |  | *Vice President and* |
|  | Jonathan S. Horwitz | *Chief Legal Officer* |
|  | *Executive Vice President,* |  |
|  | *Principal Executive Officer,* | Mark C. Trenchard |
|  | *and Compliance Liaison* | *Vice President* |

---

*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 Putnam's Quarterly Performance Summary, and Putnam's Quarterly Ranking Summary. For more recent performance, please visit putnam.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 or summary prospectus, call 1-800-225-1581 toll free. Please read the prospectus carefully before investing. Each 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.*

------

![](sustainableretirex125x1.jpg) <br>

<u>Item 2. Code of Ethics:</u>

Not applicable

<u>Item 3. Audit Committee Financial Expert:</u>

Not applicable

<u>Item 4. Principal Accountant Fees and Services:</u>

Not applicable

<u>Item 5. Audit Committee of Listed Registrants</u>

Not applicable

<u>Item 6. Schedule of Investments:</u>

The registrant's schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

<u>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</u>

Not applicable

<u>Item 8. Portfolio Managers of Closed-End Investment Companies</u>

Not Applicable

<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</u>

Not applicable

<u>Item 10. Submission of Matters to a Vote of Security Holders:</u>

Not applicable

<u>Item 11. Controls and Procedures:</u>

(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

<u>Item 12. Disclosures of Securities Lending Activities for Closed-End Investment Companies:</u>

Not Applicable

<u>Item 13. Exhibits:</u>

(a)(1) Not applicable

[(a)(2) 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_49dcertifications.htm)

[(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](c_49dnoscertification.htm)

<u>SIGNATURES</u>

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.

<u>Putnam Target Date Funds</u>

By (Signature and Title):

<u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Accounting Officer<br>

Date: March 29, 2023

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):

<u>/s/ Jonathan S. Horwitz</u><br>Jonathan S. Horwitz<br>Principal Executive Officer<br>

Date: March 29, 2023

By (Signature and Title):

<u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Financial Officer<br>

Date: March 29, 2023

## Ex-99.Cert

---

| |
|:---|
| <u>Certifications<br></u>  |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that: |
| <br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: |
| <br>2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; |
| <br>3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report; |
| <br>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| <br>a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; |
| <br>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| <br>c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and |
| <br>d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| <br>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): |
| <br>a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and |
| <br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. |
| <br>Date: March 29, 2023 |
| <br>/s/ Jonathan S. Horwitz |
| _______________________ |
| Jonathan S. Horwitz |
| Principal Executive Officer |
| <br><u><br><u>Certifications<br></u></u>  |
| I, Janet C. Smith, the Principal Financial Officer of the funds listed on Attachment A, certify that: |
| <br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: |
| <br>2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; |
| <br>3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report; |
| <br>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| <br>a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; |
| <br>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| <br>c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and |
| <br>d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| <br>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): |
| <br>a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and |
| <br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. |
| <br>Date: March 29, 2023 |
| <br>/s/ Janet C. Smith |
| _______________________ |
| Janet C. Smith |
| Principal Financial Officer |
| <br>**Attachment A** |
| <br>Period (s) ended January 31, 2023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George Putnam Balanced Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Growth Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Premier Income Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Research Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Ultra Short Duration Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Strategic Intermediate Municipal Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Tax-Free High Yield Fund |
| <br> Putnam Sustainable Retirement 2065 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2060 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2055 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2050 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2045 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2040 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2035 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2030 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2025 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement Maturity Fund |

---

## Exhibit 99.906

---

| |
|:---|
| <u>Section 906 Certifications<br></u>  |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge: |
| <br>1. The form N-CSR of the Funds listed on Attachment A for the period ended January 31, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| <br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended January 31, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. |
| <br>Date: March 29, 2023 |
| <br>/s/ Jonathan S. Horwitz |
| ______________________ |
| Jonathan S. Horwitz |
| Principal Executive Officer |
| <br><u><br><u>Section 906 Certifications<br></u></u>  |
| I, Janet C. Smith, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge: |
| <br>1. The form N-CSR of the Funds listed on Attachment A for the period ended January 31, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| <br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended January 31, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. |
| <br>Date: March 29, 2023 |
| <br>/s/ Janet C. Smith |
| ______________________ |
| Janet C. Smith |
| Principal Financial Officer |
| <br>**Attachment A** |
| <br>Period (s) ended January 31, 2023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George Putnam Balanced Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Growth Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Premier Income Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Research Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Ultra Short Duration Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Strategic Intermediate Municipal Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Tax-Free High Yield Fund |
| <br> Putnam Sustainable Retirement 2065 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2060 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2055 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2050 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2045 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2040 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2035 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2030 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement 2025 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Retirement Maturity Fund |

---