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| UNITED STATES
SECURITIES AND EXCHANGE COMMISSION |
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| CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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| Investment Company Act file number: | (811-21598) |
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| Exact name of registrant as specified in charter: | Putnam RetirementReady Funds |
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| Address of principal executive offices: | One Post Office Square, Boston, Massachusetts 02109 |
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| Name and address of agent for service: | Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109 |
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| Copy to: | Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036 |
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| Registrant's telephone number, including area code: | (617) 292-1000 |
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| Date of fiscal year end: | July 31, 2018 |
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| Date of reporting period: | August 1, 2017 — January 31, 2018 |
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Item 1. Report to Stockholders: | |
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| The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940: | |
Putnam RetirementReady® Funds
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| Putnam RetirementReady 2060 Fund | Putnam RetirementReady 2035 Fund | | |
| Putnam RetirementReady 2055 Fund | Putnam RetirementReady 2030 Fund | | |
| Putnam RetirementReady 2050 Fund | Putnam RetirementReady 2025 Fund | | |
| Putnam RetirementReady 2045 Fund | Putnam RetirementReady 2020 Fund | | |
| Putnam RetirementReady 2040 Fund | Putnam Retirement Income Fund Lifestyle 1 | | |
Semiannual report
1 | 31 | 18
Consider these risks before investing: Our allocation of assets among permitted asset categories may hurt performance. Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including, in the case of bonds, perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the 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). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. REITs are subject to the risk of economic downturns that have an adverse impact on real estate markets. Commodity-linked notes are subject to the same risks as commodities, such as weather, disease, political, tax and other regulatory developments; and other factors affecting the value of commodities. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Efforts to produce lower volatility returns may not be successful and may make it more difficult at times for the funds to achieve their targeted returns. In addition, under certain market conditions, the funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. There is no guarantee that the funds will provide adequate income at and through an investor’s retirement. You can lose money by investing in the funds.
For the portion invested in Putnam Government Money Market Fund, these risks also apply: 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.
Message from the Trustees
March 13, 2018
Dear Fellow Shareholder:
After an extended period of record advances and low volatility, the U.S. stock market has encountered some challenges. Following several turbulent days, the S&P 500 Index entered correction territory on February 8, 2018, closing more than 10% below its January 2018 peak. Global stock and bond markets have also struggled as concerns grow about rising inflation and interest rates.
While declines like this can be unsettling, seasoned investors recognize that they are natural and ultimately can restore balance in the financial markets. In this changing environment, Putnam’s experienced investment professionals continue to monitor risks and seek opportunities. They take a research-intensive approach to investing that includes risk management strategies designed to serve investors in all types of markets.
As always, we believe investors should maintain a well-diversified portfolio, think about long-term goals, and speak regularly with their financial advisors. You can learn more about how your fund performed, and your fund manager’s outlook for the coming months, in the following report.
Thank you for investing with Putnam.
Performance history as of 1/31/18
Annualized total return (%) before sales charge comparison
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| Class A shares | Life of fund* | 10 years | 5 years | 3 years | 1 year | 6 months† |
| 2060 Fund | 13.24% | — | — | — | 23.43% | 12.99% |
| 2055 Fund | 11.21 | — | 11.97% | 10.35% | 23.15 | 12.82 |
| 2050 Fund | 7.31 | 7.16% | 11.77 | 10.11 | 22.48 | 12.44 |
| 2045 Fund | 7.26 | 7.03 | 11.43 | 9.81 | 21.53 | 11.91 |
| 2040 Fund | 7.08 | 6.82 | 10.81 | 9.16 | 19.78 | 10.80 |
| 2035 Fund | 6.61 | 6.30 | 9.72 | 8.06 | 17.10 | 9.24 |
| 2030 Fund | 6.00 | 5.57 | 8.32 | 6.60 | 13.91 | 7.39 |
| 2025 Fund | 5.27 | 4.68 | 6.80 | 5.09 | 10.66 | 5.51 |
| 2020 Fund | 4.38 | 3.75 | 5.26 | 3.78 | 8.04 | 3.93 |
| Retirement Income | | | | | | |
| Fund Lifestyle 1 | 3.16 | 2.98 | 3.57 | 2.83 | 6.23 | 2.96 |
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 Putnam Retirement Income Fund Lifestyle 1 and 5.75% for all other funds; had they, returns would have been lower. See below and pages 8–17 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.
* With the exception of Putnam RetirementReady 2050 Fund, 2055 Fund, and 2060 Fund (inceptions: 5/2/05, 11/30/10, and 11/30/15, respectively), the inception date of the class A shares of the RetirementReady Funds is 11/1/04.
† Returns for the six-month period are not annualized, but cumulative.
This comparison shows your fund’s performance in the context of broad market indexes for the six months ended 1/31/18. See above and pages 8–17 for additional fund performance information. Index descriptions can be found on pages 24–25.
Jason R. Vaillancourt, CFA
Portfolio Manager
Jason is Co-Head of Global Asset Allocation. He has an M.B.A. from the Booth School of Business at the University of Chicago and a B.S. from Northeastern University.
In addition to Jason, your fund’s portfolio managers are Robert J. Schoen, Chief Investment Officer, Global Asset Allocation, and James A. Fetch, Co-Head of Global Asset Allocation.
Jason, how did the funds perform for the six-month reporting period?
Performance was positive for all the Putnam RetirementReady portfolios. As would be expected, the funds with greater allocations to stocks, for investors with decades until retirement, had greater returns than the shorter-dated funds, which have proportionately higher exposure to bonds and other fixed-income investments.
U.S. stocks, as measured by the S&P 500 Index, returned 15.43% for the period, and stocks of non-U.S. developed countries, as measured by the MSCI EAFE Index [ND], returned 12.14%. By contrast, the Bloomberg Barclays U.S. Aggregate Bond Index was down 0.36%, reflecting yield curve flattening during the period as short-term rates increased and long-term rates were mostly unchanged.
What was the investment environment like during the reporting period?
Stock markets extended a streak of strong momentum and low volatility in the United States and globally during the period. In spite of political tensions with North Korea and a dramatic start to the hurricane season,
investors continued to display a preference for riskier assets.
Economic conditions remained solid during the period, with U.S. gross domestic product [GDP] readings in the neighborhood of 3% and the unemployment rate stable at just over 4%. Inflation readings remained steady in spite of third-quarter weather-related disruptions in the United States and an uptick in oil prices. After a contentious legislative period, the U.S. Congress passed a comprehensive and business-friendly tax reform bill in December.
The Federal Open Market Committee [FOMC] raised rates 25 basis points at its December meeting, the third increase of 2017, and indicated their expectations for three increases in 2018, pending economic readings and events that might change the outlook.
What is the philosophy behind the funds’ glide-path strategy?
The glide path governs the way that the funds’ allocations shift over time as investors progress toward their target retirement date. Early in the glide path, as investors are saving for their retirement decades in advance, the glide path favors larger allocations to equities in order to generate growth. While these larger equity positions can experience periodic downturns, the extended retirement investment horizon allows time for recovery, as well as the chance to benefit from the expected long-term upward trajectory of equity markets. A fund’s stock allocations gradually diminish over time in favor of what we consider to be less volatile assets, such as bonds, in an effort to protect capital as investors approach retirement.
As an investor advances toward retirement, the glide path allocates a growing percentage to our Putnam Absolute Return suite of funds. Our objective is to attempt to reduce market risk across all assets as an investor approaches retirement, while delivering a more diverse set of risks and returns at the portfolio level.
What strategies for the underlying funds contributed or detracted from the funds’ absolute performance during the reporting period?
Throughout the period, we generally kept the funds’ asset class allocations relatively close to neutral, as we expected markets to perform generally in line with benchmark allocations to stocks, bonds, and other fixed-income securities. Within asset class allocations, performance was aided by a slight overweight to U.S. large-cap stocks, which performed well during the period. Our stock selection, in the United States as well as in international developed and emerging markets, also contributed to positive results. A tactical exposure to commodities added value. Allocations to all absolute return strategies were positive for the period and helped to reduce volatility of returns.
Although the shorter-dated funds have equity allocations below the industry average, positive returns across asset classes helped these funds advance. While stocks outperformed bonds, our out-of-benchmark fixed-income strategies also helped returns.
What is your outlook for the coming months?
After an extended period of market gains, we believe that stocks could experience a phase of increased volatility. At the same time, in our view, economic factors are not signaling a recession. For the most part, consumer and business confidence remains high. Based on actions by the Fed and how fixed-income markets are reacting, we expect rate normalization to continue, though monetary policy on the whole remains mostly accommodative.
As of the end of the period, we have positioned the funds to be able to take advantage of opportunities that may arise after a period of outperformance in some stock categories. Within dynamic asset allocation, we will continue to take a tactical approach, adjusting the funds’ exposure across various markets as conditions warrant.
Within the U.S. equity market, we believe it will be necessary to remain flexible. With the new tax laws in place, we believe infrastructure spending may take center stage. At the same time, there has been little movement on trade policy, leaving uncertainty around this issue. Another asset, high-yield bonds, ended with slightly positive performance over the reporting period, but is becoming less attractive, in our view, as spreads tighten and the credit cycle advances.
As always, the global economic growth outlook will be a factor. We believe it currently has a solid foundation.
Thank you, Jason, 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 the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.
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 fund’s 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 fund’s 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 fund. 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.
Composition of the funds’ underlying investments
Historically, each Putnam RetirementReady® 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 funds as of January 31, 2018. The Portfolio Managers can adjust allocations based on market conditions. For more information, please see the funds’ prospectus.
Putnam Absolute Return 100, 300, 500, and 700 Funds
Each fund pursues an “absolute return” strategy that seeks to earn a positive total return over a reasonable period of time (generally at least three years or more) regardless of market conditions or general market direction. Each fund seeks a return that exceeds that of U.S. Treasury bills by a targeted amount, plus a number of basis points specified in the fund’s name, on an annualized basis. For example, Absolute Return 500 Fund seeks to earn a total return of 500 basis points (or 5.00%) over the return on U.S. Treasury bills. The funds pursue their goals through portfolios that are structured to offer varying degrees of risk, expected volatility, and expected returns.
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.
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.
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.
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.
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.
You can 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.
Each RetirementReady Fund has a different target date indicating when the fund’s investors expect to retire and begin withdrawing assets from their account, typically at retirement. The funds 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.
Allocations by fund as of 1/31/18
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| Underlying Putnam Fund | Putnam RetirementReady
2060 Fund | Putnam RetirementReady
2055 Fund | Putnam RetirementReady
2050 Fund | Putnam RetirementReady
2045 Fund | Putnam RetirementReady
2040 Fund | Putnam RetirementReady
2035 Fund | Putnam RetirementReady
2030 Fund | Putnam RetirementReady
2025 Fund | Putnam RetirementReady
2020 Fund | Putnam Retirement Income
Fund Lifestyle 1 |
| Putnam Dynamic Asset Allocation | | | | | | | | | | |
| Equity Fund | 73.1% | 69.0% | 52.8% | 33.5% | 10.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Putnam Dynamic Asset Allocation | | | | | | | | | | |
| Growth Fund | 16.3% | 20.5% | 36.0% | 54.2% | 68.4% | 53.5% | 17.8% | 0.0% | 0.0% | 0.0% |
| Putnam Dynamic Asset Allocation | | | | | | | | | | |
| Balanced Fund | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 21.7% | 47.4% | 42.0% | 14.6% | 0.0% |
| Putnam Dynamic Asset Allocation | | | | | | | | | | |
| Conservative Fund | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 12.1% | 27.3% | 34.2% |
| Putnam Absolute Return | | | | | | | | | | |
| 700 Fund® | 7.3% | 7.2% | 7.2% | 7.2% | 8.7% | 11.5% | 13.2% | 12.2% | 5.9% | 0.0% |
| Putnam Absolute Return | | | | | | | | | | |
| 500 Fund® | 2.2% | 2.1% | 2.1% | 2.3% | 3.9% | 5.2% | 7.2% | 13.4% | 23.4% | 29.8% |
| Putnam Absolute Return | | | | | | | | | | |
| 300 Fund® | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 2.3% | 5.6% | 10.0% | 15.7% | 21.1% |
| Putnam Absolute Return | | | | | | | | | | |
| 100 Fund® | 0.6% | 0.8% | 1.5% | 2.4% | 2.4% | 2.9% | 3.9% | 5.2% | 7.2% | 9.0% |
| Putnam Government Money | | | | | | | | | | |
| Market Fund | 0.5% | 0.4% | 0.4% | 0.4% | 1.7% | 2.9% | 3.9% | 5.1% | 5.9% | 5.9% |
Percentages are based on net assets as of 1/31/18. Portfolio composition may vary over time. Due to rounding, percentages may not equal 100%.
Your fund’s performance
This section shows your fund’s performance, price, and distribution information for periods ended January 31, 2018, 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 the 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. 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, 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.
Fund performance Total return for periods ended 1/31/18
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| Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (9/1/16) | (11/1/04) |
| | Before | After | | | | | Before | After | Net | Net | Net |
| | sales | sales | Before | After | Before | After | sales | sales | asset | asset | asset |
| | charge | charge | CDSC | CDSC | CDSC | CDSC | charge | charge | value | value | value |
| 2060 Fund* | | | | | | | | | | | |
| Life of fund | 30.93% | 23.40% | 28.80% | 25.80% | 28.77% | 28.77% | 29.51% | 24.98% | 30.22% | 31.76% | 31.57% |
| Annual average | 13.24 | 10.19 | 12.39 | 11.18 | 12.38 | 12.38 | 12.68 | 10.84 | 12.96 | 13.58 | 13.50 |
| 1 year | 23.43 | 16.34 | 22.49 | 17.49 | 22.38 | 21.38 | 22.70 | 18.41 | 23.07 | 23.77 | 23.62 |
| 6 months | 12.99 | 6.49 | 12.63 | 7.63 | 12.51 | 11.51 | 12.74 | 8.79 | 12.87 | 13.23 | 13.08 |
| 2055 Fund† | | | | | | | | | | | |
| Life of fund | 114.12% | 101.81% | 102.76% | 102.76% | 102.91% | 102.91% | 106.56% | 99.33% | 110.34% | 118.41% | 118.01% |
| Annual average | 11.21 | 10.29 | 10.37 | 10.37 | 10.38 | 10.38 | 10.65 | 10.10 | 10.93 | 11.52 | 11.49 |
| 5 years | 75.96 | 65.84 | 69.43 | 67.43 | 69.55 | 69.55 | 71.62 | 65.61 | 73.92 | 78.63 | 78.30 |
| Annual average | 11.97 | 10.65 | 11.12 | 10.86 | 11.14 | 11.14 | 11.41 | 10.62 | 11.70 | 12.30 | 12.26 |
| 3 years | 34.37 | 26.65 | 31.25 | 28.25 | 31.32 | 31.32 | 32.34 | 27.71 | 33.38 | 35.65 | 35.40 |
| Annual average | 10.35 | 8.19 | 9.49 | 8.65 | 9.51 | 9.51 | 9.79 | 8.50 | 10.08 | 10.70 | 10.63 |
| 1 year | 23.15 | 16.07 | 22.21 | 17.21 | 22.26 | 21.26 | 22.52 | 18.23 | 22.88 | 23.63 | 23.41 |
| 6 months | 12.82 | 6.33 | 12.38 | 7.38 | 12.40 | 11.40 | 12.52 | 8.59 | 12.72 | 13.05 | 12.93 |
| 2050 Fund‡ | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 7.31% | 6.82% | 6.81% | 6.81% | 6.51% | 6.51% | 6.77% | 6.47% | 7.04% | 7.59% | 7.58% |
| 10 years | 99.68 | 88.20 | 87.99 | 87.99 | 85.29 | 85.29 | 89.95 | 83.31 | 94.72 | 104.94 | 104.72 |
| Annual average | 7.16 | 6.53 | 6.52 | 6.52 | 6.36 | 6.36 | 6.63 | 6.25 | 6.89 | 7.44 | 7.43 |
| 5 years | 74.46 | 64.43 | 68.00 | 66.00 | 68.13 | 68.13 | 70.21 | 64.25 | 72.33 | 76.91 | 76.72 |
| Annual average | 11.77 | 10.46 | 10.93 | 10.67 | 10.95 | 10.95 | 11.22 | 10.43 | 11.50 | 12.09 | 12.06 |
| 3 years | 33.49 | 25.82 | 30.54 | 27.54 | 30.54 | 30.54 | 31.50 | 26.90 | 32.55 | 34.68 | 34.54 |
| Annual average | 10.11 | 7.96 | 9.29 | 8.45 | 9.29 | 9.29 | 9.56 | 8.27 | 9.85 | 10.43 | 10.39 |
| 1 year | 22.48 | 15.43 | 21.57 | 16.57 | 21.58 | 20.58 | 21.84 | 17.58 | 22.17 | 22.89 | 22.81 |
| 6 months | 12.44 | 5.98 | 11.97 | 6.97 | 12.02 | 11.02 | 12.13 | 8.21 | 12.30 | 12.59 | 12.62 |
Fund performance Total return for periods ended 1/31/18 cont.
| | | | | | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (9/1/16) | (11/1/04) |
| | Before | After | | | | | Before | After | Net | Net | Net |
| | sales | sales | Before | After | Before | After | sales | sales | asset | asset | asset |
| | charge | charge | CDSC | CDSC | CDSC | CDSC | charge | charge | value | value | value |
| 2045 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 7.26% | 6.79% | 6.78% | 6.78% | 6.46% | 6.46% | 6.73% | 6.45% | 7.00% | 7.55% | 7.53% |
| 10 years | 97.19 | 85.86 | 85.67 | 85.67 | 83.00 | 83.00 | 87.61 | 81.05 | 92.32 | 102.56 | 102.22 |
| Annual average | 7.03 | 6.39 | 6.38 | 6.38 | 6.23 | 6.23 | 6.49 | 6.12 | 6.76 | 7.31 | 7.30 |
| 5 years | 71.78 | 61.91 | 65.47 | 63.47 | 65.46 | 65.46 | 67.47 | 61.61 | 69.61 | 74.25 | 73.96 |
| Annual average | 11.43 | 10.12 | 10.60 | 10.33 | 10.60 | 10.60 | 10.86 | 10.08 | 11.15 | 11.75 | 11.71 |
| 3 years | 32.41 | 24.79 | 29.52 | 26.52 | 29.50 | 29.50 | 30.43 | 25.87 | 31.42 | 33.66 | 33.44 |
| Annual average | 9.81 | 7.66 | 9.00 | 8.16 | 9.00 | 9.00 | 9.26 | 7.97 | 9.53 | 10.15 | 10.09 |
| 1 year | 21.53 | 14.55 | 20.60 | 15.60 | 20.61 | 19.61 | 20.94 | 16.70 | 21.21 | 22.02 | 21.84 |
| 6 months | 11.91 | 5.47 | 11.46 | 6.46 | 11.47 | 10.47 | 11.48 | 7.58 | 11.75 | 12.12 | 12.03 |
| 2040 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 7.08% | 6.60% | 6.59% | 6.59% | 6.28% | 6.28% | 6.54% | 6.25% | 6.81% | 7.35% | 7.34% |
| 10 years | 93.39 | 82.27 | 82.09 | 82.09 | 79.43 | 79.43 | 83.87 | 77.43 | 88.64 | 98.53 | 98.25 |
| Annual average | 6.82 | 6.19 | 6.18 | 6.18 | 6.02 | 6.02 | 6.28 | 5.90 | 6.55 | 7.10 | 7.08 |
| 5 years | 67.03 | 57.43 | 60.88 | 58.88 | 60.86 | 60.86 | 62.93 | 57.23 | 65.01 | 69.37 | 69.14 |
| Annual average | 10.81 | 9.50 | 9.98 | 9.70 | 9.97 | 9.97 | 10.26 | 9.47 | 10.54 | 11.11 | 11.08 |
| 3 years | 30.06 | 22.58 | 27.16 | 24.16 | 27.11 | 27.11 | 28.11 | 23.62 | 29.09 | 31.22 | 31.04 |
| Annual average | 9.16 | 7.02 | 8.34 | 7.48 | 8.33 | 8.33 | 8.61 | 7.32 | 8.88 | 9.48 | 9.43 |
| 1 year | 19.78 | 12.89 | 18.90 | 13.90 | 18.89 | 17.89 | 19.18 | 15.01 | 19.48 | 20.16 | 20.07 |
| 6 months | 10.80 | 4.43 | 10.44 | 5.44 | 10.42 | 9.42 | 10.53 | 6.67 | 10.70 | 11.05 | 10.95 |
| 2035 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 6.61% | 6.13% | 6.12% | 6.12% | 5.81% | 5.81% | 6.07% | 5.79% | 6.33% | 6.88% | 6.87% |
| 10 years | 84.22 | 73.62 | 73.51 | 73.51 | 70.86 | 70.86 | 75.15 | 69.02 | 79.66 | 89.10 | 88.85 |
| Annual average | 6.30 | 5.67 | 5.67 | 5.67 | 5.50 | 5.50 | 5.76 | 5.39 | 6.03 | 6.58 | 6.56 |
| 5 years | 59.00 | 49.86 | 53.16 | 51.16 | 53.12 | 53.12 | 55.05 | 49.62 | 56.98 | 61.16 | 60.95 |
| Annual average | 9.72 | 8.43 | 8.90 | 8.61 | 8.89 | 8.89 | 9.17 | 8.39 | 9.44 | 10.01 | 9.99 |
| 3 years | 26.18 | 18.92 | 23.34 | 20.34 | 23.33 | 23.33 | 24.27 | 19.92 | 25.22 | 27.28 | 27.11 |
| Annual average | 8.06 | 5.95 | 7.24 | 6.37 | 7.24 | 7.24 | 7.51 | 6.24 | 7.79 | 8.37 | 8.33 |
| 1 year | 17.10 | 10.37 | 16.22 | 11.22 | 16.21 | 15.21 | 16.50 | 12.43 | 16.80 | 17.50 | 17.37 |
| 6 months | 9.24 | 2.96 | 8.83 | 3.83 | 8.84 | 7.84 | 8.96 | 5.14 | 9.08 | 9.41 | 9.41 |
| 2030 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 6.00% | 5.53% | 5.52% | 5.52% | 5.21% | 5.21% | 5.47% | 5.19% | 5.74% | 6.28% | 6.27% |
| 10 years | 71.99 | 62.10 | 61.91 | 61.91 | 59.63 | 59.63 | 63.57 | 57.84 | 67.84 | 76.57 | 76.37 |
| Annual average | 5.57 | 4.95 | 4.94 | 4.94 | 4.79 | 4.79 | 5.04 | 4.67 | 5.31 | 5.85 | 5.84 |
| 5 years | 49.13 | 40.56 | 43.64 | 41.64 | 43.72 | 43.72 | 45.45 | 40.36 | 47.36 | 51.21 | 51.04 |
| Annual average | 8.32 | 7.05 | 7.51 | 7.21 | 7.52 | 7.52 | 7.78 | 7.02 | 8.06 | 8.62 | 8.60 |
| 3 years | 21.14 | 14.17 | 18.44 | 15.44 | 18.51 | 18.51 | 19.35 | 15.17 | 20.26 | 22.23 | 22.09 |
| Annual average | 6.60 | 4.52 | 5.80 | 4.90 | 5.83 | 5.83 | 6.07 | 4.82 | 6.34 | 6.92 | 6.88 |
| 1 year | 13.91 | 7.36 | 13.04 | 8.04 | 13.12 | 12.12 | 13.34 | 9.38 | 13.65 | 14.31 | 14.22 |
| 6 months | 7.39 | 1.21 | 7.00 | 2.00 | 7.02 | 6.02 | 7.13 | 3.38 | 7.27 | 7.59 | 7.57 |
Fund performance Total return for periods ended 1/31/18 cont.
| | | | | | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (9/1/16) | (11/1/04) |
| | Before | After | | | | | Before | After | Net | Net | Net |
| | sales | sales | Before | After | Before | After | sales | sales | asset | asset | asset |
| | charge | charge | CDSC | CDSC | CDSC | CDSC | charge | charge | value | value | value |
| 2025 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 5.27% | 4.81% | 4.80% | 4.80% | 4.49% | 4.49% | 4.75% | 4.47% | 5.01% | 5.55% | 5.54% |
| 10 years | 57.93 | 48.85 | 48.71 | 48.71 | 46.49 | 46.49 | 50.16 | 44.90 | 53.97 | 62.14 | 61.89 |
| Annual average | 4.68 | 4.06 | 4.05 | 4.05 | 3.89 | 3.89 | 4.15 | 3.78 | 4.41 | 4.95 | 4.94 |
| 5 years | 38.95 | 30.96 | 33.87 | 31.87 | 33.83 | 33.83 | 35.48 | 30.74 | 37.18 | 40.88 | 40.66 |
| Annual average | 6.80 | 5.54 | 6.01 | 5.69 | 6.00 | 6.00 | 6.26 | 5.51 | 6.53 | 7.10 | 7.06 |
| 3 years | 16.07 | 9.39 | 13.48 | 10.48 | 13.51 | 13.51 | 14.35 | 10.35 | 15.20 | 17.10 | 16.91 |
| Annual average | 5.09 | 3.04 | 4.31 | 3.38 | 4.31 | 4.31 | 4.57 | 3.34 | 4.83 | 5.40 | 5.35 |
| 1 year | 10.66 | 4.29 | 9.86 | 4.86 | 9.87 | 8.87 | 10.09 | 6.23 | 10.36 | 11.04 | 10.91 |
| 6 months | 5.51 | –0.56 | 5.12 | 0.12 | 5.11 | 4.11 | 5.24 | 1.56 | 5.36 | 5.68 | 5.64 |
| 2020 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 4.38% | 3.92% | 3.91% | 3.91% | 3.60% | 3.60% | 3.86% | 3.58% | 4.12% | 4.65% | 4.64% |
| 10 years | 44.56 | 36.25 | 36.17 | 36.17 | 34.06 | 34.06 | 37.44 | 32.63 | 40.92 | 48.34 | 48.18 |
| Annual average | 3.75 | 3.14 | 3.14 | 3.14 | 2.97 | 2.97 | 3.23 | 2.86 | 3.49 | 4.02 | 4.01 |
| 5 years | 29.24 | 21.81 | 24.48 | 22.48 | 24.49 | 24.49 | 26.01 | 21.60 | 27.63 | 31.00 | 30.86 |
| Annual average | 5.26 | 4.02 | 4.48 | 4.14 | 4.48 | 4.48 | 4.73 | 3.99 | 5.00 | 5.55 | 5.53 |
| 3 years | 11.78 | 5.36 | 9.28 | 6.28 | 9.27 | 9.27 | 10.10 | 6.24 | 10.92 | 12.72 | 12.60 |
| Annual average | 3.78 | 1.75 | 3.00 | 2.05 | 3.00 | 3.00 | 3.26 | 2.04 | 3.52 | 4.07 | 4.04 |
| 1 year | 8.04 | 1.82 | 7.24 | 2.24 | 7.18 | 6.18 | 7.48 | 3.72 | 7.73 | 8.36 | 8.32 |
| 6 months | 3.93 | –2.05 | 3.52 | –1.48 | 3.52 | 2.52 | 3.65 | 0.03 | 3.77 | 4.11 | 4.07 |
| Retirement | | | | | | | | | | | |
| Income Fund | | | | | | | | | | | |
| Lifestyle 1 | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 3.16% | 2.84% | 2.69% | 2.69% | 2.39% | 2.39% | 2.77% | 2.52% | 2.90% | 3.43% | 3.42% |
| 10 years | 34.15 | 28.78 | 26.33 | 26.33 | 24.42 | 24.42 | 29.72 | 25.50 | 30.79 | 37.68 | 37.49 |
| Annual average | 2.98 | 2.56 | 2.36 | 2.36 | 2.21 | 2.21 | 2.64 | 2.30 | 2.72 | 3.25 | 3.24 |
| 5 years | 19.20 | 14.43 | 14.89 | 12.89 | 14.77 | 14.77 | 17.74 | 13.91 | 17.72 | 20.85 | 20.69 |
| Annual average | 3.57 | 2.73 | 2.81 | 2.45 | 2.79 | 2.79 | 3.32 | 2.64 | 3.32 | 3.86 | 3.83 |
| 3 years | 8.72 | 4.38 | 6.34 | 3.34 | 6.31 | 6.31 | 7.96 | 4.45 | 7.92 | 9.65 | 9.50 |
| Annual average | 2.83 | 1.44 | 2.07 | 1.10 | 2.06 | 2.06 | 2.59 | 1.46 | 2.57 | 3.12 | 3.07 |
| 1 year | 6.23 | 1.98 | 5.43 | 0.43 | 5.42 | 4.42 | 5.97 | 2.53 | 5.98 | 6.56 | 6.48 |
| 6 months | 2.96 | –1.16 | 2.63 | –2.37 | 2.56 | 1.56 | 2.88 | –0.46 | 2.82 | 3.12 | 3.08 |
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. After-sales-charge returns for class A and M shares reflect the deduction of the maximum 5.75% and 3.50% sales charge, respectively, levied at the time of purchase. The maximum sales charges for Retirement Income Fund Lifestyle 1 class A and M shares are 4.00% and 3.25%, respectively. 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, R6 and Y shares have no initial sales charge or CDSC. 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 applicable to 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.
For the funds with eight years of performance, class B share performance reflects conversion to class A shares after eight years.
| |
| 10 RetirementReady® Funds |
* The inception date of Putnam RetirementReady 2060 Fund is 11/30/15, for all share classes except class R6, which is on 9/1/16.
† The inception date of Putnam RetirementReady 2055 Fund is 11/30/10, for all share classes except class R6, which is on 9/1/16.
‡ The inception date of Putnam RetirementReady 2050 Fund is 5/2/05, for all share classes except class R6, which is on 9/1/16.
Comparative index returns For periods ended 1/31/18
| | |
| | | Bloomberg Barclays U. S. |
| | S&P 500 Index | Aggregate Bond Index |
| Annual average (life of fund) | | |
| (since 11/1/04)* | 9.41% | 3.97% |
| Annual average (life of fund) | | |
| (since 5/2/05)† | 9.52 | 4.05 |
| Life of fund | 178.09 | 21.93 |
| Annual average (since 11/30/10)‡ | 15.34 | 2.81 |
| Life of fund | 41.94 | 4.72 |
| Annual average (since 11/30/15)** | 17.54 | 2.15 |
| 10 years | 154.22 | 43.98 |
| Annual average | 9.78 | 3.71 |
| 5 years | 109.22 | 10.45 |
| Annual average | 15.91 | 2.01 |
| 3 years | 50.73 | 3.47 |
| Annual average | 14.66 | 1.14 |
| 1 year | 26.41 | 2.15 |
| 6 months | 15.43 | –0.36 |
Index results should be compared with fund performance before sales charge, before CDSC, or at net asset value.
* Inception date of all the Putnam RetirementReady Funds with the exception of the 2050, 2055, and 2060 Fund.
† Inception date of Putnam RetirementReady 2050 Fund.
‡ Inception date of Putnam RetirementReady 2055 Fund.
** Inception date of Putnam RetirementReady 2060 Fund.
|
| RetirementReady® Funds 11 |
Fund price and distribution information For the six-month period ended 1/31/18
| | | | | | | | | |
| Distributions | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| 2060 Fund | | | | | | | | | |
| Number | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income | $0.474 | $0.371 | $0.394 | $0.405 | $0.441 | $0.495 | $0.487 |
| Capital gains | | | | | | | | | |
| Long-term gains | 0.172 | 0.172 | 0.172 | 0.172 | 0.172 | 0.172 | 0.172 |
| Short-term gains | — | — | — | — | — | — | — |
| Total | $0.646 | $0.543 | $0.566 | $0.577 | $0.613 | $0.667 | $0.659 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $11.11 | $11.79 | $11.05 | $11.03 | $11.08 | $11.48 | $11.10 | $11.15 | $11.14 |
| 1/31/18 | 11.88 | 12.60 | 11.88 | 11.82 | 11.89 | 12.32 | 11.89 | 11.93 | 11.91 |
| 2055 Fund | | | | | | | | | |
| Number | | 1 | 1 | 1 | | 1 | 1 | 1 | 1 |
| Income | $0.483 | $0.392 | $0.395 | $0.398 | $0.446 | $0.523 | $0.507 |
| Capital gains | | | | | | | | | |
| Long-term gains | 0.168 | 0.168 | 0.168 | 0.168 | 0.168 | 0.168 | 0.168 |
| Short-term gains | — | — | — | — | — | — | — |
| Total | $0.651 | $0.560 | $0.563 | $0.566 | $0.614 | $0.691 | $0.675 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $11.92 | $12.65 | $11.81 | $11.66 | $11.89 | $12.32 | $11.86 | $12.03 | $12.01 |
| 1/31/18 | 12.77 | 13.55 | 12.69 | 12.52 | 12.79 | 13.25 | 12.73 | 12.88 | 12.86 |
| 2050 Fund | | | | | | | | | |
| Number | | 1 | 1 | 1 | | 1 | 1 | 1 | 1 |
| Income | $0.839 | $0.690 | $0.668 | $0.742 | $0.798 | $0.907 | $0.888 |
| Capital gains | | | | | | | | | |
| Long-term gains | 0.128 | 0.128 | 0.128 | 0.128 | 0.128 | 0.128 | 0.128 |
| Short-term gains | — | — | — | — | — | — | — |
| Total | $0.967 | $0.818 | $0.796 | $0.870 | $0.926 | $1.035 | $1.016 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $19.41 | $20.59 | $19.13 | $18.95 | $19.57 | $20.28 | $19.20 | $19.58 | $19.54 |
| 1/31/18 | 20.82 | 22.09 | 20.57 | 20.40 | 21.04 | 21.80 | 20.60 | 20.97 | 20.95 |
| 2045 Fund | | | | | | | | | |
| Number | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income | $0.988 | $0.844 | $0.849 | $0.833 | $0.916 | $1.062 | $1.036 |
| Capital gains | — | — | — | — | — | — | — |
| Total | $0.988 | $0.844 | $0.849 | $0.833 | $0.916 | $1.062 | $1.036 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $21.46 | $22.77 | $19.51 | $19.53 | $20.85 | $21.61 | $22.04 | $25.76 | $25.72 |
| 1/31/18 | 22.99 | 24.39 | 20.87 | 20.89 | 22.38 | 23.19 | 23.68 | 27.78 | 27.74 |
| |
| 12 RetirementReady® Funds |
Fund price and distribution information For the six-month period ended 1/31/18 cont.
| | | | | | | | | |
| Distributions | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| 2040 Fund | | | | | | | | | |
| Number | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income | $1.101 | $0.938 | $0.954 | $1.070 | $1.001 | $1.176 | $1.157 |
| Capital gains | | | | | | | | | |
| Long-term gains | 0.019 | 0.019 | 0.019 | 0.019 | 0.019 | 0.019 | 0.019 |
| Short-term gains | — | — | — | — | — | — | — |
| Total | $1.120 | $0.957 | $0.973 | $1.089 | $1.020 | $1.195 | $1.176 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $23.21 | $24.63 | $21.35 | $21.06 | $21.78 | $22.57 | $23.95 | $27.29 | $27.26 |
| 1/31/18 | 24.56 | 26.06 | 22.59 | 22.25 | 22.95 | 23.78 | 25.46 | 29.07 | 29.03 |
| 2035 Fund | | | | | | | | | |
| Number | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income | $0.843 | $0.645 | $0.669 | $0.732 | $0.801 | $0.920 | $0.895 |
| Capital gains | — | — | — | — | — | — | — |
| Total | $0.843 | $0.645 | $0.669 | $0.732 | $0.801 | $0.920 | $0.895 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $23.10 | $24.51 | $21.21 | $21.12 | $22.23 | $23.04 | $22.26 | $27.03 | $26.98 |
| 1/31/18 | 24.37 | 25.86 | 22.42 | 22.30 | 23.47 | 24.32 | 23.46 | 28.63 | 28.60 |
| 2030 Fund | | | | | | | | | |
| Number | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income | $0.719 | $0.546 | $0.576 | $0.618 | $0.673 | $0.795 | $0.779 |
| Capital gains | — | — | — | — | — | — | — |
| Total | $0.719 | $0.546 | $0.576 | $0.618 | $0.673 | $0.795 | $0.779 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $22.51 | $23.88 | $21.36 | $21.32 | $21.88 | $22.67 | $21.39 | $25.84 | $25.80 |
| 1/31/18 | 23.44 | 24.87 | 22.30 | 22.23 | 22.81 | 23.64 | 22.26 | 26.99 | 26.96 |
| 2025 Fund | | | | | | | | | |
| Number | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income | $0.486 | $0.333 | $0.329 | $0.324 | $0.448 | $0.563 | $0.542 |
| Capital gains | — | — | — | — | — | — | — |
| Total | $0.486 | $0.333 | $0.329 | $0.324 | $0.448 | $0.563 | $0.542 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $22.36 | $23.72 | $20.84 | $20.78 | $21.13 | $21.90 | $20.97 | $22.55 | $22.50 |
| 1/31/18 | 23.10 | 24.51 | 21.57 | 21.51 | 21.91 | 22.70 | 21.64 | 23.26 | 23.22 |
|
| RetirementReady® Funds 13 |
Fund price and distribution information For the six-month period ended 1/31/18 cont.
| | | | | | | | | |
| Distributions | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| 2020 Fund | | | | | | | | | |
| Number | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Income | $0.452 | $0.287 | $0.296 | $0.296 | $0.415 | $0.516 | $0.506 |
| Capital gains | — | — | — | — | — | — | — |
| Total | $0.452 | $0.287 | $0.296 | $0.296 | $0.415 | $0.516 | $0.506 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $19.47 | $20.66 | $18.73 | $18.71 | $19.10 | $19.79 | $18.77 | $21.90 | $21.88 |
| 1/31/18 | 19.78 | 20.99 | 19.10 | 19.07 | 19.50 | 20.21 | 19.06 | 22.28 | 22.26 |
| Retirement Income | | | | | | | | | |
| Fund | | | | | | | | | |
| Lifestyle 1 | | | | | | | | | |
| Number | 6 | 1 | 1 | 6 | 6 | 6 | 6 |
| Income | $0.360 | $0.323 | $0.323 | $0.338 | $0.336 | $0.391 | $0.384 |
| Capital gains | — | — | — | — | — | — | — |
| Total | $0.360 | $0.323 | $0.323 | $0.338 | $0.336 | $0.391 | $0.384 |
| | Before | After | Net | Net | Before | After | Net | Net | Net |
| | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| Share value | charge | charge | value | value | charge | charge | value | value | value |
| 7/31/17 | $17.65 | $18.39 | $17.28 | $17.33 | $17.69 | $18.28 | $17.64 | $17.71 | $17.71 |
| 1/31/18 | 17.81 | 18.55 | 17.41 | 17.45 | 17.86 | 18.46 | 17.80 | 17.87 | 17.87 |
The classification of distributions, if any, is an estimate. Before-sales-charge share value and current dividend rate for class A and M 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 and 3.50% for class M shares for all funds except Retirement Income Fund Lifestyle 1, for which the rates are 4.00% for class A shares and 3.25% for class M shares) was levied at the time of purchase. Final distribution information will appear on your year-end tax forms.
Fund performance as of most recent calendar quarter Total return for periods ended 12/31/17
| | | | | | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (9/1/16) | (11/1/04) |
| | Before | After | | | | | Before | After | Net | Net | Net |
| | sales | sales | Before | After | Before | After | sales | sales | asset | asset | asset |
| | charge | charge | CDSC | CDSC | CDSC | CDSC | charge | charge | value | value | value |
| 2060 Fund* | | | | | | | | | | | |
| Life of fund | 25.64% | 18.41% | 23.71% | 20.71% | 23.65% | 23.65% | 24.28% | 19.93% | 24.96% | 26.46% | 26.27% |
| Annual average | 11.58 | 8.45 | 10.75 | 9.45 | 10.73 | 10.73 | 11.00 | 9.12 | 11.29 | 11.93 | 11.85 |
| 1 year | 20.58 | 13.65 | 19.65 | 14.65 | 19.64 | 18.64 | 19.87 | 15.67 | 20.23 | 21.05 | 20.89 |
| 6 months | 10.92 | 4.54 | 10.57 | 5.57 | 10.44 | 9.44 | 10.58 | 6.71 | 10.81 | 11.17 | 11.01 |
| 2055 Fund† | | | | | | | | | | | |
| Life of fund | 105.57% | 93.75% | 94.93% | 94.93% | 94.97% | 94.97% | 98.48% | 91.53% | 102.08% | 109.77% | 109.36% |
| Annual average | 10.71 | 9.79 | 9.88 | 9.88 | 9.88 | 9.88 | 10.16 | 9.61 | 10.44 | 11.03 | 11.00 |
| 5 years | 76.76 | 66.59 | 70.27 | 68.27 | 70.18 | 70.18 | 72.37 | 66.34 | 74.66 | 79.32 | 78.97 |
| Annual average | 12.07 | 10.75 | 11.23 | 10.97 | 11.22 | 11.22 | 11.50 | 10.71 | 11.80 | 12.39 | 12.35 |
| 3 years | 27.96 | 20.60 | 25.15 | 22.15 | 25.14 | 25.14 | 26.14 | 21.73 | 27.10 | 29.23 | 28.98 |
| Annual average | 8.57 | 6.44 | 7.77 | 6.90 | 7.76 | 7.76 | 8.05 | 6.77 | 8.32 | 8.92 | 8.85 |
| 1 year | 20.44 | 13.51 | 19.48 | 14.48 | 19.48 | 18.48 | 19.81 | 15.62 | 20.15 | 20.94 | 20.71 |
| 6 months | 10.82 | 4.45 | 10.38 | 5.38 | 10.37 | 9.37 | 10.54 | 6.67 | 10.72 | 11.06 | 10.95 |
| |
| 14 RetirementReady® Funds |
Fund performance as of most recent calendar quarter
Total return for periods ended 12/31/17 cont.
| | | | | | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (9/1/16) | (11/1/04) |
| | Before | After | | | | | Before | After | Net | Net | Net |
| | sales | sales | Before | After | Before | After | sales | sales | asset | asset | asset |
| | charge | charge | CDSC | CDSC | CDSC | CDSC | charge | charge | value | value | value |
| 2050 Fund‡ | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 7.03% | 6.54% | 6.53% | 6.53% | 6.23% | 6.23% | 6.50% | 6.20% | 6.76% | 7.31% | 7.30% |
| 10 years | 77.82 | 67.60 | 67.38 | 67.38 | 64.92 | 64.92 | 69.13 | 63.21 | 73.37 | 82.47 | 82.18 |
| Annual average | 5.93 | 5.30 | 5.29 | 5.29 | 5.13 | 5.13 | 5.40 | 5.02 | 5.66 | 6.20 | 6.18 |
| 5 years | 75.43 | 65.34 | 68.96 | 66.96 | 68.95 | 68.95 | 71.14 | 65.15 | 73.27 | 77.85 | 77.56 |
| Annual average | 11.90 | 10.58 | 11.06 | 10.80 | 11.06 | 11.06 | 11.34 | 10.55 | 11.62 | 12.20 | 12.17 |
| 3 years | 27.44 | 20.11 | 24.60 | 21.60 | 24.63 | 24.63 | 25.61 | 21.21 | 26.54 | 28.63 | 28.42 |
| Annual average | 8.42 | 6.30 | 7.61 | 6.74 | 7.62 | 7.62 | 7.90 | 6.62 | 8.16 | 8.75 | 8.70 |
| 1 year | 19.91 | 13.02 | 19.04 | 14.04 | 19.03 | 18.03 | 19.39 | 15.21 | 19.64 | 20.35 | 20.20 |
| 6 months | 10.57 | 4.21 | 10.14 | 5.14 | 10.11 | 9.11 | 10.29 | 6.43 | 10.41 | 10.79 | 10.65 |
| 2045 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 7.01% | 6.53% | 6.53% | 6.53% | 6.21% | 6.21% | 6.48% | 6.19% | 6.75% | 7.29% | 7.28% |
| 10 years | 76.13 | 66.00 | 65.94 | 65.94 | 63.44 | 63.44 | 67.56 | 61.70 | 71.76 | 80.88 | 80.57 |
| Annual average | 5.82 | 5.20 | 5.19 | 5.19 | 5.04 | 5.04 | 5.30 | 4.92 | 5.56 | 6.11 | 6.09 |
| 5 years | 72.68 | 62.75 | 66.30 | 64.30 | 66.26 | 66.26 | 68.46 | 62.56 | 70.48 | 75.11 | 74.81 |
| Annual average | 11.54 | 10.23 | 10.71 | 10.44 | 10.70 | 10.70 | 10.99 | 10.21 | 11.26 | 11.86 | 11.82 |
| 3 years | 26.81 | 19.52 | 23.98 | 20.98 | 23.97 | 23.97 | 24.94 | 20.57 | 25.84 | 28.00 | 27.77 |
| Annual average | 8.24 | 6.12 | 7.43 | 6.55 | 7.42 | 7.42 | 7.71 | 6.43 | 7.96 | 8.58 | 8.51 |
| 1 year | 19.26 | 12.40 | 18.36 | 13.36 | 18.37 | 17.37 | 18.65 | 14.50 | 18.97 | 19.71 | 19.53 |
| 6 months | 10.18 | 3.84 | 9.75 | 4.75 | 9.71 | 8.71 | 9.87 | 6.02 | 10.04 | 10.40 | 10.31 |
| 2040 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 6.86% | 6.38% | 6.37% | 6.37% | 6.06% | 6.06% | 6.32% | 6.04% | 6.60% | 7.13% | 7.12% |
| 10 years | 74.02 | 64.01 | 63.84 | 63.84 | 61.39 | 61.39 | 65.47 | 59.68 | 69.70 | 78.59 | 78.39 |
| Annual average | 5.70 | 5.07 | 5.06 | 5.06 | 4.90 | 4.90 | 5.17 | 4.79 | 5.43 | 5.97 | 5.96 |
| 5 years | 68.23 | 58.56 | 62.02 | 60.02 | 62.04 | 62.04 | 64.09 | 58.35 | 66.12 | 70.49 | 70.30 |
| Annual average | 10.96 | 9.66 | 10.13 | 9.86 | 10.13 | 10.13 | 10.41 | 9.63 | 10.68 | 11.26 | 11.24 |
| 3 years | 25.25 | 18.05 | 22.45 | 19.45 | 22.39 | 22.39 | 23.38 | 19.06 | 24.33 | 26.34 | 26.20 |
| Annual average | 7.79 | 5.69 | 6.98 | 6.10 | 6.97 | 6.97 | 7.25 | 5.99 | 7.53 | 8.10 | 8.06 |
| 1 year | 17.95 | 11.17 | 17.05 | 12.05 | 17.00 | 16.00 | 17.36 | 13.25 | 17.64 | 18.29 | 18.24 |
| 6 months | 9.45 | 3.16 | 9.06 | 4.06 | 9.02 | 8.02 | 9.17 | 5.35 | 9.33 | 9.67 | 9.61 |
| 2035 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 6.44% | 5.96% | 5.95% | 5.95% | 5.65% | 5.65% | 5.91% | 5.62% | 6.17% | 6.72% | 6.70% |
| 10 years | 67.45 | 57.82 | 57.66 | 57.66 | 55.30 | 55.30 | 59.19 | 53.62 | 63.27 | 71.91 | 71.62 |
| Annual average | 5.29 | 4.67 | 4.66 | 4.66 | 4.50 | 4.50 | 4.76 | 4.39 | 5.02 | 5.57 | 5.55 |
| 5 years | 60.41 | 51.19 | 54.50 | 52.50 | 54.51 | 54.51 | 56.44 | 50.97 | 58.42 | 62.68 | 62.40 |
| Annual average | 9.91 | 8.62 | 9.09 | 8.81 | 9.09 | 9.09 | 9.36 | 8.59 | 9.64 | 10.22 | 10.18 |
| 3 years | 22.50 | 15.46 | 19.77 | 16.77 | 19.79 | 19.79 | 20.67 | 16.44 | 21.59 | 23.63 | 23.42 |
| Annual average | 7.00 | 4.91 | 6.20 | 5.30 | 6.20 | 6.20 | 6.46 | 5.21 | 6.73 | 7.33 | 7.27 |
| 1 year | 15.85 | 9.19 | 14.95 | 9.95 | 14.98 | 13.98 | 15.24 | 11.21 | 15.53 | 16.26 | 16.09 |
| 6 months | 8.34 | 2.11 | 7.89 | 2.89 | 7.94 | 6.94 | 8.02 | 4.24 | 8.19 | 8.55 | 8.47 |
|
| RetirementReady® Funds 15 |
Fund performance as of most recent calendar quarter
Total return for periods ended 12/31/17 cont.
| | | | | | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (9/1/16) | (11/1/04) |
| | Before | After | | | | | Before | After | Net | Net | Net |
| | sales | sales | Before | After | Before | After | sales | sales | asset | asset | asset |
| | charge | charge | CDSC | CDSC | CDSC | CDSC | charge | charge | value | value | value |
| 2030 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 5.89% | 5.42% | 5.41% | 5.41% | 5.10% | 5.10% | 5.36% | 5.07% | 5.63% | 6.16% | 6.15% |
| 10 years | 58.24 | 49.14 | 48.92 | 48.92 | 46.77 | 46.77 | 50.44 | 45.17 | 54.33 | 62.36 | 62.17 |
| Annual average | 4.70 | 4.08 | 4.06 | 4.06 | 3.91 | 3.91 | 4.17 | 3.80 | 4.43 | 4.97 | 4.95 |
| 5 years | 50.77 | 42.10 | 45.12 | 43.12 | 45.19 | 45.19 | 47.03 | 41.88 | 48.83 | 52.82 | 52.64 |
| Annual average | 8.56 | 7.28 | 7.73 | 7.43 | 7.74 | 7.74 | 8.01 | 7.25 | 8.28 | 8.85 | 8.83 |
| 3 years | 18.81 | 11.98 | 16.14 | 13.14 | 16.21 | 16.21 | 17.03 | 12.94 | 17.93 | 19.88 | 19.73 |
| Annual average | 5.91 | 3.84 | 5.11 | 4.20 | 5.14 | 5.14 | 5.38 | 4.14 | 5.65 | 6.23 | 6.19 |
| 1 year | 13.22 | 6.71 | 12.35 | 7.35 | 12.37 | 11.37 | 12.67 | 8.73 | 12.96 | 13.60 | 13.51 |
| 6 months | 6.94 | 0.79 | 6.48 | 1.48 | 6.55 | 5.55 | 6.67 | 2.93 | 6.80 | 7.13 | 7.08 |
| 2025 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 5.21% | 4.74% | 4.74% | 4.74% | 4.42% | 4.42% | 4.69% | 4.40% | 4.95% | 5.48% | 5.48% |
| 10 years | 47.11 | 38.66 | 38.55 | 38.55 | 36.45 | 36.45 | 39.93 | 35.03 | 43.48 | 51.02 | 50.84 |
| Annual average | 3.94 | 3.32 | 3.31 | 3.31 | 3.16 | 3.16 | 3.42 | 3.05 | 3.68 | 4.21 | 4.20 |
| 5 years | 40.53 | 32.45 | 35.35 | 33.35 | 35.38 | 35.38 | 37.13 | 32.33 | 38.87 | 42.51 | 42.34 |
| Annual average | 7.04 | 5.78 | 6.24 | 5.92 | 6.25 | 6.25 | 6.52 | 5.76 | 6.79 | 7.34 | 7.32 |
| 3 years | 14.88 | 8.27 | 12.34 | 9.34 | 12.36 | 12.36 | 13.22 | 9.26 | 14.04 | 15.91 | 15.78 |
| Annual average | 4.73 | 2.68 | 3.95 | 3.02 | 3.96 | 3.96 | 4.22 | 2.99 | 4.48 | 5.05 | 5.00 |
| 1 year | 10.56 | 4.20 | 9.75 | 4.75 | 9.70 | 8.70 | 10.03 | 6.18 | 10.29 | 10.95 | 10.87 |
| 6 months | 5.46 | –0.61 | 5.01 | 0.01 | 5.06 | 4.06 | 5.19 | 1.51 | 5.34 | 5.62 | 5.58 |
| 2020 Fund | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 4.35% | 3.89% | 3.88% | 3.88% | 3.57% | 3.57% | 3.83% | 3.55% | 4.10% | 4.62% | 4.61% |
| 10 years | 36.47 | 28.63 | 28.55 | 28.55 | 26.58 | 26.58 | 29.81 | 25.27 | 33.05 | 40.01 | 39.92 |
| Annual average | 3.16 | 2.55 | 2.54 | 2.54 | 2.38 | 2.38 | 2.64 | 2.28 | 2.90 | 3.42 | 3.42 |
| 5 years | 30.68 | 23.16 | 25.89 | 23.89 | 25.82 | 25.82 | 27.41 | 22.96 | 29.02 | 32.36 | 32.28 |
| Annual average | 5.50 | 4.25 | 4.71 | 4.38 | 4.70 | 4.70 | 4.96 | 4.22 | 5.23 | 5.77 | 5.75 |
| 3 years | 11.47 | 5.06 | 9.01 | 6.01 | 9.00 | 9.00 | 9.83 | 5.99 | 10.65 | 12.40 | 12.33 |
| Annual average | 3.68 | 1.66 | 2.92 | 1.96 | 2.91 | 2.91 | 3.18 | 1.96 | 3.43 | 3.97 | 3.95 |
| 1 year | 8.43 | 2.19 | 7.58 | 2.58 | 7.58 | 6.58 | 7.87 | 4.10 | 8.13 | 8.73 | 8.68 |
| 6 months | 4.16 | –1.83 | 3.81 | –1.19 | 3.75 | 2.75 | 3.94 | 0.30 | 4.01 | 4.32 | 4.32 |
| |
| 16 RetirementReady® Funds |
Fund performance as of most recent calendar quarter
Total return for periods ended 12/31/17 cont.
| | | | | | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (11/1/04) | (9/1/16) | (11/1/04) |
| | Before | After | | | | | Before | After | Net | Net | Net |
| | sales | sales | Before | After | Before | After | sales | sales | asset | asset | asset |
| | charge | charge | CDSC | CDSC | CDSC | CDSC | charge | charge | value | value | value |
| Retirement | | | | | | | | | | | |
| Income Fund | | | | | | | | | | | |
| Lifestyle 1 | | | | | | | | | | | |
| Annual average | | | | | | | | | | | |
| (life of fund) | 3.15% | 2.83% | 2.68% | 2.68% | 2.38% | 2.38% | 2.76% | 2.50% | 2.89% | 3.41% | 3.40% |
| 10 years | 31.08 | 25.83 | 23.43 | 23.43 | 21.61 | 21.61 | 26.66 | 22.55 | 27.80 | 34.53 | 34.36 |
| Annual average | 2.74 | 2.32 | 2.13 | 2.13 | 1.98 | 1.98 | 2.39 | 2.05 | 2.48 | 3.01 | 3.00 |
| 5 years | 19.94 | 15.15 | 15.54 | 13.54 | 15.56 | 15.56 | 18.40 | 14.55 | 18.46 | 21.60 | 21.44 |
| Annual average | 3.70 | 2.86 | 2.93 | 2.57 | 2.93 | 2.93 | 3.44 | 2.75 | 3.45 | 3.99 | 3.96 |
| 3 years | 8.86 | 4.50 | 6.40 | 3.40 | 6.44 | 6.44 | 8.02 | 4.51 | 8.05 | 9.78 | 9.63 |
| Annual average | 2.87 | 1.48 | 2.09 | 1.12 | 2.10 | 2.10 | 2.61 | 1.48 | 2.62 | 3.16 | 3.11 |
| 1 year | 6.80 | 2.53 | 6.02 | 1.02 | 6.00 | 5.00 | 6.48 | 3.01 | 6.55 | 7.13 | 7.04 |
| 6 months | 3.25 | –0.88 | 2.87 | –2.13 | 2.86 | 1.86 | 3.11 | –0.24 | 3.18 | 3.42 | 3.37 |
* The inception date of Putnam RetirementReady 2060 Fund is 11/30/15, for all share classes except class R6, which is on 9/1/16.
† The inception date of Putnam RetirementReady 2055 Fund is 11/30/10, for all share classes except class R6, which is on 9/1/16.
‡ The inception date of Putnam RetirementReady 2050 Fund is 5/2/05, for all share classes except class R6, which is on 9/1/16.
See the discussion following the fund performance tables on page 8 for information about the calculation of fund performance.
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 B | Class C | Class M | Class R | Class R6 | Class Y |
| Putnam RetirementReady 2060 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17* | 1.05% | 1.80% | 1.80% | 1.55% | 1.30% | 0.69% | 0.80% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 50.74% | 51.49% | 51.49% | 51.24% | 50.99% | 50.38% | 50.49% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.43% | 1.18% | 1.18% | 0.93% | 0.68% | 0.05% | 0.18% |
|
| RetirementReady® Funds 17 |
Expense ratios cont.
| | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| Putnam RetirementReady 2055 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17** | 1.11% | 1.86% | 1.86% | 1.61% | 1.36% | 0.69% | 0.86% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.99% | 2.74% | 2.74% | 2.49% | 2.24% | 1.57% | 1.74% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.46% | 1.21% | 1.21% | 0.96% | 0.71% | 0.05% | 0.21% |
| Putnam RetirementReady 2050 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17** | 1.08% | 1.83% | 1.83% | 1.58% | 1.33% | 0.70% | 0.83% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.35% | 2.10% | 2.10% | 1.85% | 1.60% | 0.97% | 1.10% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.42% | 1.17% | 1.17% | 0.92% | 0.67% | 0.05% | 0.17% |
| Putnam RetirementReady 2045 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17** | 1.09% | 1.84% | 1.84% | 1.59% | 1.34% | 0.70% | 0.84% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.34% | 2.09% | 2.09% | 1.84% | 1.59% | 0.95% | 1.09% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.43% | 1.18% | 1.18% | 0.93% | 0.68% | 0.05% | 0.18% |
| Putnam RetirementReady 2040 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17** | 1.05% | 1.80% | 1.80% | 1.55% | 1.30% | 0.70% | 0.80% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.18% | 1.93% | 1.93% | 1.68% | 1.43% | 0.83% | 0.93% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.40% | 1.15% | 1.15% | 0.90% | 0.65% | 0.05% | 0.15% |
| Putnam RetirementReady 2035 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17** | 1.07% | 1.82% | 1.82% | 1.57% | 1.32% | 0.69% | 0.82% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.24% | 1.99% | 1.99% | 1.74% | 1.49% | 0.86% | 0.99% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.43% | 1.18% | 1.18% | 0.93% | 0.68% | 0.05% | 0.18% |
| Putnam RetirementReady 2030 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17** | 1.01% | 1.76% | 1.76% | 1.51% | 1.26% | 0.66% | 0.76% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.12% | 1.87% | 1.87% | 1.62% | 1.37% | 0.77% | 0.87% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.40% | 1.15% | 1.15% | 0.90% | 0.65% | 0.05% | 0.15% |
| |
| 18 RetirementReady® Funds |
Expense ratios cont.
| | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| Putnam RetirementReady 2025 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17** | 1.03% | 1.78% | 1.78% | 1.53% | 1.28% | 0.65% | 0.78% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.19% | 1.94% | 1.94% | 1.69% | 1.44% | 0.81% | 0.94% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.42% | 1.17% | 1.17% | 0.92% | 0.67% | 0.05% | 0.17% |
| Putnam RetirementReady 2020 Fund | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17** | 0.96% | 1.71% | 1.71% | 1.46% | 1.21% | 0.63% | 0.71% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.09% | 1.84% | 1.84% | 1.59% | 1.34% | 0.76% | 0.84% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.38% | 1.13% | 1.13% | 0.88% | 0.63% | 0.05% | 0.13% |
| Putnam Retirement Income Fund | | | | | | | |
| Lifestyle 1 | | | | | | | |
| Net expenses for the fiscal year | | | | | | | |
| ended 7/31/17 ** | 0.95% | 1.70% | 1.70% | 1.20% | 1.20% | 0.61% | 0.70% |
| Total annual operating expenses for the | | | | | | | |
| fiscal year ended 7/31/17 | 1.14% | 1.89% | 1.89% | 1.39% | 1.39% | 0.80% | 0.89% |
| Annualized expense ratio for the six-month | | | | | | | |
| period ended 1/31/18 # | 0.39% | 1.14% | 1.14% | 0.64% | 0.64% | 0.05% | 0.14% |
Fiscal year expense information in this table is taken from the most recent prospectus, is subject to change, and differs from that shown for the annualized expense ratio and in the financial highlights of this report.
Expenses are shown as a percentage of average net assets.
Prospectus expense information also includes the impact of acquired fund fees and expense in which each fund invests (see table below), which are not included in financial highlights or annualized expense ratios.
| | | |
| Putnam RetirementReady 2060 Fund | 0.64% | | |
| Putnam RetirementReady 2055 Fund | 0.64% | | |
| Putnam RetirementReady 2050 Fund | 0.65% | | |
| Putnam RetirementReady 2045 Fund | 0.65% | | |
| Putnam RetirementReady 2040 Fund | 0.65% | | |
| Putnam RetirementReady 2035 Fund | 0.64% | | |
| Putnam RetirementReady 2030 Fund | 0.61% | | |
| Putnam RetirementReady 2025 Fund | 0.60% | | |
| Putnam RetirementReady 2020 Fund | 0.58% | | |
| Putnam Retirement Income Fund Lifestyle 1 | 0.56% | | |
* Reflects Putnam Management’s contractual obligation to limit expenses through 11/30/27.
** Reflects Putnam Management’s contractual obligation to limit expenses through 11/30/18.
# Excludes the expense ratio of the underlying Putnam mutual funds.
|
| RetirementReady® Funds 19 |
Expenses per $1,000
The following table shows the expenses you would have paid on a $1,000 investment in each fund from 8/1/17 to 1/31/18. 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 B | Class C | Class M | Class R | Class R6 | Class Y |
| Putnam RetirementReady | | | | | | | |
| 2060 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.31 | $6.32 | $6.32 | $4.99 | $3.65 | $0.27 | $0.97 |
| Ending value (after expenses) | $1,129.90 | $1,126.30 | $1,125.10 | $1,127.40 | $1,128.70 | $1,132.30 | $1,130.80 |
| Putnam RetirementReady | | | | | | | |
| 2055 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.47 | $6.48 | $6.48 | $5.14 | $3.81 | $0.27 | $1.13 |
| Ending value (after expenses) | $1,128.20 | $1,123.80 | $1,124.00 | $1,125.20 | $1,127.20 | $1,130.50 | $1,129.30 |
| Putnam RetirementReady | | | | | | | |
| 2050 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.25 | $6.25 | $6.25 | $4.92 | $3.59 | $0.27 | $0.91 |
| Ending value (after expenses) | $1,124.40 | $1,119.70 | $1,120.20 | $1,121.30 | $1,123.00 | $1,125.90 | $1,126.20 |
| Putnam RetirementReady | | | | | | | |
| 2045 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.30 | $6.29 | $6.29 | $4.96 | $3.63 | $0.27 | $0.96 |
| Ending value (after expenses) | $1,119.10 | $1,114.60 | $1,114.70 | $1,114.80 | $1,117.50 | $1,121.20 | $1,120.30 |
| Putnam RetirementReady | | | | | | | |
| 2040 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.13 | $6.10 | $6.10 | $4.78 | $3.45 | $0.27 | $0.80 |
| Ending value (after expenses) | $1,108.00 | $1,104.40 | $1,104.20 | $1,105.30 | $1,107.00 | $1,110.50 | $1,109.50 |
| Putnam RetirementReady | | | | | | | |
| 2035 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.27 | $6.21 | $6.21 | $4.90 | $3.58 | $0.26 | $0.95 |
| Ending value (after expenses) | $1,092.40 | $1,088.30 | $1,088.40 | $1,089.60 | $1,090.80 | $1,094.10 | $1,094.10 |
| Putnam RetirementReady | | | | | | | |
| 2030 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.09 | $6.00 | $6.00 | $4.70 | $3.40 | $0.26 | $0.78 |
| Ending value (after expenses) | $1,073.90 | $1,070.00 | $1,070.20 | $1,071.30 | $1,072.70 | $1,075.90 | $1,075.70 |
| Putnam RetirementReady | | | | | | | |
| 2025 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.18 | $6.05 | $6.05 | $4.76 | $3.47 | $0.26 | $0.88 |
| Ending value (after expenses) | $1,055.10 | $1,051.20 | $1,051.10 | $1,052.40 | $1,053.60 | $1,056.80 | $1,056.40 |
| Putnam RetirementReady | | | | | | | |
| 2020 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $1.95 | $5.80 | $5.80 | $4.52 | $3.24 | $0.26 | $0.67 |
| Ending value (after expenses) | $1,039.30 | $1,035.20 | $1,035.20 | $1,036.50 | $1,037.70 | $1,041.10 | $1,040.70 |
| Putnam Retirement Income | | | | | | | |
| Fund Lifestyle 1 | | | | | | | |
| Expenses paid per $1,000 *† | $2.00 | $5.82 | $5.82 | $3.27 | $3.27 | $0.26 | $0.72 |
| Ending value (after expenses) | $1,029.60 | $1,026.30 | $1,025.60 | $1,028.80 | $1,028.20 | $1,031.20 | $1,030.80 |
* 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 1/31/18. The expense ratio may differ for each share class.
† Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period; and then dividing that result by the number of days in the year.
| |
| 20 RetirementReady® Funds |
Estimate the expenses you paid
To estimate the expenses you paid for the six months ended 1/31/18, use the following calculation method. To find the value of your investment on 8/1/17, call Putnam at 1-800-225-1581.
|
| RetirementReady® Funds 21 |
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 RetirementReady 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 B | Class C | Class M | Class R | Class R6 | Class Y |
| Putnam RetirementReady | | | | | | | |
| 2060 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.19 | $6.01 | $6.01 | $4.74 | $3.47 | $0.26 | $0.92 |
| Ending value (after expenses) | $1,023.04 | $1,019.26 | $1,019.26 | $1,020.52 | $1,021.78 | $1,024.95 | $1,024.30 |
| Putnam RetirementReady | | | | | | | |
| 2055 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.35 | $6.16 | $6.16 | $4.89 | $3.62 | $0.26 | $1.07 |
| Ending value (after expenses) | $1,022.89 | $1,019.11 | $1,019.11 | $1,020.37 | $1,021.63 | $1,024.95 | $1,024.15 |
| Putnam RetirementReady | | | | | | | |
| 2050 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.14 | $5.96 | $5.96 | $4.69 | $3.41 | $0.26 | $0.87 |
| Ending value (after expenses) | $1,023.09 | $1,019.31 | $1,019.31 | $1,020.57 | $1,021.83 | $1,024.95 | $1,024.35 |
| Putnam RetirementReady | | | | | | | |
| 2045 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.19 | $6.01 | $6.01 | $4.74 | $3.47 | $0.26 | $0.92 |
| Ending value (after expenses) | $1,023.04 | $1,019.26 | $1,019.26 | $1,020.52 | $1,021.78 | $1,024.95 | $1,024.30 |
| Putnam RetirementReady | | | | | | | |
| 2040 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.04 | $5.85 | $5.85 | $4.58 | $3.31 | $0.26 | $0.77 |
| Ending value (after expenses) | $1,023.19 | $1,019.41 | $1,019.41 | $1,020.67 | $1,021.93 | $1,024.95 | $1,024.45 |
| Putnam RetirementReady | | | | | | | |
| 2035 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.19 | $6.01 | $6.01 | $4.74 | $3.47 | $0.26 | $0.92 |
| Ending value (after expenses) | $1,023.04 | $1,019.26 | $1,019.26 | $1,020.52 | $1,021.78 | $1,024.95 | $1,024.30 |
| Putnam RetirementReady | | | | | | | |
| 2030 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.04 | $5.85 | $5.85 | $4.58 | $3.31 | $0.26 | $0.77 |
| Ending value (after expenses) | $1,023.19 | $1,019.41 | $1,019.41 | $1,020.67 | $1,021.93 | $1,024.95 | $1,024.45 |
| Putnam RetirementReady | | | | | | | |
| 2025 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $2.14 | $5.96 | $5.96 | $4.69 | $3.41 | $0.26 | $0.87 |
| Ending value (after expenses) | $1,023.09 | $1,019.31 | $1,019.31 | $1,020.57 | $1,021.83 | $1,024.95 | $1,024.35 |
| Putnam RetirementReady | | | | | | | |
| 2020 Fund | | | | | | | |
| Expenses paid per $1,000 *† | $1.94 | $5.75 | $5.75 | $4.48 | $3.21 | $0.26 | $0.66 |
| Ending value (after expenses) | $1,023.29 | $1,019.51 | $1,019.51 | $1,020.77 | $1,022.03 | $1,024.95 | $1,024.55 |
| |
| 22 RetirementReady® Funds |
Compare expenses using the SEC’s method cont.
| | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
| Putnam Retirement Income | | | | | | | |
| Fund Lifestyle 1 | | | | | | | |
| Expenses paid per $1,000 *† | $1.99 | $5.80 | $5.80 | $3.26 | $3.26 | $0.26 | $0.71 |
| Ending value (after expenses) | $1,023.24 | $1,019.46 | $1,019.46 | $1,021.98 | $1,021.98 | $1,024.95 | $1,024.50 |
* 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 1/31/18. The expense ratio may differ for each share class.
† 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; and then dividing that result by the number of days in the year.
|
| RetirementReady® Funds 23 |
Terms and definitions
Important terms
Total return shows how the value of the 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, and 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 and 3.50% for class M shares (4.00% for class A shares and 3.25% for class M shares of Retirement Income Fund Lifestyle 1).
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 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 M shares have a lower initial sales charge and a higher 12b-1 fee than class A shares and no CDSC.
Class R shares are not subject to an initial sales charge or CDSC and 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. Effective March 1, 2018, 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 Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.
ICE BofAML (Intercontinental Exchange Bank of America Merrill Lynch) 3-Month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.
MSCI EAFE (Europe, Australasia, Far East) Index (ND) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. 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.
| |
| 24 RetirementReady® Funds |
S&P 500 Index is an unmanaged index of common stock performance.
ICE Data Indices, LLC (“ICE BofAML”), used with permission. ICE BofAML permits use of the ICE BofAML 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 BofAML 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.
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.
Lipper 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 averages reflect performance trends for funds within a category.
Other information for shareholders
Important notice regarding delivery of shareholder documents
In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single 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, 2017, 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
The funds will file a complete schedule of their portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the funds’ Form N-Q on the SEC’s website at www.sec.gov. In addition, the funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website or the operation of the Public Reference Room.
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, 2018, Putnam employees had approximately $537,000,000 and the Trustees had approximately $83,000,000 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.
|
| RetirementReady® Funds 25 |
Financial statements
These sections of the report, as well as the accompanying Notes, constitute the fund’s financial statements.
The fund’s portfolio lists all the 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 the 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 the 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 the 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 year.
Financial highlights provide an overview of the 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.
| |
| 26 RetirementReady® Funds |
The funds’ portfolios 1/31/18 (Unaudited)
| | |
| Putnam RetirementReady 2060 Fund | Shares | Value |
| Absolute Return Funds (9.8%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 327 | $3,286 |
| Putnam Absolute Return 500 Fund Class P ††† | 1,066 | 11,969 |
| Putnam Absolute Return 700 Fund Class P ††† | 3,340 | 40,780 |
| Total Absolute Return Funds (cost $56,488) | | $56,035 |
| |
| Asset Allocation Funds (89.8%)* | | |
| Putnam Dynamic Asset Allocation Equity Fund Class P ††† | 30,348 | $420,317 |
| Putnam Dynamic Asset Allocation Growth Fund Class P ††† | 5,075 | 90,996 |
| Total Asset Allocation Funds (cost $499,466) | | $511,313 |
| |
| Fixed Income Funds (0.4%)* | | |
| Putnam Government Money Market Fund Class G ††† | 2,463 | $2,463 |
| Total Fixed Income Funds (cost $2,463) | | $2,463 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $558,417) | | $569,811 |
| * Percentages indicated are based on net assets of $569,618. | | |
| |
| Putnam RetirementReady 2055 Fund | Shares | Value |
| Absolute Return Funds (10.1%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 17,020 | $170,883 |
| Putnam Absolute Return 500 Fund Class P ††† | 41,563 | 466,754 |
| Putnam Absolute Return 700 Fund Class P ††† | 130,229 | 1,590,092 |
| Total Absolute Return Funds (cost $2,159,652) | | $2,227,729 |
| |
| Asset Allocation Funds (89.5%)* | | |
| Putnam Dynamic Asset Allocation Equity Fund Class P ††† | 1,102,118 | $15,264,333 |
| Putnam Dynamic Asset Allocation Growth Fund Class P ††† | 252,573 | 4,528,639 |
| Total Asset Allocation Funds (cost $17,815,886) | | $19,792,972 |
| |
| Fixed Income Funds (0.4%)* | | |
| Putnam Government Money Market Fund Class G ††† | 95,119 | $95,119 |
| Total Fixed Income Funds (cost $95,199) | | $95,119 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $20,070,657) | | $22,115,820 |
* Percentages indicated are based on net assets of $22,109,532.
|
| RetirementReady® Funds 27 |
The funds’ portfolios 1/31/18 (Unaudited) cont.
| | |
| Putnam RetirementReady 2050 Fund | Shares | Value |
| Absolute Return Funds (10.8%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 92,858 | $932,297 |
| Putnam Absolute Return 500 Fund Class P ††† | 120,939 | 1,358,142 |
| Putnam Absolute Return 700 Fund Class P ††† | 378,939 | 4,626,850 |
| Total Absolute Return Funds (cost $6,629,601) | | $6,917,289 |
| |
| Asset Allocation Funds (88.9%)* | | |
| Putnam Dynamic Asset Allocation Equity Fund Class P ††† | 2,449,350 | $33,923,496 |
| Putnam Dynamic Asset Allocation Growth Fund Class P ††† | 1,290,974 | $23,147,174 |
| Total Asset Allocation Funds (cost $50,024,933) | | $57,070,670 |
| |
| Fixed Income Funds (0.4%)* | | |
| Putnam Government Money Market Fund Class G ††† | 270,944 | $270,944 |
| Total Fixed Income Funds (cost $270,944) | | $270,944 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $56,925,478) | | $64,258,903 |
| * Percentages indicated are based on net assets of $64,232,551. | | |
| |
| Putnam RetirementReady 2045 Fund | Shares | Value |
| Absolute Return Funds (11.9%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 167,374 | $1,680,438 |
| Putnam Absolute Return 500 Fund Class P ††† | 142,678 | 1,602,272 |
| Putnam Absolute Return 700 Fund Class P ††† | 409,799 | 5,003,647 |
| Total Absolute Return Funds (cost $8,007,924) | | $8,286,357 |
| |
| Asset Allocation Funds (87.7%)* | | |
| Putnam Dynamic Asset Allocation Equity Fund Class P ††† | 1,682,186 | $23,298,281 |
| Putnam Dynamic Asset Allocation Growth Fund Class P ††† | 2,091,032 | 37,492,204 |
| Total Asset Allocation Funds (cost $54,316,368) | | $60,790,485 |
| |
| Fixed Income Funds (0.4%)* | | |
| Putnam Government Money Market Fund Class G ††† | 293,939 | $293,939 |
| Total Fixed Income Funds (cost $293,939) | | $293,939 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $62,618,231) | | $69,370,781 |
* Percentages indicated are based on net assets of $69,342,490.
| |
| 28 RetirementReady® Funds |
The funds’ portfolios 1/31/18 (Unaudited) cont.
| | |
| Putnam RetirementReady 2040 Fund | Shares | Value |
| Absolute Return Funds (15.4%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 383,707 | $3,852,418 |
| Putnam Absolute Return 300 Fund Class P ††† | 63,292 | 620,263 |
| Putnam Absolute Return 500 Fund Class P ††† | 545,178 | 6,122,353 |
| Putnam Absolute Return 700 Fund Class P ††† | 1,127,437 | 13,766,004 |
| Total Absolute Return Funds (cost $23,515,108) | | $24,361,038 |
| |
| Asset Allocation Funds (83.0%)* | | |
| Putnam Dynamic Asset Allocation Balanced Fund Class P ††† | 379,818 | $5,978,328 |
| Putnam Dynamic Asset Allocation Equity Fund Class P ††† | 1,219,610 | 16,891,595 |
| Putnam Dynamic Asset Allocation Growth Fund Class P ††† | 6,047,595 | 108,433,373 |
| Total Asset Allocation Funds (cost $117,078,718) | | $131,303,296 |
| |
| Fixed Income Funds (1.7%)* | | |
| Putnam Government Money Market Fund Class G ††† | 2,664,906 | $2,664,906 |
| Total Fixed Income Funds (cost $2,664,906) | | $2,664,906 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $143,258,732) | | $158,329,240 |
* Percentages indicated are based on net assets of $158,263,255.
| | |
| Putnam RetirementReady 2035 Fund | Shares | Value |
| Absolute Return Funds (21.8%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 360,685 | $3,621,274 |
| Putnam Absolute Return 300 Fund Class P ††† | 285,090 | 2,793,886 |
| Putnam Absolute Return 500 Fund Class P ††† | 565,829 | 6,354,262 |
| Putnam Absolute Return 700 Fund Class P ††† | 1,157,869 | 14,137,581 |
| Total Absolute Return Funds (cost $26,216,001) | | $26,907,003 |
| |
| Asset Allocation Funds (75.3%)* | | |
| Putnam Dynamic Asset Allocation Balanced Fund Class P ††† | 1,699,086 | $26,743,613 |
| Putnam Dynamic Asset Allocation Growth Fund Class P ††† | 3,685,621 | 66,083,182 |
| Total Asset Allocation Funds (cost $85,114,374) | | $92,826,795 |
| |
| Fixed Income Funds (2.9%)* | | |
| Putnam Government Money Market Fund Class G ††† | 3,537,793 | $3,537,793 |
| Total Fixed Income Funds (cost $3,537,793) | | $3,537,793 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $114,868,168) | | $123,271,591 |
* Percentages indicated are based on net assets of $123,219,497.
|
| RetirementReady® Funds 29 |
The funds’ portfolios 1/31/18 (Unaudited) cont.
| | |
| Putnam RetirementReady 2030 Fund | Shares | Value |
| Absolute Return Funds (30.1%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 793,008 | $7,961,801 |
| Putnam Absolute Return 300 Fund Class P ††† | 1,165,033 | 11,417,320 |
| Putnam Absolute Return 500 Fund Class P ††† | 1,302,715 | 14,629,487 |
| Putnam Absolute Return 700 Fund Class P ††† | 2,184,326 | 26,670,625 |
| Total Absolute Return Funds (cost $58,773,910) | | $60,679,233 |
| |
| Asset Allocation Funds (66.1%)* | | |
| Putnam Dynamic Asset Allocation Balanced Fund Class P ††† | 6,055,092 | $95,307,152 |
| Putnam Dynamic Asset Allocation Conservative Fund Class P ††† | 180,863 | 1,994,924 |
| Putnam Dynamic Asset Allocation Growth Fund Class P ††† | 2,010,373 | 36,045,992 |
| Total Asset Allocation Funds (cost $121,870,492) | | $133,348,068 |
| |
| Fixed Income Funds (3.9%)* | | |
| Putnam Government Money Market Fund Class G ††† | 7,799,024 | $7,799,024 |
| Total Fixed Income Funds (cost $7,799,024) | | $7,799,024 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $188,443,426) | | $201,826,325 |
* Percentages indicated are based on net assets of $201,748,259.
| | |
| Putnam RetirementReady 2025 Fund | Shares | Value |
| Absolute Return Funds (40.5%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 647,303 | $6,498,919 |
| Putnam Absolute Return 300 Fund Class P ††† | 1,270,433 | 12,450,245 |
| Putnam Absolute Return 500 Fund Class P ††† | 1,492,322 | 16,758,781 |
| Putnam Absolute Return 700 Fund Class P ††† | 1,249,686 | 15,258,666 |
| Total Absolute Return Funds (cost $50,039,686) | | $50,966,611 |
| |
| Asset Allocation Funds (54.4%)* | | |
| Putnam Dynamic Asset Allocation Balanced Fund Class P ††† | 3,387,749 | $53,323,171 |
| Putnam Dynamic Asset Allocation Conservative Fund Class P ††† | 1,374,059 | 15,155,872 |
| Total Asset Allocation Funds (cost $63,357,593) | | $68,479,043 |
| |
| Fixed Income Funds (5.1%)* | | |
| Putnam Government Money Market Fund Class G ††† | 6,399,146 | $6,399,146 |
| Total Fixed Income Funds (cost $6,399,146) | | $6,399,146 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $119,796,425) | | $125,844,800 |
* Percentages indicated are based on net assets of $125,792,527.
| |
| 30 RetirementReady® Funds |
The funds’ portfolios 1/31/18 (Unaudited) cont.
| | |
| Putnam RetirementReady 2020 Fund | Shares | Value |
| Absolute Return Funds (52.1%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 1,483,556 | $14,894,904 |
| Putnam Absolute Return 300 Fund Class P ††† | 3,318,313 | 32,519,470 |
| Putnam Absolute Return 500 Fund Class P ††† | 4,324,083 | 48,559,454 |
| Putnam Absolute Return 700 Fund Class P ††† | 993,565 | 12,131,430 |
| Total Absolute Return Funds (cost $106,566,756) | | $108,105,258 |
| |
| Asset Allocation Funds (42.0%)* | | |
| Putnam Dynamic Asset Allocation Balanced Fund Class P ††† | 1,921,098 | $30,238,075 |
| Putnam Dynamic Asset Allocation Conservative Fund Class P ††† | 5,159,380 | 56,907,956 |
| Total Asset Allocation Funds (cost $81,975,582) | | $87,146,031 |
| |
| Fixed Income Funds (5.9%)* | | |
| Putnam Government Money Market Fund Class G ††† | 12,238,178 | $12,238,178 |
| Total Fixed Income Funds (cost $12,238,178) | | $12,238,178 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $200,780,516) | | $207,489,467 |
* Percentages indicated are based on net assets of $207,407,117.
| | |
| Putnam Retirement Income Fund Lifestyle 1 | Shares | Value |
| Absolute Return Funds (60.0%)* | | |
| Putnam Absolute Return 100 Fund Class P ††† | 890,663 | $8,942,252 |
| Putnam Absolute Return 300 Fund Class P ††† | 2,142,467 | 20,996,174 |
| Putnam Absolute Return 500 Fund Class P ††† | 2,636,322 | 29,605,902 |
| Total Absolute Return Funds (cost $59,313,731) | | $59,544,328 |
| |
| Asset Allocation Funds (34.1%)* | | |
| Putnam Dynamic Asset Allocation Conservative Fund Class P ††† | 3,069,239 | $33,853,705 |
| Total Asset Allocation Funds (cost $32,078,115) | | $33,853,705 |
| |
| Fixed Income Funds (5.9%)* | | |
| Putnam Government Money Market Fund Class G ††† | 5,873,329 | $5,873,329 |
| Total Fixed Income Funds (cost $5,873,329) | | $5,873,329 |
| |
| TOTAL INVESTMENTS | | |
| Total Investments (cost $97,265,175) | | $99,271,362 |
* Percentages indicated are based on net assets of $99,232,142.
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, 2017 through January 31, 2018 (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.
††† Affiliated Company (Note 5).
|
| RetirementReady® Funds 31 |
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 | |
| Investments in securities: | Level 1 | Level 2 | Level 3 | Total |
| Putnam RetirementReady 2060 Fund | $569,811 | $— | $— | $569,811 |
| Putnam RetirementReady 2055 Fund | 22,115,820 | — | — | 22,115,820 |
| Putnam RetirementReady 2050 Fund | 64,258,903 | — | — | 64,258,903 |
| Putnam RetirementReady 2045 Fund | 69,370,781 | — | — | 69,370,781 |
| Putnam RetirementReady 2040 Fund | 158,329,240 | — | — | 158,329,240 |
| Putnam RetirementReady 2035 Fund | 123,271,591 | — | — | 123,271,591 |
| Putnam RetirementReady 2030 Fund | 201,826,325 | — | — | 201,826,325 |
| Putnam RetirementReady 2025 Fund | 125,844,800 | — | — | 125,844,800 |
| Putnam RetirementReady 2020 Fund | 207,489,467 | — | — | 207,489,467 |
| Putnam Retirement Income Fund | | | | |
| Lifestyle 1 | 99,271,362 | — | — | 99,271,362 |
The accompanying notes are an integral part of these financial statements.
|
| 32 RetirementReady® Funds |
Statement of assets and liabilities 1/31/18 (Unaudited)
| | | | | |
| | Putnam | Putnam | Putnam | Putnam | Putnam |
| | Retirement- | Retirement- | Retirement- | Retirement- | Retirement- |
| | Ready | Ready | Ready | Ready | Ready |
| ASSETS | 2060 Fund | 2055 Fund | 2050 Fund | 2045 Fund | 2040 Fund |
| Investments in affiliated underlying | | | | | |
| Putnam Funds, at value (Notes 1 and 5) | $569,811 | $22,115,820 | $64,258,903 | $69,370,781 | $158,329,240 |
| Receivable for income distributions | | | | | |
| from underlying Putnam Fund shares | — | 78 | 148 | 256 | 2,749 |
| Receivable for shares of the fund sold | 377 | 15,291 | 14,589 | 25,268 | 76,458 |
| Receivable for investments sold | — | 19 | 24,914 | 35,914 | 83,194 |
| Receivable from Manager (Note 2) | 1,694 | 6,819 | 13,087 | 14,214 | 25,266 |
| Total assets | 571,882 | 22,138,027 | 64,311,641 | 69,446,433 | 158,516,907 |
| |
| LIABILITIES | | | | | |
| Payable for shares of the | | | | | |
| fund repurchased | — | 20 | 24,789 | 31,777 | 82,563 |
| Payable for investments purchased | 303 | 11,611 | 13,119 | 26,844 | 79,436 |
| Payable for investor servicing | | | | | |
| fees (Note 2) | 138 | 6,335 | 16,398 | 18,656 | 36,642 |
| Payable for distribution fees (Note 2) | 129 | 3,710 | 11,697 | 12,452 | 29,745 |
| Payable for reports to shareholders | 1,559 | 3,307 | 4,150 | 4,674 | 4,779 |
| Payable for auditing and tax fee | 52 | 2,253 | 6,915 | 7,408 | 17,391 |
| Other accrued expenses | 83 | 1,259 | 2,022 | 2,132 | 3,096 |
| Total liabilities | 2,264 | 28,495 | 79,090 | 103,943 | 253,652 |
| | | | | | |
| Net assets | $569,618 | $22,109,532 | $64,232,551 | $69,342,490 | $158,263,255 |
| |
| REPRESENTED BY | | | | | |
| Paid-in-capital | | | | | |
| (unlimited shares authorized) | | | | | |
| (Notes 1 and 4) | $519,077 | $19,332,375 | $55,932,086 | $63,856,070 | $141,035,966 |
| Distributions in excess of net | | | | | |
| investment income (Note 1) | (11,377) | (414,991) | (1,319,751) | (1,292,918) | (3,741,092) |
| Accumulated net realized gain on | | | | | |
| investments (Note 1) | 50,524 | 1,146,985 | 2,286,791 | 26,788 | 5,897,873 |
| Net unrealized appreciation | | | | | |
| of investments | 11,394 | 2,045,163 | 7,333,425 | 6,752,550 | 15,070,508 |
| Total — Representing net assets | | | | | |
| applicable to capital outstanding | $569,618 | $22,109,532 | $64,232,551 | $69,342,490 | $158,263,255 |
(Continued on next page)
|
| RetirementReady® Funds 33 |
Statement of assets and liabilities 1/31/18 (Unaudited) cont.
| | | | | |
| | Putnam | Putnam | Putnam | Putnam | Putnam |
| | Retirement- | Retirement- | Retirement- | Retirement- | Retirement- |
| COMPUTATION OF NET ASSET | Ready | Ready | Ready | Ready | Ready |
| VALUE AND OFFERING PRICE | 2060 Fund | 2055 Fund | 2050 Fund | 2045 Fund | 2040 Fund |
| Computation of net asset value, offering price and redemption price Class A | | |
| Net Assets | $148,667 | $12,813,551 | $48,101,960 | $48,821,851 | $129,781,644 |
| Number of shares outstanding | 12,519 | 1,003,686 | 2,309,901 | 2,123,321 | 5,283,676 |
| Net asset value and redemption price | $11.88 | $12.77 | $20.82 | $22.99 | $24.56 |
| Offering price per class A share | | | | | |
| (100/94.25 of Class A | | | | | |
| net asset value)* | $12.60 | $13.55 | $22.09 | $24.39 | $26.06 |
| Computation of net asset value and offering price Class B | | | |
| Net Assets | $15,797 | $111,469 | $497,435 | $657,101 | $756,672 |
| Number of shares outstanding | 1,330 | 8,781 | 24,179 | 31,482 | 33,503 |
| Net asset value and offering price † | $11.88 | $12.69 | $20.57 | $20.87 | $22.59 |
| Computation of net asset value and offering price Class C | | | |
| Net Assets | $67,085 | $914,655 | $814,376 | $1,047,138 | $1,064,047 |
| Number of shares outstanding | 5,676 | 73,060 | 39,930 | 50,117 | 47,822 |
| Net asset value and offering price † | $11.82 | $12.52 | $20.40 | $20.89 | $22.25 |
| Computation of net asset value, offering price and redemption price Class M | | |
| Net Assets | $15,270 | $72,347 | $169,288 | $160,656 | $521,291 |
| Number of shares outstanding | 1,285 | 5,656 | 8,046 | 7,178 | 22,712 |
| Net asset value and redemption price | $11.89 ‡ | $12.79 | $21.04 | $22.38 | $22.95 |
| Offering price per class M share | | | | | |
| (100/96.50 of Class M | | | | | |
| net asset value)* | $12.32 | $13.25 | $21.80 | $23.19 | $23.78 |
| Computation of net asset value, offering price and redemption price Class R | | |
| Net Assets | $24,850 | $263,783 | $827,807 | $1,466,392 | $1,220,058 |
| Number of shares outstanding | 2,091 | 20,724 | 40,179 | 61,914 | 47,926 |
| Net asset value, offering price | | | | | |
| and redemption value | $11.89 ‡ | $12.73 | $20.60 | $23.68 | $25.46 |
| Computation of net asset value, offering price and redemption price Class R6 | | |
| Net Assets | $253,879 | $4,330,180 | $8,938,792 | $9,553,037 | $16,138,331 |
| Number of shares outstanding | 21,282 | 336,106 | 426,170 | 343,879 | 555,229 |
| Net asset value, offering price | | | | | |
| and redemption value | $11.93 | $12.88 | $20.97 | $27.78 | $29.07 |
| Computation of net asset value, offering price and redemption price Class Y | | |
| Net Assets | $44,070 | $3,603,547 | $4,882,893 | $7,636,315 | $8,781,212 |
| Number of shares outstanding | 3,700 | 280,197 | 233,120 | 275,287 | 302,484 |
| Net asset value, offering price | | | | | |
| and redemption value | $11.91 | $12.86 | $20.95 | $27.74 | $29.03 |
| Cost of investments (Note 1) | $558,417 | $20,070,657 | $56,925,478 | $62,618,231 | $143,258,732 |
* On retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.
† Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.
‡ Net asset value may not recalculate due to rounding of fractional shares.
The accompanying notes are an integral part of these financial statements.
| |
| 34 RetirementReady® Funds |
Statement of assets and liabilities 1/31/18 (Unaudited) cont.
| | | | | |
| | Putnam | Putnam | Putnam | Putnam | Putnam |
| | Retirement- | Retirement- | Retirement- | Retirement- | Retirement |
| | Ready | Ready | Ready | Ready | Income Fund |
| ASSETS | 2035 Fund | 2030 Fund | 2025 Fund | 2020 Fund | Lifestyle 1 |
| Investments in affiliated underlying | | | | | |
| Putnam Funds, at value (Notes 1 and 5) | $123,271,591 | $201,826,325 | $125,844,800 | $207,489,467 | $99,271,362 |
| Receivable for income distributions | | | | | |
| from underlying Putnam Fund shares | 3,331 | 9,453 | 6,963 | 17,761 | 7,704 |
| Receivable for shares of the fund sold | 54,858 | 138,143 | 88,494 | 229,955 | 44,802 |
| Receivable for investments sold | 98,233 | 516,696 | 30,429 | 99,272 | 138,986 |
| Receivable from Manager (Note 2) | 21,882 | 31,118 | 23,630 | 31,164 | 20,133 |
| Total assets | 123,449,895 | 202,521,735 | 125,994,316 | 207,867,619 | 99,482,987 |
| |
| LIABILITIES | | | | | |
| Payable for shares of the | | | | | |
| fund repurchased | 94,801 | 492,702 | 33,501 | 72,504 | 132,320 |
| Payable for investments purchased | 60,489 | 163,285 | 88,329 | 267,106 | 55,070 |
| Payable for investor servicing | | | | | |
| fees (Note 2) | 31,725 | 46,802 | 33,003 | 45,467 | 22,352 |
| Payable for distribution fees (Note 2) | 21,500 | 39,568 | 23,328 | 44,262 | 21,067 |
| Payable for reports to shareholders | 5,679 | 5,525 | 6,513 | 4,885 | 7,649 |
| Payable for auditing and tax fee | 13,174 | 23,125 | 13,632 | 23,672 | 11,114 |
| Other accrued expenses | 3,030 | 2,469 | 3,483 | 2,606 | 1,273 |
| Total liabilities | 230,398 | 773,476 | 201,789 | 460,502 | 250,845 |
| | | | | | |
| Net assets | $123,219,497 | $201,748,259 | $125,792,527 | $207,407,117 | $99,232,142 |
| |
| REPRESENTED BY | | | | | |
| Paid-in-capital | | | | | |
| (unlimited shares authorized) | | | | | |
| (Notes 1 and 4) | $118,040,080 | $192,876,187 | $135,921,531 | $220,821,126 | $101,401,927 |
| Undistributed net investment income | | | | | |
| (Distributions in excess of | | | | | |
| net investment income) (Note 1) | (1,818,303) | (2,078,863) | 145,888 | 666,434 | (40,502) |
| Accumulated net realized loss on | | | | | |
| investments (Note 1) | (1,405,703) | (2,431,964) | (16,323,267) | (20,789,394) | (4,135,470) |
| Net unrealized appreciation | | | | | |
| of investments | 8,403,423 | 13,382,899 | 6,048,375 | $6,708,951 | 2,006,187 |
| Total — Representing net assets | | | | | |
| applicable to capital outstanding | $123,219,497 | $201,748,259 | $125,792,527 | $207,407,117 | $99,232,142 |
(Continued on next page)
|
| RetirementReady® Funds 35 |
Statement of assets and liabilities 1/31/18 (Unaudited) cont.
| | | | | |
| | Putnam | Putnam | Putnam | Putnam | Putnam |
| | Retirement- | Retirement- | Retirement- | Retirement- | Retirement |
| COMPUTATION OF NET ASSET | Ready | Ready | Ready | Ready | Income Fund |
| VALUE AND OFFERING PRICE | 2035 Fund | 2030 Fund | 2025 Fund | 2020 Fund | Lifestyle 1 |
| Computation of net asset value, offering price and redemption price Class A | | |
| Net Assets | $85,609,318 | $167,884,503 | $91,103,648 | $189,417,751 | $87,364,157 |
| Number of shares outstanding | 3,513,576 | 7,161,740 | 3,943,378 | 9,577,714 | 4,905,066 |
| Net asset value and redemption price | $24.37 | $23.44 | $23.10 | $19.78 | $17.81 |
| Offering price per class A share | | | | | |
| (100/94.25 of Class A net asset value)* | $25.86 | $24.87 | $24.51 | $20.99 | N/A |
| Offering price per class A share | | | | | |
| (100/96.00 of Class A net asset value)** | N/A | N/A | N/A | N/A | $18.55 |
| Computation of net asset value and offering price Class B | | | |
| Net Assets | $851,354 | $1,235,834 | $1,135,903 | $934,417 | $919,344 |
| Number of shares outstanding | 37,976 | 55,409 | 52,658 | 48,922 | 52,816 |
| Net asset value and offering price † | $22.42 | $22.30 | $21.57 | $19.10 | $17.41 |
| Computation of net asset value and offering price Class C | | | |
| Net Assets | $1,586,311 | $1,779,761 | $2,108,315 | $2,011,224 | $1,500,363 |
| Number of shares outstanding | 71,135 | 80,074 | 98,012 | 105,439 | 85,957 |
| Net asset value and offering price † | $22.30 | $22.23 | $21.51 | $19.07 | $17.45 |
| Computation of net asset value, offering price and redemption price Class M | | |
| Net Assets | $574,028 | $358,457 | $235,070 | $157,773 | $551,407 |
| Number of shares outstanding | 24,457 | 15,713 | 10,728 | 8,090 | 30,877 |
| Net asset value and redemption price | $23.47 | $22.81 | $21.91 | $19.50 | $17.86 |
| Offering price per class M share | | | | | |
| (100/96.50 of Class M net asset value)* | $24.32 | $23.64 | $22.70 | $20.21 | N/A |
| Offering price per class M share | | | | | |
| (100/96.75 of Class M net asset value)* | N/A | N/A | N/A | N/A | $18.46 |
| Computation of net asset value, offering price and redemption price Class R | | |
| Net Assets | $1,827,099 | $2,206,237 | $2,637,011 | $4,282,995 | $669,995 |
| Number of shares outstanding | 77,883 | 99,129 | 121,841 | 224,697 | 37,639 |
| Net asset value, offering price | | | | | |
| and redemption value | $23.46 | $22.26 | $21.64 | $19.06 | $17.80 |
| Computation of net asset value, offering price and redemption price Class R6 | | |
| Net Assets | $20,741,825 | $18,181,173 | $15,996,373 | $7,840,819 | $3,775,425 |
| Number of shares outstanding | 724,365 | 673,698 | 687,585 | 351,985 | 211,245 |
| Net asset value, offering price | | | | | |
| and redemption value | $28.63 | $26.99 | $23.26 | $22.28 | $17.87 |
| Computation of net asset value, offering price and redemption price Class Y | | |
| Net Assets | $12,029,562 | $10,102,294 | $12,576,207 | $2,762,138 | $4,451,451 |
| Number of shares outstanding | 420,677 | 374,754 | 541,523 | 124,083 | 249,034 |
| Net asset value, offering price | | | | | |
| and redemption value | $28.60 | $26.96 | $23.22 | $22.26 | $17.87 |
| Cost of investments (Note 1) | $114,868,168 | $188,443,426 | $119,796,425 | $200,780,516 | $97,265,175 |
* On retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.
** On retail sales of less than $100,000. On sales of $100,000 or more the offering price is reduced.
† Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.
The accompanying notes are an integral part of these financial statements.
| |
| 36 RetirementReady® Funds |
Statement of operations Six months ended 1/31/18 (Unaudited)
| | | | | |
| | Putnam | Putnam | Putnam | Putnam | Putnam |
| | Retirement- | Retirement- | Retirement- | Retirement- | Retirement- |
| | Ready | Ready | Ready | Ready | Ready |
| INVESTMENT INCOME | 2060 Fund | 2055 Fund | 2050 Fund | 2045 Fund | 2040 Fund |
| Income distributions from underlying | | | | | |
| Putnam Fund shares (Note 5) | $12,677 | $447,357 | $1,314,206 | $1,426,183 | $3,141,021 |
| |
| EXPENSES | | | | | |
| Investor servicing fees (Note 2) | 309 | 17,393 | 47,057 | 52,348 | 105,229 |
| Distribution fees (Note 2) | 689 | 19,870 | 65,756 | 68,970 | 168,880 |
| Auditing and tax fees | 52 | 2,253 | 6,915 | 7,408 | 17,391 |
| Registration fees | 44,782 | 36,228 | 39,159 | 46,524 | 46,991 |
| Legal | — | — | — | — | 37,406 |
| Other | 1,274 | 3,215 | 4,376 | 4,399 | 5,683 |
| Fees waived and reimbursed | | | | | |
| by Manager (Note 2) | (46,108) | (41,696) | (50,450) | (58,331) | (107,471) |
| Total expenses | 998 | 37,263 | 112,813 | 121,318 | 274,109 |
| | | | | | |
| Net investment income | 11,679 | 410,094 | 1,201,393 | 1,304,865 | 2,866,912 |
| |
| Net realized gain on sale of underlying | | | | | |
| Putnam Fund shares (Notes 1 and 3) | 23,876 | 551,327 | 1,253,954 | 1,697,560 | 3,359,775 |
| Capital gain distribution | | | | | |
| from underlying Putnam Fund | | | | | |
| shares (Note 5) | 34,636 | 1,231,596 | 3,720,899 | 4,151,543 | 9,264,604 |
| Net unrealized appreciation | | | | | |
| (depreciation) of underlying Putnam | | | | | |
| Fund shares during the period | (10,651) | 198,790 | 843,614 | 98,675 | (79,763) |
| Net gain on investments | 47,861 | 1,981,713 | 5,818,467 | 5,947,778 | 12,544,616 |
| |
| Net increase in net assets resulting | | | | | |
| from operations | $59,540 | $2,391,807 | $7,019,860 | $7,252,643 | $15,411,528 |
The accompanying notes are an integral part of these financial statements.
|
| RetirementReady® Funds 37 |
Statement of operations Six months ended 1/31/18 (Unaudited) cont.
| | | | | |
| | Putnam | Putnam | Putnam | Putnam | Putnam |
| | Retirement- | Retirement- | Retirement- | Retirement- | Retirement |
| | Ready | Ready | Ready | Ready Income Fund |
| INVESTMENT INCOME | 2035 Fund | 2030 Fund | 2025 Fund | 2020 Fund | Lifestyle 1 |
| Income distributions from underlying | | | | | |
| Putnam Fund shares (Note 5) | $2,169,099 | $3,186,794 | $2,006,681 | $3,978,221 | $2,087,042 |
| |
| EXPENSES | | | | | |
| Investor servicing fees (Note 2) | 88,999 | 138,199 | 93,527 | 133,406 | 65,949 |
| Distribution fees (Note 2) | 119,916 | 234,517 | 133,120 | 262,815 | 121,065 |
| Auditing and tax fees | 13,174 | 23,125 | 13,632 | 23,672 | 11,114 |
| Registration fees | 47,593 | 46,267 | 46,629 | 11,074 | 39,332 |
| Legal | — | — | — | 54,233 | — |
| Other | 5,123 | 6,381 | 5,585 | 5,557 | 5,807 |
| Fees waived and reimbursed | | | | | |
| by Manager (Note 2) | (65,890) | (75,773) | (65,846) | (94,536) | (56,253) |
| Total expenses | 208,915 | 372,716 | 226,647 | 396,221 | 187,014 |
| | | | | | |
| Net investment income | 1,960,184 | 2,814,078 | 1,780,034 | 3,582,000 | 1,900,028 |
| |
| Net realized gain (loss) on sale | | | | | |
| of underlying Putnam Fund shares | | | | | |
| (Notes 1 and 3) | 2,653,384 | 5,154,168 | 1,145,309 | 3,871,900 | (108,792) |
| Capital gain distribution | | | | | |
| from underlying Putnam Fund | | | | | |
| shares (Note 5) | 6,037,134 | 7,257,377 | 2,773,283 | 2,553,022 | 686,440 |
| Net unrealized appreciation | | | | | |
| (depreciation) of underlying | | | | | |
| Putnam Fund shares | (534,341) | (1,112,719) | 599,786 | (2,242,381) | 295,923 |
| Net gain on investments | 8,156,177 | 11,298,826 | 4,518,378 | 4,182,541 | 873,571 |
| |
| Net increase in net assets resulting | | | | | |
| from operations | $10,116,361 | $14,112,904 | $6,298,412 | $7,764,541 | $2,773,599 |
The accompanying notes are an integral part of these financial statements.
|
| 38 RetirementReady® Funds |
Statement of changes in net assets
| | |
| Putnam RetirementReady 2060 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $11,679 | $525 |
| Net realized gain on sale of underlying | | |
| Putnam Fund shares | 58,512 | 1,397 |
| Net unrealized appreciation (depreciation) of underlying | | |
| Putnam Fund shares | (10,651) | 22,393 |
| Net increase in net assets resulting from operations | 59,540 | 24,315 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (8,715) | (270) |
| Class B | (471) | (19) |
| Class C | (2,040) | (129) |
| Class M | (491) | (33) |
| Class R | (656) | (57) |
| Class R6 | (9,020) | (264) |
| Class Y | (1,663) | (129) |
| From net realized long-term gain on investments | | |
| Class A | (3,162) | (320) |
| Class B | (218) | (125) |
| Class C | (891) | (319) |
| Class M | (209) | (106) |
| Class R | (256) | (106) |
| Class R6 | (3,134) | (295) |
| Class Y | (587) | (134) |
| Increase from capital share transactions (Note 4) | 269,458 | 151,256 |
| Total increase in net assets | 297,485 | 173,265 |
| |
| NET ASSETS | | |
| Beginning of period | 272,133 | 98,868 |
| End of period | $569,618 | $272,133 |
| Distributions in excess of net investment income, | | |
| respectively, end of period | $(11,377) | $— |
* Unaudited
The accompanying notes are an integral part of these financial statements.
|
| RetirementReady® Funds 39 |
Statement of changes in net assets cont.
| | |
| Putnam RetirementReady 2055 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $410,094 | $76,576 |
| Net realized gain on sale of underlying | | |
| Putnam Fund shares | 1,782,923 | 39,283 |
| Net unrealized appreciation of underlying | | |
| Putnam Fund shares | 198,790 | 1,823,233 |
| Net increase in net assets resulting from operations | 2,391,807 | 1,939,092 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (456,467) | (52,906) |
| Class B | (3,392) | (63) |
| Class C | (28,465) | (941) |
| Class M | (2,126) | (224) |
| Class R | (9,616) | (1,788) |
| Class R6 | (162,578) | (19,883) |
| Class Y | (131,049) | (21,327) |
| From net realized long-term gain on investments | | |
| Class A | (158,771) | (11,554) |
| Class B | (1,454) | (149) |
| Class C | (12,107) | (1,278) |
| Class M | (897) | (112) |
| Class R | (3,622) | (548) |
| Class R6 | (52,224) | (3,977) |
| Class Y | (43,425) | (3,896) |
| Increase from capital share transactions (Note 4) | 3,589,648 | 5,698,955 |
| Total increase in net assets | 4,915,262 | 7,519,401 |
| |
| NET ASSETS | | |
| Beginning of period | 17,194,270 | 9,674,869 |
| End of period | $22,109,532 | $17,194,270 |
| Distributions in excess of net investment income, | | |
| respectively, end of period | $(414,991) | $(31,392) |
* Unaudited
The accompanying notes are an integral part of these financial statements.
|
| 40 RetirementReady® Funds |
Statement of changes in net assets cont.
| | |
| Putnam RetirementReady 2050 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $1,201,393 | $247,138 |
| Net realized gain on sale of underlying | | |
| Putnam Fund shares | 4,974,853 | 120,711 |
| Net unrealized appreciation of underlying | | |
| Putnam Fund shares | 843,614 | 6,438,553 |
| Net increase in net assets resulting from operations | 7,019,860 | 6,806,402 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (1,847,849) | (230,942) |
| Class B | (16,523) | — |
| Class C | (25,252) | — |
| Class M | (5,637) | (368) |
| Class R | (34,238) | (5,970) |
| Class R6 | (362,501) | (37,994) |
| Class Y | (177,789) | (23,221) |
| From net realized long-term gain on investments | | |
| Class A | (281,913) | — |
| Class B | (3,065) | — |
| Class C | (4,839) | — |
| Class M | (972) | — |
| Class R | (5,492) | — |
| Class R6 | (51,158) | — |
| Class Y | (25,627) | — |
| Increase from capital share transactions (Note 4) | 3,981,218 | 10,106,705 |
| Total increase in net assets | 8,158,223 | 16,614,612 |
| |
| NET ASSETS | | |
| Beginning of period | 56,074,328 | 39,459,716 |
| End of period | $64,232,551 | $56,074,328 |
| Distributions in excess of net investment income, | | |
| respectively, end of period | $(1,319,751) | $(51,355) |
* Unaudited
The accompanying notes are an integral part of these financial statements.
|
| RetirementReady® Funds 41 |
Statement of changes in net assets cont.
| | |
| Putnam RetirementReady 2045 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $1,304,865 | $202,967 |
| Net realized gain on sale of underlying | | |
| Putnam Fund shares | 5,849,103 | 221,132 |
| Net unrealized appreciation of underlying | | |
| Putnam Fund shares | 98,675 | 6,627,659 |
| Net increase in net assets resulting from operations | 7,252,643 | 7,051,758 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (2,038,021) | (197,906) |
| Class B | (25,629) | — |
| Class C | (40,605) | — |
| Class M | (5,731) | (99) |
| Class R | (42,986) | (4,487) |
| Class R6 | (351,274) | (32,337) |
| Class Y | (271,454) | (26,773) |
| Increase from capital share transactions (Note 4) | 6,661,872 | 6,984,063 |
| Total increase in net assets | 11,138,815 | 13,774,219 |
| |
| NET ASSETS | | |
| Beginning of period | 58,203,675 | 44,429,456 |
| End of period | $69,342,490 | $58,203,675 |
| Distributions in excess of net investment income | | |
| and undistributed net investment income, respectively, | | |
| end of period | $(1,292,918) | $177,917 |
* Unaudited
The accompanying notes are an integral part of these financial statements.
| |
| 42 RetirementReady® Funds |
Statement of changes in net assets cont.
| | |
| Putnam RetirementReady 2040 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $2,866,912 | $284,488 |
| Net realized gain on sale of underlying | | |
| Putnam Fund shares | 12,624,379 | 1,015,155 |
| Net unrealized appreciation (depreciation) of underlying | | |
| Putnam Fund shares | (79,763) | 14,927,748 |
| Net increase in net assets resulting from operations | 15,411,528 | 16,227,391 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (5,568,396) | (326,458) |
| Class B | (30,675) | — |
| Class C | (42,987) | — |
| Class M | (21,710) | — |
| Class R | (54,151) | (817) |
| Class R6 | (638,826) | (31,012) |
| Class Y | (332,292) | (23,573) |
| From net realized long-term gain on investments | | |
| Class A | (96,094) | — |
| Class B | (621) | — |
| Class C | (856) | — |
| Class M | (386) | — |
| Class R | (1,028) | — |
| Class R6 | (10,321) | — |
| Class Y | (5,457) | — |
| Increase from capital share transactions (Note 4) | 7,170,904 | 24,884,607 |
| Total increase in net assets | 15,778,632 | 40,730,138 |
| |
| NET ASSETS | | |
| Beginning of period | 142,484,623 | 101,754,485 |
| End of period | $158,263,255 | $142,484,623 |
| Distributions in excess of net investment income | | |
| and undistributed net investment income, respectively, | | |
| end of period | $(3,741,092) | $81,033 |
* Unaudited
The accompanying notes are an integral part of these financial statements.
|
| RetirementReady® Funds 43 |
Statement of changes in net assets cont.
| | |
| Putnam RetirementReady 2035 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $1,960,184 | $264,424 |
| Net realized gain (loss) on sale of underlying | | |
| Putnam Fund shares | 8,690,518 | (130,606) |
| Net unrealized appreciation (depreciation) of underlying | | |
| Putnam Fund shares | (534,341) | 10,150,391 |
| Net increase in net assets resulting from operations | 10,116,361 | 10,284,209 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (2,910,085) | (460,224) |
| Class B | (23,923) | — |
| Class C | (47,123) | (449) |
| Class M | (17,439) | (1,204) |
| Class R | (62,418) | (10,443) |
| Class R6 | (621,005) | (82,853) |
| Class Y | (347,054) | (49,994) |
| Increase from capital share transactions (Note 4) | 12,337,096 | 20,759,347 |
| Total increase in net assets | 18,424,410 | 30,438,389 |
| |
| NET ASSETS | | |
| Beginning of period | 104,795,087 | 74,356,698 |
| End of period | $123,219,497 | $104,795,087 |
| Distributions in excess of net investment income | | |
| and undistributed net investment income, respectively, | | |
| end of period | $(1,818,303) | $250,560 |
* Unaudited
The accompanying notes are an integral part of these financial statements.
|
| 44 RetirementReady® Funds |
Statement of changes in net assets cont.
| | |
| Putnam RetirementReady 2030 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $2,814,078 | $1,292,198 |
| Net realized gain (loss) on sale of underlying | | |
| Putnam Fund shares | 12,411,545 | (271,063) |
| Net unrealized appreciation (depreciation) of underlying | | |
| Putnam Fund shares | (1,112,719) | 15,495,629 |
| Net increase in net assets resulting from operations | 14,112,904 | 16,516,764 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (5,066,676) | (999,363) |
| Class B | (30,452) | — |
| Class C | (44,587) | (575) |
| Class M | (7,290) | — |
| Class R | (75,875) | (12,490) |
| Class R6 | (511,113) | (73,892) |
| Class Y | (233,627) | (36,267) |
| Increase (decrease) from capital share | | |
| transactions (Note 4) | (2,409,179) | 37,082,742 |
| Total increase in net assets | 5,734,105 | 52,476,919 |
| |
| NET ASSETS | | |
| Beginning of period | 196,014,154 | 143,537,235 |
| End of period | $201,748,259 | $196,014,154 |
| Distributions in excess of net investment income | | |
| and undistributed net investment income, respectively, | | |
| end of period | $(2,078,863) | $1,076,679 |
* Unaudited
The accompanying notes are an integral part of these financial statements.
|
| RetirementReady® Funds 45 |
Statement of changes in net assets cont.
| | |
| Putnam RetirementReady 2025 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $1,780,034 | $1,009,618 |
| Net realized gain (loss) on sale of underlying | | |
| Putnam Fund shares | 3,918,592 | (856,873) |
| Net unrealized appreciation of underlying | | |
| Putnam Fund shares | 599,786 | 7,136,667 |
| Net increase in net assets resulting from operations | 6,298,412 | 7,289,412 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (1,859,247) | (1,009,141) |
| Class B | (18,790) | (7,944) |
| Class C | (31,591) | (17,223) |
| Class M | (3,493) | (3,844) |
| Class R | (63,798) | (32,413) |
| Class R6 | (355,490) | (140,803) |
| Class Y | (279,819) | (132,237) |
| Increase from capital share transactions (Note 4) | 14,922,609 | 17,684,848 |
| Total increase in net assets | 18,608,793 | 23,630,655 |
| |
| NET ASSETS | | |
| Beginning of period | 107,183,734 | 83,553,079 |
| End of period | $125,792,527 | $107,183,734 |
| Undistributed net investment income, respectively, | | |
| end of period | $145,888 | $978,082 |
* Unaudited
The accompanying notes are an integral part of these financial statements.
|
| 46 RetirementReady® Funds |
Statement of changes in net assets cont.
| | |
| Putnam RetirementReady 2020 Fund — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $3,582,000 | $1,802,639 |
| Net realized gain (loss) on sale of underlying | | |
| Putnam Fund shares | 6,424,922 | (1,477,154) |
| Net unrealized appreciation (depreciation) of underlying | | |
| Putnam Fund shares | (2,242,381) | 10,357,533 |
| Net increase in net assets resulting from operations | 7,764,541 | 10,683,018 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (4,208,984) | (1,596,335) |
| Class B | (15,108) | (3,396) |
| Class C | (30,710) | (7,938) |
| Class M | (2,326) | (1,249) |
| Class R | (92,656) | (24,081) |
| Class R6 | (200,231) | (32,967) |
| Class Y | (59,117) | (12,828) |
| Increase from capital share transactions (Note 4) | 4,572,504 | 51,517,763 |
| Total increase in net assets | 7,727,913 | 60,521,987 |
| |
| NET ASSETS | | |
| Beginning of period | 199,679,204 | 139,157,217 |
| End of period | $207,407,117 | $199,679,204 |
| Undistributed net investment income, respectively, | | |
| end of period | $666,434 | $1,693,566 |
* Unaudited
The accompanying notes are an integral part of these financial statements.
|
| RetirementReady® Funds 47 |
Statement of changes in net assets cont.
| | |
| Putnam Retirement Income Fund Lifestyle 1 — | | |
| TOTAL INCREASE IN NET ASSETS | Six months ended 1/31/18* | Year ended 7/31/17 |
| Operations | | |
| Net investment income | $1,900,028 | $941,121 |
| Net realized gain (loss) on sale of underlying | | |
| Putnam Fund shares | 577,648 | (1,414,178) |
| Net unrealized appreciation of underlying | | |
| Putnam Fund shares | 295,923 | 4,435,994 |
| Net increase in net assets resulting from operations | 2,773,599 | 3,962,937 |
| Distributions to shareholders (Note 1): | | |
| From ordinary income | | |
| Net investment income | | |
| Class A | (1,710,559) | (810,027) |
| Class B | (17,191) | (8,533) |
| Class C | (28,137) | (15,091) |
| Class M | (9,831) | (4,840) |
| Class R | (14,101) | (12,229) |
| Class R6 | (81,187) | (34,246) |
| Class Y | (87,301) | (55,219) |
| Increase from capital share transactions (Note 4) | 7,015,048 | 12,408,064 |
| Total increase in net assets | 7,840,340 | 15,430,816 |
| |
| NET ASSETS | | |
| Beginning of period | 91,391,802 | 75,960,986 |
| End of period | $99,232,142 | $91,391,802 |
| Distributions in excess of net investment income | | |
| and undistributed net investment income, respectively, | | |
| end of period | $(40,502) | $7,777 |
* Unaudited
The accompanying notes are an integral part of these financial statements.
| |
| 48 RetirementReady® Funds |
|
| This page left blank intentionally. |
|
| RetirementReady® Funds 49 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2060 Fund
| | | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | | RATIOS AND SUPPLEMENTAL DATA | |
| | | | | | | | | | | | Ratio | Ratio | |
| | Net asset | | Net realized | | | | | | | | of expenses | of net investment | |
| | value, | | and unrealized | Total from | From net | From | | Net asset | Total return | Net assets, | to average | income (loss) | Portfolio |
| | beginning | Net investment | gain (loss) | investment | investment | net realized gain | Total | value, end | at net asset | end of period | net assets | to average net | turnover |
| Period ended | of period | income (loss) a,b | on investments | operations | income | on investments | distributions | of period | value (%) c | (in thousands) | (%) d,e | assets (%) b,e | (%) |
| Class A | | | | | | | | | | | | | |
| January 31, 2018** | $11.11 | .28 | 1.13 | 1.41 | (.47) | (.17) | (.64) | $11.88 | 12.99 * | $149 | .21* | 2.42* | 38* |
| July 31, 2017 | 9.83 | .04 | 1.43 | 1.47 | (.09) | (.10) | (.19) | 11.11 | 15.19 | 77 | .40 | .39 | 15 |
| July 31, 2016 ‡ | 10.00 | .10 | (.05) | .05 | (.18) | (.04) | (.22) | 9.83 | .59 * | 23 | .17* | 1.02* | 4* |
| Class B | | | | | | | | | | | | | |
| January 31, 2018** | $11.05 | .19 | 1.18 | 1.37 | (.37) | (.17) | (.54) | $11.88 | 12.63* | $16 | .59 * | 1.64* | 38* |
| July 31, 2017 | 9.79 | (.01) | 1.39 | 1.38 | (.02) | (.10) | (.12) | 11.05 | 14.23 | 14 | 1.15 | (.14) | 15 |
| July 31, 2016 ‡ | 10.00 | .10 | (.09) | .01 | (.18) | (.04) | (.22) | 9.79 | .12* | 11 | .67* | 1.11* | 4* |
| Class C | | | | | | | | | | | | | |
| January 31, 2018** | $11.03 | .19 | 1.16 | 1.35 | (.39) | (.17) | (.56) | $11.82 | 12.51* | $67 | .59 * | 1.64* | 38* |
| July 31, 2017 | 9.79 | (.02) | 1.40 | 1.38 | (.04) | (.10) | (.14) | 11.03 | 14.32 | 52 | 1.15 | (.19) | 15 |
| July 31, 2016 ‡ | 10.00 | .06 | (.05) | .01 | (.18) | (.04) | (.22) | 9.79 | .12* | 22 | .67* | .61* | 4* |
| Class M | | | | | | | | | | | | | |
| January 31, 2018** | $11.08 | .21 | 1.18 | 1.39 | (.41) | (.17) | (.58) | $11.89 | 12.74* | $15 | .47* | 1.82* | 38* |
| July 31, 2017 | 9.81 | .01 | 1.39 | 1.40 | (.03) | (.10) | (.13) | 11.08 | 14.48 | 12 | .90 | .11 | 15 |
| July 31, 2016 ‡ | 10.00 | .12 | (.09) | .03 | (.18) | (.04) | (.22) | 9.81 | .34* | 10 | .50* | 1.31* | 4* |
| Class R | | | | | | | | | | | | | |
| January 31, 2018** | $11.10 | .24 | 1.16 | 1.40 | (.44) | (.17) | (.61) | $11.89 | 12.87* | $25 | .34* | 2.09 * | 38* |
| July 31, 2017 | 9.82 | .04 | 1.40 | 1.44 | (.06) | (.10) | (.16) | 11.10 | 14.83 | 13 | .65 | .36 | 15 |
| July 31, 2016 ‡ | 10.00 | .14 | (.10) | .04 | (.18) | (.04) | (.22) | 9.82 | .47* | 10 | .33* | 1.47* | 4* |
| Class R6 | | | | | | | | | | | | | |
| January 31, 2018** | $11.15 | .43 | 1.02 | 1.45 | (.50) | (.17) | (.67) | $11.93 | 13.23* | $254 | .03* | 3.69 * | 38* |
| July 31, 2017† | 9.86 | .07 | 1.41 | 1.48 | (.09) | (.10) | (.19) | 11.15 | 15.31* | 80 | .05* | .69 * | 15 |
| Class Y | | | | | | | | | | | | | |
| January 31, 2018** | $11.14 | .32 | 1.11 | 1.43 | (.49) | (.17) | (.66) | $11.91 | 13.08* | $44 | .09 * | 2.77* | 38* |
| July 31, 2017 | 9.85 | .06 | 1.43 | 1.49 | (.10) | (.10) | (.20) | 11.14 | 15.41 | 24 | .15 | .60 | 15 |
| July 31, 2016 ‡ | 10.00 | .11 | (.03) | .08 | (.19) | (.04) | (.23) | 9.85 | .82* | 23 | — * | 1.20 * | 4* |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 50 RetirementReady® Funds | RetirementReady® Funds 51 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2055 Fund
| | | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | | RATIOS AND SUPPLEMENTAL DATA | |
| | | | | | | | | | | | Ratio | Ratio | |
| | Net asset | | Net realized | | | | | | | | of expenses | of net investment | |
| | value, | | and unrealized | Total from | From net | From | | Net asset | Total return | Net assets, | to average | income (loss) | Portfolio |
| | beginning | Net investment | gain (loss) | investment | investment | net realized gain | Total | value, end | at net asset | end of period | net assets | to average net | turnover |
| Period ended | of period | income (loss) a,b | on investments | operations | income | on investments | distributions | of period | value (%) c | (in thousands) | (%) d,e | assets (%) b,e | (%) |
| Class A | | | | | | | | | | | | | |
| January 31, 2018** | $11.92 | .26 | 1.24 | 1.50 | (.48) | (.17) | (.65) | $12.77 | 12.82* | $12,814 | .23* | 2.11* | 16* |
| July 31, 2017 | 10.46 | .05 | 1.52 | 1.57 | (.09) | (.02) | (.11) | 11.92 | 15.08 | 10,030 | .45 | .49 | 30 |
| July 31, 2016 | 11.60 | .15 | (.39) | (.24) | (.24) | (.66) | (.90) | 10.46 | (1.77) | 4,783 | .25 | 1.41 | 38 |
| July 31, 2015 | 12.02 | .11 | .97 | 1.08 | (.61) | (.89) | (1.50) | 11.60 | 9.56 | 2,647 | .25 | .95 | 69g |
| July 31, 2014 | 11.67 | .09 | 1.56 | 1.65 | (.33) | (.97) | (1.30) | 12.02 | 14.60 | 568 | .25 | .76 | 71g |
| July 31, 2013 | 9.73 | .08 | 2.10 | 2.18 | (.18) | (.06) | (.24) | 11.67 | 22.79 | 512 | .25 | .79 | 54g |
| Class B | | | | | | | | | | | | | |
| January 31, 2018** | $11.81 | .18 | 1.26 | 1.44 | (.39) | (.17) | (.56) | $12.69 | 12.38* | $111 | .61* | 1.50* | 16* |
| July 31, 2017 | 10.37 | (.02) | 1.49 | 1.47 | (.01) | (.02) | (.03) | 11.81 | 14.17 | 98 | 1.20 | (.21) | 30 |
| July 31, 2016 | 11.50 | .09 | (.40) | (.31) | (.16) | (.66) | (.82) | 10.37 | (2.51) | 77 | 1.00 | .86 | 38 |
| July 31, 2015 | 11.93 | .06 | .93 | .99 | (.53) | (.89) | (1.42) | 11.50 | 8.81 | 81 | 1.00 | .54 | 69g |
| July 31, 2014 | 11.62 | (.03) | 1.58 | 1.55 | (.27) | (.97) | (1.24) | 11.93 | 13.67 | 55 | 1.00 | (.23) | 71g |
| July 31, 2013 | 9.72 | .01 | 2.09 | 2.10 | (.14) | (.06) | (.20) | 11.62 | 21.85 | 28 | 1.00 | .12 | 54g |
| Class C | | | | | | | | | | | | | |
| January 31, 2018** | $11.66 | .20 | 1.23 | 1.43 | (.40) | (.17) | (.57) | $12.52 | 12.40 * | $915 | .61* | 1.66* | 16* |
| July 31, 2017 | 10.25 | (.02) | 1.46 | 1.44 | (.01) | (.02) | (.03) | 11.66 | 14.11 | 812 | 1.20 | (.19) | 30 |
| July 31, 2016 | 11.38 | .07 | (.38) | (.31) | (.16) | (.66) | (.82) | 10.25 | (2.48) | 655 | 1.00 | .71 | 38 |
| July 31, 2015 | 11.83 | .06 | .92 | .98 | (.54) | (.89) | (1.43) | 11.38 | 8.81 | 545 | 1.00 | .50 | 69g |
| July 31, 2014 | 11.54 | (.04) | 1.59 | 1.55 | (.29) | (.97) | (1.26) | 11.83 | 13.78 | 391 | 1.00 | (.35) | 71g |
| July 31, 2013 | 9.65 | —f | 2.07 | 2.07 | (.12) | (.06) | (.18) | 11.54 | 21.72 | 74 | 1.00 | (.01) | 54g |
| Class M | | | | | | | | | | | | | |
| January 31, 2018** | $11.89 | .18 | 1.29 | 1.47 | (.40) | (.17) | (.57) | $12.79 | 12.52* | $72 | .48* | 1.50* | 16* |
| July 31, 2017 | 10.44 | —f | 1.51 | 1.51 | (.04) | (.02) | (.06) | 11.89 | 14.49 | 79 | .95 | .03 | 30 |
| July 31, 2016 | 11.58 | .10 | (.39) | (.29) | (.19) | (.66) | (.85) | 10.44 | (2.24) | 57 | .75 | .95 | 38 |
| July 31, 2015 | 11.98 | .09 | .94 | 1.03 | (.54) | (.89) | (1.43) | 11.58 | 9.05 | 64 | .75 | .79 | 69g |
| July 31, 2014 | 11.65 | .02 | 1.57 | 1.59 | (.29) | (.97) | (1.26) | 11.98 | 14.02 | 30 | .75 | .18 | 71g |
| July 31, 2013 | 9.72 | —f | 2.12 | 2.12 | (.13) | (.06) | (.19) | 11.65 | 22.08 | 29 | .75 | .01 | 54g |
| Class R | | | | | | | | | | | | | |
| January 31, 2018** | $11.86 | .22 | 1.27 | 1.49 | (.45) | (.17) | (.62) | $12.73 | 12.72* | $264 | .36* | 1.76* | 16* |
| July 31, 2017 | 10.42 | .06 | 1.46 | 1.52 | (.6) | (.02) | (.08) | 11.86 | 14.68 | 253 | .70 | .55 | 30 |
| July 31, 2016 | 11.55 | .13 | (.39) | (.26) | (.21) | (.66) | (.87) | 10.42 | (2.00) | 273 | .50 | 1.25 | 38 |
| July 31, 2015 | 11.98 | .20 | .85 | 1.05 | (.9) | (.89) | (1.48) | 11.55 | 9.34 | 253 | .50 | 1.65 | 69g |
| July 31, 2014 | 11.65 | .03 | 1.59 | 1.62 | (.32) | (.97) | (1.29) | 11.98 | 14.35 | 282 | .50 | .21 | 71g |
| July 31, 2013 | 9.72 | .05 | 2.10 | 2.15 | (.16) | (.06) | (.22) | 11.65 | 22.39 | 52 | .50 | .42 | 54g |
| Class R6 | | | | | | | | | | | | | |
| January 31, 2018** | $12.03 | .29 | 1.25 | 1.54 | (.52) | (.17) | (.69) | $12.88 | 13.05* | $4,330 | .03* | 2.35* | 16* |
| July 31, 2017† | 10.55 | .11 | 1.49 | 1.60 | (.10) | (.02) | (.12) | 12.03 | 15.23* | 3,339 | .05* | .96* | 30 |
| Class Y | | | | | | | | | | | | | |
| January 31, 2018** | $12.01 | .27 | 1.26 | 1.53 | (.51) | (.17) | (.68) | $12.86 | 12.93* | $3,604 | .11* | 2.17* | 16* |
| July 31, 2017 | 10.53 | .08 | 1.52 | 1.60 | (.10) | (.02) | (.12) | 12.01 | 15.36 | 2,583 | .20 | .67 | 30 |
| July 31, 2016 | 11.66 | .17 | (.38) | (.21) | (.26) | (.66) | (.92) | 10.53 | (1.50) | 3,831 | — | 1.64 | 38 |
| July 31, 2015 | 12.06 | .17 | .95 | 1.12 | (.63) | (.89) | (1.52) | 11.66 | 9.89 | 1,730 | — | 1.42 | 69g |
| July 31, 2014 | 11.70 | .13 | 1.56 | 1.69 | (.36) | (.97) | (1.33) | 12.06 | 14.88 | 1,013 | — | 1.13 | 71g |
| July 31, 2013 | 9.76 | .11 | 2.09 | 2.20 | (.20) | (.06) | (.26) | 11.70 | 22.98 | 578 | — | 1.05 | 54g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 52 RetirementReady® Funds | RetirementReady® Funds 53 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2050 Fund
| | | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | | RATIOS AND SUPPLEMENTAL DATA | |
| | | | | | | | | | | | Ratio | Ratio | |
| | Net asset | | Net realized | | | | | | | | of expenses | of net investment | |
| | value, | | and unrealized | Total from | From net | From | | Net asset | Total return | Net assets, | to average | income (loss) | Portfolio |
| | beginning | Net investment | gain (loss) | investment | investment | net realized gain | Total | value, end | at net asset | end of period | net assets | to average net | turnover |
| Period ended | of period | income (loss) a,b | on investments | operations | income | on investments | distributions | of period | value (%) c | (in thousands) | (%) d,e | assets (%) b,e | (%) |
| Class A | | | | | | | | | | | | | |
| January 31, 2018** | $19.41 | .40 | 1.98 | 2.38 | (.84) | (.13) | (.97) | $20.82 | 12.44* | $48,102 | .21* | 2.00 * | 15* |
| July 31, 2017 | 17.05 | .09 | 2.38 | 2.47 | (.11) | — | (.11) | 19.41 | 14.58 | 43,088 | .41 | .48 | 37 |
| July 31, 2016 | 17.69 | .25 | (.53) | (.28) | (.36) | — | (.36) | 17.05 | (1.54) | 29,339 | .25 | 1.54 | 41 |
| July 31, 2015 | 16.99 | .19 | 1.37 | 1.56 | (.86) | — | (.86) | 17.69 | 9.43 | 16,701 | .25 | 1.11 | 40g |
| July 31, 2014 | 15.22 | .12 | 2.06 | 2.18 | (.41) | — | (.41) | 16.99 | 14.45 | 4,423 | .25 | .76 | 54g |
| July 31, 2013 | 12.58 | .12 | 2.69 | 2.81 | (.17) | — | (.17) | 15.22 | 22.52 | 4,133 | .25 | .87 | 44g |
| Class B | | | | | | | | | | | | | |
| January 31, 2018** | $19.13 | .32 | 1.94 | 2.26 | (.69) | (.13) | (.82) | $20.57 | 11.97* | $497 | .59 * | 1.61* | 15* |
| July 31, 2017 | 16.81 | (.04) | 2.36 | 2.32 | — | — | — | 19.13 | 13.80 | 470 | 1.16 | (.24) | 37 |
| July 31, 2016 | 17.45 | .13 | (.54) | (.41) | (.23) | — | (.23) | 16.81 | (2.31) | 453 | 1.00 | .78 | 41 |
| July 31, 2015 | 16.76 | .10 | 1.32 | 1.42 | (.73) | — | (.73) | 17.45 | 8.65 | 334 | 1.00 | .61 | 40g |
| July 31, 2014 | 15.05 | —f | 2.03 | 2.03 | (.32) | — | (.32) | 16.76 | 13.57 | 284 | 1.00 | (.01) | 54g |
| July 31, 2013 | 12.45 | .01 | 2.66 | 2.67 | (.07) | — | (.07) | 15.05 | 21.54 | 197 | 1.00 | .06 | 44g |
| Class C | | | | | | | | | | | | | |
| January 31, 2018** | $18.95 | .36 | 1.89 | 2.25 | (.67) | (.13) | (.80) | $20.40 | 12.02* | $814 | .59 * | 1.82* | 15* |
| July 31, 2017 | 16.65 | (.05) | 2.35 | 2.30 | — | — | — | 18.95 | 13.81 | 868 | 1.16 | (.27) | 37 |
| July 31, 2016 | 17.29 | .14 | (.54) | (.40) | (.24) | — | (.24) | 16.65 | (2.29) | 664 | 1.00 | .85 | 41 |
| July 31, 2015 | 16.64 | .10 | 1.30 | 1.40 | (.75) | — | (.75) | 17.29 | 8.58 | 575 | 1.00 | .60 | 40g |
| July 31, 2014 | 14.96 | .01 | 2.01 | 2.02 | (.34) | — | (.34) | 16.64 | 13.58 | 409 | 1.00 | .04 | 54g |
| July 31, 2013 | 12.39 | —f | 2.66 | 2.66 | (.09) | — | (.09) | 14.96 | 21.60 | 210 | 1.00 | (.02) | 44g |
| Class M | | | | | | | | | | | | | |
| January 31, 2018** | $19.57 | .36 | 1.98 | 2.34 | (.74) | (.13) | (.87) | $21.04 | 12.13* | $169 | .47* | 1.76* | 15* |
| July 31, 2017 | 17.20 | .01 | 2.40 | 2.41 | (.04) | — | (.04) | 19.57 | 14.06 | 137 | .91 | .04 | 37 |
| July 31, 2016 | 17.84 | .16 | (.53) | (.37) | (.27) | — | (.27) | 17.20 | (2.02) | 124 | .75 | .96 | 41 |
| July 31, 2015 | 17.14 | .14 | 1.35 | 1.49 | (.79) | — | (.79) | 17.84 | 8.90 | 87 | .75 | .77 | 40g |
| July 31, 2014 | 15.37 | .03 | 2.09 | 2.12 | (.35) | — | (.35) | 17.14 | 13.85 | 52 | .75 | .15 | 54g |
| July 31, 2013 | 12.71 | .04 | 2.72 | 2.76 | (.10) | — | (.10) | 15.37 | 21.83 | 31 | .75 | .26 | 44g |
| Class R | | | | | | | | | | | | | |
| January 31, 2018** | $19.20 | .37 | 1.96 | 2.33 | (.80) | (.13) | (.93) | $20.60 | 12.30 * | $828 | .34* | 1.84* | 15* |
| July 31, 2017 | 16.86 | .12 | 2.29 | 2.41 | (.07) | — | (.07) | 19.20 | 14.34 | 731 | .66 | .69 | 37 |
| July 31, 2016 | 17.41 | .19 | (.51) | (.32) | (.23) | — | (.23) | 16.86 | (1.81) | 1,365 | .50 | 1.17 | 41 |
| July 31, 2015 | 16.72 | .20 | 1.31 | 1.51 | (.82) | — | (.82) | 17.41 | 9.22 | 3,088 | .50 | 1.16 | 40g |
| July 31, 2014 | 15.00 | .07 | 2.03 | 2.10 | (.38) | — | (.38) | 16.72 | 14.13 | 2,553 | .50 | .43 | 54g |
| July 31, 2013 | 12.41 | .07 | 2.66 | 2.73 | (.14) | — | (.14) | 15.00 | 22.19 | 2,123 | .50 | .53 | 44g |
| Class R6 | | | | | | | | | | | | | |
| January 31, 2018** | $19.58 | .47 | 1.96 | 2.43 | (.91) | (.13) | (1.04) | $20.97 | 12.59 * | $8,939 | .03* | 2.32* | 15* |
| July 31, 2017† | 17.17 | .16 | 2.38 | 2.54 | (.13) | — | (.13) | 19.58 | 14.86* | 7,136 | .05* | .88* | 37 |
| Class Y | | | | | | | | | | | | | |
| January 31, 2018** | $19.54 | .42 | 2.01 | 2.43 | (.89) | (.13) | (1.02) | $20.95 | 12.62* | $4,883 | .09 * | 2.07* | 15* |
| July 31, 2017 | 17.14 | .09 | 2.45 | 2.54 | (.14) | — | (.14) | 19.54 | 14.91 | 3,645 | .16 | .51 | 37 |
| July 31, 2016 | 17.77 | .31 | (.56) | (.25) | (.38) | — | (.38) | 17.14 | (1.31) | 7,514 | — | 1.88 | 41 |
| July 31, 2015 | 17.05 | .27 | 1.34 | 1.61 | (.89) | — | (.89) | 17.77 | 9.69 | 5,574 | — | 1.54 | 40g |
| July 31, 2014 | 15.27 | .18 | 2.05 | 2.23 | (.45) | — | (.45) | 17.05 | 14.73 | 4,450 | — | 1.08 | 54g |
| July 31, 2013 | 12.62 | .14 | 2.71 | 2.85 | (.20) | — | (.20) | 15.27 | 22.81 | 3,966 | — | .97 | 44g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 54 RetirementReady® Funds | RetirementReady® Funds 55 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2045 Fund
| | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | RATIOS AND SUPPLEMENTAL DATA | | |
| | | | Net realized | | | | | | | | Ratio of net | |
| | Net asset value, | | and unrealized | Total from | From net | | | Total return | Net assets, | Ratio of expenses | investment income | |
| | beginning | Net investment | gain (loss) | investment | investment | Total | Net asset value, | at net asset value | end of period | to average | (loss) to average net | Portfolio |
| Period ended | of period | income (loss) a,b | on investments | operations | income | distributions | end of period | (%) c | (in thousands) | net assets (%) d,e | assets (%) b,e | turnover (%) |
| Class A | | | | | | | | | | | | |
| January 31, 2018** | $21.46 | .45 | 2.07 | 2.52 | (.99) | (.99) | $22.99 | 11.91* | $48,822 | .22 * | 2.01* | 18* |
| July 31, 2017 | 18.91 | .07 | 2.59 | 2.66 | (.11) | (.11) | 21.46 | 14.10 | 42,236 | .42 | .35 | 37 |
| July 31, 2016 | 19.58 | .30 | (.55) | (.25) | (.42) | (.42) | 18.91 | (1.23) | 31,243 | .25 | 1.62 | 38 |
| July 31, 2015 | 18.86 | .25 | 1.43 | 1.68 | (.96) | (.96) | 19.58 | 9.14 | 20,065 | .25 | 1.30 | 38g |
| July 31, 2014 | 16.77 | .15 | 2.19 | 2.34 | (.25) | (.25) | 18.86 | 14.01 | 9,373 | .25 | .84 | 55g |
| July 31, 2013 | 14.14 | .14 | 2.87 | 3.01 | (.38) | (.38) | 16.77 | 21.70 | 7,036 | .25 | .90 | 42g |
| Class B | | | | | | | | | | | | |
| January 31, 2018** | $19.51 | .32 | 1.88 | 2.20 | (.84) | (.84) | $20.87 | 11.46* | $657 | .60 * | 1.60 * | 18* |
| July 31, 2017 | 17.22 | (.07) | 2.36 | 2.29 | — | — | 19.51 | 13.30 | 605 | 1.17 | (.41) | 37 |
| July 31, 2016 | 17.89 | .14 | (.50) | (.36) | (.31) | (.31) | 17.22 | (1.97) | 547 | 1.00 | .86 | 38 |
| July 31, 2015 | 17.31 | .12 | 1.29 | 1.41 | (.83) | (.83) | 17.89 | 8.31 | 420 | 1.00 | .67 | 38g |
| July 31, 2014 | 15.43 | .03 | 2.00 | 2.03 | (.15) | (.15) | 17.31 | 13.17 | 274 | 1.00 | .19 | 55g |
| July 31, 2013 | 13.06 | .04 | 2.63 | 2.67 | (.30) | (.30) | 15.43 | 20.81 | 230 | 1.00 | .29 | 42g |
| Class C | | | | | | | | | | | | |
| January 31, 2018** | $19.53 | .33 | 1.88 | 2.21 | (.85) | (.85) | $20.89 | 11.47* | $1,047 | .60 * | 1.63* | 18* |
| July 31, 2017 | 17.25 | (.07) | 2.35 | 2.28 | — | — | 19.53 | 13.22 | 918 | 1.17 | (.40) | 37 |
| July 31, 2016 | 17.93 | .14 | (.49) | (.35) | (.33) | (.33) | 17.25 | (1.91) | 1,098 | 1.00 | .87 | 38 |
| July 31, 2015 | 17.38 | .11 | 1.31 | 1.42 | (.87) | (.87) | 17.93 | 8.33 | 864 | 1.00 | .59 | 38g |
| July 31, 2014 | 15.51 | .01 | 2.02 | 2.03 | (.16) | (.16) | 17.38 | 13.12 | 401 | 1.00 | .07 | 55g |
| July 31, 2013 | 13.16 | —f | 2.69 | 2.69 | (.34) | (.34) | 15.51 | 20.85 | 248 | 1.00 | .02 | 42g |
| Class M | | | | | | | | | | | | |
| January 31, 2018** | $20.85 | .38 | 1.98 | 2.36 | (.83) | (.83) | $22.38 | 11.48* | $161 | .47* | 1.78* | 18* |
| July 31, 2017 | 18.35 | (.04) | 2.55 | 2.51 | (.01) | (.01) | 20.85 | 13.69 | 124 | .92 | (.22) | 37 |
| July 31, 2016 | 19.00 | .22 | (.55) | (.33) | (.32) | (.32) | 18.35 | (1.69) | 167 | .75 | 1.24 | 38 |
| July 31, 2015 | 18.36 | .17 | 1.37 | 1.54 | (.90) | (.90) | 19.00 | 8.56 | 161 | .75 | .89 | 38g |
| July 31, 2014 | 16.34 | (.04) | 2.23 | 2.19 | (.17) | (.17) | 18.36 | 13.43 | 128 | .75 | (.23) | 55g |
| July 31, 2013 | 13.81 | .06 | 2.81 | 2.87 | (.34) | (.34) | 16.34 | 21.10 | 21 | .75 | .38 | 42g |
| Class R | | | | | | | | | | | | |
| January 31, 2018** | $22.04 | .43 | 2.13 | 2.56 | (.92) | (.92) | $23.68 | 11.75* | $1,466 | .34* | 1.86* | 18* |
| July 31, 2017 | 19.41 | .07 | 2.61 | 2.68 | (.05) | (.05) | 22.04 | 13.85 | 1,169 | .67 | .33 | 37 |
| July 31, 2016 | 20.00 | .25 | (.55) | (.30) | (.29) | (.29) | 19.41 | (1.46) | 1,573 | .50 | 1.35 | 38 |
| July 31, 2015 | 19.25 | .25 | 1.41 | 1.66 | (.91) | (.91) | 20.00 | 8.83 | 3,175 | .50 | 1.26 | 38g |
| July 31, 2014 | 17.13 | .12 | 2.22 | 2.34 | (.22) | (.22) | 19.25 | 13.72 | 2,784 | .50 | .65 | 55g |
| July 31, 2013 | 14.44 | .09 | 2.95 | 3.04 | (.35) | (.35) | 17.13 | 21.40 | 2,331 | .50 | .54 | 42g |
| Class R6 | | | | | | | | | | | | |
| January 31, 2018** | $25.76 | .66 | 2.42 | 3.08 | (1.06) | (1.06) | $27.78 | 12.12* | $9,553 | .03* | 2.44* | 18* |
| July 31, 2017† | 22.65 | .19 | 3.04 | 3.23 | (.12) | (.12) | 25.76 | 14.32* | 7,355 | .05* | .77* | 37 |
| Class Y | | | | | | | | | | | | |
| January 31, 2018** | $25.72 | .58 | 2.48 | 3.06 | (1.04) | (1.04) | $27.74 | 12.03* | $7,636 | .09 * | 2.15* | 18* |
| July 31, 2017 | 22.61 | .10 | 3.15 | 3.25 | (.14) | (.14) | 25.72 | 14.42 | 5,797 | .17 | .43 | 37 |
| July 31, 2016 | 23.30 | .42 | (.66) | (.24) | (.45) | (.45) | 22.61 | (.95) | 9,802 | — | 1.95 | 38 |
| July 31, 2015 | 22.25 | .40 | 1.65 | 2.05 | (1.00) | (1.00) | 23.30 | 9.41 | 6,556 | — | 1.73 | 38g |
| July 31, 2014 | 19.74 | .27 | 2.53 | 2.80 | (.29) | (.29) | 22.25 | 14.25 | 5,544 | — | 1.25 | 55g |
| July 31, 2013 | 16.57 | .19 | 3.40 | 3.59 | (.42) | (.42) | 19.74 | 22.04 | 4,939 | — | 1.04 | 42g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 56 RetirementReady® Funds | RetirementReady® Funds 57 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2040 Fund
| | | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | | RATIOS AND SUPPLEMENTAL DATA | |
| | | | | | | | | | | | Ratio | Ratio | |
| | Net asset | | Net realized | | | | | | | | of expenses | of net investment | |
| | value, | | and unrealized | Total from | From net | From | | Net asset | Total return | Net assets, | to average | income (loss) | Portfolio |
| | beginning | Net investment | gain (loss) | investment | investment | net realized gain | Total | value, end | at net asset | end of period | net assets | to average net | turnover |
| Period ended | of period | income (loss) a,b | on investments | operations | income | on investments | distributions | of period | value (%) c | (in thousands) | (%) d,e | assets (%) b,e | (%) |
| Class A | | | | | | | | | | | | | |
| January 31, 2018** | $23.21 | .45 | 2.02 | 2.47 | (1.10) | (.02) | (1.12) | $24.56 | 10.80 * | $129,782 | .20 * | 1.89 * | 17* |
| July 31, 2017 | 20.58 | .04 | 2.66 | 2.70 | (.07) | — | (.07) | 23.21 | 13.13 | 119,021 | .39 | .20 | 39 |
| July 31, 2016 | 21.26 | .38 | (.57) | (.19) | (.49) | — | (.49) | 20.58 | (.83) | 84,164 | .25 | 1.90 | 48 |
| July 31, 2015 | 20.51 | .28 | 1.46 | 1.74 | (.99) | — | (.99) | 21.26 | 8.65 | 49,628 | .25 | 1.34 | 51g |
| July 31, 2014 | 18.34 | .21 | 2.24 | 2.45 | (.28) | — | (.28) | 20.51 | 13.42 | 12,384 | .25 | 1.04 | 47g |
| July 31, 2013 | 15.48 | .16 | 3.01 | 3.17 | (.31) | — | (.31) | 18.34 | 20.74 | 10,268 | .25 | .94 | 40g |
| Class B | | | | | | | | | | | | | |
| January 31, 2018** | $21.35 | .33 | 1.87 | 2.20 | (.94) | (.02) | (.96) | $22.59 | 10.44* | $757 | .58 * | 1.47* | 17* |
| July 31, 2017 | 19.02 | (.11) | 2.44 | 2.33 | — | — | — | 21.35 | 12.25 | 735 | 1.14 | (.56) | 39 |
| July 31, 2016 | 19.69 | .23 | (.55) | (.32) | (.35) | — | (.35) | 19.02 | (1.59) | 764 | 1.00 | 1.23 | 48 |
| July 31, 2015 | 19.01 | .16 | 1.32 | 1.48 | (.80) | — | (.80) | 19.69 | 7.92 | 666 | 1.00 | .82 | 51g |
| July 31, 2014 | 17.04 | .07 | 2.06 | 2.13 | (.16) | — | (.16) | 19.01 | 12.52 | 698 | 1.00 | .40 | 47g |
| July 31, 2013 | 14.42 | .03 | 2.81 | 2.84 | (.22) | — | (.22) | 17.04 | 19.87 | 694 | 1.00 | .16 | 40g |
| Class C | | | | | | | | | | | | | |
| January 31, 2018** | $21.06 | .33 | 1.83 | 2.16 | (.95) | (.02) | (.97) | $22.25 | 10.42* | $1,064 | .58 * | 1.50* | 17* |
| July 31, 2017 | 18.76 | (.11) | 2.41 | 2.30 | — | — | — | 21.06 | 12.26 | 985 | 1.14 | (.54) | 39 |
| July 31, 2016 | 19.44 | .22 | (.55) | (.33) | (.35) | — | (.35) | 18.76 | (1.62) | 826 | 1.00 | 1.20 | 48 |
| July 31, 2015 | 18.83 | .15 | 1.31 | 1.46 | (.85) | — | (.85) | 19.44 | 7.91 | 805 | 1.00 | .78 | 51g |
| July 31, 2014 | 16.92 | .04 | 2.08 | 2.12 | (.21) | — | (.21) | 18.83 | 12.55 | 632 | 1.00 | .23 | 47g |
| July 31, 2013 | 14.33 | .02 | 2.79 | 2.81 | (.22) | — | (.22) | 16.92 | 19.80 | 279 | 1.00 | .15 | 40g |
| Class M | | | | | | | | | | | | | |
| January 31, 2018** | $21.78 | .51 | 1.75 | 2.26 | (1.07) | (.02) | (1.09) | $22.95 | 10.53* | $521 | .45* | 2.27* | 17* |
| July 31, 2017 | 19.35 | (.07) | 2.50 | 2.43 | — | — | — | 21.78 | 12.56 | 282 | .89 | (.34) | 39 |
| July 31, 2016 | 20.02 | .21 | (.49) | (.28) | (.39) | — | (.39) | 19.35 | (1.35) | 160 | .75 | 1.10 | 48 |
| July 31, 2015 | 19.37 | .22 | 1.33 | 1.55 | (.90) | — | (.90) | 20.02 | 8.16 | 114 | .75 | 1.11 | 51g |
| July 31, 2014 | 17.36 | .09 | 2.13 | 2.22 | (.21) | — | (.21) | 19.37 | 12.84 | 78 | .75 | .50 | 47g |
| July 31, 2013 | 14.71 | .07 | 2.85 | 2.92 | (.27) | — | (.27) | 17.36 | 20.11 | 50 | .75 | .45 | 40g |
| Class R | | | | | | | | | | | | | |
| January 31, 2018** | $23.95 | .38 | 2.15 | 2.53 | (1.00) | (.02) | (1.02) | $25.46 | 10.70 * | $1,220 | .33* | 1.53* | 17* |
| July 31, 2017 | 21.23 | .01 | 2.72 | 2.73 | (.01) | — | (.01) | 23.95 | 12.85 | 1,673 | .64 | .08 | 39 |
| July 31, 2016 | 21.80 | .28 | (.54) | (.26) | (.31) | — | (.31) | 21.23 | (1.13) | 2,034 | .50 | 1.38 | 48 |
| July 31, 2015 | 20.98 | .29 | 1.45 | 1.74 | (.92) | — | (.92) | 21.80 | 8.45 | 4,726 | .50 | 1.35 | 51g |
| July 31, 2014 | 18.76 | .16 | 2.30 | 2.46 | (.24) | — | (.24) | 20.98 | 13.13 | 3,894 | .50 | .79 | 47g |
| July 31, 2013 | 15.84 | .11 | 3.08 | 3.19 | (.27) | — | (.27) | 18.76 | 20.39 | 3,362 | .50 | .66 | 40g |
| Class R6 | | | | | | | | | | | | | |
| January 31, 2018** | $27.29 | .66 | 2.32 | 2.98 | (1.18) | (.02) | (1.20) | $29.07 | 11.05* | $16,138 | .03* | 2.33* | 17* |
| July 31, 2017† | 24.17 | .14 | 3.06 | 3.20 | (.08) | — | (.08) | 27.29 | 13.28* | 12,731 | .05* | .56* | 39 |
| Class Y | | | | | | | | | | | | | |
| January 31, 2018** | $27.26 | .59 | 2.36 | 2.95 | (1.16) | (.02) | (1.18) | $29.03 | 10.95* | $8,781 | .08* | 2.10 * | 17* |
| July 31, 2017 | 24.13 | .08 | 3.15 | 3.23 | (.10) | — | (.10) | 27.26 | 13.40 | 7,058 | .14 | .33 | 39 |
| July 31, 2016 | 24.82 | .52 | (.69) | (.17) | (.52) | — | (.52) | 24.13 | (.60) | 13,806 | — | 2.23 | 48 |
| July 31, 2015 | 23.75 | .44 | 1.65 | 2.09 | (1.02) | — | (1.02) | 24.82 | 8.96 | 9,215 | — | 1.79 | 51g |
| July 31, 2014 | 21.18 | .32 | 2.58 | 2.90 | (.33) | — | (.33) | 23.75 | 13.74 | 7,284 | — | 1.40 | 47g |
| July 31, 2013 | 17.83 | .20 | 3.49 | 3.69 | (.34) | — | (.34) | 21.18 | 20.99 | 6,259 | — | 1.00 | 40g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 58 RetirementReady® Funds | RetirementReady® Funds 59 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2035 Fund
| | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | RATIOS AND SUPPLEMENTAL DATA | | |
| | | | Net realized | | | | | | | | Ratio of net | |
| | Net asset value, | | and unrealized | Total from | From net | | | Total return | Net assets, | Ratio of expenses | investment income | |
| | beginning | Net investment | gain (loss) | investment | investment | Total | Net asset value, | at net asset value | end of period | to average | (loss) to average | Portfolio |
| Period ended | of period | income (loss) a,b | on investments | operations | income | distributions | end of period | (%) c | (in thousands) | net assets (%) d,e | net assets (%) b,e | turnover (%) |
| Class A | | | | | | | | | | | | |
| January 31, 2018** | $23.10 | .40 | 1.71 | 2.11 | (.84) | (.84) | $24.37 | 9.24* | $85,609 | .22 * | 1.68* | 21* |
| July 31, 2017 | 20.85 | .06 | 2.34 | 2.40 | (.15) | (.15) | 23.10 | 11.60 | 76,081 | .41 | .25 | 37 |
| July 31, 2016 | 21.53 | .45 | (.59) | (.14) | (.54) | (.54) | 20.85 | (.54) | 51,869 | .25 | 2.20 | 38 |
| July 31, 2015 | 20.66 | .31 | 1.33 | 1.64 | (.77) | (.77) | 21.53 | 8.07 | 37,097 | .25 | 1.45 | 31g |
| July 31, 2014 | 18.55 | .24 | 2.03 | 2.27 | (.16) | (.16) | 20.66 | 12.25 | 17,699 | .25 | 1.21 | 45g |
| July 31, 2013 | 15.83 | .17 | 2.76 | 2.93 | (.21) | (.21) | 18.55 | 18.66 | 13,868 | .25 | 1.00 | 40g |
| Class B | | | | | | | | | | | | |
| January 31, 2018** | $21.21 | .28 | 1.58 | 1.86 | (.65) | (.65) | $22.42 | 8.83* | $851 | .59 * | 1.28* | 21* |
| July 31, 2017 | 19.15 | (.10) | 2.16 | 2.06 | — | — | 21.21 | 10.76 | 827 | 1.16 | (.49) | 37 |
| July 31, 2016 | 19.81 | .28 | (.55) | (.27) | (.39) | (.39) | 19.15 | (1.28) | 1,167 | 1.00 | 1.49 | 38 |
| July 31, 2015 | 19.07 | .19 | 1.18 | 1.37 | (.63) | (.63) | 19.81 | 7.28 | 1,235 | 1.00 | .95 | 31g |
| July 31, 2014 | 17.17 | .10 | 1.85 | 1.95 | (.05) | (.05) | 19.07 | 11.39 | 1,061 | 1.00 | .55 | 45g |
| July 31, 2013 | 14.68 | .02 | 2.57 | 2.59 | (.10) | (.10) | 17.17 | 17.73 | 864 | 1.00 | .11 | 40g |
| Class C | | | | | | | | | | | | |
| January 31, 2018** | $21.12 | .26 | 1.59 | 1.85 | (.67) | (.67) | $22.30 | 8.84* | $1,586 | .59 * | 1.21* | 21* |
| July 31, 2017 | 19.08 | (.10) | 2.15 | 2.05 | (.01) | (.01) | 21.12 | 10.73 | 1,625 | 1.16 | (.50) | 37 |
| July 31, 2016 | 19.78 | .26 | (.53) | (.27) | (.43) | (.43) | 19.08 | (1.28) | 1,549 | 1.00 | 1.40 | 38 |
| July 31, 2015 | 19.08 | .18 | 1.19 | 1.37 | (.67) | (.67) | 19.78 | 7.30 | 1,147 | 1.00 | .91 | 31g |
| July 31, 2014 | 17.17 | .09 | 1.87 | 1.96 | (.05) | (.05) | 19.08 | 11.44 | 655 | 1.00 | .51 | 45g |
| July 31, 2013 | 14.70 | .02 | 2.57 | 2.59 | (.12) | (.12) | 17.17 | 17.72 | 468 | 1.00 | .13 | 40g |
| Class M | | | | | | | | | | | | |
| January 31, 2018** | $22.23 | .33 | 1.64 | 1.97 | (.73) | (.73) | $23.47 | 8.96* | $574 | .47* | 1.45* | 21* |
| July 31, 2017 | 20.07 | (.05) | 2.26 | 2.21 | (.05) | (.05) | 22.23 | 11.04 | 529 | .91 | (.25) | 37 |
| July 31, 2016 | 20.74 | .34 | (.57) | (.23) | (.44) | (.44) | 20.07 | (1.05) | 473 | .75 | 1.72 | 38 |
| July 31, 2015 | 19.92 | .16 | 1.32 | 1.48 | (.66) | (.66) | 20.74 | 7.54 | 460 | .75 | .79 | 31g |
| July 31, 2014 | 17.93 | .14 | 1.96 | 2.10 | (.11) | (.11) | 19.92 | 11.70 | 298 | .75 | .73 | 45g |
| July 31, 2013 | 15.32 | (.04) | 2.79 | 2.75 | (.14) | (.14) | 17.93 | 18.08 | 248 | .75 | (.24) | 40g |
| Class R | | | | | | | | | | | | |
| January 31, 2018** | $22.26 | .37 | 1.63 | 2.00 | (.80) | (.80) | $23.46 | 9.08* | $1,827 | .34* | 1.63* | 21* |
| July 31, 2017 | 20.10 | .02 | 2.24 | 2.26 | (.10) | (.10) | 22.26 | 11.30 | 1,369 | .66 | .11 | 37 |
| July 31, 2016 | 20.67 | .32 | (.50) | (.18) | (.39) | (.39) | 20.10 | (.80) | 2,000 | .50 | 1.66 | 38 |
| July 31, 2015 | 19.85 | .30 | 1.24 | 1.54 | (.72) | (.72) | 20.67 | 7.86 | 4,657 | .50 | 1.49 | 31g |
| July 31, 2014 | 17.84 | .19 | 1.94 | 2.13 | (.12) | (.12) | 19.85 | 11.96 | 4,334 | .50 | 1.01 | 45g |
| July 31, 2013 | 15.24 | .12 | 2.66 | 2.78 | (.18) | (.18) | 17.84 | 18.36 | 4,039 | .50 | .72 | 40g |
| Class R6 | | | | | | | | | | | | |
| January 31, 2018** | $27.03 | .57 | 1.95 | 2.52 | (.92) | (.92) | $28.63 | 9.41* | $20,742 | .03* | 2.04* | 21* |
| July 31, 2017† | 24.34 | .16 | 2.70 | 2.86 | (.17) | (.17) | 27.03 | 11.81* | 15,359 | .05* | .63* | 37 |
| Class Y | | | | | | | | | | | | |
| January 31, 2018** | $26.98 | .54 | 1.98 | 2.52 | (.90) | (.90) | $28.60 | 9.41* | $12,030 | .09 * | 1.92* | 21* |
| July 31, 2017 | 24.30 | .10 | 2.76 | 2.86 | (.18) | (.18) | 26.98 | 11.85 | 9,005 | .16 | .38 | 37 |
| July 31, 2016 | 24.99 | .56 | (.66) | (.10) | (.59) | (.59) | 24.30 | (.33) | 17,298 | — | 2.40 | 38 |
| July 31, 2015 | 23.84 | .46 | 1.50 | 1.96 | (.81) | (.81) | 24.99 | 8.35 | 12,853 | — | 1.88 | 31g |
| July 31, 2014 | 21.37 | .37 | 2.30 | 2.67 | (.20) | (.20) | 23.84 | 12.55 | 11,300 | — | 1.64 | 45g |
| July 31, 2013 | 18.20 | .21 | 3.21 | 3.42 | (.25) | (.25) | 21.37 | 18.95 | 10,623 | — | 1.03 | 40g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 60 RetirementReady® Funds | RetirementReady® Funds 61 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2030 Fund
| | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | RATIOS AND SUPPLEMENTAL DATA | | |
| | | | Net realized | | | | | | | | Ratio of net | |
| | Net asset value, | | and unrealized | Total from | From net | | | Total return | Net assets, | Ratio of expenses | investment income | |
| | beginning | Net investment | gain (loss) | investment | investment | Total | Net asset value, | at net asset value | end of period | to average | (loss) to average | Portfolio |
| Period ended | of period | income (loss) a,b | on investments | operations | income | distributions | end of period | (%) c | (in thousands) | net assets (%) d,e | net assets (%) b,e | turnover (%) |
| Class A | | | | | | | | | | | | |
| January 31, 2018** | $22.51 | .32 | 1.33 | 1.65 | (.72) | (.72) | $23.44 | 7.39 * | $167,885 | .20 * | 1.40 * | 22* |
| July 31, 2017 | 20.68 | .16 | 1.82 | 1.98 | (.15) | (.15) | 22.51 | 9.61 | 169,766 | .39 | .73 | 41 |
| July 31, 2016 | 21.38 | .47 | (.59) | (.12) | (.58) | (.58) | 20.68 | (.45) | 122,277 | .25 | 2.35 | 47 |
| July 31, 2015 | 20.35 | .29 | 1.23 | 1.52 | (.49) | (.49) | 21.38 | 7.53 | 72,342 | .25 | 1.36 | 40g |
| July 31, 2014 | 18.52 | .26 | 1.73 | 1.99 | (.16) | (.16) | 20.35 | 10.75 | 23,180 | .25 | 1.32 | 44g |
| July 31, 2013 | 16.16 | .17 | 2.36 | 2.53 | (.17) | (.17) | 18.52 | 15.76 | 18,538 | .25 | 1.01 | 43g |
| Class B | | | | | | | | | | | | |
| January 31, 2018** | $21.36 | .23 | 1.26 | 1.49 | (.55) | (.55) | $22.30 | 7.00 * | $1,236 | .58* | 1.07* | 22* |
| July 31, 2017 | 19.64 | —f | 1.72 | 1.72 | — | — | 21.36 | 8.76 | 1,299 | 1.14 | —h | 41 |
| July 31, 2016 | 20.32 | .33 | (.58) | (.25) | (.43) | (.43) | 19.64 | (1.18) | 1,251 | 1.00 | 1.74 | 47 |
| July 31, 2015 | 19.35 | .16 | 1.13 | 1.29 | (.32) | (.32) | 20.32 | 6.71 | 1,325 | 1.00 | .80 | 40g |
| July 31, 2014 | 17.62 | .11 | 1.64 | 1.75 | (.02) | (.02) | 19.35 | 9.94 | 1,231 | 1.00 | .58 | 44g |
| July 31, 2013 | 15.38 | .04 | 2.25 | 2.29 | (.05) | (.05) | 17.62 | 14.92 | 1,210 | 1.00 | .23 | 43g |
| Class C | | | | | | | | | | | | |
| January 31, 2018** | $21.32 | .24 | 1.25 | 1.49 | (.58) | (.58) | $22.23 | 7.02* | $1,780 | .58 * | 1.10 * | 22* |
| July 31, 2017 | 19.60 | —f | 1.73 | 1.73 | (.01) | (.01) | 21.32 | 8.81 | 1,544 | 1.14 | .01 | 41 |
| July 31, 2016 | 20.29 | .31 | (.56) | (.25) | (.44) | (.44) | 19.60 | (1.19) | 1,515 | 1.00 | 1.61 | 47 |
| July 31, 2015 | 19.36 | .17 | 1.11 | 1.28 | (.35) | (.35) | 20.29 | 6.68 | 1,313 | 1.00 | .84 | 40g |
| July 31, 2014 | 17.64 | .10 | 1.66 | 1.76 | (.04) | (.04) | 19.36 | 9.98 | 1,060 | 1.00 | .51 | 44g |
| July 31, 2013 | 15.41 | .04 | 2.25 | 2.29 | (.06) | (.06) | 17.64 | 14.90 | 742 | 1.00 | .24 | 43g |
| Class M | | | | | | | | | | | | |
| January 31, 2018** | $21.88 | .26 | 1.29 | 1.55 | (.62) | (.62) | $22.81 | 7.13* | $358 | .45* | 1.17* | 22* |
| July 31, 2017 | 20.06 | .03 | 1.79 | 1.82 | — | — | 21.88 | 9.07 | 259 | .89 | .15 | 41 |
| July 31, 2016 | 20.75 | .38 | (.59) | (.21) | (.48) | (.48) | 20.06 | (.96) | 273 | .75 | 1.93 | 47 |
| July 31, 2015 | 19.75 | .20 | 1.17 | 1.37 | (.37) | (.37) | 20.75 | 6.99 | 248 | .75 | .97 | 40g |
| July 31, 2014 | 18.03 | .19 | 1.65 | 1.84 | (.12) | (.12) | 19.75 | 10.24 | 222 | .75 | .98 | 44g |
| July 31, 2013 | 15.74 | .08 | 2.30 | 2.38 | (.09) | (.09) | 18.03 | 15.17 | 101 | .75 | .47 | 43g |
| Class R | | | | | | | | | | | | |
| January 31, 2018** | $21.39 | .29 | 1.25 | 1.54 | (.67) | (.67) | $22.26 | 7.27* | $2,206 | .33* | 1.31* | 22* |
| July 31, 2017 | 19.64 | .11 | 1.73 | 1.84 | (.09) | (.09) | 21.39 | 9.39 | 2,543 | .64 | .53 | 41 |
| July 31, 2016 | 20.23 | .37 | (.53) | (.16) | (.43) | (.43) | 19.64 | (.71) | 2,916 | .50 | 1.94 | 47 |
| July 31, 2015 | 19.28 | .25 | 1.13 | 1.38 | (.43) | (.43) | 20.23 | 7.22 | 8,425 | .50 | 1.26 | 40g |
| July 31, 2014 | 17.56 | .20 | 1.64 | 1.84 | (.12) | (.12) | 19.28 | 10.51 | 7,296 | .50 | 1.07 | 44g |
| July 31, 2013 | 15.33 | .12 | 2.24 | 2.36 | (.13) | (.13) | 17.56 | 15.51 | 6,169 | .50 | .75 | 43g |
| Class R6 | | | | | | | | | | | | |
| January 31, 2018** | $25.84 | .47 | 1.48 | 1.95 | (.80) | (.80) | $26.99 | 7.59 * | $18,181 | .03* | 1.76* | 22* |
| July 31, 2017† | 23.67 | .25 | 2.08 | 2.33 | (.16) | (.16) | 25.84 | 9.90 * | 13,797 | .05* | 1.02* | 41 |
| Class Y | | | | | | | | | | | | |
| January 31, 2018** | $25.80 | .42 | 1.52 | 1.94 | (.78) | (.78) | $26.96 | 7.57* | $10,102 | .07* | 1.57* | 22* |
| July 31, 2017 | 23.65 | .21 | 2.11 | 2.32 | (.17) | (.17) | 25.80 | 9.88 | 6,806 | .14 | .86 | 41 |
| July 31, 2016 | 24.34 | .62 | (.69) | (.07) | (.62) | (.62) | 23.65 | (.19) | 15,306 | — | 2.71 | 47 |
| July 31, 2015 | 23.09 | .43 | 1.34 | 1.77 | (.52) | (.52) | 24.34 | 7.76 | 13,241 | — | 1.79 | 40g |
| July 31, 2014 | 20.98 | .38 | 1.93 | 2.31 | (.20) | (.20) | 23.09 | 11.05 | 11,725 | — | 1.70 | 44g |
| July 31, 2013 | 18.28 | .22 | 2.69 | 2.91 | (.21) | (.21) | 20.98 | 16.04 | 12,816 | — | 1.12 | 43g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 62 RetirementReady® Funds | RetirementReady® Funds 63 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2025 Fund
| | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | RATIOS AND SUPPLEMENTAL DATA | | |
| | | | Net realized | | | | | | | | Ratio of net | |
| | Net asset value, | | and unrealized | Total from | From net | | | Total return | Net assets, | Ratio of expenses | investment income | |
| | beginning | Net investment | gain (loss) | investment | investment | Total | Net asset value, | at net asset value | end of period | to average | (loss) to average | Portfolio |
| Period ended | of period | income (loss) a,b | on investments | operations | income | distributions | end of period | (%) c | (in thousands) | net assets (%) d,e | net assets (%) b,e | turnover (%) |
| Class A | | | | | | | | | | | | |
| January 31, 2018** | $22.36 | .34 | .89 | 1.23 | (.49) | (.49) | $23.10 | 5.51* | $91,104 | .21* | 1.49 * | 19 * |
| July 31, 2017 | 21.08 | .22 | 1.36 | 1.58 | (.30) | (.30) | 22.36 | 7.60 | 80,908 | .41 | 1.02 | 37 |
| July 31, 2016 | 21.73 | .55 | (.65) | (.10) | (.55) | (.55) | 21.08 | (.40) | 60,363 | .25 | 2.66 | 42 |
| July 31, 2015 | 20.62 | .31 | 1.07 | 1.38 | (.27) | (.27) | 21.73 | 6.72 | 40,668 | .25 | 1.44 | 30g |
| July 31, 2014 | 19.06 | .29 | 1.45 | 1.74 | (.18) | (.18) | 20.62 | 9.16 | 27,543 | .25 | 1.44 | 41g |
| July 31, 2013 | 17.21 | .20 | 1.92 | 2.12 | (.27) | (.27) | 19.06 | 12.44 | 23,727 | .25 | 1.12 | 47g |
| Class B | | | | | | | | | | | | |
| January 31, 2018** | $20.84 | .23 | .83 | 1.06 | (.33) | (.33) | $21.57 | 5.12* | $1,136 | .59 * | 1.09 * | 19 * |
| July 31, 2017 | 19.66 | .05 | 1.28 | 1.33 | (.15) | (.15) | 20.84 | 6.81 | 1,200 | 1.16 | .26 | 37 |
| July 31, 2016 | 20.29 | .37 | (.62) | (.25) | (.38) | (.38) | 19.66 | (1.17) | 1,082 | 1.00 | 1.90 | 42 |
| July 31, 2015 | 19.28 | .14 | 1.00 | 1.14 | (.13) | (.13) | 20.29 | 5.91 | 1,128 | 1.00 | .72 | 30g |
| July 31, 2014 | 17.84 | .13 | 1.36 | 1.49 | (.05) | (.05) | 19.28 | 8.35 | 982 | 1.00 | .71 | 41g |
| July 31, 2013 | 16.12 | .05 | 1.82 | 1.87 | (.15) | (.15) | 17.84 | 11.66 | 987 | 1.00 | .32 | 47g |
| Class C | | | | | | | | | | | | |
| January 31, 2018** | $20.78 | .23 | .83 | 1.06 | (.33) | (.33) | $21.51 | 5.11* | $2,108 | .59 * | 1.06* | 19 * |
| July 31, 2017 | 19.62 | .06 | 1.27 | 1.33 | (.17) | (.17) | 20.78 | 6.84 | 1,972 | 1.16 | .29 | 37 |
| July 31, 2016 | 20.27 | .36 | (.61) | (.25) | (.40) | (.40) | 19.62 | (1.17) | 1,851 | 1.00 | 1.86 | 42 |
| July 31, 2015 | 19.27 | .14 | .99 | 1.13 | (.13) | (.13) | 20.27 | 5.90 | 1,532 | 1.00 | .68 | 30g |
| July 31, 2014 | 17.87 | .13 | 1.36 | 1.49 | (.09) | (.09) | 19.27 | 8.32 | 1,244 | 1.00 | .67 | 41g |
| July 31, 2013 | 16.14 | .05 | 1.82 | 1.87 | (.14) | (.14) | 17.87 | 11.67 | 807 | 1.00 | .27 | 47g |
| Class M | | | | | | | | | | | | |
| January 31, 2018** | $21.13 | .24 | .86 | 1.10 | (.32) | (.32) | $21.91 | 5.24* | $235 | .47* | 1.12* | 19 * |
| July 31, 2017 | 19.96 | .11 | 1.30 | 1.41 | (.24) | (.24) | 21.13 | 7.11 | 262 | .91 | .55 | 37 |
| July 31, 2016 | 20.60 | .41 | (.61) | (.20) | (.44) | (.44) | 19.96 | (.92) | 240 | .75 | 2.08 | 42 |
| July 31, 2015 | 19.57 | .20 | 1.00 | 1.20 | (.17) | (.17) | 20.60 | 6.16 | 205 | .75 | 1.00 | 30g |
| July 31, 2014 | 18.09 | .17 | 1.38 | 1.55 | (.07) | (.07) | 19.57 | 8.57 | 188 | .75 | .88 | 41g |
| July 31, 2013 | 16.37 | .11 | 1.83 | 1.94 | (.22) | (.22) | 18.09 | 11.95 | 226 | .75 | .64 | 47g |
| Class R | | | | | | | | | | | | |
| January 31, 2018** | $20.97 | .30 | .82 | 1.12 | (.45) | (.45) | $21.64 | 5.36* | $2,637 | .34* | 1.40 * | 19 * |
| July 31, 2017 | 19.78 | .16 | 1.29 | 1.45 | (.26) | (.26) | 20.97 | 7.39 | 2,734 | .66 | .79 | 37 |
| July 31, 2016 | 20.29 | .36 | (.51) | (.15) | (.36) | (.36) | 19.78 | (.69) | 2,458 | .50 | 1.87 | 42 |
| July 31, 2015 | 19.28 | .23 | 1.00 | 1.23 | (.22) | (.22) | 20.29 | 6.42 | 6,829 | .50 | 1.18 | 30g |
| July 31, 2014 | 17.85 | .22 | 1.36 | 1.58 | (.15) | (.15) | 19.28 | 8.88 | 5,442 | .50 | 1.19 | 41g |
| July 31, 2013 | 16.13 | .14 | 1.81 | 1.95 | (.23) | (.23) | 17.85 | 12.19 | 4,692 | .50 | .81 | 47g |
| Class R6 | | | | | | | | | | | | |
| January 31, 2018** | $22.55 | .42 | .85 | 1.27 | (.56) | (.56) | $23.26 | 5.68* | $15,996 | .03* | 1.82* | 19 * |
| July 31, 2017† | 21.20 | .28 | 1.39 | 1.67 | (.32) | (.32) | 22.55 | 7.98* | 11,072 | .05* | 1.30 * | 37 |
| Class Y | | | | | | | | | | | | |
| January 31, 2018** | $22.50 | .38 | .88 | 1.26 | (.54) | (.54) | $23.22 | 5.64* | $12,576 | .09 * | 1.66* | 19 * |
| July 31, 2017 | 21.19 | .27 | 1.38 | 1.65 | (.34) | (.34) | 22.50 | 7.90 | 9,036 | .16 | 1.22 | 37 |
| July 31, 2016 | 21.83 | .61 | (.66) | (.05) | (.59) | (.59) | 21.19 | (.15) | 17,559 | — | 2.91 | 42 |
| July 31, 2015 | 20.72 | .37 | 1.05 | 1.42 | (.31) | (.31) | 21.83 | 6.92 | 12,152 | — | 1.70 | 30g |
| July 31, 2014 | 19.15 | .38 | 1.42 | 1.80 | (.23) | (.23) | 20.72 | 9.44 | 9,870 | — | 1.91 | 41g |
| July 31, 2013 | 17.28 | .23 | 1.95 | 2.18 | (.31) | (.31) | 19.15 | 12.77 | 12,138 | — | 1.26 | 47g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 64 RetirementReady® Funds | RetirementReady® Funds 65 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady 2020 Fund
| | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | RATIOS AND SUPPLEMENTAL DATA | | |
| | | | Net realized | | | | | | | | Ratio of net | |
| | Net asset value, | | and unrealized | Total from | From net | | | Total return | Net assets, | Ratio of expenses | investment income | |
| | beginning | Net investment | gain (loss) | investment | investment | Total | Net asset value, | at net asset value | end of period | to average | (loss) to average | Portfolio |
| Period ended | of period | income (loss) a,b | on investments | operations | income | distributions | end of period | (%) c | (in thousands) | net assets (%) d,e | net assets (%) b,e | turnover (%) |
| Class A | | | | | | | | | | | | |
| January 31, 2018** | $19.47 | .35 | .41 | .76 | (.45) | (.45) | $19.78 | 3.93* | $189,418 | .19 * | 1.75* | 21* |
| July 31, 2017 | 18.55 | .20 | .91 | 1.11 | (.19) | (.19) | 19.47 | 6.05 | 186,299 | .37 | 1.05 | 49 |
| July 31, 2016 | 19.18 | .52 | (.61) | (.09) | (.54) | (.54) | 18.55 | (.38) | 127,482 | .25 | 2.82 | 47 |
| July 31, 2015 | 18.40 | .27 | .73 | 1.00 | (.22) | (.22) | 19.18 | 5.44 | 71,290 | .25 | 1.43 | 45g |
| July 31, 2014 | 17.31 | .29 | .98 | 1.27 | (.18) | (.18) | 18.40 | 7.37 | 25,336 | .25 | 1.60 | 42g |
| July 31, 2013 | 16.19 | .19 | 1.27 | 1.46 | (.34) | (.34) | 17.31 | 9.12 | 22,557 | .25 | 1.16 | 50g |
| Class B | | | | | | | | | | | | |
| January 31, 2018** | $18.73 | .25 | .41 | .66 | (.29) | (.29) | $19.10 | 3.52* | $934 | .57* | 1.30 * | 21* |
| July 31, 2017 | 17.85 | .06 | .87 | .93 | (.05) | (.05) | 18.73 | 5.24 | 1,106 | 1.12 | .34 | 49 |
| July 31, 2016 | 18.45 | .38 | (.59) | (.21) | (.39) | (.39) | 17.85 | (1.11) | 1,151 | 1.00 | 2.15 | 47 |
| July 31, 2015 | 17.68 | .14 | .68 | .82 | (.05) | (.05) | 18.45 | 4.65 | 1,123 | 1.00 | .80 | 45g |
| July 31, 2014 | 16.66 | .15 | .94 | 1.09 | (.07) | (.07) | 17.68 | 6.56 | 1,380 | 1.00 | .84 | 42g |
| July 31, 2013 | 15.60 | .06 | 1.23 | 1.29 | (.23) | (.23) | 16.66 | 8.37 | 1,235 | 1.00 | .37 | 50g |
| Class C | | | | | | | | | | | | |
| January 31, 2018** | $18.71 | .26 | .40 | .66 | (.30) | (.30) | $19.07 | 3.52* | $2,011 | .57* | 1.34* | 21* |
| July 31, 2017 | 17.84 | .07 | .86 | .93 | (.06) | (.06) | 18.71 | 5.25 | 2,063 | 1.12 | .37 | 49 |
| July 31, 2016 | 18.46 | .38 | (.59) | (.21) | (.41) | (.41) | 17.84 | (1.12) | 2,092 | 1.00 | 2.15 | 47 |
| July 31, 2015 | 17.74 | .15 | .67 | .82 | (.10) | (.10) | 18.46 | 4.63 | 1,842 | 1.00 | .80 | 45g |
| July 31, 2014 | 16.71 | .15 | .95 | 1.10 | (.07) | (.07) | 17.74 | 6.62 | 1,587 | 1.00 | .89 | 42g |
| July 31, 2013 | 15.65 | .06 | 1.23 | 1.29 | (.23) | (.23) | 16.71 | 8.30 | 1,047 | 1.00 | .35 | 50g |
| Class M | | | | | | | | | | | | |
| January 31, 2018** | $19.10 | .27 | .43 | .70 | (.30) | (.30) | $19.50 | 3.65* | $158 | .45* | 1.39* | 21* |
| July 31, 2017 | 18.21 | .10 | .90 | 1.00 | (.11) | (.11) | 19.10 | 5.51 | 258 | .87 | .55 | 49 |
| July 31, 2016 | 18.82 | .42 | (.60) | (.18) | (.43) | (.43) | 18.21 | (.89) | 180 | .75 | 2.33 | 47 |
| July 31, 2015 | 18.05 | .19 | .70 | .89 | (.12) | (.12) | 18.82 | 4.93 | 180 | .75 | 1.02 | 45g |
| July 31, 2014 | 16.99 | .20 | .96 | 1.16 | (.10) | (.10) | 18.05 | 6.81 | 154 | .75 | 1.12 | 42g |
| July 31, 2013 | 15.88 | .10 | 1.26 | 1.36 | (.25) | (.25) | 16.99 | 8.62 | 140 | .75 | .59 | 50g |
| Class R | | | | | | | | | | | | |
| January 31, 2018** | $18.77 | .30 | .41 | .71 | (.42) | (.42) | $19.06 | 3.77* | $4,283 | .32* | 1.59 * | 21* |
| July 31, 2017 | 17.88 | .15 | .88 | 1.03 | (.14) | (.14) | 18.77 | 5.79 | 4,442 | .62 | .80 | 49 |
| July 31, 2016 | 18.44 | .44 | (.56) | (.12) | (.44) | (.44) | 17.88 | (.60) | 3,269 | .50 | 2.47 | 47 |
| July 31, 2015 | 17.69 | .23 | .68 | .91 | (.16) | (.16) | 18.44 | 5.17 | 5,716 | .50 | 1.29 | 45g |
| July 31, 2014 | 16.67 | .23 | .95 | 1.18 | (.16) | (.16) | 17.69 | 7.09 | 5,348 | .50 | 1.35 | 42g |
| July 31, 2013 | 15.60 | .14 | 1.23 | 1.37 | (.30) | (.30) | 16.67 | 8.86 | 4,587 | .50 | .84 | 50g |
| Class R6 | | | | | | | | | | | | |
| January 31, 2018** | $21.90 | .63 | .27 | .90 | (.52) | (.52) | $22.28 | 4.11* | $7,841 | .03* | 2.85* | 21* |
| July 31, 2017† | 20.80 | .30 | 1.01 | 1.31 | (.21) | (.21) | 21.90 | 6.34* | 3,838 | .05* | 1.41* | 49 |
| Class Y | | | | | | | | | | | | |
| January 31, 2018** | $21.88 | .51 | .38 | .89 | (.51) | (.51) | $22.26 | 4.07* | $2,762 | .07* | 2.31* | 21* |
| July 31, 2017 | 20.79 | .23 | 1.07 | 1.30 | (.21) | (.21) | 21.88 | 6.32 | 1,673 | .12 | 1.11 | 49 |
| July 31, 2016 | 21.41 | .65 | (.69) | (.04) | (.58) | (.58) | 20.79 | (.13) | 4,982 | — | 3.15 | 47 |
| July 31, 2015 | 20.49 | .37 | .80 | 1.17 | (.25) | (.25) | 21.41 | 5.72 | 5,325 | — | 1.75 | 45g |
| July 31, 2014 | 19.26 | .44 | 1.02 | 1.46 | (.23) | (.23) | 20.49 | 7.60 | 5,125 | — | 2.20 | 42g |
| July 31, 2013 | 17.97 | .24 | 1.43 | 1.67 | (.38) | (.38) | 19.26 | 9.41 | 7,104 | — | 1.27 | 50g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 66 RetirementReady® Funds | RetirementReady® Funds 67 |
Financial highlights (For a common share outstanding throughout the period)
Putnam RetirementReady Income Fund Lifestyle 1
| | | | | | | | | | | | |
| | INVESTMENT OPERATIONS | | | LESS DISTRIBUTIONS | | | | RATIOS AND SUPPLEMENTAL DATA | | |
| | | | Net realized | | | | | | | | Ratio of net | |
| | Net asset value, | | and unrealized | Total from | From net | | | Total return | Net assets, | Ratio of expenses | investment income | |
| | beginning | Net investment | gain (loss) | investment | investment | Total | Net asset value, | at net asset value | end of period | to average | (loss) to average | Portfolio |
| Period ended | of period | income (loss) a,b | on investments | operations | income | distributions | end of period | (%) c | (in thousands) | net assets (%) d,e | net assets (%) b,e | turnover (%) |
| Class A | | | | | | | | | | | | |
| January 31, 2018** | $17.65 | .36 | .16 | .52 | (.36) | (.36) | $17.81 | 2.96* | $87,364 | .20 * | 2.00 * | 13* |
| July 31, 2017 | 17.02 | .20 | .63 | .83 | (.20) | (.20) | 17.65 | 4.94 | 80,263 | .38 | 1.14 | 39 |
| July 31, 2016 | 17.69 | .64 | (.70) | (.06) | (.61) | (.61) | 17.02 | (.27) | 63,447 | .25 | 3.83 | 33 |
| July 31, 2015 | 17.49 | .30 | .31 | .61 | (.41) | (.41) | 17.69 | 3.52 | 17,655 | .25 | 1.71 | 28g |
| July 31, 2014 | 16.98 | .33 | .52 | .85 | (.34) | (.34) | 17.49 | 5.04 | 15,527 | .25 | 1.90 | 39g |
| July 31, 2013 | 16.39 | .19 | .58 | .77 | (.18) | (.18) | 16.98 | 4.74 | 14,681 | .25 | 1.14 | 57g |
| Class B | | | | | | | | | | | | |
| January 31, 2018** | $17.28 | .27 | .18 | .45 | (.32) | (.32) | $17.41 | 2.63* | $919 | .58 * | 1.57* | 13* |
| July 31, 2017 | 16.74 | .07 | .61 | .68 | (.14) | (.14) | 17.28 | 4.11 | 981 | 1.13 | .43 | 39 |
| July 31, 2016 | 17.45 | .52 | (.70) | (.18) | (.53) | (.53) | 16.74 | (.99) | 1,094 | 1.00 | 3.11 | 33 |
| July 31, 2015 | 17.32 | .15 | .31 | .46 | (.33) | (.33) | 17.45 | 2.68 | 368 | 1.00 | .88 | 28g |
| July 31, 2014 | 16.86 | .17 | .55 | .72 | (.26) | (.26) | 17.32 | 4.32 | 274 | 1.00 | 1.01 | 39g |
| July 31, 2013 | 16.34 | .06 | .58 | .64 | (.12) | (.12) | 16.86 | 3.92 | 172 | 1.00 | .35 | 57g |
| Class C | | | | | | | | | | | | |
| January 31, 2018** | $17.33 | .27 | .17 | .44 | (.32) | (.32) | $17.45 | 2.56* | $1,500 | .58 * | 1.54* | 13* |
| July 31, 2017 | 16.79 | .07 | .61 | .68 | (.14) | (.14) | 17.33 | 4.09 | 1,681 | 1.13 | .44 | 39 |
| July 31, 2016 | 17.49 | .44 | (.61) | (.17) | (.53) | (.53) | 16.79 | (.93) | 1,852 | 1.00 | 2.63 | 33 |
| July 31, 2015 | 17.36 | .17 | .29 | .46 | (.33) | (.33) | 17.49 | 2.68 | 814 | 1.00 | .98 | 28g |
| July 31, 2014 | 16.91 | .20 | .51 | .71 | (.26) | (.26) | 17.36 | 4.25 | 710 | 1.00 | 1.16 | 39g |
| July 31, 2013 | 16.38 | .05 | .60 | .65 | (.12) | (.12) | 16.91 | 3.98 | 676 | 1.00 | .28 | 57g |
| Class M | | | | | | | | | | | | |
| January 31, 2018** | $17.69 | .33 | .18 | .51 | (.34) | (.34) | $17.86 | 2.88* | $551 | .32* | 1.87* | 13* |
| July 31, 2017 | 17.07 | .16 | .62 | .78 | (.16) | (.16) | 17.69 | 4.62 | 506 | .63 | .94 | 39 |
| July 31, 2016 | 17.73 | .52 | (.61) | (.09) | (.57) | (.57) | 17.07 | (.46) | 528 | .50 | 3.05 | 33 |
| July 31, 2015 | 17.54 | .25 | .30 | .55 | (.36) | (.36) | 17.73 | 3.18 | 396 | .50 | 1.42 | 28g |
| July 31, 2014 | 17.02 | .31 | .50 | .81 | (.29) | (.29) | 17.54 | 4.82 | 332 | .50 | 1.77 | 39g |
| July 31, 2013 | 16.43 | .14 | .59 | .73 | (.14) | (.14) | 17.02 | 4.47 | 313 | .50 | .86 | 57g |
| Class R | | | | | | | | | | | | |
| January 31, 2018** | $17.64 | .34 | .16 | .50 | (.34) | (.34) | $17.80 | 2.82* | $670 | .32* | 1.89 * | 13* |
| July 31, 2017 | 17.01 | .19 | .60 | .79 | (.16) | (.16) | 17.64 | 4.70 | 730 | .63 | 1.12 | 39 |
| July 31, 2016 | 17.68 | .61 | (.71) | (.10) | (.57) | (.57) | 17.01 | (.53) | 1,439 | .50 | 3.62 | 33 |
| July 31, 2015 | 17.48 | .24 | .33 | .57 | (.37) | (.37) | 17.68 | 3.26 | 854 | .50 | 1.34 | 28g |
| July 31, 2014 | 16.97 | .30 | .51 | .81 | (.30) | (.30) | 17.48 | 4.78 | 1,069 | .50 | 1.75 | 39g |
| July 31, 2013 | 16.38 | .15 | .58 | .73 | (.14) | (.14) | 16.97 | 4.47 | 1,002 | .50 | .92 | 57g |
| Class R6 | | | | | | | | | | | | |
| January 31, 2018** | $17.71 | .38 | .17 | .55 | (.39) | (.39) | $17.87 | 3.12* | $3,775 | .03* | 2.14* | 13* |
| July 31, 2017† | 17.08 | .25 | .63 | .88 | (.25) | (.25) | 17.71 | 5.20 * | 3,711 | .05* | 1.42* | 39 |
| Class Y | | | | | | | | | | | | |
| January 31, 2018** | $17.71 | .39 | .15 | .54 | (.38) | (.38) | $17.87 | 3.08* | $4,451 | .07* | 2.20 * | 13* |
| July 31, 2017 | 17.08 | .27 | .60 | .87 | (.24) | (.24) | 17.71 | 5.17 | 3,519 | .13 | 1.56 | 39 |
| July 31, 2016 | 17.75 | .72 | (.73) | (.01) | (.66) | (.66) | 17.08 | (.02) | 7,602 | — | 4.24 | 33 |
| July 31, 2015 | 17.55 | .34 | .32 | .66 | (.46) | (.46) | 17.75 | 3.78 | 1,460 | — | 1.90 | 28g |
| July 31, 2014 | 17.04 | .68 | .21 | .89 | (.38) | (.38) | 17.55 | 5.28 | 1,203 | — | 3.96 | 39g |
| July 31, 2013 | 16.44 | .16 | .66 | .82 | (.22) | (.22) | 17.04 | 5.04 | 7,232 | — | .93 | 57g |
See page 70 for notes to financial highlights.
The accompanying notes are an integral part of these financial statements.
| |
| 68 RetirementReady® Funds | RetirementReady® Funds 69 |
Financial highlights cont.
* Not annualized.
** Unaudited.
† For the period September 2, 2016 (commencement of operations) to July 31, 2017.
‡ For the period November 30, 2015 (commencement of operations) to July 31, 2016.
a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.
b The ratio of net investment income and net investment income per share amounts shown may not correspond with the expected class specific difference due to the timing of income received from the underlying Putnam Funds and the timing of subscriptions/redemption to the class.
c Total return does not reflect the effect of sales charges.
d Expense ratios do not include expenses of the underlying funds.
e Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation the expenses for the following periods reflect a reduction of the following based on each fund’s average net assets (Note 2):
| | | | | | |
| | 1/31/18 | 7/31/17 | 7/31/16 | 7/31/15 | 7/31/14 | 7/31/13 |
| Putnam RetirementReady 2060 Fund | | | | | | |
| Class A, B, C, M, R, Y | 10.45% | 73.93% | 114.41% | N/A | N/A | N/A |
| Class R6 | 10.45% | 60.14% | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2055 Fund | | | | | | |
| Class A, B, C, M, R, Y | 0.22 | 0.88 | 1.13 | 2.09% | 3.14% | 0.28% |
| Class R6 | 0.22 | 0.80 | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2050 Fund | | | | | | |
| Class A, B, C, M, R, Y | 0.09 | 0.27 | 0.28 | 0.46 | 0.45 | 0.13 |
| Class R6 | 0.09 | 0.25 | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2045 Fund | | | | | | |
| Class A, B, C, M, R, Y | 0.09 | 0.25 | 0.26 | 0.36 | 0.45 | 0.12 |
| Class R6 | 0.09 | 0.24 | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2040 Fund | | | | | | |
| Class A, B, C, M, R, Y | 0.07 | 0.13 | 0.14 | 0.23 | 0.35 | 0.12 |
| Class R6 | 0.07 | 0.13 | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2035 Fund | | | | | | |
| Class A, B, C, M, R, Y | 0.06 | 0.17 | 0.17 | 0.22 | 0.27 | 0.11 |
| Class R6 | 0.06 | 0.16 | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2030 Fund | | | | | | |
| Class A, B, C, M, R, Y | 0.04 | 0.11 | 0.11 | 0.17 | 0.23 | 0.11 |
| Class R6 | 0.04 | 0.11 | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2025 Fund | | | | | | |
| Class A, B, C, M, R, Y | 0.06 | 0.16 | 0.15 | 0.20 | 0.23 | 0.11 |
| Class R6 | 0.06 | 0.15 | N/A | N/A | N/A | N/A |
| |
| 70 RetirementReady® Funds |
Financial highlights cont.
| | | | | | |
| | 1/31/18 | 7/31/17 | 7/31/16 | 7/31/15 | 7/31/14 | 7/31/13 |
| Putnam RetirementReady 2020 Fund | | | | | | |
| Class A, B, C, M, R, Y | 0.05 | 0.13 | 0.11 | 0.18 | 0.25 | 0.11 |
| Class R6 | 0.05 | 0.13 | N/A | N/A | N/A | N/A |
| Putnam Retirement Income Fund Lifestyle 1 | | | | | |
| Class A, B, C, M, R, Y | 0.06 | 0.19 | 0.21 | 0.55 | 0.37 | 0.12 |
| Class R6 | 0.06 | 0.17 | N/A | N/A | N/A | N/A |
f Amount represents less than $0.01 per share.
g Reflects revision of portfolio turnover rate. The portfolio turnover rates previously reported were the following:
| | | |
| | 7/31/15 | 7/31/14 | 7/31/13 |
| Putnam RetirementReady 2055 Fund | 249% | 202% | 183% |
| Putnam RetirementReady 2050 Fund | 158 | 100 | 104 |
| Putnam RetirementReady 2045 Fund | 116 | 92 | 86 |
| Putnam RetirementReady 2040 Fund | 204 | 90 | 84 |
| Putnam RetirementReady 2035 Fund | 101 | 79 | 86 |
| Putnam RetirementReady 2030 Fund | 157 | 77 | 80 |
| Putnam RetirementReady 2025 Fund | 71 | 74 | 89 |
| Putnam RetirementReady 2020 Fund | 160 | 75 | 89 |
| Putnam Retirement Income Fund Lifestyle 1 | 39 | 98 | 138 |
h Amount represents less than 0.01% of average net assets.
The accompanying notes are an integral part of these financial statements.
|
| RetirementReady® Funds 71 |
Notes to financial statements 1/31/18 (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, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Unless otherwise noted, the “reporting period” represents the period from August 1, 2017 through January 31, 2018.
Each of the Putnam RetirementReady® Funds: Putnam RetirementReady 2060 Fund, Putnam RetirementReady 2055 Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2025 Fund, Putnam RetirementReady 2020 Fund, and Putnam Retirement Income Fund Lifestyle 1 (collectively the funds) is a diversified series of Putnam RetirementReady® 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 the Putnam Retirement Income Fund Lifestyle 1, 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. Putnam Retirement Income Fund Lifestyle 1 seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital.
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 2020. The tenth fund is named Putnam Retirement Income Fund Lifestyle 1. 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 an 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 the Putnam Retirement Income Fund Lifestyle 1, which currently is expected to occur during the latter part of the target year, the fund will be merged into Putnam Retirement Income Fund Lifestyle 1.
These financial statements report on each fund, which may invest in certain Putnam Funds which are managed by Putnam Management. As of January 31, 2018, each fund may invest in the following diversified funds: Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Absolute Return 500 Fund, Putnam Absolute Return 700 Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Equity Fund, Putnam Dynamic Asset Allocation Growth Fund and Putnam Government Money Market Fund (the underlying Putnam Funds). 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.
Each fund offers class A, class B, class C, class M, class R, class R6 and class Y shares. Purchases of class B shares will be 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. Class A and class M shares are sold with a maximum front-end sales charge of 5.75% (4.00% for Putnam Retirement Income Fund Lifestyle 1) and 3.50% (3.25% for Putnam Retirement Income Fund Lifestyle 1), respectively. Class A shares generally are not subject to a contingent deferred sales charge and class M, class R, class R6, and class Y are not subject to a contingent deferred sales charge. Class B shares, which convert to class A shares after approximately eight years, are not subject to a front-end sales charge and are subject to a contingent deferred sales charge if those shares are redeemed within six years of purchase. Class C shares are subject to a one-year 1.00% contingent deferred sales charge and do not convert to class A shares. Class R shares, which are not available to all investors, are sold at net asset value. The expenses for class A, class B, class C, class M and class R shares may differ based on the distribution fee of each class, which is identified in Note 2. Class R6 and class Y shares, which are sold at net asset value, are generally subject to the same expenses as class A, class B, class C, class M and class R shares, but do not bear a distribution fee and in the case of class R6 shares, bear a lower investor servicing fee, which is identified n Note 2. Class R6 and class Y shares are not available to all investors.
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.
|
| 72 RetirementReady® Funds |
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 the fund.
Under each fund’s 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 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). The NAVs of 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.
|
| RetirementReady® Funds 73 |
At July 31, 2017, the following funds had capital loss carryovers in the following amounts available to the extent allowed by the Code to offset future net capital gain, if any, which will expire on the following dates:
| | | | |
| Loss carryover |
| | Short-term | Long-term | Total | Expiration |
| Putnam RetirementReady 2050 Fund | $120,186 | N/A | $120,186 | July 31, 2018 |
| Putnam RetirementReady 2045 Fund | 3,496,655 | N/A | 3,496,655 | July 31, 2018 |
| Putnam RetirementReady 2040 Fund | 1,269,017 | N/A | 1,269,017 | July 31, 2018 |
| Putnam RetirementReady 2035 Fund | 7,125,186 | N/A | 7,125,186 | July 31, 2018 |
| Putnam RetirementReady 2030 Fund | 8,976,746 | N/A | 8,976,746 | July 31, 2018 |
| Putnam RetirementReady 2025 Fund | 18,024,537 | N/A | 18,024,537 | July 31, 2018 |
| Putnam RetirementReady 2020 Fund | 21,313,938 | N/A | 21,313,938 | July 31, 2018 |
| Putnam Retirement Income Fund | | | | |
| Lifestyle 1 | 1,209,756 | N/A | 1,209,756 | July 31, 2018 |
Under the Regulated Investment Company Modernization Act of 2010, the fund, as applicable, will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
Pursuant to federal income tax regulations applicable to regulated investment companies, Putnam RetirementReady 2055 Fund has elected to defer $31,391 and Putnam RetirementReady 2050 Fund has elected to defer $51,356 to their fiscal year ending July 31, 2018 late year ordinary losses ((i) ordinary losses recognized between January 1, 2017 and July 31, 2017, and (ii) specified ordinary and currency losses recognized between November 1, 2016 and July 31, 2017).
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 tax basis components as of the close of the reporting period were as follows:
| | | | |
| | | | Net unrealized | Cost for federal |
| | Unrealized | Unrealized | appreciation/ | income |
| | appreciation | (depreciation) | (depreciation) | tax purposes |
| Putnam RetirementReady 2060 Fund | $15,352 | $(4,296) | $11,056 | $558,755 |
| Putnam RetirementReady 2055 Fund | 1,629,270 | (60,212) | 1,569,058 | 20,546,762 |
| Putnam RetirementReady 2050 Fund | 5,231,316 | (92,700) | 5,138,616 | 59,120,287 |
| Putnam RetirementReady 2045 Fund | 4,589,198 | (162,307) | 4,426,891 | 64,943,890 |
| Putnam RetirementReady 2040 Fund | 10,115,979 | (388,196) | 9,727,783 | 148,601,457 |
| Putnam RetirementReady 2035 Fund | 5,754,120 | (321,733) | 5,432,387 | 117,839,204 |
| Putnam RetirementReady 2030 Fund | 7,830,615 | (314,478) | 7,516,137 | 194,310,188 |
| Putnam RetirementReady 2025 Fund | 4,254,578 | (423,523) | 3,831,055 | 122,013,745 |
| Putnam RetirementReady 2020 Fund | 1,346,392 | (537,817) | 808,575 | 206,680,892 |
| Putnam Retirement Income Fund | | | | |
| Lifestyle 1 | 2,609,094 | (4,106,269) | (1,497,175) | 100,768,537 |
Distributions to shareholders Each fund normally distributes any net investment income and any net realized capital gains annually, except Putnam Retirement Income Fund Lifestyle 1, 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.
| |
| 74 RetirementReady® Funds |
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
The funds do not pay a monthly management fee to Putnam Management.
Putnam Management has contractually agreed through November 30, 2018 for all the funds with the exception of Putnam RetirementReady 2060 Fund, where the contractual agreement is through November 30, 2027 to reimburse each fund for other expenses (excluding payments under each fund’s distribution plans, payments under the investor servicing contract, brokerage, interest, taxes, investment-related expenses, extraordinary expenses, and acquired fund fees and expenses). During the reporting period, each fund’s expenses were reduced by the following amounts as a result of this limit.
| |
| | Fees waived and |
| | reimbursed by the Manager |
| Putnam RetirementReady 2060 Fund | $46,108 |
| Putnam RetirementReady 2055 Fund | 41,696 |
| Putnam RetirementReady 2050 Fund | 50,450 |
| Putnam RetirementReady 2045 Fund | 58,331 |
| Putnam RetirementReady 2040 Fund | 107,471 |
| Putnam RetirementReady 2035 Fund | 65,890 |
| Putnam RetirementReady 2030 Fund | 75,773 |
| Putnam RetirementReady 2025 Fund | 65,846 |
| Putnam RetirementReady 2020 Fund | 94,536 |
| Putnam Retirement Income Fund Lifestyle 1 | 56,253 |
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 fund 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 0.35% of the average net assets of the portion of the fund managed by PIL.
Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to each fund and received fees for investor servicing (for class A, B, C, M, R and Y) that include (1) a specified rate of the fund’s assets attributable to defined contribution plan accounts; and (2) a specified rate based on the average net assets attributable to direct and underlying non-defined contribution accounts. Putnam Investor Services, Inc. has agreed that the aggregate investor servicing fees for each fund’s defined and non-defined contribution accounts for these share classes will not exceed an annual rate of 0.25% of the fund’s average assets attributable to such accounts. Class R6 shares will pay a monthly fee for investor servicing based on the average net assets of class R6 shares at an annual rate of 0.05%. During the reporting period, the expenses for each class of shares related to investor servicing fees for each fund were as follows:
| | | | | | | | |
| | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y | Total |
| Putnam RetirementReady 2060 Fund | $159 | $13 | $51 | $12 | $14 | $32 | $28 | $309 |
| Putnam RetirementReady 2055 Fund | 11,811 | 111 | 914 | 77 | 294 | 939 | 3,247 | 17,393 |
| Putnam RetirementReady 2050 Fund | 39,461 | 423 | 719 | 132 | 753 | 1,957 | 3,612 | 47,057 |
| Putnam RetirementReady 2045 Fund | 41,597 | 569 | 881 | 133 | 1,032 | 2,011 | 6,125 | 52,348 |
| Putnam RetirementReady 2040 Fund | 92,927 | 566 | 754 | 295 | 1,156 | 3,525 | 6,006 | 105,229 |
| Putnam RetirementReady 2035 Fund | 71,311 | 740 | 1,454 | 487 | 1,537 | 4,340 | 9,130 | 88,999 |
| Putnam RetirementReady 2030 Fund | 124,435 | 946 | 1,247 | 195 | 1,793 | 3,850 | 5,733 | 138,199 |
| Putnam RetirementReady 2025 Fund | 75,094 | 1,054 | 1,777 | 218 | 2,535 | 3,240 | 9,609 | 93,527 |
| Putnam RetirementReady 2020 Fund | 125,498 | 715 | 1,366 | 110 | 2,966 | 1,380 | 1,371 | 133,406 |
| Putnam Retirement Income Fund | | | | | | | | |
| Lifestyle 1 | 59,535 | 678 | 1,125 | 370 | 526 | 940 | 2,775 | 65,949 |
|
| RetirementReady® Funds 75 |
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 B | Class C | Class M | Class R | Total |
| Maximum % | 0.35% | 1.00% | 1.00% | 1.00% | 1.00% | |
| Approved % | 0.25% | 1.00% | 1.00% | 0.75% | 0.50% | |
| Putnam RetirementReady 2060 Fund | $228 | $74 | $295 | $52 | $40 | $689 |
| Putnam RetirementReady 2055 Fund | 14,027 | 526 | 4,344 | 275 | 698 | 19,870 |
| Putnam RetirementReady 2050 Fund | 56,489 | 2,422 | 4,120 | 568 | 2,157 | 65,756 |
| Putnam RetirementReady 2045 Fund | 57,540 | 3,150 | 4,875 | 550 | 2,855 | 68,970 |
| Putnam RetirementReady 2040 Fund | 154,756 | 3,773 | 5,022 | 1,470 | 3,859 | 168,880 |
| Putnam RetirementReady 2035 Fund | 101,045 | 4,197 | 8,249 | 2,070 | 4,355 | 119,916 |
| Putnam RetirementReady 2030 Fund | 212,429 | 6,459 | 8,512 | 996 | 6,121 | 234,517 |
| Putnam RetirementReady 2025 Fund | 108,489 | 6,091 | 10,273 | 943 | 7,324 | 133,120 |
| Putnam RetirementReady 2020 Fund | 235,439 | 5,361 | 10,255 | 623 | 11,137 | 262,815 |
| | Class A | Class B | Class C | Class M | Class R | Total |
| Maximum % | 0.35% | 1.00% | 1.00% | 1.00% | 1.00% | |
| Approved % | 0.25% | 1.00% | 1.00% | 0.50% | 0.50% | |
| Putnam Retirement Income Fund | | | | | | |
| Lifestyle 1 | 105,167 | 4,785 | 7,948 | 1,308 | 1,857 | 121,065 |
For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions from the sale of class A and class M shares, and received contingent deferred sales charges from redemptions of class B and class C shares, in the following amounts:
| | | | |
| | Class A net | Class M net | | |
| | commissions | commissions | Class B CDSC | Class C CDSC |
| Putnam RetirementReady 2060 Fund | $550 | $— | $— | $— |
| Putnam RetirementReady 2055 Fund | 2,558 | 33 | — | 198 |
| Putnam RetirementReady 2050 Fund | 2,819 | 94 | 551 | 103 |
| Putnam RetirementReady 2045 Fund | 4,008 | 51 | — | 31 |
| Putnam RetirementReady 2040 Fund | 4,319 | 2,741 | 1 | 11 |
| Putnam RetirementReady 2035 Fund | 5,364 | 21 | — | 167 |
| Putnam RetirementReady 2030 Fund | 6,361 | 123 | 946 | 157 |
| Putnam RetirementReady 2025 Fund | 5,681 | 56 | 523 | 71 |
| Putnam RetirementReady 2020 Fund | 2,011 | 235 | 2,620 | 384 |
| Putnam Retirement Income Fund | | | | |
| Lifestyle 1 | 988 | — | — | — |
| |
| 76 RetirementReady® Funds |
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 |
| Putnam RetirementReady 2060 Fund | $— |
| Putnam RetirementReady 2055 Fund | — |
| Putnam RetirementReady 2050 Fund | 36 |
| Putnam RetirementReady 2045 Fund | — |
| Putnam RetirementReady 2040 Fund | 50 |
| Putnam RetirementReady 2035 Fund | — |
| Putnam RetirementReady 2030 Fund | — |
| Putnam RetirementReady 2025 Fund | — |
| Putnam RetirementReady 2020 Fund | — |
| Putnam Retirement Income Fund Lifestyle 1 | — |
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 |
| Putnam RetirementReady 2060 Fund | $452,589 | $168,286 |
| Putnam RetirementReady 2055 Fund | 7,248,567 | 3,085,662 |
| Putnam RetirementReady 2050 Fund | 14,853,917 | 8,795,798 |
| Putnam RetirementReady 2045 Fund | 20,953,291 | 11,612,250 |
| Putnam RetirementReady 2040 Fund | 37,140,926 | 24,653,531 |
| Putnam RetirementReady 2035 Fund | 40,494,628 | 24,191,875 |
| Putnam RetirementReady 2030 Fund | 45,458,805 | 43,797,793 |
| Putnam RetirementReady 2025 Fund | 38,945,196 | 22,097,332 |
| Putnam RetirementReady 2020 Fund | 49,360,704 | 43,286,509 |
| Putnam Retirement Income Fund Lifestyle 1 | 20,130,064 | 12,508,967 |
Note 4: Capital shares
At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:
Putnam RetirementReady 2060 Fund
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 15,241 | $173,094 | 4,815 | $50,848 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,042 | 11,877 | 59 | 590 |
| | 16,283 | 184,971 | 4,874 | 51,438 |
| Shares repurchased | (10,685) | (125,517) | (254) | (2,766) |
| Net increase | 5,598 | $59,454 | 4,620 | $48,672 |
|
| RetirementReady® Funds 77 |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | — | $— | 161 | $1,600 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 60 | 689 | 14 | 144 |
| | 60 | 689 | 175 | 1,744 |
| Shares repurchased | — | — | (2) | (25) |
| Net increase | 60 | $689 | 173 | $1,719 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 1,767 | $20,270 | 2,521 | $26,240 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 258 | 2,931 | 45 | 448 |
| | 2,025 | 23,201 | 2,566 | 26,688 |
| Shares repurchased | (1,101) | (12,688) | (64) | (671) |
| Net increase | 924 | $10,513 | 2,502 | $26,017 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 99 | $1,141 | 92 | $986 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 61 | 700 | 14 | 139 |
| | 160 | 1,841 | 106 | 1,125 |
| Shares repurchased | (2) | (25) | (2) | (25) |
| Net increase | 158 | $1,816 | 104 | $1,100 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 896 | $10,455 | 90 | $959 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 66 | 755 | 16 | 163 |
| | 962 | 11,210 | 106 | 1,122 |
| Shares repurchased | —* | (4) | — | — |
| Net increase | 962 | $11,206 | 106 | $1,122 |
| |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 15,067 | $178,175 | 7,664 | $79,226 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,062 | 12,154 | 56 | 559 |
| | 16,129 | 190,329 | 7,720 | 79,785 |
| Shares repurchased | (2,028) | (22,968) | (539) | (5,559) |
| Net increase | 14,101 | $167,361 | 7,181 | $74,226 |
| |
| 78 RetirementReady® Funds |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 1,554 | $18,214 | 2,399 | $25,490 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 197 | 2,250 | 26 | 263 |
| | 1,751 | 20,464 | 2,425 | 25,753 |
| Shares repurchased | (183) | (2,045) | (2,669) | (27,353) |
| Net increase (decrease) | 1,568 | $18,419 | (244) | $(1,600) |
| * Shares repurchased are less than 1. | | | | |
| |
| Putnam RetirementReady 2055 Fund | | | | |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 221,840 | $2,768,309 | 539,161 | $5,953,708 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 49,838 | 611,013 | 5,971 | 64,007 |
| | 271,678 | 3,379,322 | 545,132 | 6,017,715 |
| Shares repurchased | (109,787) | (1,360,651) | (160,388) | (1,771,005) |
| Net increase | 161,891 | $2,018,671 | 384,744 | $4,246,710 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | 375 | $4,660 | 1,825 | $19,711 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 397 | 4,846 | 20 | 212 |
| | 772 | 9,506 | 1,845 | 19,923 |
| Shares repurchased | (282) | (3,514) | (983) | (10,850) |
| Net increase | 490 | $5,992 | 862 | $9,073 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 9,017 | $110,511 | 11,233 | $121,476 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 3,373 | 40,572 | 211 | 2,219 |
| | 12,390 | 151,083 | 11,444 | 123,695 |
| Shares repurchased | (8,963) | (109,575) | (5,732) | (63,107) |
| Net increase | 3,427 | $41,508 | 5,712 | $60,588 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 500 | $6,276 | 1,179 | $12,938 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 246 | 3,023 | 31 | 336 |
| | 746 | 9,299 | 1,210 | 13,274 |
| Shares repurchased | (1,699) | (21,100) | (29) | (310) |
| Net increase (decrease) | (953) | $(11,801) | 1,181 | $12,964 |
|
| RetirementReady® Funds 79 |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 6,971 | $84,518 | 16,914 | $186,834 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 575 | 7,028 | 211 | 2,253 |
| | 7,546 | 91,546 | 17,125 | 189,087 |
| Shares repurchased | (8,191) | (100,637) | (21,916) | (238,000) |
| Net decrease | (645) | $(9,091) | (4,791) | $(48,913) |
| |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 82,579 | $1,043,528 | 317,503 | $3,419,927 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 17,365 | 214,802 | 2,209 | 23,860 |
| | 99,944 | 1,258,330 | 319,712 | 3,443,787 |
| Shares repurchased | (41,358) | (525,426) | (42,192) | (474,557) |
| Net increase | 58,586 | $732,904 | 277,520 | $2,969,230 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 72,159 | $901,543 | 132,648 | $1,460,096 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 14,125 | 174,442 | 2,338 | 25,223 |
| | 86,284 | 1,075,985 | 134,986 | 1,485,319 |
| Shares repurchased | (21,262) | (264,520) | (283,524) | (3,036,016) |
| Net increase (decrease) | 65,022 | $811,465 | (148,538) | $(1,550,697) |
| |
| Putnam RetirementReady 2050 Fund | | | | |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 221,325 | $4,489,399 | 1,205,088 | $21,397,931 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 106,244 | 2,128,074 | 13,160 | 230,425 |
| | 327,569 | 6,617,473 | 1,218,248 | 21,628,356 |
| Shares repurchased | (237,019) | (4,784,095) | (720,050) | (12,883,977) |
| Net increase | 90,550 | $1,833,378 | 498,198 | $8,744,379 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | 241 | $4,828 | 4,034 | $68,027 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 989 | 19,588 | — | — |
| | 1,230 | 24,416 | 4,034 | 68,027 |
| Shares repurchased | (1,616) | (32,065) | (6,446) | (110,992) |
| Net decrease | (386) | $(7,649) | (2,412) | $(42,965) |
|
| 80 RetirementReady® Funds |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 5,478 | $107,988 | 9,919 | $173,291 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,517 | 29,776 | — | — |
| | 6,995 | 137,764 | 9,919 | 173,291 |
| Shares repurchased | (12,880) | (252,171) | (4,003) | (70,608) |
| Net increase (decrease) | (5,885) | $(114,407) | 5,916 | $102,683 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 743 | $15,244 | 2,210 | $39,654 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 326 | 6,609 | 21 | 368 |
| | 1,069 | 21,853 | 2,231 | 40,022 |
| Shares repurchased | (29) | (615) | (2,446) | (45,968) |
| Net increase (decrease) | 1,040 | $21,238 | (215) | $(5,946) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 11,836 | $232,094 | 33,556 | $601,146 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,634 | 32,376 | 327 | 5,664 |
| | 13,470 | 264,470 | 33,883 | 606,810 |
| Shares repurchased | (11,363) | (226,607) | (76,770) | (1,353,380) |
| Net increase (decrease) | 2,107 | $37,863 | (42,887) | $(746,570) |
| |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 69,669 | $1,434,552 | 394,216 | $6,875,128 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 20,509 | 413,659 | 2,156 | 37,994 |
| | 90,178 | 1,848,211 | 396,372 | 6,913,122 |
| Shares repurchased | (28,535) | (584,013) | (31,845) | (573,795) |
| Net increase | 61,643 | $1,264,198 | 364,527 | $6,339,327 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 55,248 | $1,133,236 | 81,287 | $1,454,760 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 10,034 | 202,082 | 1,319 | 23,210 |
| | 65,282 | 1,335,318 | 82,606 | 1,477,970 |
| Shares repurchased | (18,657) | (388,721) | (334,486) | (5,762,173) |
| Net increase (decrease) | 46,625 | $946,597 | (251,880) | $(4,284,203) |
|
| RetirementReady® Funds 81 |
Putnam RetirementReady 2045 Fund
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 340,747 | $7,590,886 | 915,140 | $18,001,185 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 91,405 | 2,025,536 | 10,039 | 194,847 |
| | 432,152 | 9,616,422 | 925,179 | 18,196,032 |
| Shares repurchased | (276,585) | (6,198,752) | (609,541) | (12,120,532) |
| Net increase | 155,567 | $3,417,670 | 315,638 | $6,075,500 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | — | $— | 2,475 | $44,771 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,273 | 25,629 | — | — |
| | 1,273 | 25,629 | 2,475 | 44,771 |
| Shares repurchased | (794) | (16,118) | (3,213) | (57,426) |
| Net increase (decrease) | 479 | $9,511 | (738) | $(12,655) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 4,385 | $89,733 | 6,794 | $123,920 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 2,015 | 40,605 | — | — |
| | 6,400 | 130,338 | 6,794 | 123,920 |
| Shares repurchased | (3,301) | (66,824) | (23,419) | (412,948) |
| Net increase (decrease) | 3,099 | $63,514 | (16,625) | $(289,028) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 1,329 | $28,272 | 3,674 | $72,734 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 266 | 5,731 | 5 | 99 |
| | 1,595 | 34,003 | 3,679 | 72,833 |
| Shares repurchased | (377) | (8,039) | (6,840) | (140,874) |
| Net increase (decrease) | 1,218 | $25,964 | (3,161) | $(68,041) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 17,945 | $418,094 | 34,963 | $724,116 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,483 | 33,851 | 216 | 4,305 |
| | 19,428 | 451,945 | 35,179 | 728,421 |
| Shares repurchased | (10,533) | (236,390) | (63,167) | (1,285,128) |
| Net increase (decrease) | 8,895 | $215,555 | (27,988) | $(556,707) |
| |
| 82 RetirementReady® Funds |
| | | | |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 72,870 | $1,975,628 | 322,161 | $7,381,443 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 13,122 | 351,274 | 1,391 | 32,337 |
| | 85,992 | 2,326,902 | 323,552 | 7,413,780 |
| Shares repurchased | (27,590) | (728,991) | (38,075) | (927,010) |
| Net increase | 58,402 | $1,597,911 | 285,477 | $6,486,770 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 67,140 | $1,800,876 | 112,740 | $2,672,727 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 10,051 | 268,671 | 1,152 | 26,754 |
| | 77,191 | 2,069,547 | 113,892 | 2,699,481 |
| Shares repurchased | (27,290) | (737,800) | (322,006) | (7,351,257) |
| Net increase (decrease) | 49,901 | $1,331,747 | (208,114) | $(4,651,776) |
Putnam RetirementReady 2040 Fund
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 513,217 | $12,368,118 | 2,774,023 | $58,917,310 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 237,462 | 5,646,854 | 15,444 | 326,020 |
| | 750,679 | 18,014,972 | 2,789,467 | 59,243,330 |
| Shares repurchased | (595,815) | (14,296,013) | (1,750,565) | (37,728,192) |
| Net increase | 154,864 | $3,718,959 | 1,038,902 | $21,515,138 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | — | $— | 4,552 | $88,809 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,413 | 30,922 | — | — |
| | 1,413 | 30,922 | 4,552 | 88,809 |
| Shares repurchased | (2,329) | (52,155) | (10,294) | (199,754) |
| Net decrease | (916) | $(21,233) | (5,742) | $(110,945) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 3,121 | $68,177 | 17,527 | $346,143 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 2,034 | 43,843 | — | — |
| | 5,155 | 112,020 | 17,527 | 346,143 |
| Shares repurchased | (4,092) | (88,040) | (14,776) | (291,215) |
| Net increase | 1,063 | $23,980 | 2,751 | $54,928 |
|
| RetirementReady® Funds 83 |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 9,947 | $225,963 | 4,854 | $102,788 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 994 | 22,096 | — | — |
| | 10,941 | 248,059 | 4,854 | 102,788 |
| Shares repurchased | (1,171) | (27,147) | (181) | (3,537) |
| Net increase | 9,770 | $220,912 | 4,673 | $99,251 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 9,061 | $220,291 | 20,589 | $454,924 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,948 | 48,015 | 36 | 788 |
| | 11,009 | 268,306 | 20,625 | 455,712 |
| Shares repurchased | (32,929) | (813,609) | (46,593) | (1,032,489) |
| Net decrease | (21,920) | $(545,303) | (25,968) | $(576,777) |
| |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 119,271 | $3,433,906 | 500,362 | $12,306,331 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 23,077 | 649,147 | 1,251 | 31,012 |
| | 142,348 | 4,083,053 | 501,613 | 12,337,343 |
| Shares repurchased | (53,596) | (1,534,516) | (35,136) | (902,454) |
| Net increase | 88,752 | $2,548,537 | 466,477 | $11,434,889 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 54,869 | $1,540,504 | 101,769 | $2,536,953 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 12,020 | 337,749 | 952 | 23,570 |
| | 66,889 | 1,878,253 | 102,721 | 2,560,523 |
| Shares repurchased | (23,370) | (653,201) | (416,010) | (10,092,400) |
| Net increase (decrease) | 43,519 | $1,225,052 | (313,289) | $(7,531,877) |
| |
| Putnam RetirementReady 2035 Fund | | | | |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 568,505 | $13,573,088 | 1,570,728 | $33,771,033 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 121,855 | 2,892,843 | 21,568 | 457,677 |
| | 690,360 | 16,465,931 | 1,592,296 | 34,228,710 |
| Shares repurchased | (470,757) | (11,201,188) | (785,907) | (17,023,875) |
| Net increase | 219,603 | $5,264,743 | 806,389 | $17,204,835 |
| |
| 84 RetirementReady® Funds |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | — | $— | 3,138 | $61,018 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,060 | 23,169 | — | — |
| | 1,060 | 23,169 | 3,138 | 61,018 |
| Shares repurchased | (2,083) | (45,489) | (25,062) | (503,850) |
| Net decrease | (1,023) | $(22,320) | (21,924) | $(442,832) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 4,256 | $92,369 | 13,136 | $260,316 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 2,127 | 46,237 | 23 | 441 |
| | 6,383 | 138,606 | 13,159 | 260,757 |
| Shares repurchased | (12,197) | (266,221) | (17,404) | (338,417) |
| Net decrease | (5,814) | $(127,615) | (4,245) | $(77,660) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 173 | $4,000 | 436 | $9,080 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 763 | 17,439 | 59 | 1,204 |
| | 936 | 21,439 | 495 | 10,284 |
| Shares repurchased | (262) | (5,974) | (286) | (5,895) |
| Net increase | 674 | $15,465 | 209 | $4,389 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 25,824 | $585,189 | 34,726 | $731,318 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 2,317 | 52,966 | 492 | 10,079 |
| | 28,141 | 638,155 | 35,218 | 741,397 |
| Shares repurchased | (11,790) | (270,808) | (73,216) | (1,526,490) |
| Net increase (decrease) | 16,351 | $367,347 | (37,998) | $(785,093) |
| |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 163,941 | $4,632,608 | 629,127 | $15,501,445 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 22,266 | 621,005 | 3,344 | 82,853 |
| | 186,207 | 5,253,613 | 632,471 | 15,584,298 |
| Shares repurchased | (30,124) | (850,847) | (64,189) | (1,653,225) |
| Net increase | 156,083 | $4,402,766 | 568,282 | $13,931,073 |
|
| RetirementReady® Funds 85 |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 129,351 | $3,615,990 | 170,802 | $4,342,380 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 12,458 | 346,950 | 2,019 | 49,994 |
| | 141,809 | 3,962,940 | 172,821 | 4,392,374 |
| Shares repurchased | (54,841) | (1,526,230) | (550,820) | (13,467,739) |
| Net increase (decrease) | 86,968 | $2,436,710 | (377,999) | $(9,075,365) |
| |
| Putnam RetirementReady 2030 Fund | | | | |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 594,503 | $13,764,144 | 3,791,748 | $80,302,792 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 220,041 | 5,060,938 | 47,646 | 998,181 |
| | 814,544 | 18,825,082 | 3,839,394 | 81,300,973 |
| Shares repurchased | (1,195,520) | (27,656,137) | (2,210,825) | (47,152,825) |
| Net increase (decrease) | (380,976) | $(8,831,055) | 1,628,569 | $34,148,148 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | — | $— | 10,268 | $208,339 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,391 | 30,452 | — | — |
| | 1,391 | 30,452 | 10,268 | 208,339 |
| Shares repurchased | (6,780) | (149,401) | (13,171) | (269,732) |
| Net decrease | (5,389) | $(118,949) | (2,903) | $(61,393) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 14,355 | $313,389 | 20,219 | $408,097 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 2,043 | 44,585 | 29 | 575 |
| | 16,398 | 357,974 | 20,248 | 408,672 |
| Shares repurchased | (8,756) | (192,990) | (25,085) | (512,130) |
| Net increase (decrease) | 7,642 | $164,984 | (4,837) | $(103,458) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 4,284 | $97,511 | 6,656 | $140,052 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 326 | 7,290 | — | — |
| | 4,610 | 104,801 | 6,656 | 140,052 |
| Shares repurchased | (741) | (16,488) | (8,439) | (174,702) |
| Net increase (decrease) | 3,869 | $88,313 | (1,783) | $(34,650) |
| |
| 86 RetirementReady® Funds |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 12,686 | $276,605 | 55,443 | $1,136,140 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 3,145 | 68,680 | 602 | 11,991 |
| | 15,831 | 345,285 | 56,045 | 1,148,131 |
| Shares repurchased | (35,627) | (774,118) | (85,575) | (1,724,705) |
| Net decrease | (19,796) | $(428,833) | (29,530) | $(576,574) |
| |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 130,270 | $3,504,588 | 577,584 | $13,810,694 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 19,309 | 511,113 | 3,079 | 73,892 |
| | 149,579 | 4,015,701 | 580,663 | 13,884,586 |
| Shares repurchased | (9,901) | (264,801) | (46,643) | (1,161,754) |
| Net increase | 139,678 | $3,750,900 | 534,020 | $12,722,832 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 121,948 | $3,249,704 | 129,488 | $3,178,358 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 8,706 | 230,176 | 1,512 | 36,267 |
| | 130,654 | 3,479,880 | 131,000 | 3,214,625 |
| Shares repurchased | (19,653) | (514,419) | (514,397) | (12,226,788) |
| Net increase (decrease) | 111,001 | $2,965,461 | (383,397) | $(9,012,163) |
| |
| Putnam RetirementReady 2025 Fund | | | | |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 686,340 | $15,674,852 | 1,529,898 | $32,767,323 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 81,133 | 1,851,453 | 47,674 | 1,004,973 |
| | 767,473 | 17,526,305 | 1,577,572 | 33,772,296 |
| Shares repurchased | (441,850) | (10,106,792) | (823,922) | (17,684,751) |
| Net increase | 325,623 | $7,419,513 | 753,650 | $16,087,545 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | 1,572 | $33,180 | 11,619 | $234,714 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 881 | 18,790 | 403 | 7,944 |
| | 2,453 | 51,970 | 12,022 | 242,658 |
| Shares repurchased | (7,388) | (158,203) | (9,474) | (189,261) |
| Net increase (decrease) | (4,935) | $(106,233) | 2,548 | $53,397 |
|
| RetirementReady® Funds 87 |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 15,160 | $322,580 | 20,796 | $417,469 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,478 | 31,416 | 871 | 17,133 |
| | 16,638 | 353,996 | 21,667 | 434,602 |
| Shares repurchased | (13,503) | (287,299) | (21,112) | (427,777) |
| Net increase | 3,135 | $66,697 | 555 | $6,825 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 208 | $4,522 | 5,371 | $106,913 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 161 | 3,493 | 192 | 3,844 |
| | 369 | 8,015 | 5,563 | 110,757 |
| Shares repurchased | (2,047) | (44,248) | (5,160) | (107,388) |
| Net increase (decrease) | (1,678) | $(36,233) | 403 | $3,369 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 19,038 | $405,421 | 53,719 | $1,090,424 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 2,033 | 43,496 | 1,444 | 28,585 |
| | 21,071 | 448,917 | 55,163 | 1,119,009 |
| Shares repurchased | (29,623) | (637,259) | (49,029) | (981,387) |
| Net increase (decrease) | (8,552) | $(188,342) | 6,134 | $137,622 |
| |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 207,975 | $4,827,409 | 539,559 | $11,508,262 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 15,476 | 355,490 | 6,639 | 140,803 |
| | 223,451 | 5,182,899 | 546,198 | 11,649,065 |
| Shares repurchased | (26,886) | (628,014) | (55,178) | (1,216,126) |
| Net increase | 196,565 | $4,554,885 | 491,020 | $10,432,939 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 147,307 | $3,381,057 | 128,196 | $2,768,820 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 12,193 | 279,712 | 6,242 | 132,203 |
| | 159,500 | 3,660,769 | 134,438 | 2,901,023 |
| Shares repurchased | (19,481) | (448,447) | (561,566) | (11,937,872) |
| Net increase (decrease) | 140,019 | $3,212,322 | (427,128) | $(9,036,849) |
| |
| 88 RetirementReady® Funds |
Putnam RetirementReady 2020 Fund
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 1,030,055 | $20,356,535 | 5,638,470 | $105,835,491 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 213,746 | 4,197,962 | 85,900 | 1,591,714 |
| | 1,243,801 | 24,554,497 | 5,724,370 | 107,427,205 |
| Shares repurchased | (1,235,863) | (24,413,615) | (3,026,147) | (57,026,841) |
| Net increase | 7,938 | $140,882 | 2,698,223 | $50,400,364 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | 3,564 | $67,263 | 10,634 | $192,403 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 795 | 15,097 | 190 | 3,396 |
| | 4,359 | 82,360 | 10,824 | 195,799 |
| Shares repurchased | (14,475) | (275,739) | (16,298) | (295,771) |
| Net decrease | (10,116) | $(193,379) | (5,474) | $(99,972) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 7,340 | $139,519 | 22,707 | $408,883 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,621 | 30,710 | 443 | 7,930 |
| | 8,961 | 170,229 | 23,150 | 416,813 |
| Shares repurchased | (13,799) | (261,944) | (30,125) | (550,349) |
| Net decrease | (4,838) | $(91,715) | (6,975) | $(133,536) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 459 | $8,917 | 4,710 | $87,121 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 120 | 2,326 | 68 | 1,249 |
| | 579 | 11,243 | 4,778 | 88,370 |
| Shares repurchased | (5,984) | (114,235) | (1,162) | (21,586) |
| Net increase (decrease) | (5,405) | $(102,992) | 3,616 | $66,784 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 11,227 | $213,091 | 171,352 | $3,135,035 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 4,830 | 91,430 | 1,321 | 23,624 |
| | 16,057 | 304,521 | 172,673 | 3,158,659 |
| Shares repurchased | (28,090) | (536,231) | (118,789) | (2,150,383) |
| Net increase (decrease) | (12,033) | $(231,710) | 53,884 | $1,008,276 |
|
| RetirementReady® Funds 89 |
| | | | |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 239,474 | $5,375,993 | 209,836 | $4,403,437 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 9,056 | 200,231 | 1,584 | 32,967 |
| | 248,530 | 5,576,224 | 211,420 | 4,436,404 |
| Shares repurchased | (71,818) | (1,594,383) | (36,147) | (772,907) |
| Net increase | 176,712 | $3,981,841 | 175,273 | $3,663,497 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 51,464 | $1,153,774 | 36,430 | $773,076 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 2,673 | 59,066 | 617 | 12,828 |
| | 54,137 | 1,212,840 | 37,047 | 785,904 |
| Shares repurchased | (6,501) | (143,263) | (200,197) | (4,173,554) |
| Net increase (decrease) | 47,636 | $1,069,577 | (163,150) | $(3,387,650) |
| |
| Putnam Retirement Income Fund Lifestyle 1 | | | |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class A | Shares | Amount | Shares | Amount |
| Shares sold | 819,449 | $14,644,680 | 1,956,942 | $33,678,424 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 95,688 | 1,698,215 | 47,239 | 804,187 |
| | 915,137 | 16,342,895 | 2,004,181 | 34,482,611 |
| Shares repurchased | (558,161) | (9,970,916) | (1,183,031) | (20,313,533) |
| Net increase | 356,976 | $6,371,979 | 821,150 | $14,169,078 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class B | Shares | Amount | Shares | Amount |
| Shares sold | — | $— | 1,979 | $33,327 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 975 | 16,911 | 505 | 8,409 |
| | 975 | 16,911 | 2,484 | 41,736 |
| Shares repurchased | (4,939) | (86,013) | (11,036) | (185,862) |
| Net decrease | (3,964) | $(69,102) | (8,552) | $(144,126) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class C | Shares | Amount | Shares | Amount |
| Shares sold | 4,857 | $85,383 | 8,984 | $151,873 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 1,613 | 28,074 | 903 | 15,064 |
| | 6,470 | 113,457 | 9,887 | 166,937 |
| Shares repurchased | (17,498) | (305,745) | (23,231) | (392,796) |
| Net decrease | (11,028) | $(192,288) | (13,344) | $(225,859) |
| |
| 90 RetirementReady® Funds |
| | | | |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class M | Shares | Amount | Shares | Amount |
| Shares sold | 2,243 | $40,126 | 3,243 | $56,010 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 553 | 9,831 | 284 | 4,840 |
| | 2,796 | 49,957 | 3,527 | 60,850 |
| Shares repurchased | (495) | (8,811) | (5,857) | (100,858) |
| Net increase (decrease) | 2,301 | $41,146 | (2,330) | $(40,008) |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class R | Shares | Amount | Shares | Amount |
| Shares sold | 3,026 | $53,917 | 10,753 | $184,326 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 795 | 14,101 | 721 | 12,228 |
| | 3,821 | 68,018 | 11,474 | 196,554 |
| Shares repurchased | (7,596) | (135,124) | (54,624) | (935,747) |
| Net decrease | (3,775) | $(67,106) | (43,150) | $(739,193) |
| |
| | | | FOR THE PERIOD 9/2/16 |
| | | | (COMMENCEMENT OF OPERATIONS) |
| | SIX MONTHS ENDED 1/31/18 | TO 7/31/17 |
| Class R6 | Shares | Amount | Shares | Amount |
| Shares sold | 13,210 | $236,854 | 221,672 | $3,823,086 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 4,557 | 81,187 | 1,996 | 34,246 |
| | 17,767 | 318,041 | 223,668 | 3,857,332 |
| Shares repurchased | (16,114) | (289,919) | (14,076) | (245,254) |
| Net increase | 1,653 | $28,122 | 209,592 | $3,612,078 |
| |
| | SIX MONTHS ENDED 1/31/18 | YEAR ENDED 7/31/17 |
| Class Y | Shares | Amount | Shares | Amount |
| Shares sold | 83,181 | $1,488,830 | 62,879 | $1,084,247 |
| Shares issued in connection with | | | | |
| reinvestment of distributions | 4,899 | 87,301 | 3,227 | 55,219 |
| | 88,080 | 1,576,131 | 66,106 | 1,139,466 |
| Shares repurchased | (37,749) | (673,834) | (312,433) | (5,363,372) |
| Net increase (decrease) | 50,331 | $902,297 | (246,327) | $(4,223,906) |
At the close of the reporting period, Putnam Investments, LLC owned the following shares of each fund:
| | | |
| | | | Fair value at the |
| | | Percentage of | end of the |
| | Shares owned | shares outstanding | reporting period |
| Putnam RetirementReady 2060 Fund class B | 1,084 | 81.50% | $12,878 |
| Putnam RetirementReady 2060 Fund class M | 1,089 | 84.75 | 12,948 |
| Putnam RetirementReady 2060 Fund class R | 1,095 | 52.37 | 13,020 |
| Putnam RetirementReady 2060 Fund class R6 | 1,094 | 5.14 | 13,051 |
| Putnam RetirementReady 2060 Fund class Y | 1,105 | 29.86 | 13,161 |
|
| RetirementReady® Funds 91 |
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.
| |
| Putnam RetirementReady 2060 Fund | 38.6%, 7.3% |
| Putnam RetirementReady 2055 Fund | 17.0%, 11.3% |
| Putnam RetirementReady 2050 Fund | 11.2% |
| Putnam RetirementReady 2045 Fund | 9.8%, 6.4% |
| Putnam RetirementReady 2040 Fund | 6.7% |
| Putnam RetirementReady 2035 Fund | 12.6% |
| Putnam RetirementReady 2030 Fund | 5.8% |
| Putnam RetirementReady 2025 Fund | 9.3%, 5.8% |
Note 5: Transactions with affiliated issuers
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:
Putnam RetirementReady 2060 Fund
| | | | | | | | | |
| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $1,338 | $2,942 | $951 | $84 | $— | $4 | $(47) | 327 | $3,286 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 5,926 | 9,861 | 3,597 | 256 | 198 | 112 | (333) | 1,066 | 11,969 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 20,282 | 32,931 | 12,263 | 967 | 219 | 736 | (906) | 3,340 | 40,780 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Equity Fund Class P | 199,978 | 330,563 | 123,530 | 9,407 | 27,231 | 19,749 | (6,443) | 30,348 | 420,317 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Growth Fund Class P | 43,541 | 73,288 | 26,186 | 1,963 | 6,988 | 3,275 | (2,922) | 5,075 | 90,996 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 1,218 | 3,004 | 1,759 | — | — | — | — | 2,463 | 2,463 |
| Totals | $272,283 | $452,589 | $168,286 | $12,677 | $34,636 | $23,876 | $(10,651) | | $569,811 |
| |
| 92 RetirementReady® Funds | RetirementReady® Funds 93 |
Putnam RetirementReady 2055 Fund
| | | | | | | | | |
| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $118,144 | $73,296 | $18,977 | $3,922 | $— | $284 | $(1,864) | 17,020 | $170,883 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 374,105 | 150,954 | 53,746 | 9,044 | 6,992 | 1,923 | (6,482) | 41,563 | 466,754 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 1,280,764 | 484,134 | 183,210 | 34,168 | 7,727 | 11,835 | (3,431) | 130,229 | 1,590,092 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Equity Fund Class P | 12,240,553 | 4,633,765 | 2,292,050 | 311,108 | 900,628 | 453,733 | 228,332 | 1,102,118 | 15,264,333 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Growth Fund Class P | 3,112,089 | 1,840,463 | 489,700 | 88,826 | 316,249 | 83,552 | (17,765) | 252,573 | 4,528,639 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 77,143 | 65,955 | 47,979 | 289 | — | — | — | 95,119 | 95,119 |
| Totals | $17,202,798 | $7,248,567 | $3,085,662 | $447,357 | $1,231,596 | $551,327 | $198,790 | | $22,115,820 |
Putnam RetirementReady 2050 Fund
| | | | | | | | | |
| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $715,775 | $315,787 | $90,855 | $21,654 | $— | $585 | $(8,995) | 92,858 | $932,297 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 1,220,613 | 286,816 | 138,289 | 26,659 | 20,610 | (410) | (10,588) | 120,939 | 1,358,142 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 4,179,126 | 883,519 | 471,421 | 100,746 | 22,784 | 6,058 | 29,568 | 378,939 | 4,626,850 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Equity Fund Class P | 31,277,229 | 6,679,911 | 5,699,413 | 702,790 | 2,034,511 | 953,885 | 711,884 | 2,449,350 | 33,923,496 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Growth Fund Class P | 18,457,298 | 6,525,168 | 2,250,873 | 461,475 | 1,642,994 | 293,836 | 121,745 | 1,290,974 | 23,147,174 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 253,175 | 162,716 | 144,947 | 882 | — | — | — | 270,944 | 270,944 |
| Totals | $56,103,216 | $14,853,917 | $8,795,798 | $1,314,206 | $3,720,899 | $1,253,954 | $843,614 | | $64,258,903 |
| |
| 94 RetirementReady® Funds | RetirementReady® Funds 95 |
Putnam RetirementReady 2045 Fund
| | | | | | | | | |
| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $1,258,156 | $645,830 | $207,838 | $39,595 | $— | $940 | $(16,650) | 167,374 | $1,680,438 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 1,267,824 | 552,052 | 201,917 | 31,891 | 24,655 | (905) | (14,782) | 142,678 | 1,602,272 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 4,340,797 | 1,284,356 | 654,818 | 110,461 | 24,981 | 5,183 | 28,129 | 409,799 | 5,003,647 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Equity Fund Class P | 21,736,752 | 6,147,801 | 5,736,804 | 487,788 | 1,412,098 | 1,090,438 | 60,094 | 1,682,186 | 23,298,281 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Growth Fund Class P | 29,369,667 | 12,127,489 | 4,648,740 | 755,499 | 2,689,809 | 601,904 | 41,884 | 2,091,032 | 37,492,204 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 260,309 | 195,763 | 162,133 | 949 | — | — | — | 293,939 | 293,939 |
| Totals | $58,233,505 | $20,953,291 | $11,612,250 | $1,426,183 | $4,151,543 | $1,697,560 | $98,675 | | $69,370,781 |
Putnam RetirementReady 2040 Fund
| | | | | | | | | |
| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $3,503,684 | $839,103 | $458,065 | $90,995 | $— | $2,431 | $(34,735) | 383,707 | $3,852,418 |
| Putnam Absolute Return | | | | | | | | | |
| 300 Fund Class P | 279,738 | 417,632 | 63,309 | 26,786 | — | 1,121 | (14,919) | 63,292 | 620,263 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 5,366,986 | 1,530,494 | 722,638 | 122,201 | 94,475 | 19,908 | (72,397) | 545,178 | 6,122,353 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 12,057,563 | 3,231,295 | 1,623,334 | 304,790 | 68,928 | 96,417 | 4,063 | 1,127,437 | 13,766,004 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Balanced Fund Class P | 2,697,611 | 3,731,369 | 599,235 | 38,065 | 260,225 | 59,454 | 89,129 | 379,818 | 5,978,328 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Equity Fund Class P | 19,478,181 | 3,470,142 | 7,005,376 | 355,183 | 1,028,222 | 1,487,309 | (538,661) | 1,219,610 | 16,891,595 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Growth Fund Class P | 97,123,564 | 22,715,304 | 13,586,387 | 2,194,408 | 7,812,754 | 1,693,135 | 487,757 | 6,047,595 | 108,433,373 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 2,054,506 | 1,205,587 | 595,187 | 8,593 | — | — | — | 2,664,906 | 2,664,906 |
| Totals | $142,561,833 | $37,140,926 | $24,653,531 | $3,141,021 | $9,264,604 | $3,359,775 | $(79,763) | | $158,329,240 |
| |
| 96 RetirementReady® Funds | RetirementReady® Funds 97 |
Putnam RetirementReady 2035 Fund
| | | | | | | | | |
| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $2,892,920 | $1,181,557 | $420,473 | $85,207 | $— | $(922) | $(31,808) | 360,685 | $3,621,274 |
| Putnam Absolute Return | | | | | | | | | |
| 300 Fund Class P | 1,752,987 | 1,405,662 | 306,661 | 119,943 | — | 1,141 | (59,243) | 285,090 | 2,793,886 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 5,413,810 | 1,752,670 | 753,283 | 126,040 | 97,443 | (8,692) | (50,243) | 565,829 | 6,354,262 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 11,606,344 | 4,105,974 | 1,657,969 | 311,025 | 70,338 | (13,585) | 96,817 | 1,157,869 | 14,137,581 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Balanced Fund Class P | 16,536,183 | 12,364,646 | 2,889,756 | 190,578 | 1,153,280 | 339,682 | 392,858 | 1,699,086 | 26,743,613 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Growth Fund Class P | 63,799,989 | 18,364,712 | 17,534,557 | 1,324,629 | 4,716,073 | 2,335,760 | (882,722) | 3,685,621 | 66,083,182 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 2,847,562 | 1,319,407 | 629,176 | 11,677 | — | — | — | 3,537,793 | 3,537,793 |
| Totals | $104,849,795 | $40,494,628 | $24,191,875 | $2,169,099 | $6,037,134 | $2,653,384 | $(534,341) | | $123,271,591 |
Putnam RetirementReady 2030 Fund
| | | | | | | | | |
| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $7,365,503 | $1,844,488 | $1,179,533 | $191,269 | $— | $7,854 | $(76,511) | 793,008 | $7,961,801 |
| Putnam Absolute Return | | | | | | | | | |
| 300 Fund Class P | 9,672,245 | 3,623,582 | 1,649,625 | 501,482 | — | 11,418 | (240,300) | 1,165,033 | 11,417,320 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 13,087,505 | 3,822,347 | 2,157,456 | 297,090 | 229,683 | 61,483 | (184,392) | 1,302,715 | 14,629,487 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 26,485,760 | 3,977,111 | 4,036,028 | 600,861 | 135,884 | 115,208 | 128,574 | 2,184,326 | 26,670,625 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Balanced Fund Class P | 84,241,519 | 22,419,970 | 14,438,996 | 802,726 | 4,229,945 | 1,439,173 | 1,645,486 | 6,055,092 | 95,307,152 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Conservative Fund Class P | 1,954,297 | 283,546 | 298,641 | 20,518 | 13,410 | 15,217 | 40,505 | 180,863 | 1,994,924 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Growth Fund Class P | 46,027,401 | 7,410,878 | 18,470,021 | 743,885 | 2,648,455 | 3,503,815 | (2,426,081) | 2,010,373 | 36,045,992 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 7,289,634 | 2,076,883 | 1,567,493 | 28,963 | — | — | — | 7,799,024 | 7,799,024 |
| Totals | $196,123,864 | $45,458,805 | $43,797,793 | $3,186,794 | $7,257,377 | $5,154,168 | $(1,112,719) | | $201,826,325 |
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| 98 RetirementReady® Funds | RetirementReady® Funds 99 |
Putnam RetirementReady 2025 Fund
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| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $5,316,249 | $1,913,696 | $672,534 | $154,533 | $— | $(2,345) | $(56,147) | 647,303 | $6,498,919 |
| Putnam Absolute Return | | | | | | | | | |
| 300 Fund Class P | 9,656,729 | 4,315,295 | 1,270,530 | 541,232 | — | (43,173) | (208,076) | 1,270,433 | 12,450,245 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 12,535,255 | 6,113,674 | 1,714,977 | 336,527 | 260,172 | (16,667) | (158,504) | 1,492,322 | 16,758,781 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 14,095,671 | 3,598,736 | 2,547,025 | 339,827 | 76,851 | (28,579) | 139,863 | 1,249,686 | 15,258,666 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Balanced Fund Class P | 51,266,531 | 13,795,118 | 13,500,333 | 477,718 | 2,335,677 | 1,146,161 | 615,694 | 3,387,749 | 53,323,171 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Conservative Fund Class P | 9,111,563 | 7,176,730 | 1,489,289 | 134,094 | 100,583 | 89,912 | 266,956 | 1,374,059 | 15,155,872 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 5,269,843 | 2,031,947 | 902,644 | 22,750 | — | — | — | 6,399,146 | 6,399,146 |
| Totals | $107,251,841 | $38,945,196 | $22,097,332 | $2,006,681 | $2,773,283 | $1,145,309 | $599,786 | | $125,844,800 |
Putnam RetirementReady 2020 Fund
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| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $13,121,771 | $3,844,981 | $1,938,156 | $358,712 | $— | $53,035 | $(186,727) | 1,483,556 | $14,894,904 |
| Putnam Absolute Return | | | | | | | | | |
| 300 Fund Class P | 27,934,935 | 9,424,911 | 4,185,173 | 1,431,929 | — | 214,524 | (869,727) | 3,318,313 | 32,519,470 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 43,412,497 | 11,919,982 | 6,348,994 | 988,272 | 764,042 | 442,759 | (866,790) | 4,324,083 | 48,559,454 |
| Putnam Absolute Return | | | | | | | | | |
| 700 Fund Class P | 14,869,057 | 2,059,394 | 4,940,741 | 273,881 | 61,938 | 528,927 | (385,207) | 993,565 | 12,131,430 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Balanced Fund Class P | 39,418,991 | 5,894,368 | 16,256,532 | 315,254 | 1,343,950 | 1,951,364 | (770,116) | 1,921,098 | 30,238,075 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Conservative Fund Class P | 49,217,553 | 13,700,239 | 7,527,313 | 560,856 | 383,092 | 681,291 | 836,186 | 5,159,380 | 56,907,956 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 11,810,949 | 2,516,829 | 2,089,600 | 49,317 | — | — | — | 12,238,178 | 12,238,178 |
| Totals | $199,785,753 | $49,360,704 | $43,286,509 | $3,978,221 | $2,553,022 | $3,871,900 | $(2,242,381) | | $207,489,467 |
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| 100 RetirementReady® Funds | RetirementReady® Funds 101 |
Putnam Retirement Income Fund Lifestyle 1
| | | | | | | | | |
| | | | | | | | Change in | | |
| | | | | | | | unrealized | Shares | |
| | Fair value | Purchase | Sale | Investment | Capital gain | Realized | appreciation | outstanding | Fair value |
| Name of affiliate | as of 7/31/17 | cost | proceeds | income | distributions | gain (loss) | (depreciation) | as of 1/31/18 | as of 1/31/18 |
| Putnam Absolute Return | | | | | | | | | |
| 100 Fund Class P | $8,195,573 | $1,856,288 | $1,034,263 | $213,081 | $— | $(3,258) | $(72,088) | 890,663 | $8,942,252 |
| Putnam Absolute Return | | | | | | | | | |
| 300 Fund Class P | 19,085,452 | 4,729,506 | 2,412,425 | 914,670 | — | (88,727) | (317,632) | 2,142,467 | 20,996,174 |
| Putnam Absolute Return | | | | | | | | | |
| 500 Fund Class P | 27,528,717 | 6,024,559 | 3,701,725 | 596,104 | 460,853 | (44,623) | (201,026) | 2,636,322 | 29,605,902 |
| Putnam Dynamic Asset Allocation | | | | | | | | | |
| Conservative Fund Class P | 31,215,979 | 6,195,705 | 4,472,464 | 340,900 | 225,587 | 27,816 | 886,669 | 3,069,239 | 33,853,705 |
| Putnam Government Money | | | | | | | | | |
| Market Fund Class G | 5,437,413 | 1,324,006 | 888,090 | 22,287 | — | — | — | 5,873,329 | 5,873,329 |
| Totals | $91,463,134 | $20,130,064 | $12,508,967 | $2,087,042 | $686,440 | $(108,792) | $295,923 | | $99,271,362 |
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.
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| 102 RetirementReady® Funds | RetirementReady® Funds 103 |
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.
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| Blend | Value |
| Capital Opportunities Fund | Convertible Securities Fund |
| Capital Spectrum Fund | Equity Income Fund |
| Emerging Markets Equity Fund | International Value Fund |
| Equity Spectrum Fund | Multi-Cap Value Fund |
| Europe Equity Fund | Small Cap Value Fund |
| Global Equity Fund | |
| International Capital Opportunities Fund | Income |
| International Equity Fund | American Government Income Fund |
| Investors Fund | Diversified Income Trust |
| Low Volatility Equity Fund | Emerging Markets Income Fund |
| Multi-Cap Core Fund | Floating Rate Income Fund |
| Research Fund | Global Income Trust |
| | Government Money Market Fund* |
| Global Sector | High Yield Fund |
| Global Consumer Fund | Income Fund |
| Global Financials Fund | Money Market Fund† |
| Global Health Care Fund | Short Duration Income Fund |
| Global Industrials Fund | U. S. Government Income Trust |
| Global Natural Resources Fund | |
| Global Sector Fund | Tax-free Income |
| Global Technology Fund | AMT-Free Municipal Fund |
| Global Telecommunications Fund | Intermediate-Term Municipal Income Fund |
| Global Utilities Fund | Short-Term Municipal Income Fund |
| | Tax Exempt Income Fund |
| Growth | Tax-Free High Yield Fund |
| Growth Opportunities Fund | |
| International Growth Fund | State tax-free income funds ‡ |
| Multi-Cap Growth Fund | California, Massachusetts, Minnesota, |
| Small Cap Growth Fund | New Jersey, New York, Ohio, and Pennsylvania. |
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| 104 RetirementReady® Funds |
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| Absolute Return | Asset Allocation |
| Absolute Return 100 Fund® | George Putnam Balanced Fund |
| Absolute Return 300 Fund® | |
| Absolute Return 500 Fund® | Dynamic Asset Allocation Balanced Fund |
| Absolute Return 700 Fund® | Dynamic Asset Allocation Conservative Fund |
| | Dynamic Asset Allocation Growth Fund |
| Putnam PanAgora** | Dynamic Risk Allocation Fund |
| Putnam PanAgora Managed Futures Strategy | |
| Putnam PanAgora Market Neutral Fund | Retirement Income Fund Lifestyle 1 |
| Putnam PanAgora Risk Parity Fund | |
| RetirementReady® 2060 Fund |
| | RetirementReady® 2055 Fund |
| | RetirementReady® 2050 Fund |
| | RetirementReady® 2045 Fund |
| | RetirementReady® 2040 Fund |
| | RetirementReady® 2035 Fund |
| | RetirementReady® 2030 Fund |
| | RetirementReady® 2025 Fund |
| | RetirementReady® 2020 Fund |
* 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.
† 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.
‡ Not available in all states.
** Sub-advised by PanAgora Asset Management.
Check your account balances and the most recent month-end performance in the Individual Investors section at putnam.com.
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| RetirementReady® Funds 105 |
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.
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| 106 RetirementReady® Funds |
Putnam’s commitment to confidentiality
In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.
It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.
Within the Putnam organization, your information is shared with those who need it to service your account or provide you with information about other Putnam products or services. Under certain circumstances, we must also share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. It is also our policy to share account information with your financial advisor, if you've provided us with information about your advisor and that person is listed on your Putnam account.
If you would like clarification about our confidentiality policies or have any questions or concerns, please don't hesitate to contact us at 1-800-225-1581, Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern Time.
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| RetirementReady® Funds 107 |
Fund information
Founded over 80 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 over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.
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| Investment Manager | Trustees | Michael J. Higgins |
| Putnam Investment | Jameson A. Baxter, Chair | Vice President, Treasurer, |
| Management, LLC | Kenneth R. Leibler, Vice Chair | and Clerk |
| One Post Office Square | Liaquat Ahamed | |
| Boston, MA 02109 | Ravi Akhoury | Janet C. Smith |
| | Barbara M. Baumann | Vice President, |
| Investment Sub-Advisor | Katinka Domotorffy | Principal Financial Officer, |
| Putnam Investments Limited | Catharine Bond Hill | Principal Accounting Officer, |
| 16 St James’s Street | Paul L. Joskow | and Assistant Treasurer |
| London, England SW1A 1ER | Robert E. Patterson | |
| | George Putnam, III | Susan G. Malloy |
| Marketing Services | Robert L. Reynolds | Vice President and |
| Putnam Retail Management | Manoj P. Singh | Assistant Treasurer |
| One Post Office Square | | |
| Boston, MA 02109 | Officers | Mark C. Trenchard |
| | Robert L. Reynolds | Vice President and |
| Custodian | President | BSA Compliance Officer |
| State Street Bank | | |
| and Trust Company | Jonathan S. Horwitz | Nancy E. Florek |
| | Executive Vice President, | Vice President, Director of |
| Legal Counsel | Principal Executive Officer, | Proxy Voting and Corporate |
| Ropes & Gray LLP | and Compliance Liaison | Governance, Assistant Clerk, |
| | | and Assistant Treasurer |
| | Robert T. Burns | |
| | Vice President and | Denere P. Poulack |
| | Chief Legal Officer | Assistant Vice President, Assistant |
| | | Clerk, and Assistant Treasurer |
| | James F. Clark | |
| | Vice President and | |
| | Chief Compliance Officer | |
This report is for the information of shareholders of Putnam RetirementReady® 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. The fund’s Statement of Additional Information contains additional information about the fund’s Trustees and is available without charge upon request by calling 1-800-225-1581.
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| 108 RetirementReady® Funds |
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Item 3. Audit Committee Financial Expert: |
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Item 4. Principal Accountant Fees and Services: |
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Item 5. Audit Committee of Listed Registrants |
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Item 6. Schedule of Investments: |
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| The registrant's schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above. |
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| Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies: |
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Item 8. Portfolio Managers of Closed-End Investment Companies |
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Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers: |
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Item 10. Submission of Matters to a Vote of Security Holders: |
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Item 11. Controls and Procedures: |
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| (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. |
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| (b) Changes in internal control over financial reporting: Not applicable |
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| (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. |
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| (b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith. |
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| 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. |
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| Putnam RetirementReady Funds |
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| By (Signature and Title): |
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| /s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
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| 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. |
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| By (Signature and Title): |
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| /s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
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| By (Signature and Title): |
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| /s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
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