# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0000928816-23-000435
**Filing Date:** 2023-3
**Character Count:** 105704
**Document Hash:** b86990229c1da29f7941de20426370a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-23-000435.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0000928816-23-000435

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**EFFECTIVENESS DATE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942
- **IRS NUMBER:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 23775264

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

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

## Series and Classes Contracts Data

### Putnam Short Term Investment Fund (Series ID: S000039730)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000123084 | Class P        |  |
| C000219759 | Class G Shares |  |

UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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

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

Investment Company Act file number: (811-07513)

Exact name of registrant as specified in charter: Putnam Funds Trust

Address of principal executive offices: 100 Federal Street, Boston, Massachusetts 02110

Name and address of agent for service: Stephen Tate, Vice President<br>100 Federal Street<br>Boston, Massachusetts 02110

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

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

Date of fiscal year end: July 31, 2023

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

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

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

![](shortterminvestx1x1.jpg) <br>

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Putnam<br>Short Term<br>Investment Fund<br>**Semiannual report**<br>**1** \| **31** \| **23**

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| | |
|:---|:---|
| [Message from the Trustees](#page_3) | [1](#page_3) |
| [Interview with your fund's portfolio managers](#page_5) | [3](#page_5) |
| [Your fund's performance](#page_9) | [7](#page_9) |
| [Your fund's expenses](#page_11) | [9](#page_11) |
| [Consider these risks before investing](#page_13) | [11](#page_13) |
| [Terms and definitions](#page_14) | [12](#page_14) |
| [Other information for shareholders](#page_16) | [14](#page_16) |
| [Financial statements](#page_17) | [15](#page_17) |

---

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**Message from the Trustees**

March 9, 2023

Dear Fellow Shareholder:

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

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

Thank you for investing with Putnam. ![](shortterminvestx3x1.jpg) <br>

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![](shortterminvestx4x1.jpg) <br>

*Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class P shares assumes reinvestment of distributions and does not account for taxes. Class P shares do not bear an initial sales charge. See below and pages 7–8 for additional performance information. For a portion of the periods, the fund had expense limitations, without which returns would have been lower. To obtain the most recent month-end performance, please call Putnam at 1-800-225-1581.*

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

*Lipper peer group median is provided by Lipper, a Refinitiv company.* ![](shortterminvestx4x2.jpg) <br>

This comparison shows your fund's performance in the context of broad market indexes for the six months ended 1/31/23. See above and pages 7–8 for additional fund performance information. Index descriptions can be found on pages 12–13.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

2 Short Term Investment Fund

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![](shortterminvestx5x1.jpg) <br> ![](shortterminvestx5x2.jpg) <br>

**Please describe the money market environment during the six-month reporting period ended January 31, 2023.**

Faced with persistently high inflation, the Federal Reserve announced its fourth consecutive 0.75% interest-rate increase in November 2022. With data suggesting its aggressive monetary policy was having some effect, the Fed announced a 0.50% interest-rate increase in December 2022. Although the increase was less than the previous four interest-rate hikes, Fed policymakers also signaled the fight against inflation was not over. Fed Chair Jerome Powell stated that "it will take substantially more evidence to give confidence that inflation is on a sustained downward path." Minutes from the central bank's policy meeting in December revealed that Fed officials agreed it would be appropriate to slow the pace of its aggressive interest-rate hikes to minimize the risks to economic growth. At period-end, the Fed raised its benchmark rate by 0.25%, elevating its benchmark interest rate to a target range of 4.50%–4.75%.

Within the money market sector, the London Interbank Offered Rate [LIBOR] rose dramatically during the period. During the

Short Term Investment Fund 3

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![](shortterminvestx6x1.jpg) <br>

Allocations are shown as a percentage of the fund's net assets as of 1/31/23. Cash and net other assets, if any, represent the market value weights of cash and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of any interest accruals, the exclusion of as-of trades, if any, the use of different classifications of securities for presentation purposes, and rounding. Holdings and allocations may vary over time.

The cash and net other assets category may show a negative market value percentage as a result of the timing of trade-date versus settlement-date transactions. ![](shortterminvestx6x2.jpg) <br>

This chart shows how the fund's top weightings have changed over the past six months. Allocations are shown as a percentage of the fund's net assets. Current period summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of any interest accruals, the exclusion of as-of trades, if any, the use of different classifications of securities for presentation purposes, and rounding. Holdings and allocations may vary over time.

4 Short Term Investment Fund

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six-month reporting period, the three-month LIBOR increased 202 basis points [bps] to 4.81%, while the one-year LIBOR rose by 163 bps to 5.34%. [One bp is one-hundredth of one percentage point.] The Fed's Secured Overnight Financing Rate [SOFR], which reflects the transaction level of repurchase agreements [repos] collateralized by U.S. Treasury securities, rose in line with the Fed's four target-rate increases during the reporting period. SOFR began the period at 2.27% and closed at 4.31% at the end of January 2023. Financial institutions use overnight repos to raise short-term cash to finance their operations. [LIBOR is expected to cease publishing on June 30, 2023.] The Fed's sharp interest-rate increases over such a short period were beneficial for investing at the short end of the yield curve. [Shorter-term interest rates tend to be more responsive to changes in the Fed's benchmark rate than longer-term interest rates.] As a result of the heightened interest, money market mutual fund assets stood at $5.18 trillion in January 2023 after achieving a record $5.19 trillion in assets in December 2022.

**How did the fund perform during the reporting period?**

For the six-month reporting period ended January 31, 2023, the fund outperformed the return of its benchmark index, the ICE BofA U.S. Treasury Bill Index. The fund also outperformed the median return of funds ranked within its Lipper peer group, Institutional Money Market Funds.

**What was your investment strategy during the reporting period?**

As the pace of interest-rate hikes accelerated during the period, we focused on adding SOFR-based floating-rate securities from issuers such as Svenska Handelsbanken and Citibank. The interest rates on these securities reset quickly in response to interest-rate adjustments by the Fed. ![](shortterminvestx7x1.jpg) <br>

We also selectively purchased fixed-rate commercial paper in the one-year maturity range when interest-rate levels reached points that offered enough positive carry against shorter-dated paper from issuers such as DNB Bank ASA. [Positive carry is a strategy in which borrowed capital is invested to profit from the difference in interest earned and interest paid.] We continue to like asset-backed commercial paper backed by what we believe are diverse, high-quality financial assets, such as trade receivables and consumer loans. The fund's investments in Victory Receivables Corp. exemplify our strategy in this market. We also entered into repos with overnight maturities collateralized by U.S. Treasuries, corporate debt, and agency mortgage-backed securities.

**What are your thoughts about Fed policy in 2023?**

The Fed's official dot plot released in December 2022, which policymakers use to signal its outlook for the path of interest rates, showed 17 of 19 committee members targeting rates above 5.00% in 2023. It also showed an expected terminal federal funds rate of 5.1%. Our expectation is the Fed will raise interest rates a few more times in early 2023, likely in 25 basis-point increments. We believe that once the policy rate reaches a range of 5.00% to 5.25%, the Fed may choose to pause interest-rate hikes. We also believe the Fed can maintain higher interest rates for longer to avoid repeating the mistakes of the 1970s.

Where our view generally differs from the market is the timing of Fed interest-rate reductions. Currently, the market is starting to price in reductions in the second half of calendar 2023. However, we believe the Fed will likely pause for longer, as we do not believe the U.S. economy will enter a recession until early 2024 given

Short Term Investment Fund 5

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consumer resilience and the tight labor market. In a sustained higher interest-rate environment, we believe our fund should continue to capture the higher yields made possible by the Fed's efforts to curb high inflation.

**Joanne and Jonathan, thank you for this update on the fund.**

*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. Statements in the Q&A concerning the fund's performance or portfolio composition relative to those of the fund's Lipper peer group may reference information produced by Lipper Inc. or through a third party.*

6 Short Term Investment Fund

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**Your fund's performance**

This section shows your fund's performance and distribution information for periods ended January 31, 2023, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information as of the most recent calendar quarter-end and expense information taken from 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 call Putnam at 1-800-225-1581. Class G and P shares are only available to other Putnam funds and/or other accounts managed by Putnam Management or its affiliates. See the Terms and definitions section of this report for definitions of the share classes offered by your fund.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Life of fund** | **5 years** | **3 years** | **1 year** | **6 months** |
| **Class G** (8/3/20) |  |  |  |  |  |
| Net asset value | 0.90% | 1.42% | 0.90% | 2.11% | 1.75% |
| **Class P** (2/19/13) |  |  |  |  |  |
| Net asset value | 0.90 | 1.42 | 0.90 | 2.11 | 1.75 |

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Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Class G and P shares do not carry an initial sales charge or a contingent deferred sales charge (CDSC). Performance for class G shares before their inception is derived from the historical performance of class P shares.

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Life of fund** | **5 years** | **3 years** | **1 year** | **6 months** |
| **ICE BofA U.S. Treasury** |  |  |  |  |  |
| **Bill Index** | 0.81% | 1.31% | 0.77% | 1.69% | 1.54% |
| **Lipper Institutional** |  |  |  |  |  |
| **Money Market Funds** | 0.76 | 1.26 | 0.76 | 1.97 | 1.67 |
| **category median**<sup>\*</sup> |  |  |  |  |  |

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Index and Lipper results should be compared with fund performance at net asset value.

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

Lipper peer group median is provided by Lipper, a Refinitiv company.

<sup>\*</sup> Over the 6-month, 1-year, 3-year, 5-year, and life-of-fund periods ended 1/31/23, there were 122, 120, 110, 98, and 90 funds, respectively, in this Lipper category.

Short Term Investment Fund 7

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

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| | | |
|:---|:---|:---|
| **Distributions** | **Class G** | **Class P** |
| Number | 6 | 6 |
| Income | $0.017345 | $0.017345 |
| Capital gains |  |  |
| **Total** | **$0.017345** | **$0.017345** |
| **Current rate (end of period)** | **Class G** | **Class P** |
| Current dividend rate<sup>1</sup> | 4.55% | 4.55% |
| Current 30-day SEC yield |  |  |
| (with expense limitation)<sup>2,3</sup> | 4.35 | 4.35 |
| Current 30-day SEC yield |  |  |
| (without expense limitation)<sup>3</sup> | 4.09 | 4.09 |

---

The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.

<sup>1</sup> Most recent distribution, including any return of capital and excluding capital gains, annualized and divided by share price at end of period.

<sup>2</sup> For a portion of the period, the fund had expense limitations, without which yields would have been lower.

<sup>3</sup> Based only on investment income.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Life of fund** | **5 years** | **3 years** | **1 year** | **6 months** |
| **Class G** (8/3/20) |  |  |  |  |  |
| Net asset value | 0.87% | 1.37% | 0.82% | 1.73% | 1.49% |
| **Class P** (2/19/13) |  |  |  |  |  |
| Net asset value | 0.87 | 1.37 | 0.82 | 1.73 | 1.49 |

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See the discussion following the fund performance table on page 7 for information about the calculation of fund performance.

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

8 Short Term Investment Fund

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**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**

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| | | |
|:---|:---|:---|
|  | **Class G** | **Class P** |
| Net expenses for the fiscal year ended 7/31/22<sup>\*</sup> | 0.03% | 0.03% |
| Total annual operating expenses for the fiscal year ended 7/31/22 | 0.28% | 0.28% |
| Annualized expense ratio for the six-month period ended 1/31/23 | 0.04% | 0.04% |

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Fiscal year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ 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.

<sup>\*</sup> Reflects Putnam Management's contractual obligation to limit certain fund expenses through 11/30/23.

**Expenses per $1,000**

The following table shows the expenses you would have paid on a $1,000 investment in each class of the fund from 8/1/22 to 1/31/23. It also shows how much a $1,000 investment would be worth at the close of the period, assuming *actual returns* and expenses.

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| | | |
|:---|:---|:---|
|  | **Class G** | **Class P** |
| Expenses paid per $1,000<sup>\*†</sup> | $0.20 | $0.20 |
| Ending value (after expenses) | $1017.50 | $1017.50 |

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<sup>\*</sup> Expenses for each share class are calculated using the fund's annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 1/31/23. The expense ratio may differ for each share class.

<sup>†</sup> Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period (184); and then dividing that result by the number of days in the year (365).

Short Term Investment Fund 9

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**Estimate the expenses you paid**

To estimate the ongoing expenses you paid for the six months ended 1/31/23, use the following calculation method. To find the value of your investment on 8/1/22, call Putnam at 1-800-225-1581. ![](shortterminvestx12x1.jpg) <br>

**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 the fund 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.

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| | | |
|:---|:---|:---|
|  | **Class G** | **Class P** |
| Expenses paid per $1,000<sup>\*†</sup> | $0.20 | $0.20 |
| Ending value (after expenses) | $1025.00 | $1025.00 |

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<sup>\*</sup> Expenses for each share class are calculated using the fund's annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 1/31/23. The expense ratio may differ for each share class.

<sup>†</sup> Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period (184); and then dividing that result by the number of days in the year (365).

10 Short Term Investment Fund

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**Consider these risks before investing**

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

Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields.

Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Inflation's effects may erode your investment's value over time. 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. Unlike bonds, funds that invest in bonds have fees and expenses.

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

Short Term Investment Fund 11

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**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.

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

**Current rate** is the annual rate of return earned from dividends or interest of an investment. Current rate is expressed as a percentage of the price of a security, fund share, or principal investment.

**Share classes**

**Class G shares** require no minimum initial investment amount and no minimum subsequent investment amount. There is no initial or deferred sales charge. They are only available to other Putnam fund-of-funds accounts, and the management fee is fully waived.

**Class P shares** require no minimum initial investment amount and no minimum subsequent investment amount. There is no initial or deferred sales charge. They are only available to other Putnam funds and other accounts managed by Putnam Management or its affiliates, and the management fee is fully waived.

**Comparative rates**

**London Interbank Offered Rate (LIBOR)** is the rate at which banks lend to each other on the London interbank market for terms ranging from overnight to one year.

**Secured Overnight Financing Rate (SOFR)** is a broad overnight secured market rate that reflects the rates of U.S. Treasury repurchase agreements (repos). SOFR is not a credit-sensitive rate and is highly correlated to supply and demand dynamics in the repo market.

**Comparative indexes**

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

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

**ICE BofA U.S. Treasury Bill Index** is an unmanaged index that tracks the performance of U.S. dollar-denominated U.S. Treasury bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion.

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

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

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

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

12 Short Term Investment Fund

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

Short Term Investment Fund 13

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**Other information for shareholders**

**Important notice regarding delivery of shareholder documents**

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

**Proxy voting**

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds' proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2022, are available in the Individual Investors section of putnam.com and on the SEC's website, www.sec.gov. If you have questions about finding forms on the SEC's website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds' proxy voting guidelines and procedures at no charge by calling Putnam's Shareholder Services at 1-800-225-1581.

**Fund portfolio holdings**

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

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

**Trustee and employee fund ownership**

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

14 Short Term Investment Fund

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**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 period.

**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.

Short Term Investment Fund 15

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**The fund's portfolio** 1/31/23 (Unaudited)

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| | | |
|:---|:---|:---|
| **REPURCHASE AGREEMENTS (53.3%)\*** | **Principal<br>amount** | **Value** |
| Interest in $100,000,000 joint tri-party repurchase agreement dated 1/31/2023 with BNP Paribas due 2/1/2023 — maturity value of $62,002,405 for an effective yield of 4.300% (collateralized by Agency Mortgage-Backed Securities and U.S. Treasuries (including strips) with coupon rates ranging from 2.000% to 6.500% and due dates ranging from 6/1/2034 to 1/20/2053, valued at $102,012,184) | $61995000 | $61995000 |
| Interest in $383,301,000 joint tri-party repurchase agreement dated 1/31/2023 with BofA Securities, Inc. due 2/1/2023 — maturity value of $15,461,847 for an effective yield of 4.300% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.000% to 5.000% and due dates ranging from 3/20/2030 to 1/20/2053, valued at $390,967,020) | 15460000 | 15460000 |
| Interest in $200,000,000 joint tri-party repurchase agreement dated 1/31/2023 with JPMorgan Securities, LLC due 2/1/2023 — maturity value of $112,013,316 for an effective yield of 4.280% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 2.625% to 3.000% and due dates ranging from 2/15/2029 to 5/15/2042, valued at $204,024,288) | 112000000 | 112000000 |
| Interest in $362,000,000 tri-party repurchase agreement dated 1/31/2023 with Barclays Capital, Inc. due 2/1/2023 — maturity value of $362,043,038 for an effective yield of 4.280% (collateralized by U.S. Treasuries (including strips) with a coupon rate of 0.375% and a due date of 7/15/2023, valued at $369,283,923) | 362000000 | 362000000 |
| Interest in $199,300,000 tri-party repurchase agreement dated 1/31/2023 with Goldman, Sachs & Co., LLC due 2/1/2023 — maturity value of $199,323,861 for an effective yield of 4.310% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 1.500% to 6.000% and due dates ranging from 1/1/2031 to 1/1/2053, valued at $203,286,000) | 199300000 | 199300000 |
| Interest in $76,300,000 tri-party repurchase agreement dated 1/31/2023 with HSBC Securities (USA), Inc. due 2/1/2023 — maturity value of $76,309,114 for an effective yield of 4.300% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 1.500% to 4.000% and due dates ranging from 10/1/2028 to 3/1/2052, valued at $77,835,296) | 76300000 | 76300000 |
| Interest in $100,000,000 tri-party repurchase agreement dated 1/31/2023 with JPMorgan Securities, LLC due 2/1/2023 — maturity value of $100,011,944 for an effective yield of 4.300% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 1.500% to 5.500% and due dates ranging from 1/1/2026 to 1/1/2053, valued at $102,012,184) | 100000000 | 100000000 |
| Interest in $25,000,000 tri-party term repurchase agreement dated 2/1/2023 with BNP Paribas, 4.490% (collateralized by Corporate Debt Securities with coupon rates ranging from 1.450% to 9.700% and due dates ranging from 11/22/2024 to perpetual maturity, valued at $26,253,554) (France) <sup>Ŧ EG</sup> | 25000000 | 25000000 |
| Interest in $25,000,000 tri-party term repurchase agreement dated 2/1/2023 with RBC Capital Markets, LLC, 4.540% (collateralized by Corporate Debt Securities and U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 6.600% and due dates ranging from 7/15/2024 to 7/15/2077, valued at $26,241,510) (Canada) <sup>Ŧ EG</sup> | 25000000 | 25000000 |
| **Total repurchase agreements (cost $977,055,000)** | **Total repurchase agreements (cost $977,055,000)** | **$977055000** |

---

<br>16 Short Term Investment Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COMMERCIAL PAPER (22.5%)\*** | **Yield (%)** | **Maturity<br>date** | **Principal<br>amount** | **Value** |
| Australia and New Zealand Banking Group, Ltd. (Australia) | 4.910 | 9/28/23 | $20000000 | $20047693 |
| Australia and New Zealand Banking Group, Ltd. (Australia) | 4.734 | 4/20/23 | 20500000 | 20292209 |
| Australia and New Zealand Banking Group, Ltd. (Australia) | 4.444 | 2/21/23 | 15000000 | 14960739 |
| BPCE SA (France) | 4.337 | 2/3/23 | 22000000 | 21992009 |
| Commonwealth Bank of Australia (Australia) | 4.910 | 9/25/23 | 16000000 | 16028743 |
| DNB Bank ASA (Norway) | 5.361 | 12/19/23 | 18750000 | 17931751 |
| ING (U.S.) Funding, LLC | 5.160 | 8/3/23 | 20500000 | 19987846 |
| ING (U.S.) Funding, LLC | 4.559 | 2/2/23 | 20500000 | 20495056 |
| Lloyds Bank PLC (United Kingdom) | 4.770 | 4/11/23 | 20000000 | 20009780 |
| National Australia Bank, Ltd. (Australia) | 4.700 | 2/24/23 | 20000000 | 20003442 |
| National Bank of Canada (Canada) | 4.700 | 2/13/23 | 18250000 | 18251906 |
| NRW.Bank (Germany) | 4.444 | 2/21/23 | 20000000 | 19948363 |
| NRW.Bank (Germany) | 4.307 | 2/6/23 | 13800000 | 13789880 |
| Royal Bank of Canada/New York, NY (Canada) | 5.485 | 12/7/23 | 10000000 | 9565569 |
| Skandinaviska Enskilda Banken AB (Sweden) | 4.800 | 2/21/23 | 21000000 | 21004326 |
| Sumitomo Mitsui Trust Bank, Ltd./New York | 4.816 | 4/26/23 | 20500000 | 20273378 |
| Svenska Handelsbanken AB (Sweden) | 4.860 | 3/9/23 | 22000000 | 22008770 |
| Toronto-Dominion Bank (The) (Canada) | 5.020 | 10/2/23 | 15000000 | 15045090 |
| Toronto-Dominion Bank (The) (Canada) | 3.702 | 7/3/23 | 15000000 | 14695211 |
| TotalEnergies Capital Canada, Ltd. (Canada) | 4.365 | 2/2/23 | 10000000 | 9997594 |
| Toyota Credit de Puerto Rico Corp. (Puerto Rico) | 5.155 | 8/7/23 | 18250000 | 17782717 |
| Toyota Motor Credit Corp. | 4.670 | 3/7/23 | 18000000 | 18004014 |
| Westpac Banking Corp. (Australia) | 4.800 | 3/20/23 | 20000000 | 20009060 |
| **Total commercial paper (cost $411,991,802)** | **Total commercial paper (cost $411,991,802)** | **Total commercial paper (cost $411,991,802)** | **Total commercial paper (cost $411,991,802)** | **$412125146** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CERTIFICATES OF DEPOSIT (16.0%)\*** | **Yield (%)** | **Maturity<br>date** | **Principal<br>amount** | **Value** |
| Bank of America, NA FRN | 5.050 | 1/8/24 | $8250000 | $8257992 |
| Bank of America, NA FRN | 5.020 | 8/7/23 | 20000000 | 20037925 |
| Bank of Montreal/Chicago, IL (Canada) | 5.000 | 10/6/23 | 10000000 | 9989701 |
| Bank of Montreal/Chicago, IL FRN (Canada) | 5.000 | 9/15/23 | 20000000 | 20052414 |
| BNP Paribas SA/New York, NY (France) | 4.800 | 2/21/23 | 16000000 | 16003280 |
| Canadian Imperial Bank of Commerce/New York, NY | 4.060 | 8/17/23 | 10000000 | 9945511 |
| Canadian Imperial Bank of Commerce/<br>New York, NY FRN | 5.060 | 8/21/23 | 19000000 | 19064571 |
| Citibank, NA | 5.150 | 10/25/23 | 10300000 | 10332039 |
| Citibank, NA | 4.100 | 8/7/23 | 21000000 | 20888144 |
| Credit Agricole Corporate and Investment Bank/<br>New York (France) | 4.980 | 4/25/23 | 18000000 | 18026237 |
| Mizuho Bank, Ltd./New York, NY FRN | 4.740 | 2/23/23 | 20000000 | 20003788 |
| MUFG Bank, Ltd./New York, NY FRN (Japan) | 4.790 | 2/22/23 | 20000000 | 20003527 |
| Nordea Bank ABP/New York, NY FRN | 4.810 | 2/14/23 | 18000000 | 18002760 |
| Royal Bank of Canada/New York, NY (Canada) | 4.020 | 8/11/23 | 10000000 | 9942452 |
| State Street Bank and Trust Co. | 4.970 | 8/16/23 | 19000000 | 19030966 |
| Sumitomo Mitsui Banking Corp./New York FRN (Japan) | 4.800 | 2/10/23 | 15000000 | 15001580 |
| Sumitomo Mitsui Trust Bank, Ltd./New York FRN | 4.730 | 3/20/23 | 18250000 | 18257445 |
| Truist Bank | 4.405 | 2/1/23 | 20000000 | 20000038 |
| **Total certificates of deposit (cost $292,800,226)** | **Total certificates of deposit (cost $292,800,226)** | **Total certificates of deposit (cost $292,800,226)** | **Total certificates of deposit (cost $292,800,226)** | **$292840370** |

---

<br>Short Term Investment Fund 17

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSET-BACKED COMMERCIAL PAPER (8.6%)\*** | **Yield (%)** | **Maturity<br>date** | **Principal<br>amount** | **Value** |
| Atlantic Asset Securitization, LLC | 4.474 | 2/22/23 | $7500000 | $7479242 |
| Atlantic Asset Securitization, LLC | 4.380 | 2/10/23 | 12500000 | 12484438 |
| CAFCO, LLC | 4.382 | 2/13/23 | 9250000 | 9234992 |
| Chariot Funding, LLC | 4.720 | 2/13/23 | 17000000 | 16972418 |
| Chariot Funding, LLC | 4.376 | 2/10/23 | 10000000 | 9987550 |
| Collateralized Commercial Paper FLEX Co., LLC | 4.680 | 3/23/23 | 20000000 | 20007443 |
| Collateralized Commercial Paper V Co., LLC | 4.680 | 3/22/23 | 20000000 | 20007403 |
| Gotham Funding Corp. (Japan) | 4.780 | 4/18/23 | 10000000 | 9899536 |
| Liberty Street Funding, LLC (Canada) | 4.376 | 2/1/23 | 15000000 | 14998205 |
| MetLife Short Term Funding, LLC | 4.379 | 2/8/23 | 9300000 | 9290816 |
| Old Line Funding, LLC | 4.560 | 5/19/23 | 17250000 | 17251518 |
| Victory Receivables Corp. (Japan) | 4.654 | 3/29/23 | 10000000 | 9925252 |
| **Total asset-backed commercial paper (cost $157,537,176)** | **Total asset-backed commercial paper (cost $157,537,176)** | **Total asset-backed commercial paper (cost $157,537,176)** | **Total asset-backed commercial paper (cost $157,537,176)** | **$157538813** |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $1,839,384,204)** | **$1839559329** |

---

---

| | |
|:---|:---|
| **Key to holding's abbreviations** | **Key to holding's abbreviations** |
| FRN | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |

---

---

| | |
|:---|:---|
| **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from August 1, 2022 through January 31, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures. |
| <sup>\*</sup> | Percentages indicated are based on net assets of $1,834,844,801. |
| <sup>Ŧ</sup> | Repurchase agreements with a maturity of more than seven days are considered to be illiquid investments. |
| <sup>EG</sup> | Maturity date of the repurchase agreement is thirty-five days from the purchase date unless both parties agree to roll the transaction. Maturity value of the repurchase agreement will equal the principal amount of the repurchase agreement plus interest. |
|  | The dates shown on debt obligations are the original maturity dates. |

---

---

| | | | |
|:---|:---|:---|:---|
| **DIVERSIFICATION BY COUNTRY** |  |  |  |
| Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): |
| United States | 71.3% | Germany | 1.8% |
| Canada | 8 | United Kingdom | 1.1 |
| Australia | 6.1 | Norway | 1 |
| France | 4.4 | Puerto Rico | 1 |
| Japan | 3 | **Total** | **100.0%** |
| Sweden | 2.3 |  |  |

---

<br>18 Short Term Investment Fund

------

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 the 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 fund's net assets as of the close of the reporting period: <br>

---

| | | | |
|:---|:---|:---|:---|
| | | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| Asset-backed commercial paper | $— | $157538813 | $— |
| Certificates of deposit |  | 292840370 |  |
| Commercial paper |  | 412125146 |  |
| Repurchase agreements |  | 977055000 |  |
| **Totals by level** | **$—** | **$1839559329** | **$—** |

---

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

<br>Short Term Investment Fund 19

------

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

---

| | |
|:---|:---|
| **ASSETS** |  |
| Investment in securities, at value (Note 1): |  |
| Unaffiliated issuers (identified cost $862,329,204) | $862504329 |
| Repurchase agreements (identified cost $977,055,000) | 977055000 |
| Cash | 196494 |
| Interest and other receivables | 2575135 |
| **Total assets** | **1842330958** |
| **LIABILITIES** |  |
| Payable for custodian fees (Note 2) | 11215 |
| Payable for investor servicing fees (Note 2) | 31744 |
| Payable for Trustee compensation and expenses (Note 2) | 209364 |
| Payable for administrative services (Note 2) | 4000 |
| Distributions payable to shareholders | 7155251 |
| Other accrued expenses | 74583 |
| **Total liabilities** | **7486157** |
| **Net assets** | **$1834844801** |
| **REPRESENTED BY** |  |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $1834427056 |
| Total distributable earnings (Note 1) | 417745 |
| **Total — Representing net assets applicable to capital shares outstanding** | **$1834844801** |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE** |  |
| **Net asset value, offering price and redemption price per class G share** |  |
| ($3,292,991 divided by 3,293,527 shares) | $1.00 |
| **Net asset value, offering price and redemption price per class P share** |  |
| ($1,831,551,810 divided by 1,831,133,529 shares) | $1.00 |

---

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

20 Short Term Investment Fund

------

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| Interest | $35389935 |
| **Total investment income** | **35389935** |
| **EXPENSES** |  |
| Compensation of Manager (Note 2) | 2563869 |
| Investor servicing fees (Note 2) | 101759 |
| Custodian fees (Note 2) | 18158 |
| Trustee compensation and expenses (Note 2) | 45481 |
| Administrative services (Note 2) | 44785 |
| Other | 160750 |
| Fees waived and reimbursed by Manager (Note 2) | (2563869) |
| **Total expenses** | **370933** |
| Expense reduction (Note 2) | (13518) |
| **Net expenses** | **357415** |
| **Net investment income** | **35032520** |
| **UNREALIZED GAIN (LOSS)** |  |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Securities from unaffiliated issuers | 802673 |
| **Total change in net unrealized appreciation** | **802673** |
| **Net gain on investments** | **802673** |
| **Net increase in net assets resulting from operations** | **$35835193** |

---

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

Short Term Investment Fund 21

------

**Statement of changes in net assets**

---

| | | |
|:---|:---|:---|
| **DECREASE IN NET ASSETS** | **Six months ended 1/31/23\*** | **Year ended 7/31/22** |
| **Operations** |  |  |
| Net investment income | $35032520 | $8171059 |
| Net realized gain on investments |  | 29653 |
| Change in net unrealized appreciation (depreciation) |  |  |
| of investments | 802673 | (737762) |
| **Net increase in net assets resulting from operations** | **35835193** | **7462950** |
| Distributions to shareholders (Note 1): |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class G | (52555) | (8895) |
| Class P | (34732785) | (8226212) |
| Decrease from capital share transactions (Note 4) | (255064449) | (921435621) |
| **Total decrease in net assets** | **(254014596)** | **(922207778)** |
| **NET ASSETS** |  |  |
| Beginning of period | 2088859397 | 3011067175 |
| **End of period** | **$1834844801** | **$2088859397** |

---

<sup>\*</sup>Unaudited.

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

22 Short Term Investment Fund

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This page left blank intentionally.

Short Term Investment Fund 23

------

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** |
|  |  |  |  |  |  |  |  |  |  |  | Ratio |  |
|  |  |  | Net realized |  |  |  |  |  |  |  | of net investment |  |
|  | **Net asset value,** |  | and unrealized | **Total from** | From net |  |  | **Total return** | **Net assets,** | Ratio of expenses | income (loss) |  |
|  | **beginning** | Net investment | gain (loss) | **investment** | investment | **Total** | **Net asset value,** | **at net asset value** | **end of period** | to average | to average | Portfolio |
| Period ended | **of period** | income (loss) | on investments<sup>a</sup> | **operations** | income | **distributions** | **end of period** | **(%)**<sup>b</sup> | **(in thousands)** | net assets (%)<sup>c,d</sup> | net assets (%)<sup>d</sup> | turnover (%) |
| **Class G** |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$1.00** | 0.0175 |  | **0.0175** | (0.0173) | **(0.0173)** | **$1.00** | **1.75**<sup>\*</sup> | **$3293** | .02<sup>\*</sup> | 1.75<sup>\*</sup> | — <sup>\*</sup> |
| July 31, 2022 | **1.00** | 0.0040 |  | **0.0040** | (0.0040) | **(0.0040)** | **1.00** | **.40** | **2930** | .03 | .43 |  |
| July 31, 2021 <sup>†</sup> | **1.00** | 0.0014 |  | **0.0014** | (0.0014) | **(0.0014)** | **1.00** | **.14**<sup>\*</sup> | **1799** | .03<sup>\*</sup> | .14<sup>\*</sup> | 25 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |
| January 31, 2023<sup>\*\*</sup> | **$1.00** | 0.0175 |  | **0.0175** | (0.0173) | **(0.0173)** | **$1.00** | **1.75**<sup>\*</sup> | **$1831552** | .02<sup>\*</sup> | 1.72<sup>\*</sup> | — <sup>\*</sup> |
| July 31, 2022 | **1.00** | 0.0040 |  | **0.0040** | (0.0040) | **(0.0040)** | **1.00** | **.40** | **2085929** | .03 | .35 |  |
| July 31, 2021 | **1.00** | 0.0014 |  | **0.0014** | (0.0014) | **(0.0014)** | **1.00** | **.14** | **3009268** | .03 | .15 | 25 |
| July 31, 2020 | **1.00** | 0.0143 |  | **0.0143** | (0.0141) | **(0.0141)** | **1.00** | **1.42** | **3749025** | .03 | 1.40 | 7 |
| July 31, 2019 | **1.00** | 0.0244 |  | **0.0244** | (0.0246) | **(0.0246)** | **1.00** | **2.49** | **2828270** | .03 | 2.44 |  |
| July 31, 2018 | **1.00** | 0.0155 |  | **0.0155** | (0.0155) | **(0.0155)** | **1.00** | **1.56** | **2940941** | .04 | 1.55 |  |

---

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

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

<sup>†</sup> For the period August 3, 2020 (commencement of operations) to July 31, 2021.

<sup>a</sup> Amount represents less than $0.0001 per share.

<sup>b</sup> Total return assumes dividend reinvestment.

<sup>c</sup> Includes amounts paid through expense offset arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

<sup>d</sup> Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation, the expenses of each class reflect a reduction of the following amounts as a percentage of average net assets (Note 2):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1/31/23** | **7/31/22** | **7/31/21** | **7/31/20** | **7/31/19** | **7/31/18** |
| Class G | 0.13% | 0.25% | 0.25% | N/A | N/A | N/A |
| Class P | 0.13 | 0.25 | 0.25 | 0.25% | 0.25% | 0.25% |

---

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

24 Short Term Investment Fund Short Term Investment Fund 25

------

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

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

Putnam Short Term Investment Fund (the fund) is a diversified series of Putnam Funds Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The goal of the fund is to seek as high a rate of current income as Putnam Management believes is consistent with preservation of capital and maintenance of liquidity. The fund invests in a diversified portfolio of fixed-income securities comprised of short duration, investment-grade money market and other fixed-income securities. The fund's investments may include obligations of the U.S. government, its agencies and instrumentalities, which are backed by the full faith and credit of the United States (e.g., U.S. Treasury bonds and Ginnie Mae mortgage-backed bonds) or by only the credit of a federal agency or government-sponsored entity (e.g., Fannie Mae or Freddie Mac mortgage-backed bonds), domestic corporate debt obligations, municipal debt securities, securitized debt instruments (such as mortgage- and asset-backed securities), repurchase agreements, certificates of deposit, bankers acceptances, commercial paper (including asset-backed commercial paper), time deposits, Yankee Eurodollar securities and other money market instruments. The fund may also invest in U.S. dollar-denominated foreign securities of these types. Under normal circumstances, the effective duration of the fund's portfolio will generally not be greater than one year. Effective duration provides a measure of a fund's interest-rate sensitivity. The longer a fund's duration, the more sensitive the fund is to shifts in interest rates. The fund will maintain a dollar-weighted average portfolio maturity of three years or less. Putnam Management may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

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

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Sales charge** | **Contingent deferred sales charge** | **Conversion feature** |
| Class G<sup>\*</sup> |  |  |  |
| Class P<sup>\*\*</sup> |  |  |  |

---

<sup>\*</sup> Only available to other Putnam fund-of-funds accounts.

<sup>\*\*</sup> Only available to other Putnam funds and other accounts managed by Putnam Management or its affiliates.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The 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 the fund. However, the fund's management team expects the risk of material loss to be remote.

The 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 the fund's Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

**Note 1: Significant accounting policies**

The following is a summary of significant accounting policies consistently followed by the 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.

26 Short Term Investment Fund

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Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the 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. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

**Security valuation** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

**Joint trading account** Pursuant to an exemptive order from the SEC, the fund may transfer uninvested cash balances into a joint trading account along with the cash of other registered investment companies and certain other accounts managed by Putnam Management. These balances may be invested in issues of short-term investments having maturities of up to 90 days.

**Repurchase agreements** The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $998,177,722 at the end of the reporting period, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

**Security transactions and related investment income** Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.

Short Term Investment Fund 27

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**Interfund lending** The 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 fund to 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 fund did not utilize the program.

**Federal taxes** It is the policy of the 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 the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The 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 fund 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 fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $1,839,384,204, resulting in gross unrealized appreciation and depreciation of $516,447 and $341,322, respectively, or net unrealized appreciation of $175,125.

**Distributions to shareholders** Income dividends are recorded daily by the fund and are paid monthly. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund's fiscal year. Reclassifications are made to the fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

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

**Note 2: Management fee, administrative services and other transactions**

The fund pays Putnam Management for management and investment advisory services monthly based on the average net assets of the fund. Such fee is based on the annual rate of 0.25% of the average net assets of the fund. Putnam Management has contractually agreed to waive its management fee from the fund through November 30, 2023. During the reporting period, the fund waived $2,563,869 as a result of this waiver.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the 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 0.20% of the average net assets of the portion of the fund managed by PIL.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund's assets are provided by State Street. Custody fees are based on the fund's asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.01% of the fund's average net assets.

28 Short Term Investment Fund

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During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

---

| | |
|:---|:---|
| Class G | $150 |
| Class P | 101609 |
| **Total** | **$101759** |

---

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.'s and State Street's fees are reduced by credits allowed on cash balances. For the reporting period, the fund's expenses were reduced by $13,518 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $1,761, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee's average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee's lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

The fund has not adopted a distribution plan pursuant to Rule 12b–1 under the Investment Company Act of 1940.

**Note 3: Purchases and sales of securities**

During the reporting period, the cost of purchases and the proceeds from sales (including maturities) of investment securities (all short-term obligations) aggregated $148,569,108,239 and $148,845,756,833, respectively. The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund's transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund's total cost of purchases and/or total proceeds from sales.

**Note 4: Capital shares**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class G** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 732119 | $732119 | 2381439 | $2381439 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 52555 | 52555 | 8895 | 8895 |
|  | 784674 | 784674 | 2390334 | 2390334 |
| Shares repurchased | (423389) | (423389) | (1257436) | (1257436) |
| **Net increase** | **361285** | **$361285** | **1132898** | **$1132898** |

---

Short Term Investment Fund 29

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SIX MONTHS ENDED 1/31/23** | **SIX MONTHS ENDED 1/31/23** | **YEAR ENDED 7/31/22** | **YEAR ENDED 7/31/22** |
| **Class P** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6608105773 | $6608105773 | 18321694774 | $18321694774 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions |  |  |  |  |
|  | 6608105773 | 6608105773 | 18321694774 | 18321694774 |
| Shares repurchased | (6863531507) | (6863531507) | (19244263293) | (19244263293) |
| **Net decrease** | **(255425734)** | **$(255425734)** | **(922568519)** | **$(922568519)** |

---

**Note 5: Market, credit and other risks**

In the normal course of business, the fund trades financial instruments and enters 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 fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

On July 27, 2017, the United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain longer-term securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.

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

30 Short Term Investment Fund

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**Note 6: Offsetting of financial and derivative assets and liabilities**

The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Assets:** | <br>**Barclays**<br>**Capital, Inc.** | <br>**BNP Paribas** | **BofA**<br>**Securities,**<br>**Inc.** | **Goldman,**<br>**Sachs &**<br>**Co., LLC** | **HSBC**<br>**Securities**<br>**(USA), Inc.** | **JPMorgan**<br>**Securities**<br>**LLC** | <br>**RBC Capital**<br>**Markets, LLC** | <br>**Total** |
| Repurchase |  |  |  |  |  |  |  |  |
| agreements\*\* | $362000000 | $86995000 | $15460000 | $199300000 | $76300000 | $212000000 | $25000000 | $977055000 |
| **Total Assets** | **$362000000** | **$86995000** | **$15460000** | **$199300000** | **$76300000** | **$212000000** | **$25000000** | **$977055000** |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| **Total Liabilities** | **$—** | **$—** | **$—** | **$—** | **$—** | **$—** | **$—** | **$—** |
| **Total Financial** |  |  |  |  |  |  |  |  |
| **and Derivative** |  |  |  |  |  |  |  |  |
| **Net Assets** | **$362000000** | **$86995000** | **$15460000** | **$199300000** | **$76300000** | **$212000000** | **$25000000** | **$977055000** |
| Total collateral |  |  |  |  |  |  |  |  |
| received |  |  |  |  |  |  |  |  |
| (pledged)<sup>†##</sup> | $362000000 | $86995000 | $15460000 | $199300000 | $76300000 | $212000000 | $25000000 |  |
| Net amount | $— | $— | $— | $— | $— | $— | $— |  |
| *Controlled* |  |  |  |  |  |  |  |  |
| *collateral received* |  |  |  |  |  |  |  |  |
| *(including TBA* |  |  |  |  |  |  |  |  |
| *commitments)*<sup>\*\*</sup> | $— | $— | $— | $— | $— | $— | $— | $— |
| *Uncontrolled* |  |  |  |  |  |  |  |  |
| *collateral received* | $369283923 | $89496007 | $15769200 | $203286000 | $77835296 | $216265786 | $26241510 | $998177722 |
| *Collateral (pledged)* |  |  |  |  |  |  |  |  |
| *(including TBA* |  |  |  |  |  |  |  |  |
| *commitments)*<sup>\*\*</sup> | $— | $— | $— | $— | $— | $— | $— | $— |

---

<sup>\*\*</sup> Included with Investments in securities on the Statement of assets and liabilities.

<sup>†</sup> Additional collateral may be required from certain brokers based on individual agreements.

<sup>##</sup>Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.

Short Term Investment Fund 31

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**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.

32 Short Term Investment Fund

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**Fund information**

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

---

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

---

*This report is for the information of shareholders of Putnam Short Term Investment Fund. 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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![](shortterminvestx35x1.jpg) <br>

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

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

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

Not applicable

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

Not Applicable

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

Not applicable

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

Not applicable

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

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

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

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

Not Applicable

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

(a)(1) Not applicable

[(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.](b_nb2certifications.htm)

[(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](c_nb2noscertification.htm)

<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Putnam Funds Trust</u>

By (Signature and Title):

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

Date: March 29, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):

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

Date: March 29, 2023

By (Signature and Title):

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

Date: March 29, 2023

## Ex-99.Cert

---

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

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## Exhibit 99.906

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

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