# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0000928816-23-000086
**Filing Date:** 2023-1
**Character Count:** 261551
**Document Hash:** 007745df0455e2dd4337e524c6539b6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-23-000086.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0000928816-23-000086

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 23548755

**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 Municipal Income Fund (Series ID: S000039833)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000123516 | CLASS A         |  |
| C000123518 | CLASS C         |  |
| C000123520 | CLASS Y         |  |
| C000202822 | Class R6 Shares |  |

<u>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</u>

<u>Washington, D.C. 20549</u>

<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: November 30, 2022

Date of reporting period: December 1, 2021 – November 30, 2022

<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:

![](shorttermmuniincx1x1.jpg) <br>

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Putnam<br>Short-Term Municipal<br>Income Fund

**Annual report**<br>**11** \| **30** \| **22**

---

| | |
|:---|:---|
| [Message from the Trustees](#page_3) | [1](#page_3) |
| [About the fund](#page_4) | [2](#page_4) |
| [Interview with your fund's portfolio manager](#page_7) | [5](#page_7) |
| [Your fund's performance](#page_11) | [9](#page_11) |
| [Your fund's expenses](#yfe) | [12](#yfe) |
| [Consider these risks before investing](#page_16) | [14](#page_16) |
| [Terms and definitions](#page_17) | [15](#page_17) |
| [Other information for shareholders](#page_19) | [17](#page_19) |
| [Important notice regarding Putnam's privacy policy](#page_20) | [18](#page_20) |
| [Trustee approval of management contract](#page_21) | [19](#page_21) |
| [Audited financial statements](#page_26) | [24](#page_26) |
| [Report of Independent Registered Public Accounting Firm](#page_27) | [25](#page_27) |
| [Federal tax information](#page_49) | [48](#page_49) |
| [Shareholder meeting results](#page_50) | [49](#page_50) |
| [About the Trustees](#page_51) | [50](#page_51) |
| [Officers](#page_53) | [52](#page_53) |

---

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**Message from the Trustees**

January 11, 2023

Dear Fellow Shareholder:

As an investor, you might be happy to see 2022 in the rearview mirror. High inflation and aggressive interest-rate increases from the U.S. Federal Reserve contributed to market volatility and negative returns for stocks and bonds.

While inflation and interest rates are still high, the possibility remains that 2023 could be a better year for market returns than 2022. Historically, stocks and bonds have recovered from bear markets like the one we have been experiencing. Our investment teams are actively researching securities with attractive performance potential and working to keep portfolio risks in check.

We would like to note recent changes to the Board of Trustees that oversees your fund. In July 2022, we welcomed Jennifer Williams Murphy and Marie Pillai as new Trustees. Both have a wealth of investment advisory and executive management experience. We also want to thank our Trustees who retired from the Board on June 30, 2022. Paul Joskow served with us since 1997, and Ravi Akhoury joined the Board in 2009. We wish them well.

Thank you for investing with Putnam. ![](shorttermmuniincx3x1.jpg) <br>

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![](shorttermmuniincx4x1.jpg) <br>

Municipal bonds finance important public projects, such as schools, roads, and hospitals. The bonds are backed by the issuing city, town, or other government entity or by revenues collected from usage fees. However, unlike U.S. Treasuries and corporate bonds, the interest paid on municipal bonds is generally free from federal income taxes.

Putnam Short-Term Municipal Income Fund offers an additional advantage — the flexibility to invest in municipal bonds issued by any state or local government in the country. The fund invests mainly in bonds that have short-term maturities from three years or less and are investment grade in quality. Because an issuer's fiscal health can affect the prices of its bonds, this flexibility is a distinct advantage.

**Putnam Short-Term Municipal Income Fund offers an active, research-intensive investment approach.** ![](shorttermmuniincx4x2.jpg) <br>

2 Short-Term Municipal Income Fund

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![](shorttermmuniincx5x1.jpg) <br>

Sources: Putnam, Bloomberg Index Services Limited, as of 11/30/22. Past performance is no guarantee of future results. Yields for U.S. Treasuries, investment-grade corporates, and municipal bonds are represented by the average "yield to worst" — a calculation of the lowest possible yield generated without defaulting — of the Bloomberg U.S. Treasury Index, an unmanaged index of U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury; the Bloomberg U.S. Corporate Bond Index, an unmanaged index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable corporate bonds; and the Bloomberg Municipal Bond Index, an unmanaged index of long-term, fixed-rate, investment-grade tax-exempt bonds, respectively. You cannot invest directly in an index. 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 greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Income from municipal bonds may be subject to the alternative minimum tax. Annual after-tax income is based on a 40.80% federal income tax rate. This rate reflects the Tax Cuts and Jobs Act of 2017 and includes the 3.80% Medicare surtax. The income data is based on a hypothetical $100,000 investment. ![](shorttermmuniincx5x2.jpg) <br>

Source: Moody's Investors Service, Annual U.S. Municipal Bond Defaults and Recoveries, Five-Year Average Cumulative Default Rates, 1970–2021 (April 2022). Most recent data available.

Short-Term Municipal Income Fund 3

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![](shorttermmuniincx6x1.jpg) <br>

*Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart do not reflect a sales charge of 2.25%; had they, returns would have been lower. See below and pages 9–12 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, visit putnam.com.*

*All Bloomberg indices are provided by Bloomberg Index Services Limited.*

*Lipper peer group median is provided by Lipper, a Refinitiv company.* ![](shorttermmuniincx6x2.jpg) <br>

This comparison shows your fund's performance in the context of broad market indexes for the 12 months ended 11/30/22. See above and pages 9–12 for additional fund performance information. Index descriptions can be found on pages 15–16.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

4 Short-Term Municipal Income Fund

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![](shorttermmuniincx7x1.jpg) <br> ![](shorttermmuniincx7x2.jpg) <br>

**Garrett, how was the market environment for short-term municipal bonds during the 12-month period ended November 30, 2022?**

Despite their healthy credit fundamentals, short-term municipal bonds succumbed to market pressures. Municipal bond prices fell and yields rose as the markets began pricing in a more aggressive Federal Reserve environment and a significantly faster pace of monetary policy tightening. Geopolitical tensions also weighed on investor sentiment.

As investors sought cash, municipal bond funds sold holdings to generate liquidity to meet redemptions. This exerted further downward pressure on prices, contributing to increasingly difficult market technicals [supply/demand dynamics] for the asset class. Despite a rally in the final weeks of the fund's fiscal year, the Bloomberg 3-Year Municipal Bond Index [the fund's benchmark] returned –3.52% for the 12-month reporting period. It outperformed the broader U.S. fixed income markets, as measured by the Bloomberg U.S. Aggregate Bond Index.

The Fed faced the difficult task of calibrating monetary policy to achieve its price stability goals. Fed policymakers raised their benchmark

Short-Term Municipal Income Fund 5

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![](shorttermmuniincx8x1.jpg) <br>

Allocations are shown as a percentage of the fund's net assets as of 11/30/22. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the information in the portfolio schedule notes included in the financial statements due to the inclusion of derivative securities, any interest accruals, the timing of matured security transactions, the use of different classifications of securities for presentation purposes, and rounding. Holdings and allocations may vary over time. ![](shorttermmuniincx8x2.jpg) <br>

Credit qualities are shown as a percentage of the fund's net assets as of 11/30/22. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings may vary over time.

Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

6 Short-Term Municipal Income Fund

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interest rate six times during the reporting period. With inflation running more than three times the Fed's target inflation rate of 2.00%, the interest-rate hikes included unusually large 0.75% increases in June, July, September, and November 2022. By period-end, the Fed's short-term benchmark interest rate had risen from a range of 0.00%–0.25% to 3.75%–4.00%. The magnitude of these interest-rate increases further heightened worries about whether policymakers could cool inflation without tipping economies into recession.

At its September meeting, the Fed affirmed its view that ongoing interest-rate increases were appropriate and forecasted its target rate range to be 4.25%–4.50% by the end of calendar 2022. It also lowered the U.S. growth forecast for 2022, 2023, and 2024. Following its November meeting, Fed Chair Jerome Powell stated that it was "very premature" to expect a pause on interest-rate hikes. Later in the month, however, investors were heartened to see that the inflation rate for October 2022 came in lower than expected. Investors interpreted this as evidence that the Fed was making progress in subduing stubbornly high prices. Just before period-end, the Fed hinted that it might temper the degree of interest-rate hikes as early as December 2022. These developments, coupled with very light new-issue supply and a slowing of outflows from municipal bond funds, helped the benchmark post a gain of 1.96% in November 2022. This was its strongest monthly return since 2008.

**What is your current assessment of the health of the municipal bond market?**

Municipal credit fundamentals continue to be strong, in our view. Higher employment and increasing wages continue to bolster tax receipts. Home values, a factor in property tax revenues, are facing headwinds in the form of rising mortgage rates. We believe assessed values, another factor in taxes, should continue to reflect growth given the roughly two-year lag between tax assessments and actual property values.

![](shorttermmuniincx9x1.jpg)

State and local tax collections were up 13.4% year over year through September 2022 compared with the same period in 2021. Unprecedented fiscal support during the Covid-19 pandemic, as well as strong economic growth during the second half of 2020 and 2021, put most state and local governments in their best fiscal shape in more than a decade, in our view. Although we believe pension funding will likely fall in 2022 due to capital market returns, most large public pensions entered 2022 in their best fiscal shape in over 10 years, in our view. Finally, municipal defaults are running below long-term averages year to date through November 30, 2022, and they remain a very small percentage of the market. As such, we believe the credit outlook remains favorable.

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

For the 12 months ended November 30, 2022, the fund's class A shares outperformed its benchmark and the median return of its Lipper peer group, Short Municipal Debt Funds.

**What strategies or holdings influenced the fund's performance?**

During the early months of the reporting period, the fund was overweight lower-investment-grade bonds relative to its Lipper peer group. The fund was positioned with a slightly short duration, or a low sensitivity to changes in interest rates. As the period progressed and the market began pricing in more aggressive Fed policy, we extended the duration of the fund to be modestly long relative to the fund's Lipper peers. This change in duration positioning reflected our view that the bulk of the Fed's monetary policy tightening was behind us.

Short-Term Municipal Income Fund 7

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The portfolio's average maturity was neutral at period-end relative to the Lipper peer group. The fund held underweight positioning in bonds maturing in 0–1 years and in 5 years and longer balanced against overweight positioning in bonds maturing in 2–4 years. From a sector-or an industry-positioning perspective, the portfolio held overweight positions in private higher education, hospital, and essential-service utility bonds compared with the fund's Lipper peer group.

The fund remained underweight in its exposure to Puerto Rico municipal debt relative to its Lipper peer group. However, we note that the U.S. territory has experienced recent improvement in credit fundamentals. In March 2022, Puerto Rico came out of bankruptcy after nearly five years with a plan to restructure its debt, resume payments to bondholders, and restore its public pension system. We continue to closely monitor Puerto Rico's credit fundamentals and remain vigilant for investment opportunities.

**What do you see on the horizon that could influence your management of the fund?**

U.S. employment and economic activity has held up well despite the Fed's aggressive tightening, in our view, but monetary policy famously acts with long and variable lags. There are some signs that inflation is beginning to trend lower, but we believe the Fed is likely to remain vigilant and wait for further confirmation that inflation is slowing before making any hints of loosening monetary policy. With the bulk of the tightening likely behind us, in our view, we believe monetary policy is set to enter the fine-tuning stage of the cycle. As such, we believe interest rates are likely to remain range bound with more risk of a substantial move lower than higher.

As 2022 ends, municipal bond credit fundamentals appear to be sound, but we also believe slowing U.S. growth could weigh on those fundamentals. The Fed's eventual path of moving toward a less hawkish stance, however, should be a tailwind for the asset class, in our view.

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

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

*Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk. 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.*

8 Short-Term Municipal Income Fund

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**Your fund's performance**

This section shows your fund's performance, price, and distribution information for periods ended November 30, 2022, the end of its most recent fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information as of the most recent calendar quarter-end and expense information taken from the fund's current prospectus. Performance should always be considered in light of a fund's investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. For the most recent month-end performance, please visit the Individual Investors section at putnam.com or call Putnam at 1-800-225-1581. Class R6 and Y shares are not available to all investors. See the Terms and definitions section in this report for definitions of the share classes offered by your fund.

**Annualized fund performance** Total return for periods ended 11/30/22

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Life of fund** | **5 years** | **3 years** | **1 year** |
| **Class A** (3/18/13) |  |  |  |  |
| Before sales charge | 0.71% | 0.90% | 0.11% | –2.56% |
| After sales charge | 0.47 | 0.44 | –0.64 | –4.75 |
| **Class C** (3/18/13) |  |  |  |  |
| Before CDSC | 0.20 | 0.14 | –0.65 | –3.31 |
| After CDSC | 0.20 | 0.14 | –0.65 | –4.27 |
| **Class R6** (5/22/18) |  |  |  |  |
| Net asset value | 0.96 | 1.17 | 0.36 | –2.36 |
| **Class Y** (3/18/13) |  |  |  |  |
| Net asset value | 0.95 | 1.14 | 0.34 | –2.39 |

---

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. After-sales-charge returns for class A shares reflect the deduction of the maximum 2.25% sales charge levied at the time of purchase. Class C share returns after CDSC reflect a 1.00% CDSC for the first year that is eliminated thereafter. Class R6 and Y shares have no initial sales charge or CDSC. Performance for class R6 shares prior to their inception is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher.

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

Class C share performance reflects conversion to class A shares after eight years.

**Comparative annualized index returns** For periods ended 11/30/22

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Life of fund** | **5 years** | **3 years** | **1 year** |
| **Bloomberg 3-Year Municipal Bond Index** | 1.02% | 1.06% | –0.03% | –3.52% |
| **Lipper Short Municipal Debt Funds** |  |  |  |  |
| **category median**<sup>\*</sup> | 0.61 | 0.72 | –0.11 | –2.97 |

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

All Bloomberg indices are provided by Bloomberg Index Services Limited.

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

<sup>\*</sup> Over the 1-year, 3-year, 5-year, and life-of-fund periods ended 11/30/22, there were 134, 122, 103, and 76 funds, respectively, in this Lipper category.

Short-Term Municipal Income Fund 9

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![](shorttermmuniincx12x1.jpg) <br>

Past performance does not indicate future results. At the end of the same time period, a $10,000 investment in the fund's class C shares would have been valued at $10,191, and no contingent deferred sales charges would apply. A $10,000 investment in the fund's class R6 and Y shares would have been valued at $10,976 and $10,961, respectively.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

10 Short-Term Municipal Income Fund

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**Fund price and distribution information** For the 12-month period ended 11/30/22

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions** | **Class A** | **Class A** | **Class C** | **Class R6** | **Class Y** |
| Number | 12 | 12 | 12 | 12 | 12 |
| Income<sup>1</sup> | $0.096803 | $0.096803 | $0.041661 | $0.127240 | $0.123672 |
| Capital gains<sup>2</sup> |  |  |  |  |  |
| Long-term gains | 0.005479 | 0.005479 | 0.005479 | 0.005479 | 0.005479 |
| Short-term gains | 0.038328 | 0.038328 | 0.038328 | 0.038328 | 0.038328 |
| **Total** | **$0.140610** | **$0.140610** | **$0.085468** | **$0.171047** | **$0.167479** |
|  | Before | After | Net | Net | Net |
|  | sales | sales | asset | asset | asset |
| **Share value** | charge | charge | value | value | value |
| 11/30/21 | $10.17 | $10.40 | $10.15 | $10.17 | $10.17 |
| 11/30/22 | 9.77 | 9.99 | 9.73 | 9.76 | 9.76 |
|  | Before | After | Net | Net | Net |
| **Current rate** | sales | sales | asset | asset | asset |
| **(end of period)** | charge | charge | value | value | value |
| Current dividend rate<sup>3</sup> | 1.81% | 1.77% | 1.07% | 2.07% | 2.07% |
| Taxable equivalent<sup>4</sup> | 3.06 | 2.99 | 1.81 | 3.50 | 3.50 |
| Current 30-day |  |  |  |  |  |
| SEC yield (with |  |  |  |  |  |
| expense limitation)<sup>5,6</sup> | N/A | 2.42 | 1.73 | 2.75 | 2.73 |
| Taxable equivalent<sup>4</sup> | N/A | 4.09 | 2.92 | 4.65 | 4.61 |
| Current 30-day |  |  |  |  |  |
| SEC yield (without |  |  |  |  |  |
| expense limitation)<sup>6</sup> | N/A | 2.18 | 1.50 | 2.49 | 2.48 |

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The classification of distributions, if any, is an estimate. Before-sales-charge share value and current dividend rate for class A shares, if applicable, do not take into account any sales charge levied at the time of purchase. After-sales-charge share value, current dividend rate, and current 30-day SEC yield, if applicable, are calculated assuming that the maximum sales charge (2.25% for class A shares) was levied at the time of purchase. Final distribution information will appear on your year-end tax forms.

<sup>1</sup> For some investors, investment income may be subject to the federal alternative minimum tax.

<sup>2</sup> Capital gains, if any, are taxable for federal and, in most cases, state purposes.

<sup>3</sup> Most recent distribution, including any return of capital and excluding capital gains, annualized and divided by share price before or after sales charge at period-end.

<sup>4</sup> Assumes maximum 40.80% federal tax rate for 2022. Results for investors subject to lower tax rates would not be as advantageous.

<sup>5</sup> For a portion of the period, the fund had expense limitations, without which yields would have been lower.

<sup>6</sup> Based only on investment income and calculated using the maximum offering price for each share class, in accordance with SEC guidelines.

Short-Term Municipal Income Fund 11

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**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** |
| **Class A** (3/18/13) |  |  |  |  |
| Before sales charge | 0.71% | 0.88% | 0.10% | –2.44% |
| After sales charge | 0.48 | 0.42 | –0.65 | –4.63 |
| **Class C** (3/18/13) |  |  |  |  |
| Before CDSC | 0.20 | 0.16 | –0.62 | –3.12 |
| After CDSC | 0.20 | 0.16 | –0.62 | –4.08 |
| **Class R6** (5/22/18) |  |  |  |  |
| Net asset value | 0.97 | 1.17 | 0.35 | –2.23 |
| **Class Y** (3/18/13) |  |  |  |  |
| Net asset value | 0.97 | 1.16 | 0.36 | –2.17 |

---

See the discussion following the fund performance table on page 9 for information about the calculation of fund performance.

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

**<br>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 A** | **Class C** | **Class R6** | **Class Y** |
| Net expenses for the fiscal year ended 11/30/21<sup>\*</sup> | 0.59% | 1.34% | 0.33% | 0.34% |
| Total annual operating expenses for the fiscal year |  |  |  |  |
| ended 11/30/21 | 0.91% | 1.66% | 0.65% | 0.66% |
| Annualized expense ratio for the six-month period |  |  |  |  |
| ended 11/30/22<sup>†</sup> | 0.60% | 1.35% | 0.33% | 0.35% |

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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 3/30/23.

<sup>†</sup> Expense ratios for each class are for the fund's most recent fiscal half year. As a result of this, ratios may differ from expense ratios based on one-year data in the financial highlights.

12 Short-Term Municipal Income Fund

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**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 6/1/22 to 11/30/22. 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 A** | **Class C** | **Class R6** | **Class Y** |
| Expenses paid per $1,000<sup>\*†</sup> | $3.01 | $6.76 | $1.66 | $1.76 |
| Ending value (after expenses) | $1000.80 | $997.50 | $1002.70 | $1001.40 |

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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 11/30/22. 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 (183); and then dividing that result by the number of days in the year (365).

**Estimate the expenses you paid**

To estimate the ongoing expenses you paid for the six months ended 11/30/22, use the following calculation method. To find the value of your investment on 6/1/22, call Putnam at 1-800-225-1581. ![](shorttermmuniincx15x1.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 A** | **Class C** | **Class R6** | **Class Y** |
| Expenses paid per $1,000<sup>\*†</sup> | $3.04 | $6.83 | $1.67 | $1.78 |
| Ending value (after expenses) | $1022.06 | $1018.30 | $1023.41 | $1023.31 |

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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 11/30/22. 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 (183); and then dividing that result by the number of days in the year (365).

Short-Term Municipal Income Fund 13

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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.

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). Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Interest the fund receives might be taxable. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax.

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 negatively impact the fund. You can lose money by investing in the fund.

14 Short-Term Municipal Income Fund

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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.

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

**After sales charge** is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. After-sales-charge performance figures shown here assume the 2.25% maximum sales charge for class A shares.

**Contingent deferred sales charge (CDSC)** is generally a charge applied at the time of the redemption of class C shares and assumes redemption at the end of the period. The CDSC for class C shares is 1% for one year after purchase.

**Share classes**

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

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

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

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

**Fixed income terms**

**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.

**Yield curve** is a graph that plots the yields of bonds with equal credit quality against their differing maturity dates, ranging from shortest to longest. It is used as a benchmark for other debt, such as mortgage or bank lending rates.

**Comparative indexes**

**Bloomberg 3-Year Municipal Bond Index** is a subset of the Bloomberg Municipal Bond Index that measures the performance of investment-grade issues with remaining maturities of two to four years.

**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.

**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

Short-Term Municipal Income Fund 15

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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.

**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.

16 Short-Term Municipal Income Fund

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**Other information for shareholders**

**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 Securities and Exchange Commission (SEC) 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 November 30, 2022, Putnam employees had approximately $471,000,000 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.

Short-Term Municipal Income Fund 17

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**Important notice regarding Putnam's privacy policy**

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

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

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

18 Short-Term Municipal Income Fund

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**Trustee approval of management contract**

**General conclusions**

The Board of Trustees of The Putnam Funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund's management contract with Putnam Investment Management, LLC ("Putnam Management") and the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited ("PIL"). The Board, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not "interested persons" (as this term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of The Putnam Funds ("Independent Trustees").

At the outset of the review process, members of the Board's independent staff and independent legal counsel considered any possible changes to the annual contract review materials furnished to the Contract Committee during the course of the previous year's review and, as applicable, identified those changes to Putnam Management. Following these discussions and in consultation with the Contract Committee, the Independent Trustees' independent legal counsel requested that Putnam Management and its affiliates furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2022, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board's independent staff and by independent legal counsel for The Putnam Funds and the Independent Trustees.

In May 2022, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the continuance of the contracts. At the Trustees' June 2022 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial, performance and other data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its recommendations. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund's management contract and the approval of your fund's amended and restated sub-management contract, effective July 1, 2022. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not attempted to evaluate PIL as a separate entity, and all subsequent references to Putnam Management below should be deemed to include reference to PIL as necessary or appropriate in the context.)

The Independent Trustees' approval was based on the following conclusions:

• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, the costs incurred by Putnam Management in providing services to the fund and the application of certain reductions and waivers noted below; and

• That the fee schedule in effect for your fund represented an appropriate sharing between fund shareholders and Putnam Management of any economies of scale as may exist in the management of the fund at current asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others and that the Trustees' conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example,

Short-Term Municipal Income Fund 19

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with certain exceptions primarily involving newer or repositioned funds, the current fee arrangements under the vast majority of the funds' management contracts were first implemented at the beginning of 2010 following extensive review by the Contract Committee and discussions with representatives of Putnam Management, as well as approval by shareholders.

**Management fee schedules and total expenses**

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. Under its management contract, your fund has the benefit of breakpoints in its management fee schedule that provide shareholders with reduced fee levels as assets under management in the Putnam family of funds increase. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to fund shareholders. (Two funds have implemented so-called "all-in" management fees covering substantially all routine fund operating costs.) The Trustees considered that the proposed amended and restated sub-management contract would lower the sub-management fees paid by Putnam Management to PIL.

In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances — for example, changes in assets under management, changes in a fund's investment strategy, changes in Putnam Management's operating costs or profitability, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not indicate that changes to the management fee schedule for your fund would be appropriate at this time.

As in the past, the Trustees also focused on the competitiveness of each fund's total expense ratio. The Trustees and Putnam Management and the funds' investor servicing agent, Putnam Investor Services, Inc. ("PSERV"), have implemented expense limitations that were in effect during your fund's fiscal year ending in 2021. These expense limitations were: (i) a contractual expense limitation applicable to specified open-end funds, including your fund, of 25 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to specified open-end funds, including your fund, of 20 basis points on so-called "other expenses" (i.e., all expenses exclusive of management fees, distribution fees, investor servicing fees, investment-related expenses, interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses). These expense limitations attempt to maintain competitive expense levels for the funds. Most funds had sufficiently low expenses that these expense limitations were not operative during their fiscal years ending in 2021. However, in the case of your fund, the second expense limitation applied during its fiscal year ending in 2021. Putnam Management and PSERV have agreed to maintain these expense limitations until at least March 30, 2024. In addition, Putnam Management contractually agreed to waive fees and/or reimburse expenses of your fund to the extent that expenses of the fund (excluding payments under the fund's distribution plans, investor servicing fees, brokerage, interest, taxes, investment-related expenses, extraordinary expenses and acquired fund fees and expenses) would exceed an annual rate of 0.28% of its average net assets through at least March 30, 2024. During its fiscal year ending in 2021, your fund's expenses were reduced as a result of this expense limitation. Putnam Management and PSERV's commitment to these expense limitation arrangements, which were intended to support an effort to have fund expenses meet competitive standards, was an important factor in the Trustees' decision to approve the continuance of your fund's management contract and to approve your fund's amended and restated sub-management contract.

The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Broadridge Financial Solutions, Inc. ("Broadridge"). This comparative information included your fund's percentile ranking for effective management fees and total expenses (excluding any applicable 12b-1 fees), which provides a general indication of your fund's relative standing. In the custom peer group, your fund ranked in the first quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the second quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2021. The first quintile represents the least expensive funds and the fifth quintile the most expensive funds. The fee and expense data reported by

20 Short-Term Municipal Income Fund

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Broadridge as of December 31, 2021 reflected the most recent fiscal year-end data available in Broadridge's database at that time.

In connection with their review of fund management fees and total expenses, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of the revenues, expenses and profitability of Putnam Management and its affiliates, allocated on a fund-by-fund basis, with respect to the funds' management, distribution and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place for the Putnam funds, including the fee schedule for your fund, represented reasonable compensation for the services being provided and represented an appropriate sharing between fund shareholders and Putnam Management of any economies of scale as may exist in the management of the Putnam funds at that time.

The information examined by the Trustees in connection with their annual contract review for the Putnam funds included information regarding services provided and fees charged by Putnam Management and its affiliates to other clients, including collective investment trusts offered in the defined contribution and defined benefit retirement plan markets, sub-advised mutual funds, private funds sponsored by affiliates of Putnam Management, model-only separately managed accounts and Putnam Management's exchange-traded funds. This information included, in cases where a product's investment strategy corresponds with a fund's strategy, comparisons of those fees with fees charged to the Putnam funds, as well as an assessment of the differences in the services provided to these clients as compared to the services provided to the Putnam funds. The Trustees observed that the differences in fee rates between these clients and the Putnam funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect, among other things, historical competitive forces operating in separate marketplaces. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for other clients, and the Trustees also considered the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its other clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

**Investment performance**

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees' evaluation of the quality of services provided by Putnam Management under your fund's management contract. The Trustees were assisted in their review of Putnam Management's investment process and performance by the work of the investment oversight committees of the Trustees and the full Board of Trustees, which meet on a regular basis with individual portfolio managers and with senior management of Putnam Management's Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them and in general Putnam Management's ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.

The Trustees considered that, in the aggregate, the Putnam funds' performance was generally solid in 2021 against a backdrop of strong U.S. economic and financial market growth. The Trustees considered Putnam Management's observation that, despite an environment of generally strong growth, there had been various headwinds experienced in 2021. For the one-year period ended December 31, 2021, the Trustees noted that the Putnam funds, on an asset-weighted basis, ranked in the 52nd percentile of their peers as determined by Lipper Inc. ("Lipper") and, on an asset-weighted-basis, delivered a gross return that trailed their benchmarks by 0.1%. Over the longer-term, the Committee noted that, on an asset-weighted basis, the Putnam funds delivered

Short-Term Municipal Income Fund 21

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strong aggregate performance relative to their Lipper peers over the three-, five- and ten-year periods ended December 31, 2021, ranking in the 31st, 29th and 21st percentiles, respectively, and that the funds, in the aggregate, outperformed their benchmarks on a gross basis for each of those periods.

In addition to the performance of the individual Putnam funds, the Trustees considered, as they had in prior years, the performance of The Putnam Fund complex versus competitor fund complexes. In particular, the Trustees considered The Putnam Fund complex's performance as reported in the Barron's/Lipper Fund Families survey (the "Survey"), which ranks mutual fund companies based on their performance across a variety of asset types. The Trustees noted that The Putnam Fund complex continued to rank highly in the Survey, especially over the longer-term, with The Putnam Funds ranking as the 6th best performing mutual fund complex out of 45 complexes for the ten-year period and 13th out of 49 complexes for the five-year period. The Trustees noted that 2021 marked the fifth consecutive year that The Putnam Funds have ranked in the top ten fund complexes for the ten-year period. The Trustees also considered that The Putnam Fund complex's Survey performance over the one-year period was solid, with The Putnam Funds ranking 27th out of 51 complexes. In addition to the Survey, the Trustees also considered the Putnam funds' ratings assigned by Morningstar Inc., noting that 25 of the funds were four- or five-star rated at the end of 2021 (representing a decrease of one fund year-over-year) and that this included nine funds that had achieved a five-star rating (representing an increase of two funds year-over-year). They also noted, however, the disappointing investment performance of some Putnam funds for periods ended December 31, 2021 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor closely the performance of those funds and evaluate whether additional actions to address areas of underperformance may be warranted.

For purposes of the Trustees' evaluation of the Putnam funds' investment performance, the Trustees generally focus on a competitive industry ranking of each fund's total net return over a one-year, three-year and five-year period. For a number of Putnam funds with relatively unique investment mandates for which Putnam Management informed the Trustees that meaningful competitive performance rankings are not considered to be available, the Trustees evaluated performance based on their total gross and net returns and comparisons of those returns to the returns of selected investment benchmarks. In the case of your fund, the Trustees considered that its class A share cumulative total return performance at net asset value was in the following quartiles of its Lipper peer group (Lipper Short Municipal Debt Funds) for the one-year, three-year and five-year periods ended December 31, 2021 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):

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| | |
|:---|:---|
| One-year period | 1st |
| Three-year period | 2nd |
| Five-year period | 2nd |

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For the one-year period ended December 31, 2021, your fund's performance was in the top decile of its Lipper peer group. Over the one-year, three-year and five-year periods ended December 31, 2021, there were 139, 127 and 103 funds, respectively, in your fund's Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)

The Trustees considered Putnam Management's continued efforts to support fund performance through certain initiatives, including structuring compensation for portfolio managers to enhance accountability for fund performance, emphasizing accountability in the portfolio management process and affirming its commitment to a fundamental-driven approach to investing. The Trustees noted further that Putnam Management had made selective hires and internal promotions in 2021 to strengthen its investment team.

**Brokerage and soft-dollar allocations; investor servicing**

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other

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clients. Subject to policies established by the Trustees, soft dollars generated by these means are used predominantly to acquire brokerage and research services (including third-party research and market data) that enhance Putnam Management's investment capabilities and supplement Putnam Management's internal research efforts. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee. In addition, with the assistance of their Brokerage Committee, the Trustees indicated their continued intent to monitor the allocation of the Putnam funds' brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

Putnam Management may also receive benefits from payments that the funds make to Putnam Management's affiliates for investor or distribution services. In conjunction with the annual review of your fund's management and sub-management contracts, the Trustees reviewed your fund's investor servicing agreement with PSERV and its distributor's contract and distribution plans with Putnam Retail Management Limited Partnership ("PRM"), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV and PRM, as applicable, for such services are fair and reasonable in relation to the nature and quality of such services, the fees paid by competitive funds and the costs incurred by PSERV and PRM, as applicable, in providing such services. Furthermore, the Trustees were of the view that the investor services provided by PSERV were required for the operation of the funds, and that they were of a quality at least equal to those provided by other providers.

Short-Term Municipal Income Fund 23

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**Audited financial statements**

**These sections of the report, as well as the accompanying Notes, preceded by the Report of Independent Registered Public Accounting Firm, constitute the fund's audited 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.

**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.

24 Short-Term Municipal Income Fund

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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Putnam Funds Trust and Shareholders of<br>Putnam Short-Term Municipal Income Fund:

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the fund's portfolio, of Putnam Short-Term Municipal Income Fund (one of the funds constituting Putnam Funds Trust, referred to hereafter as the "Fund") as of November 30, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended November 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2022 and the financial highlights for each of the three years in the period ended November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended November 30, 2019 and the financial highlights for each of the periods ended on or prior to November 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated January 9, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP<br>Boston, Massachusetts<br>January 11, 2023

We have served as the auditor of one or more investment companies in the Putnam Investments family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.

Short-Term Municipal Income Fund 25

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**The fund's portfolio** 11/30/22

**Key to holding's abbreviations**

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| |
|:---|
| **AGM** Assured Guaranty Municipal Corporation |
| **COP** Certificates of Participation |
| **FHA Insd.** Federal Housing Administration Insured |
| **FNMA Coll.** Federal National Mortgage Association Collateralized |
| **FRB** Floating Rate Bonds: The rate shown is the current interest rate 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. |
| **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. |
| **G.O. Bonds** General Obligation Bonds |
| **GNMA Coll.** Government National Mortgage Association Collateralized |
| **PSFG** Permanent School Fund Guaranteed |
| **VRDN** Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 1.85% as of the close of the reporting period. |

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| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (99.0%)\*** | **Rating\*\*** | **Principal amount** | **Value** |
| **Alabama (0.7%)** | **Alabama (0.7%)** | **Alabama (0.7%)** | **Alabama (0.7%)** |
| Southeast Energy Auth. Commodity Supply Mandatory Put Bonds (12/1/29), Ser. A-1, 5.50%, 1/1/53 | A1 | $500000 | $531683 |
|  |  |  | **531683** |
| **Arizona (0.5%)** | **Arizona (0.5%)** | **Arizona (0.5%)** | **Arizona (0.5%)** |
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24 | BBB- | 5000 | 4962 |
| Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.), 5.75%, 11/15/24 | BBB+/P | 420000 | 422908 |
|  |  |  | **427870** |
| **California (15.2%)** | **California (15.2%)** | **California (15.2%)** | **California (15.2%)** |
| CA Hlth. Fac. Fin. Auth. Rev. Bonds, (Adventist Hlth. Syst./West Oblig. Group), Ser. A, 4.00%, 3/1/43 | A | 230000 | 213199 |
| CA Muni. Fin. Auth. Rev. Bonds, (Channing House), Ser. A, 5.00%, 5/15/23 | AA- | 650000 | 656999 |
| CA State Enterprise Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group-SDSU Properties, LLC), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/26 | Baa3 | 100000 | 103959 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/24 | Baa3 | 100000 | 102058 |
| CA State Infrastructure & Econ. Dev. Bank Mandatory Put Bonds (8/1/24), (CA Academy of Sciences), 2.20%, 8/1/47 | A2 | 1000000 | 985314 |
| CA State Infrastructure & Econ. Dev. Bank Rev. Bonds, (Performing Arts Ctr. of Los Angeles Cnty.), 5.00%, 12/1/28 | A | 640000 | 708730 |
| CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds, (Caritas Affordable Housing, Inc.), Ser. A, 5.00%, 8/15/23 | A- | 510000 | 516970 |

---

<br>26 Short-Term Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (99.0%)\*** *cont.* | **Rating\*\*** | **Principal amount** | **Value** |
| **California** *cont.* | **California** *cont.* | **California** *cont.* | **California** *cont.* |
| CA State Muni. Fin. Auth. COP, (Palomar Hlth.), Ser. A, AGM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29 | AA | $125000 | $134509 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/28 | AA | 115000 | 122703 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/27 | AA | 100000 | 106107 |
| CA State Muni. Fin. Auth. Rev. Bonds, (HumanGood Oblig. Group), Ser. A, 4.00%, 10/1/30 | A-/F | 165000 | 166102 |
| CA State Tobacco Securitization Agcy. Rev. Bonds, (Gold Country Settlement Funding Corp.), Ser. A, 5.00%, 6/1/23 | A | 1025000 | 1035041 |
| CA State U. Mandatory Put Bonds (11/1/26), Ser. B-2, 0.55%, 11/1/49 | Aa2 | 2000000 | 1720576 |
| Fontana, Special Tax Bonds, (Cmnty. Fac. Dist. No. 85), 3.00%, 9/1/23 | BB+/P | 250000 | 248780 |
| Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. A, AGM, zero %, 6/1/25 (Escrowed to Maturity) | AA | 1730000 | 1617096 |
| Imperial Cnty., Local Trans. Auth. Sales Tax Rev. Bonds, Ser. E, AGM, 5.00%, 6/1/32 | AA | 1135000 | 1235183 |
| Los Angeles Cnty., Regl. Fin. Auth. Rev. Bonds, (Vermont Manchester Social), 5.00%, 12/1/26 | AA+ | 400000 | 435684 |
| Los Angeles, Dept. of Arpt. Rev. Bonds, 5.00%, 5/15/28 | Aa3 | 500000 | 540295 |
| Port of Oakland Rev. Bonds, 1.181%, 5/1/25 | A1 | 600000 | 551169 |
| San Bernardino Cnty., FRB, Ser. C, 3.373%, 8/1/23 | Aa1 | 125000 | 124589 |
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 1.45%, 5/1/58 | VMIG 1 | 500000 | 500000 |
| Stockton, Unified School Dist. COP, 5.00%, 2/1/27 | A | 550000 | 593959 |
|  |  |  | **12419022** |
| **Colorado (2.6%)** | **Colorado (2.6%)** | **Colorado (2.6%)** | **Colorado (2.6%)** |
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (CommonSpirit Hlth.), Ser. A, 5.00%, 11/1/24 | A- | 800000 | 826278 |
| E-470 Pub. Hwy. Auth. Mandatory Put Bonds (9/1/24), Ser. B, 2.903%, 9/1/39 | A2 | 1000000 | 990320 |
| Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/25 | Baa1 | 160000 | 164802 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/24 | Baa1 | 100000 | 101591 |
|  |  |  | **2082991** |
| **Connecticut (1.9%)** | **Connecticut (1.9%)** | **Connecticut (1.9%)** | **Connecticut (1.9%)** |
| CT State Hlth. & Edl. Fac. Auth. Rev. Bonds, (Stamford Hosp. Oblig. Group (The)) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. M, 5.00%, 7/1/27 | BBB+ | 250000 | 264342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. M, 5.00%, 7/1/25 | BBB+ | 150000 | 155490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. L-1, 4.00%, 7/1/24 | BBB+ | 500000 | 502871 |
| CT State Hsg. Fin. Auth. Rev. Bonds, Ser. D2, 3.00%, 5/15/24 | Aaa | 600000 | 597662 |
|  |  |  | **1520365** |

---

<br>Short-Term Municipal Income Fund 27

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (99.0%)\*** *cont.* | **Rating\*\*** | **Principal amount** | **Value** |
| **District of Columbia (1.1%)** | **District of Columbia (1.1%)** | **District of Columbia (1.1%)** | **District of Columbia (1.1%)** |
| DC Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(D.C. Intl. School), 5.00%, 7/1/27 | BBB | $300000 | $310167 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Plenary Infrastructure DC, LLC), 5.00%, 8/31/25 | A3 | 500000 | 519493 |
| &nbsp;&nbsp;&nbsp;&nbsp;(KIPP DC), 5.00%, 7/1/23 | BBB+ | 100000 | 100890 |
|  |  |  | **930550** |
| **Florida (9.4%)** | **Florida (9.4%)** | **Florida (9.4%)** | **Florida (9.4%)** |
| FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (Nova Southeastern U., Inc.), 5.00%, 4/1/29 | A3 | 150000 | 162823 |
| FL State Muni. Pwr. Agcy. Rev. Bonds, (St. Lucie), Ser. B, 5.00%, 10/1/27 | A2 | 1050000 | 1144205 |
| Miami-Dade Cnty., Mandatory Put Bonds (7/1/24), (Waste Management, Inc.), Ser. B, 2.225%, 11/1/48 | A- | 1000000 | 959961 |
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmnty., Inc.), 5.00%, 8/1/36 (Prerefunded 8/1/23) | A-/F | 3000000 | 3126559 |
| Palm Beach Cnty., HFA Mandatory Put Bonds (2/1/24), (Christian Manor Restoration, LP), 1.25%, 2/15/25 | Aaa | 1985000 | 1912952 |
| St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/28 | BB+/F | 200000 | 186126 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/22 | BB+/F | 110000 | 109972 |
|  |  |  | **7602598** |
| **Georgia (1.9%)** | **Georgia (1.9%)** | **Georgia (1.9%)** | **Georgia (1.9%)** |
| Burke Cnty., Dev. Auth. Poll. Control |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Put Bonds (8/19/25), (GA Pwr. Co.), 2.875%, 12/1/49 | Baa1 | 500000 | 493536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Put Bonds (6/13/24), (GA Power Co.), 2.15%, 10/1/32 | Baa1 | 230000 | 223711 |
| Main Street Natural Gas, Inc. Gas Supply Mandatory Put Bonds (9/1/23), Ser. B, 3.274%, 4/1/48 | Aa1 | 800000 | 795771 |
|  |  |  | **1513018** |
| **Hawaii (0.3%)** | **Hawaii (0.3%)** | **Hawaii (0.3%)** | **Hawaii (0.3%)** |
| HI State Harbor Syst. Rev. Bonds, Ser. B, 0.90%, 7/1/23 | Aa3 | 250000 | 244745 |
|  |  |  | **244745** |
| **Illinois (4.1%)** | **Illinois (4.1%)** | **Illinois (4.1%)** | **Illinois (4.1%)** |
| Chicago, Special Assmt. Bonds, 1.99%, 12/1/23 | BBB/P | 100000 | 97557 |
| Chicago, Waste Wtr. Transmission Rev. Bonds, 5.00%, 1/1/23 | A | 200000 | 200393 |
| Cook Cnty., Cmnty. College G.O. Bonds, (Dist. No. 508), 5.25%, 12/1/30 | BBB | 500000 | 502318 |
| IL State G.O. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 10/1/24 | Baa1 | 500000 | 512888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 3/1/24 | Baa1 | 800000 | 815056 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/25 | Baa1 | 225000 | 225039 |
| IL State Fin. Auth. Mandatory Put Bonds (11/15/24), (OSF Hlth. Care Syst. Oblig. Group), Ser. B-1, 5.00%, 5/15/50 | A | 500000 | 512912 |

---

<br>28 Short-Term Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (99.0%)\*** *cont.* | **Rating\*\*** | **Principal amount** | **Value** |
| **Illinois** *cont.* | **Illinois** *cont.* | **Illinois** *cont.* | **Illinois** *cont.* |
| IL State Fin. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Presbyterian Homes Oblig. Group), Ser. A, 5.00%, 11/1/23 | A-/F | $75000 | $75967 |
| &nbsp;&nbsp;&nbsp;&nbsp;(The Washington and Jane Smith Home), 4.00%, 10/15/24 | BBB-/F | 215000 | 211950 |
| &nbsp;&nbsp;&nbsp;&nbsp;(The Washington and Jane Smith Home), 4.00%, 10/15/23 | BBB-/F | 205000 | 203868 |
|  |  |  | **3357948** |
| **Indiana (2.9%)** | **Indiana (2.9%)** | **Indiana (2.9%)** | **Indiana (2.9%)** |
| Hammond, Multi-School Bldg. Corp. Rev. Bonds, 5.00%, 7/15/24 | AA+ | 1160000 | 1198547 |
| IN State Fin Auth. Mandatory Put Bonds (11/15/23), (Fulcrum Centerpoint, LLC), 4.50%, 12/15/46 | Aaa | 650000 | 651136 |
| Rockport, Poll. Control Rev. Bonds, (AEP Generating Co.), 3.125%, 7/1/25 | A- | 500000 | 491491 |
|  |  |  | **2341174** |
| **Iowa (0.4%)** | **Iowa (0.4%)** | **Iowa (0.4%)** | **Iowa (0.4%)** |
| IA State Fin. Auth. Solid Waste Fac. Mandatory Put Bonds (4/1/24), (Gevo NW Iowa RNG, LLC), 1.50%, 1/1/42 | Aa3 | 300000 | 293515 |
|  |  |  | **293515** |
| **Kentucky (0.2%)** | **Kentucky (0.2%)** | **Kentucky (0.2%)** | **Kentucky (0.2%)** |
| KY Bond Dev. Corp. Edl. Fac. Rev. Bonds, (Transylvania U.), Ser. A, 5.00%, 3/1/27 | A- | 160000 | 170716 |
|  |  |  | **170716** |
| **Louisiana (1.8%)** | **Louisiana (1.8%)** | **Louisiana (1.8%)** | **Louisiana (1.8%)** |
| LA Stadium & Exposition Dist. Rev. Bonds, 4.00%, 7/3/23 | BBB+/F | 1000000 | 1003586 |
| LA State Offshore Term. Auth. Deepwater Port Mandatory Put Bonds (12/1/23), (Loop, LLC), Ser. A, 1.65%, 9/1/33 | A3 | 400000 | 394050 |
| St. John The Baptist Parish Mandatory Put Bonds (7/1/24), (Marathon Oil Corp.), 2.125%, 6/1/37 | Baa3 | 100000 | 96768 |
|  |  |  | **1494404** |
| **Maryland (0.4%)** | **Maryland (0.4%)** | **Maryland (0.4%)** | **Maryland (0.4%)** |
| Frederick Cnty., Special Tax Bonds, (Oakdale-Lake Linganore), 2.625%, 7/1/24 | BB/P | 140000 | 135578 |
| MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 5.00%, 6/1/29 | BBB- | 200000 | 211637 |
|  |  |  | **347215** |
| **Massachusetts (4.7%)** | **Massachusetts (4.7%)** | **Massachusetts (4.7%)** | **Massachusetts (4.7%)** |
| Dennis-Yarmouth, Regl. School Dist. G.O. Bonds, 4.50%, 11/14/23 | SP-1+ | 1000000 | 1018104 |
| Lowell, Collegiate Charter School Rev. Bonds, 4.00%, 6/15/24 | BB-/P | 35000 | 34737 |
| MA State Dev. Fin. Agcy. VRDN (Boston U.), Ser. U-6C, 1.00%, 10/1/42 | VMIG 1 | 1500000 | 1500000 |
| MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. SF-169, 4.00%, 12/1/44 | Aa1 | 15000 | 15006 |
| MA State Wtr. Resource Auth. VRDN, Ser. A-3, 1.94%, 8/1/37 | VMIG 1 | 1215000 | 1215000 |
|  |  |  | **3782847** |

---

<br>Short-Term Municipal Income Fund 29

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (99.0%)\*** *cont.* | **Rating\*\*** | **Principal amount** | **Value** |
| **Michigan (3.1%)** | **Michigan (3.1%)** | **Michigan (3.1%)** | **Michigan (3.1%)** |
| Detroit, G.O. Bonds, 5.00%, 4/1/25 | Ba2 | $600000 | $616466 |
| Flint, Hosp. Bldg. Auth. Rev. Bonds, (Hurley Med. Ctr.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 7/1/28 | BB+/P | 525000 | 526079 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 7/1/28 (Prerefunded 7/1/23) | AAA/P | 35000 | 35393 |
| Great Lakes, Wtr. Auth. Wtr. Supply Syst. Rev. Bonds, Ser. D, 5.00%, 7/1/28 | A+ | 1000000 | 1068046 |
| MI State Fin. Auth. Rev. Bonds, (Tobacco Settlement), Ser. A-1, 2.326%, 6/1/30 | A | 248893 | 226208 |
|  |  |  | **2472192** |
| **Minnesota (1.0%)** | **Minnesota (1.0%)** | **Minnesota (1.0%)** | **Minnesota (1.0%)** |
| Duluth, Econ. Dev. Auth. Rev. Bonds, (Benedictine Hlth. Syst. Oblig. Group), Ser. A, 3.00%, 7/1/24 | BB/P | 200000 | 195586 |
| Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds, (St. Luke's Hosp. of Duluth Oblig. Group), 5.00%, 6/15/27 | BBB- | 535000 | 553211 |
| MN State Res. Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 4.00%, 7/1/38 | Aa1 | 30000 | 30048 |
|  |  |  | **778845** |
| **Missouri (3.5%)** | **Missouri (3.5%)** | **Missouri (3.5%)** | **Missouri (3.5%)** |
| Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Kansas City, Intl. Arpt.), 5.00%, 3/1/30 | A2 | 1000000 | 1069330 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/27 | A2 | 1000000 | 1055600 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/26 | A2 | 500000 | 522008 |
| Plaza at Noah's Ark Cmnty. Impt. Dist. Rev. Bonds, 3.00%, 5/1/23 | B+/P | 150000 | 149067 |
|  |  |  | **2796005** |
| **Montana (—%)** | **Montana (—%)** | **Montana (—%)** | **Montana (—%)** |
| MT State Board of Hsg. Rev. Bonds, Ser. A-2, FHA Insd., 3.00%, 12/1/43 | Aa1 | 10000 | 9935 |
|  |  |  | **9935** |
| **Nebraska (1.2%)** | **Nebraska (1.2%)** | **Nebraska (1.2%)** | **Nebraska (1.2%)** |
| Central Plains, Energy Mandatory Put Bonds (1/1/24), (No. 4), 5.00%, 3/1/50 | A2 | 1000000 | 1009335 |
|  |  |  | **1009335** |
| **Nevada (1.2%)** | **Nevada (1.2%)** | **Nevada (1.2%)** | **Nevada (1.2%)** |
| Clark Cnty., Arpt. Rev. Bonds, (Jet Aviation Fuel Tax), 5.00%, 7/1/26 | A1 | 500000 | 526203 |
| Clark Cnty., School Dist. G.O. Bonds, Ser. C, 5.00%, 6/15/28 | A1 | 450000 | 477747 |
|  |  |  | **1003950** |
| **New Jersey (4.7%)** | **New Jersey (4.7%)** | **New Jersey (4.7%)** | **New Jersey (4.7%)** |
| Newark, G.O. Bonds, Ser. A, AGM, 5.00%, 10/1/23 | AA | 960000 | 976857 |
| NJ State Econ. Dev. Auth. Mandatory Put Bonds (6/1/23), (NJ-American Water Co., Inc.), 1.20%, 11/1/34 | A1 | 500000 | 495144 |
| NJ State Econ. Dev. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(NJ Transit Corp.), Ser. B, 5.00%, 11/1/24 | A3 | 500000 | 518499 |
| &nbsp;&nbsp;&nbsp;&nbsp;(School Fac. Construction), 3.40%, 9/1/27 | A3 | 100000 | 100046 |

---

<br>30 Short-Term Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (99.0%)\*** *cont.* | **Rating\*\*** | **Principal amount** | **Value** |
| **New Jersey** *cont.* | **New Jersey** *cont.* | **New Jersey** *cont.* | **New Jersey** *cont.* |
| NJ State Higher Ed. Assistance Auth. Rev. Bonds, Ser. B, 5.00%, 12/1/26 | Aaa | $1015000 | $1074287 |
| NJ State Trans. Trust Fund Auth. Rev. Bonds, Ser. AA, 5.25%, 6/15/30 | A3 | 650000 | 656406 |
|  |  |  | **3821239** |
| **New Mexico (0.5%)** | **New Mexico (0.5%)** | **New Mexico (0.5%)** | **New Mexico (0.5%)** |
| Farmington, Poll. Control Rev. Bonds, (Pub. Service Co. of NM), Ser. B, 2.15%, 4/1/33 | Baa2 | 250000 | 201911 |
| NM State Hosp. Equip. Loan Council First Mtge. Rev. Bonds, (La Vida Expansion), Ser. C, 2.25%, 7/1/23 | BB+/F | 200000 | 197940 |
|  |  |  | **399851** |
| **New York (7.8%)** | **New York (7.8%)** | **New York (7.8%)** | **New York (7.8%)** |
| Long Island, Pwr. Auth. Elec. Syst. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Put Bonds (9/1/26), Ser. B, 1.50%, 9/1/51 | A2 | 200000 | 181736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandatory Put Bonds (9/1/25), Ser. B, 0.85%, 9/1/50 | A2 | 500000 | 455535 |
| NY City, VRDN, Ser. I-2, 1.00%, 3/1/40 | VMIG 1 | 1000000 | 1000000 |
| NY City, Hsg. Dev. Corp. Mandatory Put Bonds (7/3/23), Ser. B-2, 2.10%, 11/1/58 | AA+ | 125000 | 124504 |
| NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A-1, 1.40%, 5/1/24 | AA+ | 475000 | 459608 |
| NY City, Transitional Fin. Auth. Future Tax Secd. Rev. Bonds, Ser. C, 5.00%, 11/1/27 | AAA | 1500000 | 1581187 |
| NY State Dorm. Auth. Rev. Bonds, (St. Joseph's College) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | BBB-/F | 75000 | 80585 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | BBB-/F | 75000 | 80257 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | BBB-/F | 75000 | 79634 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | BBB-/F | 200000 | 208903 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/24 | BBB-/F | 175000 | 178858 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/23 | BBB-/F | 100000 | 100890 |
| NY State Hsg. Fin. Agcy. Rev. Bonds, (Climate Bond Certified), FNMA Coll., 1.625%, 5/1/23 | Aa2 | 525000 | 522334 |
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (JFK Intl. Arpt. Term. 4, LLC), 5.00%, 12/1/25 | Baa1 | 225000 | 232623 |
| Port Auth. of NY & NJ Rev. Bonds, Ser. 207, 5.00%, 9/15/25 | Aa3 | 960000 | 1002060 |
|  |  |  | **6288714** |
| **North Carolina (0.2%)** | **North Carolina (0.2%)** | **North Carolina (0.2%)** | **North Carolina (0.2%)** |
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), 3.00%, 3/1/23 | BB/P | 150000 | 149504 |
|  |  |  | **149504** |
| **Ohio (3.8%)** | **Ohio (3.8%)** | **Ohio (3.8%)** | **Ohio (3.8%)** |
| Akron Bath Coply Joint Twp. Hosp. Dist. Rev. Bonds, (Summa Hlth. Syst. Oblig. Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | BBB+/F | 180000 | 191155 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 | BBB+/F | 255000 | 265693 |
| OH State Higher Edl. Fac. Comm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cleveland Inst. of Music (The)), 5.00%, 12/1/27 | BBB- | 700000 | 720960 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ashtabula Cnty. Med. Ctr.), 5.00%, 1/1/26 | BBB+/F | 100000 | 103173 |

---

<br>Short-Term Municipal Income Fund 31

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (99.0%)\*** *cont.* | **Rating\*\*** | **Principal amount** | **Value** |
| **Ohio** *cont.* | **Ohio** *cont.* | **Ohio** *cont.* | **Ohio** *cont.* |
| OH State Higher Edl. Fac. Comm. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ashtabula Cnty. Med. Ctr.), 5.00%, 1/1/25 | BBB+/F | $100000 | $102274 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Ashtabula Cnty. Med. Ctr.), 5.00%, 1/1/24 | BBB+/F | 90000 | 91225 |
| OH State Wtr. Dev. Auth. Rev. Bonds, (Fresh Wtr. Fund), 5.00%, 12/1/24 | Aaa | 1025000 | 1065403 |
| Ohio State Air Qlty. Dev. Auth. Mandatory Put Bonds (6/1/27), (Duke Energy Corp.), Ser. 22B, 4.00%, 9/1/30 | Baa2 | 500000 | 501268 |
|  |  |  | **3041151** |
| **Pennsylvania (5.9%)** | **Pennsylvania (5.9%)** | **Pennsylvania (5.9%)** | **Pennsylvania (5.9%)** |
| Monroeville, Fin. Auth. Rev. Bonds, (U. of Pittsburgh Med. Ctr.), Ser. B, 5.00%, 2/15/24 | A2 | 715000 | 733312 |
| Philadelphia, Arpt. Rev. Bonds, Ser. C, 5.00%, 7/1/24 | A2 | 750000 | 769677 |
| Philadelphia, Auth. for Indl. Dev. City Agreement Rev. Bonds, 5.00%, 12/1/27 | A2 | 1560000 | 1649099 |
| Pittsburgh Wtr. & Swr. Auth. Mandatory Put Bonds (12/1/23), Ser. C, AGM, 2.50%, 9/1/40 | AA | 625000 | 624379 |
| Scranton, School Dist. G.O. Bonds, Ser. 14-R, 3.412%, 4/1/31 | A1 | 885000 | 883833 |
| Westmoreland Cnty. Indl. Dev. Auth. Hlth. Syst. Rev. Bonds, (Excela Hlth. Oblig. Group), Ser. A, 4.00%, 7/1/23 | Baa1 | 150000 | 150481 |
|  |  |  | **4810781** |
| **Puerto Rico (0.2%)** | **Puerto Rico (0.2%)** | **Puerto Rico (0.2%)** | **Puerto Rico (0.2%)** |
| Cmnwlth. of PR, FRN, zero %, 11/1/51 | BB/P | 13421 | 4764 |
| Cmnwlth. of PR, G.O. Bonds, Ser. A1, 5.25%, 7/1/23 | BB/P | 124996 | 125544 |
| Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. CC, AGM, 5.50%, 7/1/29 | AA | 55000 | 56396 |
|  |  |  | **186704** |
| **South Carolina (1.3%)** | **South Carolina (1.3%)** | **South Carolina (1.3%)** | **South Carolina (1.3%)** |
| SC State Jobs Econ. Dev. Auth. Hosp. VRDN (Prisma Hlth. Oblig. Group), Ser. B, 1.06%, 5/1/48 | VMIG 1 | 500000 | 500000 |
| SC State Pub. Svcs. Auth. Rev. Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 5.00%, 12/1/25 | A3 | 355000 | 372985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ser. E, 5.00%, 12/1/25 | A3 | 150000 | 157599 |
|  |  |  | **1030584** |
| **Tennessee (0.1%)** | **Tennessee (0.1%)** | **Tennessee (0.1%)** | **Tennessee (0.1%)** |
| Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.00%, 7/1/26 <sup>##</sup> | A1 | 50000 | 52628 |
|  |  |  | **52628** |
| **Texas (7.8%)** | **Texas (7.8%)** | **Texas (7.8%)** | **Texas (7.8%)** |
| Fort Bend, Indpt. School Dist. Mandatory Put Bonds (8/1/26), Ser. B, PSFG, 0.72%, 8/1/51 | AAA | 860000 | 771181 |
| Houston, Indpt. School Dist. Mandatory Put Bonds (6/1/25), Ser. A-2, PSFG, 3.50%, 6/1/39 | Aaa | 2000000 | 1978751 |
| Northwest TX Indpt. School Dist. G.O. Bonds, Ser. A, PSFG, 5.00%, 2/15/24 | Aaa | 1695000 | 1742681 |
| SA Energy Acquisition Pub. Fac. Corp. Rev. Bonds, (Gas Supply), 5.50%, 8/1/25 | A2 | 75000 | 77706 |
| San Antonio, Wtr. Syst. Mandatory Put Bonds (5/1/24), Ser. A, 2.625%, 5/1/49 | AA+ | 1000000 | 997930 |

---

<br>32 Short-Term Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| **MUNICIPAL BONDS AND NOTES (99.0%)\*** *cont.* | **Rating\*\*** | **Principal amount** | **Value** |
| **Texas** *cont.* | **Texas** *cont.* | **Texas** *cont.* | **Texas** *cont.* |
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Mandatory Put Bonds (5/15/26), (Baylor Scott & White Hlth.), 5.00%, 11/15/52 | Aa3 | $650000 | $686984 |
| TX State Affordable Hsg. Corp. Rev. Bonds, Ser. A, GNMA Coll., 5.25%, 9/1/28 | Aaa | 55000 | 55056 |
|  |  |  | **6310289** |
| **Utah (1.8%)** | **Utah (1.8%)** | **Utah (1.8%)** | **Utah (1.8%)** |
| Infrastructure Agcy. Telecomm. Rev. Bonds, 5.00%, 10/15/27 | BBB-/F | 455000 | 467210 |
| Salt Lake City, Arpt. Rev. Bonds, Ser. A, 5.00%, 7/1/29 | A2 | 500000 | 527658 |
| UT Infrastructure Agcy. Rev. Bonds, Ser. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/26 | BBB-/F | 250000 | 238090 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/23 | BBB-/F | 250000 | 247445 |
|  |  |  | **1480403** |
| **Virgin Islands (0.2%)** | **Virgin Islands (0.2%)** | **Virgin Islands (0.2%)** | **Virgin Islands (0.2%)** |
| Matching Fund Special Purpose Securitization Corp. Rev. Bonds, Ser. A, 5.00%, 10/1/25 | BB/P | 125000 | 127669 |
|  |  |  | **127669** |
| **Virginia (0.3%)** | **Virginia (0.3%)** | **Virginia (0.3%)** | **Virginia (0.3%)** |
| VA State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group), 5.00%, 1/1/25 | A/F | 250000 | 257452 |
|  |  |  | **257452** |
| **Washington (4.4%)** | **Washington (4.4%)** | **Washington (4.4%)** | **Washington (4.4%)** |
| Port of Seattle Rev. Bonds, Ser. B, 5.00%, 5/1/27 | AA- | 1000000 | 1064732 |
| Seattle, Muni. Lt. & Pwr. Mandatory Put Bonds (11/1/26), Ser. B, 2.10%, 5/1/45 | Aa2 | 1500000 | 1465485 |
| WA State Hlth. Care Fac. Auth. Mandatory Put Bonds 7/3/23), (Fred Hutchinson Cancer Research Ctr.), 2.90%, 1/1/42 (Prerefunded (1/3/23)) | A2 | 1000000 | 1000008 |
|  |  |  | **3530225** |
| **Wisconsin (1.9%)** | **Wisconsin (1.9%)** | **Wisconsin (1.9%)** | **Wisconsin (1.9%)** |
| WI State COP, Ser. A, 4.00%, 9/1/24 | Aa2 | 1545000 | 1574152 |
|  |  |  | **1574152** |
| **Total municipal bonds and notes (cost $81,043,962)** | **Total municipal bonds and notes (cost $81,043,962)** | **Total municipal bonds and notes (cost $81,043,962)** | **$80192269** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (0.4%)\*** | **Shares** | **Value** |
| Putnam Short Term Investment Fund Class P 3.95% <sup>L</sup> | 321429 | $321429 |
| **Total short-term investments (cost $321,429)** | **Total short-term investments (cost $321,429)** | **$321429** |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $81,365,391)** | **$80513698** |

---

---

| | |
|:---|:---|
| **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 December 1, 2021 through November 30, 2022 (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 $81,024,783. |

---

<br>Short-Term Municipal Income Fund 33

------

---

| | | |
|:---|:---|:---|
| <sup>\*\*</sup> | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. Ratings are not covered by the Report of Independent Registered Public Accounting Firm. For further details regarding security ratings, please see the Statement of Additional Information. | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. Ratings are not covered by the Report of Independent Registered Public Accounting Firm. For further details regarding security ratings, please see the Statement of Additional Information. |
| <sup>##</sup> | Forward commitment, in part or in entirety (Note 1). | Forward commitment, in part or in entirety (Note 1). |
| <sup>L</sup> | Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 1.85%, 4.14% and 4.78%, respectively, as of the close of the reporting period. | On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 1.85%, 4.14% and 4.78%, respectively, as of the close of the reporting period. |
|  | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. |
|  | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. |
|  | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): |
|  | Local debt | 18.4% |
|  | Utilities | 15.2 |
|  | Health care | 11.0 |
|  | Transportation | 10.3 |

---

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** |
| Municipal bonds and notes | $— | $80192269 | $— |
| Short-term investments |  | 321429 |  |
| **Totals by level** | **$—** | **$80513698** | **$—** |

---

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

<br>34 Short-Term Municipal Income Fund

------

**Statement of assets and liabilities** 11/30/22

---

| | |
|:---|:---|
| **ASSETS** |  |
| Investment in securities, at value (Note 1): |  |
| Unaffiliated issuers (identified cost $81,043,962) | $80192269 |
| Affiliated issuers (identified cost $321,429) (Note 5) | 321429 |
| Interest and other receivables | 822707 |
| Receivable for shares of the fund sold | 571913 |
| Receivable for investments sold | 5000 |
| Receivable from Manager (Note 2) | 26830 |
| Prepaid assets | 25610 |
| **Total assets** | **81965758** |
| **LIABILITIES** |  |
| Payable for purchases of delayed delivery securities (Note 1) | 52135 |
| Payable for shares of the fund repurchased | 804533 |
| Payable for custodian fees (Note 2) | 3614 |
| Payable for investor servicing fees (Note 2) | 8175 |
| Payable for Trustee compensation and expenses (Note 2) | 1387 |
| Payable for administrative services (Note 2) | 207 |
| Payable for distribution fees (Note 2) | 11992 |
| Distributions payable to shareholders | 354 |
| Other accrued expenses | 58578 |
| **Total liabilities** | **940975** |
| **Net assets** | **$81024783** |
| **REPRESENTED BY** |  |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $82204145 |
| Total distributable earnings (Note 1) | (1179362) |
| **Total — Representing net assets applicable to capital shares outstanding** | **$81024783** |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE** |  |
| **Net asset value and redemption price per class A share** ($30,734,746 divided by 3,146,783 shares) | $9.77 |
| **Offering price per class A share** (100/97.75 of $9.77)<sup>\*</sup> | $9.99 |
| **Net asset value and offering price per class C share** ($443,845 divided by 45,631 shares)<sup>\*\*</sup> | $9.73 |
| **Net asset value, offering price and redemption price per class R6 share** |  |
| ($4,940,173 divided by 506,342 shares) | $9.76 |
| **Net asset value, offering price and redemption price per class Y share** |  |
| ($44,906,019 divided by 4,600,568 shares) | $9.76 |

---

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

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

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

Short-Term Municipal Income Fund 35

------

**Statement of operations** Year ended 11/30/22

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| Interest (including interest income of $17,092 from investments in affiliated issuers) (Note 5) | $953217 |
| **Total investment income** | **953217** |
| **EXPENSES** |  |
| Compensation of Manager (Note 2) | 152646 |
| Investor servicing fees (Note 2) | 35951 |
| Custodian fees (Note 2) | 8219 |
| Trustee compensation and expenses (Note 2) | 2160 |
| Distribution fees (Note 2) | 70920 |
| Administrative services (Note 2) | 1535 |
| Auditing and tax fees | 43292 |
| Blue sky expense | 81852 |
| Other | 31202 |
| Fees waived and reimbursed by Manager (Note 2) | (166474) |
| **Total expenses** | **261303** |
| Expense reduction (Note 2) | (235) |
| **Net expenses** | **261068** |
| **Net investment income** | **692149** |
| **REALIZED AND UNREALIZED LOSS** |  |
| **Net realized loss on:** |  |
| Securities from unaffiliated issuers (Notes 1 and 3) | (378987) |
| **Total net realized loss** | **(378987)** |
| **Change in net unrealized depreciation on:** |  |
| Securities from unaffiliated issuers | (1235531) |
| **Total change in net unrealized depreciation** | **(1235531)** |
| **Net loss on investments** | **(1614518)** |
| **Net decrease in net assets resulting from operations** | **$(922369)** |

---

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

36 Short-Term Municipal Income Fund

------

**Statement of changes in net assets**

---

| | | |
|:---|:---|:---|
| **INCREASE IN NET ASSETS** | **Year ended 11/30/22** | **Year ended 11/30/21** |
| **Operations** |  |  |
| Net investment income | $692149 | $377353 |
| Net realized gain (loss) on investments | (378987) | 235311 |
| Change in net unrealized depreciation of investments | (1235531) | (134748) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **(922369)** | **477916** |
| Distributions to shareholders (Note 1): |  |  |
| From ordinary income |  |  |
| Taxable net investment income |  |  |
| Class A | (920) | (3179) |
| Class B |  | (3) |
| Class C | (13) | (43) |
| Class R6 | (148) | (312) |
| Class Y | (1345) | (2491) |
| Net realized short-term gain on investments |  |  |
| Class A | (109412) | (31188) |
| Class B | (86) | (73) |
| Class C | (1504) | (682) |
| Class R6 | (10773) | (3719) |
| Class Y | (79823) | (33501) |
| From net realized long-term gain on investments |  |  |
| Class A | (15646) |  |
| Class B | (12) |  |
| Class C | (215) |  |
| Class R6 | (1543) |  |
| Class Y | (11454) |  |
| From tax-exempt net investment income |  |  |
| Class A | (265400) | (157907) |
| Class B | (5) | (190) |
| Class C | (1652) | (195) |
| Class R6 | (57069) | (23260) |
| Class Y | (318921) | (184560) |
| Increase from capital share transactions (Note 4) | 30384321 | 5840307 |
| **Total increase in net assets** | **28586011** | **5876920** |
| **NET ASSETS** |  |  |
| Beginning of year | 52438772 | 46561852 |
| **End of year** | **$81024783** | **$52438772** |

---

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

Short-Term Municipal Income Fund 37

------

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | | | **LESS DISTRIBUTIONS** | | | | | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | |
|  |  |  |  |  |  |  |  |  |  |  | Ratio | Ratio of net |  |
|  | **Net asset** |  | Net realized |  |  |  |  |  |  |  | of expenses | investment |  |
|  | **value,** |  | and unrealized | **Total from** |  | From |  | **Net asset** | **Total return** | **Net assets,** | to average | income (loss) | Portfolio |
|  | **beginning** | Net investment | gain (loss) | **investment** | From | net realized gain | **Total** | **value, end** | **at net asset** | **end of period** | net assets | to average | turnover |
| Period ended | **of period** | income (loss) | on investments | **operations** | net investment income | on investments | **distributions** | **of period** | **value (%)**<sup>a</sup> | **(in thousands)** | (%)<sup>b,c</sup> | net assets (%)<sup>c</sup> | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$10.17** | .10 | (.36) | **(.26)** | (.10) | (.04) | **(.14)** | **$9.77** | **(2.56)** | **$30735** | .60 | 1.09 | 39 |
| November 30, 2021 | **10.15** | .07 | .04 | **.11** | (.07) | (.02) | **(.09)** | **10.17** | **1.00** | **27661** | .59 | .63 | 54 |
| November 30, 2020 | **10.08** | .12 | .07 | **.19** | (.12) | —<sup>d</sup> | **(.12)** | **10.15** | **1.95** | **20955** | .59 | 1.19 | 51 |
| November 30, 2019 | **9.95** | .17 | .13 | **.30** | (.17) |  | **(.17)** | **10.08** | **2.99** | **14450** | .60 | 1.67 | 83 |
| November 30, 2018 | **9.97** | .14 | (.02) | **.12** | (.14) |  | **(.14)** | **9.95** | **1.22** | **9792** | .61 | 1.43 | 76 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$10.15** | .05 | (.39) | **(.34)** | (.04) | (.04) | **(.08)** | **$9.73** | **(3.31)** | **$444** | 1.35 | .34 | 39 |
| November 30, 2021 | **10.15** | .01 | .02 | **.03** | (.01) | (.02) | **(.03)** | **10.15** | **.21** | **374** | 1.34 | (.07) | 54 |
| November 30, 2020 | **10.08** | .04 | .08 | **.12** | (.05) | —<sup>d</sup> | **(.05)** | **10.15** | **1.22** | **423** | 1.34 | .37 | 51 |
| November 30, 2019 | **9.94** | .09 | .14 | **.23** | (.09) |  | **(.09)** | **10.08** | **2.32** | **311** | 1.35 | .93 | 83 |
| November 30, 2018 | **9.97** | .07 | (.03) | **.04** | (.07) |  | **(.07)** | **9.94** | **.36** | **280** | 1.36 | .68 | 76 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$10.17** | .13 | (.37) | **(.24)** | (.13) | (.04) | **(.17)** | **$9.76** | **(2.36)** | **$4940** | .33 | 1.44 | 39 |
| November 30, 2021 | **10.15** | .09 | .04 | **.13** | (.09) | (.02) | **(.11)** | **10.17** | **1.27** | **2715** | .33 | .91 | 54 |
| November 30, 2020 | **10.08** | .14 | .08 | **.22** | (.15) | —<sup>d</sup> | **(.15)** | **10.15** | **2.22** | **2313** | .33 | 1.42 | 51 |
| November 30, 2019 | **9.94** | .20 | .13 | **.33** | (.19) |  | **(.19)** | **10.08** | **3.37** | **1347** | .33 | 1.95 | 83 |
| November 30, 2018 <sup>†</sup> | **9.93** | .10 | .01 | **.11** | (.10) |  | **(.10)** | **9.94** | **1.10**<sup>\*</sup> | **1091** | .17<sup>\*</sup> | 1.02<sup>\*</sup> | 76 |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$10.17** | .13 | (.38) | **(.25)** | (.12) | (.04) | **(.16)** | **$9.76** | **(2.39)** | **$44906** | .35 | 1.44 | 39 |
| November 30, 2021 | **10.15** | .09 | .04 | **.13** | (.09) | (.02) | **(.11)** | **10.17** | **1.26** | **21666** | .34 | .91 | 54 |
| November 30, 2020 | **10.08** | .14 | .08 | **.22** | (.15) | —<sup>d</sup> | **(.15)** | **10.15** | **2.21** | **22819** | .34 | 1.38 | 51 |
| November 30, 2019 | **9.94** | .19 | .14 | **.33** | (.19) |  | **(.19)** | **10.08** | **3.34** | **8489** | .35 | 1.93 | 83 |
| November 30, 2018 | **9.97** | .17 | (.03) | **.14** | (.17) |  | **(.17)** | **9.94** | **1.37** | **7694** | .36 | 1.66 | 76 |

---

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

<sup>†</sup> For the period May 22, 2018 (commencement of operations) to November 30, 2018.

<sup>a</sup> Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

<sup>c</sup> Reflects an involuntary contractual expense limitations in effect during the period. As a result of such limitations, the expenses of each class reflect a reduction of the following amount (Note 2):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Percentage of average net assets** | **Percentage of average net assets** | **Percentage of average net assets** |
| | <br>**11/30/22** | <br>**11/30/21** | **11/30/20** | **11/30/19** | **11/30/18** |
| Class A | 0.30% | 0.32% | 0.47% | 0.84% | 1.01% |
| Class C | 0.30 | 0.32 | 0.47 | 0.84 | 1.01 |
| Class R6 | 0.30 | 0.32 | 0.47 | 0.84 | 0.54 |
| Class Y | 0.30 | 0.32 | 0.47 | 0.84 | 1.01 |

---

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

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

38 Short-Term Municipal Income Fund Short-Term Municipal Income Fund 39

------

**Notes to financial statements** 11/30/22

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 December 1, 2021 through November 30, 2022.

Putnam Short-Term Municipal Income 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 level of current income exempt from federal income tax as Putnam Management believes is consistent with preservation of capital. The fund invests mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)) and that have short-term maturities (i.e., three years or less). The bonds the fund invests in are mainly investment-grade in quality. Under normal circumstances, Putnam Management invests at least 80% of the fund's net assets in tax-exempt investments, which for purposes of this policy include investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund's shareholders. 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** |
|  |  | 1.00% on certain redemptions of shares |  |
| Class A | Up to 2.25% | bought with no initial sales charge |  |
|  |  |  | Converts to class A shares |
| Class B<sup>\*</sup> |  | 1.00% phased out over two years | after 8 years |
|  |  |  | Converts to class A shares |
| Class C |  | 1.00% eliminated after one year | after 8 years |
| Class R6<sup>†</sup> |  |  |  |
| Class Y<sup>†</sup> |  |  |  |

---

<sup>\*</sup> Purchases of class B shares are closed to new and existing investors except by exchange from class B shares of another Putnam fund or through dividend and/or capital gains reinvestment. Effective January 6, 2022, class B shares were liquidated.

<sup>†</sup> Not available to all investors.

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.

40 Short-Term Municipal Income Fund

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**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.

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.

Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. 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. 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. 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.

**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, and including amortization and accretion of premiums and discounts on debt securities, is recorded on the accrual basis.

Securities purchased or sold on a forward commitment or delayed delivery basis may be settled at a future date beyond customary settlement time; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the fair value of the underlying securities or if the counterparty does not perform under the contract.

**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 borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund's investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

Short-Term Municipal Income Fund 41

------

**Lines of credit** The fund participates, along with other Putnam funds, in a $100 million ($317.5 million prior to October 14, 2022) unsecured committed line of credit and a $235.5 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the committed line of credit and 1.30% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

**Federal taxes** It is the policy of the fund to distribute all of its 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.

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At November 30, 2022, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:

---

| | | |
|:---|:---|:---|
|  | **Loss carryover** |  |
| **Short-term** | **Long-term** | **Total** |
| $103682 | $239234 | $342916 |

---

**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. For the reporting period, there were no material temporary or permanent differences. 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. At the close of the reporting period, the fund reclassified $25,081 to decrease undistributed net investment income and $25,081 to decrease accumulated net realized loss.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

---

| | |
|:---|:---|
| Unrealized appreciation | $424521 |
| Unrealized depreciation | (1284777) |
| Net unrealized depreciation | (860256) |
| Undistributed ordinary income | 15387 |
| Undistributed tax-exempt income | 8774 |
| Capital loss carryforward | (342916) |
| Cost for federal income tax purposes | $81373954 |

---

42 Short-Term Municipal Income Fund

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**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 a management fee (based on the fund's average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of all open-end mutual funds sponsored by Putnam Management (excluding net assets of funds that are invested in, or that are invested in by, other Putnam funds to the extent necessary to avoid "double counting" of those assets). Such annual rates may vary as follows:

---

| | | | |
|:---|:---|:---|:---|
| 0.440% | of the first $5 billion, | 0.240% | of the next $50 billion, |
| 0.390% | of the next $5 billion, | 0.220% | of the next $50 billion, |
| 0.340% | of the next $10 billion, | 0.210% | of the next $100 billion and |
| 0.290% | of the next $10 billion, | 0.205% | of any excess thereafter. |

---

For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.278% of the fund's average net assets.

Putnam Management has contractually agreed, through March 30, 2024, to waive fees and/or reimburse the fund's expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund's investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund's average net assets over such fiscal year-to-date period. During the reporting period, the fund's expenses were reduced by $57,810 as a result of this limit.

Putnam Management has also contractually agreed to waive fees (and, to the extent necessary, bear other expenses) of the fund through March 30, 2024, to the extent that total expenses of the fund (excluding brokerage, interest, taxes, investment-related expenses, payments under distribution plans, extraordinary expenses, payments under the fund's investor servicing contract and acquired fund fees and expenses, but including payments under the fund's investment management contract) would exceed an annual rate of 0.28% of the fund's average net assets. During the reporting period, the fund's expenses were reduced by $108,664 as a result of this limit.

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% (prior to July 1, 2022, the annual rate was 0.25%) 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. received fees for investor servicing for class A, class B, class C and class Y shares that included (1) a per account fee for each direct and underlying non-defined contribution account (retail account) of the fund; (2) a specified rate of the fund's assets attributable to defined contribution plan accounts; and (3) a specified rate based on the average net assets in retail accounts. Putnam Investor Services, Inc. has agreed that the aggregate investor servicing fees for each fund's retail and defined contribution accounts for these share classes will not exceed an annual rate of 0.25% of the fund's average assets attributable to such accounts.

Class R6 shares paid a monthly fee based on the average net assets of class R6 shares at an annual rate of 0.05%.

Short-Term Municipal Income Fund 43

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

---

| | | | |
|:---|:---|:---|:---|
| Class A | $17809 | Class R6 | 2055 |
| Class B<sup>\*</sup> | 1 | Class Y | 15832 |
| Class C | 254 | **Total** | **$35951** |

---

<sup>\*</sup> Class B shares were liquidated on January 6, 2022.

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 $235 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $49, 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 adopted distribution plans (the Plans) with respect to the following share classes pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plans provide payments by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to the following amounts (Maximum %) of the average net assets attributable to each class. The Trustees have approved payment by the fund at the following annual rate (Approved %) of the average net assets attributable to each class. During the reporting period, the class-specific expenses related to distribution fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum %** | **Approved %** | **Amount** |
| Class A | 0.35% | 0.25% | $67074 |
| Class B<sup>\*</sup> | 1.00% | 0.45% | 10 |
| Class C | 1.00% | 1.00% | 3836 |
| **Total** |  |  | **$70920** |

---

<sup>\*</sup> Class B shares were liquidated on January 6, 2022.

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $609 from the sale of class A shares and received no monies in contingent deferred sales charges from redemptions of class B and class C shares.

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received no monies on class A redemptions.

44 Short-Term Municipal Income Fund

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

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost of purchases** | **Proceeds from sales** |
| Investments in securities (Long-term) | $49808591 | $19438130 |
| U.S. government securities (Long-term) |  |  |
| **Total** | **$49808591** | **$19438130** |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2611269 | $25692379 | 2390302 | $24344936 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 39163 | 387368 | 18795 | 191229 |
|  | 2650432 | 26079747 | 2409097 | 24536165 |
| Shares repurchased | (2223290) | (21961349) | (1753095) | (17842430) |
| **Net increase** | **427142** | **$4118398** | **656002** | **$6693735** |
|  | **YEAR ENDED 11/30/22\*** | **YEAR ENDED 11/30/22\*** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— |  | $— |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 10 | 102 | 26 | 266 |
|  | 10 | 102 | 26 | 266 |
| Shares repurchased | (2227) | (22525) | (2852) | (29025) |
| **Net decrease** | **(2217)** | **$(22423)** | **(2826)** | **$(28759)** |
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 25281 | $246800 | 25144 | $255964 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 317 | 3138 | 87 | 884 |
|  | 25598 | 249938 | 25231 | 256848 |
| Shares repurchased | (16771) | (164599) | (30132) | (306601) |
| **Net increase (decrease)** | **8827** | **$85339** | **(4901)** | **$(49753)** |

---

Short-Term Municipal Income Fund 45

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 479180 | $4694946 | 78464 | $798205 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 6942 | 68237 | 2590 | 26336 |
|  | 486122 | 4763183 | 81054 | 824541 |
| Shares repurchased | (246903) | (2399524) | (41796) | (424838) |
| **Net increase** | **239219** | **$2363659** | **39258** | **$399703** |
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4326978 | $42052991 | 1745256 | $17764360 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 41770 | 411543 | 21566 | 219384 |
|  | 4368748 | 42464534 | 1766822 | 17983744 |
| Shares repurchased | (1898800) | (18625186) | (1883848) | (19158363) |
| **Net increase (decrease)** | **2469948** | **$23839348** | **(117026)** | **$(1174619)** |

---

<sup>\*</sup> Class B shares were liquidated on January 6, 2022.

**Note 5: Affiliated transactions**

Transactions during the reporting period with any company which is under common ownership or control were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Shares** |
|  |  |  |  |  | **outstanding** |
|  |  |  |  |  | **and fair** |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **value as** |
| **Name of affiliate** | **of 11/30/21** | **cost** | **proceeds** | **income** | **of 11/30/22** |
| **Short-term investments** |  |  |  |  |  |
| Putnam Short Term |  |  |  |  |  |
| Investment Fund<sup>\*</sup> | $1898846 | $54053932 | $55631349 | $17092 | $321429 |
| **Total Short-term** |  |  |  |  |  |
| **investments** | **$1898846** | **$54053932** | **$55631349** | **$17092** | **$321429** |

---

<sup>\*</sup> Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.

**Note 6: 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.

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

46 Short-Term Municipal Income Fund

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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.

Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as Covid–19. The outbreak of Covid–19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of Covid–19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the fund's performance.

**Note 7: New accounting pronouncements**

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020–04, Reference Rate Reform (Topic 848) — *Facilitation of the Effects of Reference Rate Reform on Financial Reporting*. The amendments in ASU 2020–04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The discontinuation of LIBOR was subsequently extended to June 30, 2023. ASU 2020–04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. The adoption of the guidance will not have a material impact on the fund's financial statements.

Short-Term Municipal Income Fund 47

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**Federal tax information (Unaudited)**

The fund has designated 99.62% of dividends paid from net investment income during the reporting period as tax exempt for federal income tax purposes.

The Form 1099 that will be mailed to you in January 2023 will show the tax status of all distributions paid to your account in calendar 2022.

48 Short-Term Municipal Income Fund

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**Shareholder meeting results (Unaudited)**

**June 29, 2022 special meeting**

At the meeting, each of the nominees for Trustees was elected, with all funds of the Trust voting together as a single class, as follows:

---

| | | |
|:---|:---|:---|
|  | **Votes for** | **Votes withheld** |
| Liaquat Ahamed | 3583882479 | 32417735 |
| Barbara M. Baumann | 3584377892 | 31922322 |
| Katinka Domotorffy | 3584956517 | 31343697 |
| Catharine Bond Hill | 3586682827 | 29617387 |
| Kenneth R. Leibler | 3569431371 | 46868843 |
| Jennifer Williams Murphy | 3581263937 | 35036277 |
| Marie Pillai | 3578125932 | 38174282 |
| George Putnam, III | 3576315198 | 39985016 |
| Robert L. Reynolds | 3579411077 | 36889137 |
| Manoj P. Singh | 3582573738 | 33726476 |
| Mona K. Sutphen | 3588302923 | 27997291 |

---

All tabulations are rounded to the nearest whole number.

Short-Term Municipal Income Fund 49

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![](shorttermmuniincx51x1.jpg) <br>

50 Short-Term Municipal Income Fund

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![](shorttermmuniincx52x1.jpg) <br>

<sup>\*</sup> Mr. Reynolds is an "interested person" (as defined in the Investment Company Act of 1940) of the fund and Putnam Investments. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.

The address of each Trustee is 100 Federal Street, Boston, MA 02110.

As of November 30, 2022, there were 102 funds in the Putnam fund complex, including 96 Putnam Funds and six funds in Putnam ETF Trust. Each Trustee serves as Trustee of all Putnam Funds. In addition to serving as Trustees of the Putnam Funds, Dr. Hill, Mses. Domotorffy and Sutphen, and Mr. Ahamed serve as Trustees of Putnam ETF Trust. Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.

Short-Term Municipal Income Fund 51

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**Officers**

In addition to Robert L. Reynolds, the other officers of the fund are shown below:

---

| | |
|:---|:---|
| **James F. Clark** *(Born 1974)* | **Alan G. McCormack** *(Born 1964)* |
| Vice President and Chief Compliance Officer | Vice President and Derivatives Risk Manager |
| *Since 2016* | *Since 2022* |
| Chief Compliance Officer and Chief Risk Officer, | Head of Quantitative Equities and Risk, |
| Putnam Investments, and Chief Compliance Officer, | Putnam Investments |
| Putnam Management |  |
|  | **Denere P. Poulack** *(Born 1968)* |
| **Nancy E. Florek** *(Born 1957)* | Assistant Vice President, Assistant Clerk, |
| Vice President, Director of Proxy Voting and Corporate | and Assistant Treasurer |
| Governance, Assistant Clerk, and Assistant Treasurer | *Since 2004* |
| *Since 2000* |  |
|  | **Janet C. Smith** *(Born 1965)* |
| **Michael J. Higgins** *(Born 1976)* | Vice President, Principal Financial Officer, Principal |
| Vice President, Treasurer, and Clerk | Accounting Officer, and Assistant Treasurer |
| *Since 2010* | *Since 2007* |
|  | Head of Fund Administration Services, |
| **Jonathan S. Horwitz** *(Born 1955)* | Putnam Investments and Putnam Management |
| Executive Vice President, Principal Executive Officer, |  |
| and Compliance Liaison | **Stephen J. Tate** *(Born 1974)* |
| *Since 2004* | Vice President and Chief Legal Officer |
|  | *Since 2021* |
| **Richard T. Kircher** *(Born 1962)* | General Counsel, Putnam Investments, |
| Vice President and BSA Compliance Officer | Putnam Management, and Putnam Retail Management |
| *Since 2019* |  |
| Assistant Director, Operational Compliance, Putnam | **Mark C. Trenchard** *(Born 1962)* |
| Investments and Putnam Retail Management | Vice President |
|  | *Since 2002* |
| **Martin Lemaire** *(Born 1984)* | Director of Operational Compliance, Putnam |
| Vice President and Derivatives Risk Manager | Investments and Putnam Retail Management |
| *Since 2022* |  |
| Risk Manager and Risk Analyst, Putnam Investments |  |
| **Susan G. Malloy** *(Born 1957)* |  |
| Vice President and Assistant Treasurer |  |
| *Since 2007* |  |
| Head of Accounting and Middle Office Services, |  |
| Putnam Investments and Putnam Management |  |

---

The principal occupations of the officers for the past five years have been with the employers as shown above, although in some cases they have held different positions with such employers. The address of each officer is 100 Federal Street, Boston, MA 02110.

52 Short-Term Municipal Income Fund

------

**Fund information**

Founded over 80 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage funds across income, value, blend, growth, sustainable, asset allocation, absolute return, and global sector 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, Director of* | *Vice President,* |
|  | *Proxy Voting and Corporate* | *Principal Financial Officer,* |
| **Independent Registered** | *Governance, Assistant Clerk,* | *Principal Accounting Officer,* |
| **Public Accounting Firm** | *and Assistant Treasurer* | *and Assistant Treasurer* |
| PricewaterhouseCoopers LLP |  |  |
|  | Michael J. Higgins | Stephen J. Tate |
|  | *Vice President, Treasurer,* | *Vice President and* |
|  | *and Clerk* | *Chief Legal Officer* |
|  | Jonathan S. Horwitz | Mark C. Trenchard |
|  | *Executive Vice President,* | *Vice President* |
|  | *Principal Executive Officer,* |  |
|  | *and Compliance Liaison* |  |

---

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

------

![](shorttermmuniincx55x1.jpg) <br>

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

(a) The fund's principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund's investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.

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

The Funds' Audit, Compliance and Risk Committee is comprised solely of Trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The Trustees believe that each member of the Audit, Compliance and Risk Committee also possesses a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualifies him or her for service on the Committee. In addition, the Trustees have determined that each of Dr. Hill and Mr. Singh qualifies as an "audit committee financial expert" (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education.The SEC has stated, and the funds' amended and restated agreement and Declaration of Trust provides, that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit, Compliance and Risk Committee and the Board of Trustees in the absence of such designation or identification.

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

The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund's independent auditor:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal year ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| November 30, 2022 | $35738 | $— | $7484 | $— |
| November 30, 2021 | $30492 | $— | $7135 | $— |

---

For the fiscal years ended November 30, 2022 and November 30, 2021, the fund's independent auditor billed aggregate non-audit fees in the amounts of $305,767 and $272,034 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.

Audit Fees represent fees billed for the fund's last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees represent fees billed in the fund's last two fiscal years for services traditionally performed by the fund's auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in the fund's last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds' independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

The following table presents fees billed by the fund's independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2–01 of Regulation S-X.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal year ended | Audit-Related Fees | Tax Fees | All Other Fees | Total Non-Audit Fees |
| November 30, 2022 | $— | $298283 | $— | $— |
| November 30, 2021 | $— | $264899 | $— | $— |

---

<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 Management Investment Companies:</u>

Not Applicable

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

(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith

[(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_nc7certifications.htm)

[(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](c_nc7noscertification.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: January 24, 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: January 24, 2023

By (Signature and Title):

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

Date: January 24, 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: January 24, 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: January 24, 2023 |
| <br>/s/ Janet C. Smith |
| _______________________ |
| Janet C. Smith |
| Principal Financial Officer |
| <br>**Attachment A** |
| <br>Period (s) ended November 30, 2022<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;Putnam Dynamic Asset Allocation Equity 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 Dynamic Risk Allocation 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 High Yield 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 Intermediate-Term Municipal 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 Massachusetts Tax Exempt 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 Minnesota Tax Exempt 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 Mortgage 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 New Jersey Tax Exempt 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 New York Tax Exempt 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 Ohio Tax Exempt 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 Pennsylvania Tax Exempt 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 Municipal Income Fund |

---

## Exhibit 99.906

---

| |
|:---|
| <u>Section 906 Certifications<br></u>  |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge: |
| <br>1. The form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2022 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 November 30, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. |
| <br>Date: January 24, 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 November 30, 2022 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 November 30, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. |
| <br>Date: January 24, 2023 |
| <br>/s/ Janet C. Smith |
| ______________________ |
| Janet C. Smith |
| Principal Financial Officer |
| <br>**Attachment A** |
| <br>Period (s) ended November 30, 2022<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;Putnam Dynamic Asset Allocation Equity 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 Dynamic Risk Allocation 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 High Yield 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 Intermediate-Term Municipal 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 Massachusetts Tax Exempt 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 Minnesota Tax Exempt 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 Mortgage 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 New Jersey Tax Exempt 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 New York Tax Exempt 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 Ohio Tax Exempt 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 Pennsylvania Tax Exempt 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 Municipal Income Fund |

---

## Ex-99.Code

[PUTNAM LOGO OMITTED]

working@PUTNAM

Putnam's Code of Ethics

**May 2021**

Putnam Investments Code of Ethics

Putnam Investments is required by law to adopt a Code of Ethics (the "Code"). The objective of the Code is that Putnam's employees comply with all applicable laws and avoid any actual, apparent, or potential conflict of interest that could be perceived to interfere with the fiduciary duty Putnam owes to its clients or with Putnam's interests. It is the duty of Putnam's employees ethically to handle all actual, apparent, and potential conflicts of interest that may arise. This Code of Ethics is designed to strengthen the trust and confidence our clients place in us and to demonstrate that our clients' interests come first.

Adherence to the Code is a fundamental condition of employment at Putnam. Every employee is expected to adhere to the requirements of the Code. Any employee failing to do so may be subject to disciplinary action, including financial penalties and termination of employment, as determined by the Code of Ethics Oversight Committee.

Definitions

**Access Person** Putnam has identified certain employees as Access Persons due to their position or access to investment information. Access Persons are held to a higher standard under the Code than other employees. Please ask the Code of Ethics Officer if you have any question whether you are an Access Person. The following employees are Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;· All employees of Putnam's Investment Management Division

&nbsp;&nbsp;&nbsp;&nbsp;· All employees of the Global Investment Strategies Group/Division

&nbsp;&nbsp;&nbsp;&nbsp;· All employees of the International RFP Group

&nbsp;&nbsp;&nbsp;&nbsp;· Employees of the Operations Division within the following specific groups and departments:

&nbsp;&nbsp;&nbsp;&nbsp;· Fund Administration Group

&nbsp;&nbsp;&nbsp;&nbsp;· Investment Services and Operations Group

&nbsp;&nbsp;&nbsp;&nbsp;· Any employee in the following groups or divisions who reports directly to a member of the Operating Committee:

&nbsp;&nbsp;&nbsp;&nbsp;· Investor Services Group

&nbsp;&nbsp;&nbsp;&nbsp;· Accounting and Middle Offices Services Group

&nbsp;&nbsp;&nbsp;&nbsp;· Marketing and Corporate Communications Division

&nbsp;&nbsp;&nbsp;&nbsp;· Defined Contribution Investment Only Group

&nbsp;&nbsp;&nbsp;&nbsp;· Global Distribution Division (including Putnam Retail Management, Putnam Global Institutional Management, and Japan businesses)

&nbsp;&nbsp;&nbsp;&nbsp;· All members of Putnam's Operating Committee

&nbsp;&nbsp;&nbsp;&nbsp;· All employees of Putnam Investments Limited (PIL) and all other Putnam employees based in Europe

&nbsp;&nbsp;&nbsp;&nbsp;· All directors and officers of a registered investment advisor affiliate, e.g., Putnam Investment Management, LLC (PIM), or The
Putnam Advisory Company, LLC (PAC)

&nbsp;&nbsp;&nbsp;&nbsp;· All employees who have access to My Putnam (unless access is limited to the Wall Street Journal, Factiva, or other systems that do
not allow access to non-public information about Putnam products, as determined by the Code of Ethics Officer) Employees who have systems
access or other access to non-public information about any client's purchase or sale of securities or to information regarding portfolio
holdings or recommendations with respect to such purchases or sales

&nbsp;&nbsp;&nbsp;&nbsp;· Others as determined by the Code of Ethics Officer, including certain employees in rotational programs

**Business or financial relationship** refers to any type of existing or prospective arrangement between Putnam, on the one hand, and another entity or person, on the other hand, in which Putnam provides or receives financial consideration, goods, services, or advice. It also includes any investment by Putnam for itself or its clients. This means that there is a business or financial relationship between Putnam and each portfolio company.

**Closed-end fund** means a fund that has a fixed number of shares outstanding and does not redeem its shares. Closed-end funds typically trade like stocks on an exchange.

The **Code of Ethics Officer** and the **Deputy Code of Ethics Officer** are responsible for enforcing and interpreting the Code. The following are the current members of the Code of Ethics staff, each of whom can answer employee questions and provide other assistance regarding the Code:

<u>Code of Ethics Officer: </u> <u>James Clark </u> <u>(617) 760-8939 </u> <br> <u>Deputy Code of Ethics Officer: </u> <u>Akiko Lindholm </u> <u>(617) 760-2177 </u> <br> <u>Sr. Compliance Specialist: </u> <u>Dana Scribner-Shea </u> <u>(617) 760-7182 </u>

**Code of Ethics Oversight Committee** has oversight responsibility for administering the Code of Ethics. Members include the Code of Ethics Officer and other members of Putnam's senior management appointed by the Chief Executive Officer of Putnam. The Committee reviews and approves Code revisions, violations, and sanctions. In certain instances, requests for exemptions may require the approval of the Committee. The Committee meets on a quarterly basis or as otherwise necessary.

**Exchange-traded fund (ETF)** means a fund (other than a closed-end fund) that can be traded on an exchange throughout the day like a stock. ETFs often track an index. Examples include (but are not limited to) SPDRs, WEBs, QQQQs, iShares, and HLDRs.

**Immediate Family** means the Putnam employee's spouse, domestic partner, fiancé(e), or other family members who are living in the same household or financially dependent on the Putnam employee. Financial dependence, for this purpose, means substantial and regular reliance by the family member on the Putnam employee to meet the family member's financial obligations, including, for example, the costs of housing or educational expenses. Immediate Family also includes any other family members, including in-laws, for whom the Putnam employee can exercise investment discretion, regardless of whether or not they live in the same household.

**Private placement** means any offering of a security not offered to the public and not requiring registration with the relevant securities authorities, including but not limited to, equity or debt issued by a privately held company, private funds, hedge funds, or other privately offered securities.

**Putnam** means any or all of Putnam Investments, LLC and its subsidiaries (other than PanAgora Asset Management, Inc. and any of its subsidiaries), any one of which shall be a Putnam company.

**Putnam employee, or employee,** means any employee of Putnam and, for purposes of all rules in Sections 1, 2, and 3, also includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Members of the Immediate Family of a Putnam employee;

&nbsp;&nbsp;&nbsp;&nbsp;· Any trust in which a Putnam employee or Immediate Family member is a trustee with investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· Any account for a partnership in which a Putnam employee or Immediate Family member is a general partner or a partner with
investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· Any closely held entity (such as a partnership, limited liability company, or corporation) in which a Putnam employee or Immediate
Family member holds a controlling interest and with respect to which he or she has investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· Any account (including any retirement, pension, deferred compensation, or similar account) in which a Putnam employee or Immediate
Family member has a substantial economic interest and over which the Putnam employee or Immediate Family member exercises investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· Any account other than a Putnam client account that receives investment advice of any sort from the employee or Immediate
Family member, or as to which the employee or Immediate Family member has investment discretion.

**Putnam ETF** means any exchange-traded fund managed and/or sponsored by Putnam Investments and its investment adviser subsidiaries other than PanAgora Asset Management, Inc.

**Security** The instruments required to be pre-cleared under Section 1.1 are considered to be securities for purposes of this Code and are also required to be reported by Access Persons under Section 4. In addition, transactions in exchange-traded funds (ETFs), exchange-traded notes (ETNs), exchange-traded commodities (ETCs), options, futures, and other derivative securities are required to be reported by Access Persons under Section 4, even for those instruments that are not required to be pre-cleared pursuant to Section 1.1(c).

Section 1 — Personal Securities Rules for All Employees

Putnam maintains the Code of Ethics PTA system to assist employees in fulfilling their obligations under the Code of Ethics. This system can be accessed by selecting the Code of Ethics PTA link, which appears on Putnam's intranet page in the Secure Information section under My Essentials. This system allows the automated pre-clearance of publicly traded equities and other securities trading on major U.S. and other exchanges. To pre-clear an options contract for a publicly traded security, pre-clear the underlying security in the Code of Ethics PTA system. To request clearance to trade bonds or other securities, you must contact the Code of Ethics staff. Pre-clearance hours are 9:00 a.m. to 4:00 p.m. Eastern Time.

1.1. Pre-clearance Requirements

The pre-clearance requirements under this section apply to employees who are Access Persons.

**1.1(a) Employees must pre-clear all trades in the following securities:**

&nbsp;&nbsp;&nbsp;&nbsp;· Stocks of companies

&nbsp;&nbsp;&nbsp;&nbsp;· Bonds and other debt instruments, including new offerings (including preferred stock, corporate, municipal, high-yield, and convertible
bonds)

&nbsp;&nbsp;&nbsp;&nbsp;· Options, warrants, and all other derivatives of any underlying securities that themselves require pre-clearancee

&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end funds, including Putnam closed-end funds

**Employees must also pre-clear the following transactions:**

&nbsp;&nbsp;&nbsp;&nbsp;· Private placements and purchases of hedge funds or other private investment funds, which must receive pre-approval from the Code of
Ethics Oversight Committee (sales of private placements, hedge funds, or other private investment funds do not need to be pre-cleared;
however, they must be reported)

&nbsp;&nbsp;&nbsp;&nbsp;· Donating or gifting of securities

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased by subscription or by mail (if purchasing directly from a company's transfer agent by check, you must pre-clear
the day the check is to be mailed)

&nbsp;&nbsp;&nbsp;&nbsp;· Tendering securities from your personal account

&nbsp;&nbsp;&nbsp;&nbsp;· Loans, or guarantees of obligations, being made to non-family members with whom Putnam has a business or financial relationship

&nbsp;&nbsp;&nbsp;&nbsp;· Exercising rights to purchase shares of a company's stock (other than involuntary exercises)

&nbsp;&nbsp;&nbsp;&nbsp;· Exercising options or warrants to acquire shares of a company's stock (other than involuntary exercises as set forth under Section
1.1(c)

**1.1(b) Provisions Applicable to Pre-clearances** 

A pre-clearance is only valid for trading on the day it is obtained. However, trades by employees in Putnam's Asian or European offices, or trades by any employees in securities listed on Asian or European stock exchanges, may be executed within one business day after pre-clearance is obtained. If the Code of Ethics system does not recognize a security, if an employee is unable to use the system, or if he or she has any questions with respect to the system or pre-clearance, the employee must contact the Code of Ethics staff.

**1.1(c) Exceptions from Pre-clearance Requirements** 

Pre-clearance is not required for certain transactions. (Please note that reporting may still be required for Access Persons even when pre-clearance is not required. See Sections 4 and 5 for reporting requirements.) Pre-clearance is not required for:

&nbsp;&nbsp;&nbsp;&nbsp;· Open-end mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;· Currencies and currency forwards, including cryptocurrencies

&nbsp;&nbsp;&nbsp;&nbsp;· Commodities

&nbsp;&nbsp;&nbsp;&nbsp;· Treasury securities and other U.S. and other sovereign government debt (Please note that agency securities, such as securities issued
by Fannie Mae and Freddie Mac, require pre-clearance.)

&nbsp;&nbsp;&nbsp;&nbsp;· Certificates of deposit (CDs), commercial paper, repurchase agreements, bankers' acceptances, and other money market instruments

&nbsp;&nbsp;&nbsp;&nbsp;· Options and futures and all other derivatives based on an index of securities

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-traded funds (ETFs), exchange-traded notes (ETNs), and exchange-traded commodities (ETCs)

&nbsp;&nbsp;&nbsp;&nbsp;· Putnam ETFs (however, certain investment professionals need to preclear trades in Putnam ETFs—see Section 1.1(d) below)

&nbsp;&nbsp;&nbsp;&nbsp;· Trades in approved discretionary accounts (see Section 4.2 for additional information)

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions that are involuntary (i.e., not initiated by the employee or an Immediate Family member covered under the Code), including
dividend reinvestments under an automatic program of a publicly traded issuer and broker actions not initiated by the employee, such as
option assignments or sales out of the brokerage account to cover fees or margin calls (provided the employee may not have withdrawn funds
from the margin account in the prior 10 days

1.1(d) **Putnam ETFs Preclearance Rule for Certain Investment Professionals**

Personnel in the Equity Trading and Capital Markets groups, Portfolio Managers of any Putnam ETF, and any other Putnam personnel designated by the Code of Ethics Officer must preclear personal trades in Putnam ETFs by contacting the Code of Ethics Staff. To enable timely processing, requests should be placed with the Code of Ethics Staff by 12:00 p.m. on the day of the trade; requests are good only for the trading day on which they are submitted.

1.2. Restricted List

The Restricted List rule under this section applies to employees who are Access Persons.

Employees may not trade in securities that are on Putnam's Restricted List, except as set forth below under "Large-/Mid-Cap Exemption." There are a number of reasons why a security may appear on the Restricted List, and securities are placed on the Restricted List under criteria, and in specific circumstances, as determined by the Code of Ethics Officer or the Code of Ethics Oversight Committee. If a security is not on the Restricted List, other classes of securities of the same issuer (e.g., preferred or convertible preferred stock) may be on the Restricted List. It is the employee's responsibility to identify with particularity the class of securities being pre-cleared. Bonds are generally restricted at the issuer level.

**Large-/Mid-Cap Exemption** An employee may trade up to $25,000 in principal amount of the shares of a security appearing on the Restricted List if it is an equity security of an issuer with a market capitalization greater than $2 billion. However, these transactions must still be pre-cleared. Market capitalization is defined as outstanding shares multiplied by current price per share.

1.3. Prohibited Transactions

**The following transactions and activities are prohibited for all employees:**

**Good-until-canceled orders (GTC). Any order not executed on the day of pre-clearance must be resubmitted for pre-clearance before being executed on a subsequent day.**

Short sales of any security that is subject to pre-clearance requirements. However, short sales against the box are permitted. In addition, opening an option position that would result in a short position in the underlying security upon assignment or expiration is also prohibited (i.e., buying a put option or selling a call option without owning a number of shares at least equal to the delivery obligation under the contract, is prohibited). Purchasing a put option or selling a call option would not be considered acceptable if the only position covering such option would be another option position, such as purchasing a call option or selling a put option, to avoid a violation.

Purchasing equity securities in an initial public offering (IPO). Although exceptions from this prohibition will rarely be granted, employees may request an exemption from the Code of Ethics Officer, who may grant exceptions in unusual cases such as when an Immediate Family member's association or employment with the issuer warrants consideration or when the employee has had a pre-existing status for at least two years as a policyholder or depositor in connection with a bank or insurance company conversion from mutual or cooperative form to stock form.

Trading with material non-public information (see Section 7)

Personal trading with Putnam client portfolios. Putnam employees may not buy or sell securities when the employee knows a Putnam client account is on the other side of the trade.

Participating in an investment club

Spread betting. PIL employees may not enter into any spread betting contracts on financial instruments.

Opening a discretionary account (see Section 4.2) and trading securities requiring pre-clearance, without obtaining proper advance approval for that account as required

Investing in a public digital coin/token offering

1.4. Policy Regarding Frequency of Personal Trading

Putnam employees are not limited to a pre-determined number of trades in securities during a specified time frame. However, excessive trading by an employee can divert the employee's attention from his or her responsibilities as an employee and increases the possibility of engaging in transactions that are in actual or apparent conflict with Putnam's client accounts. In addition, excessive short-term trading by an employee in shares of a Putnam-managed fund can also create actual or apparent conflicts with other shareholders of such fund and may have other detrimental effects as described in the prospectus or other disclosure document for such fund. Putnam reserves the right to monitor the number of trades (including for these purposes trades in securities that are required to be pre-cleared under Section 1.1(a), shares of Putnam-managed funds, and other securities that are required to be reported under Section 5.1 or 5.2, such as ETFs, ETNs, ETCs, options, futures, and other derivative securities) executed by an employee and members of his or her Immediate Family and may review any such activity that appears to be excessive with the employee's manager(s) and/or the Code of Ethics Oversight Committee, as deemed appropriate by the Code of Ethics Officer. The Code of Ethics Oversight Committee shall have the authority to address any circumstances of excessive trading in securities or excessive short-term trading in shares of a Putnam-managed fund in accordance with Section 8 of this Code.

Section 2 — **Putnam Mutual Funds, Closed-End Funds and Exchange-Traded Funds**

**2.1. Holding Putnam Mutual Fund Shares at Putnam** 

**Putnam employees must hold shares of Putnam open-end U.S. mutual funds through accounts maintained at Putnam, with Putnam Retail Management (PRM) listed as the dealer of record. All transactions must be executed through Putnam and not through an outside broker or other intermediary.**

**These requirements also apply to:**

&nbsp;&nbsp;&nbsp;&nbsp;· Self-directed IRA accounts holding Putnam fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;· Variable annuities and variable insurance contracts, such as Putnam/Hartford Capital Manager and Allstate Advisor, which invest in
Putnam Variable Trusts (must list PRM as dealer but may be held at the insurer)

In limited circumstances, retirement, pension, deferred compensation, health savings, and similar accounts (and variable insurance arrangements) that cannot be legally transferred to Putnam may be allowed to hold Putnam funds upon approval of the Code of Ethics Officer. For example, a spouse of a Putnam employee may have a 401(k)/Profit Sharing Plan with his or her employer that invests in Putnam funds. The employee must notify the Code of Ethics Officer in writing, provide the reason why the account cannot be transferred to Putnam, and arrange for all account statements and confirmations to be sent to the Code of Ethics staff, if approved.

2.2. Putnam Mutual Funds — Linked Accounts

All employees are required to ensure that their Immediate Family members' accounts holding Putnam mutual funds are linked to comply with the requirements stated above and to permit monitoring for excessive short-term trading in accordance with Section 1.4. To ensure these accounts are linked, log on to Putnam's intranet home page at http://intranet/home/index.shtml, and select My Essentials/Linked mutual fund accounts.

2.3. Putnam Closed-End Funds

**2.3(a) Pre-clearance and Reporting**

Putnam closed-end fund shares are subject to the same pre-clearance and reporting requirements as other stocks. A list of the Putnam closed-end funds can be obtained from the Code of Ethics staff.

**2.3(b) Special Rules Applicable to Portfolio Managers to Putnam Closed-End Funds, Group Heads in the Investment Division, Operating Committee members, and officers of the Putnam Funds** 

Portfolio Managers to Putnam closed-end funds, Group Heads in Putnam's Investment Division, Putnam Operating Committee members, and officers of the Putnam Funds will not receive clearance to engage in any combination of purchase and sale, or sale and purchase, of the shares of a given closed-end fund within six months of each other. Therefore, purchases should be made only if you intend to hold the shares more than six months, and sales should not be made if you plan to purchase more shares of that fund within six months.

**2.4. Putnam Exchange-Traded Funds**

Putnam employees may invest in Putnam ETFs, subject to the preclearance requirement set forth in Section 1.1(d) for certain investment professionals. However, Putnam employees must hold shares of Putnam ETFs in accounts maintained by an approved broker-dealer—see Section 4.4 below.

Section 3 — Additional Rules for Access Persons and Certain Investment Professionals

3.1. 60-Day Short-Term Rule — All Access Persons

Access Persons may not sell a security at a price higher than any price paid for that security within the past 60 calendar days, or buy a security at a price below which he or she sold the same security within the past 60 days. This rule applies to transactions across all accounts of the employee. All trades for the previous 60 days in all accounts will be compared to the trade date for the transaction in question to determine whether a violation has occurred. Thus, if within a 60-day period, an employee buys a security for $10, buys it again for $15, and then sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price. To further illustrate the rule, if an employee buys a security for $15 on one day, buys it again for $10 a year later, and then less than 60 days after the second purchase sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price more than 60 days earlier. Access Persons may also not open an option transaction for a contract that expires in 60 days or less. The holding period for securities acquired upon exercise of a purchased call option shall be calculated using the date of acquisition of the option (rather than the date of exercise of the option) as the starting point for the 60-day holding period. Further, this rule also applies to common stock and option exercise transactions. For example, an employee may purchase calls/call spreads, and he or she may buy/sell a common stock of the same security (because transactions in options and common stock shares are treated differently); however, if the employee plans to exercise the option, he or she needs to ensure that it is not in the opposite direction of the common stock transaction (at a profit) that he or she traded within the past 60 days. Although portfolio managers and analysts may sell securities at a profit within 60 days of purchase in order to comply with the requirements of the 7-Day Pre-Trade and 7-Day Post-Trade Rules (see Sections 3.2 and 3.3), any profit must be disgorged and paid to charity.

This 60-Day Short Term Rule will not apply to trades in ETFs, including Putnam ETFs.

3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)

**3.2(a) Portfolio Managers**

(i) Before a portfolio manager places an order to buy a security for any Putnam client portfolio that he manages, he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days; or (ii) upon entering an order to sell a security for any Putnam client portfolio that he manages, he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the selling price for the client account, multiplied by the number of shares sold for the personal account. For certain designated sleeved funds or portfolios, if a portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer or their designee may override this rule.

**3.2(b) Analysts**

(i) Before an analyst makes an initial purchase or outperform recommendation (including an initial recommendation change) for a security (including designation of a security for inclusion in the portfolio of Putnam Research Fund), he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days; or (ii) upon making an initial sell or an underperform recommendation (including an initial recommendation change) for a security (including designation of a security for sale from the portfolio of Putnam Research Fund), he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the price at the time that the recommendation is made, multiplied by the number of shares sold for the personal account.

For certain designated sleeved funds or portfolios, if an analyst (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the analyst does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer, or their designee may override this rule.

3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)

**3.3(a) Portfolio Managers** 

No portfolio manager shall: (i) sell any security or related derivative security for her personal account until seven calendar days have elapsed after the date of the most recent purchase of that security or related derivative security by any Putnam client portfolio she manages or co-manages; or (ii) purchase any security or related derivative security for her personal account until seven calendar days have elapsed after the date of the most recent sale of that security or related derivative security from any Putnam client portfolio that she manages or co-manages. For certain designated sleeved funds or portfolios, if a portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer or their designee may override this rule.

**3.3(b) Analysts**

No analyst shall: (i) sell any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his initial buy or outperform recommendation (including an initial recommendation change) for that security or related derivative security (including designation of a security for inclusion in the portfolio of Putnam Research Fund); or (ii) purchase any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his initial sell or underperform recommendation (including an initial recommendation change) for that security or related derivative security (including the removal of a security from the portfolio of Putnam Research Fund). For certain designated sleeved funds or portfolios, if an analyst (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the analyst does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer or their designee may override this rule.

3.4. Contra-Trading Rule (Portfolio Managers)

No portfolio manager shall, without prior clearance and written approval (which may be satisfied by email) from the Chief Investment Officer and Code of Ethics Officer, sell in his personal account any securities or related derivative securities that are held in any Putnam client portfolio that he manages or co-manages. Contact the Code of Ethics Officer for a copy of the Contra-Trading Rule Clearance Form. For certain designated sleeved funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer or their designee may permit a sale in the portfolio manager's personal account without obtaining written approval from the Chief Investment Officer and Code of Ethics Officer, if the portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios.

3.5. No Personal Benefit (Portfolio Managers and Analysts)

No portfolio manager shall cause, and no analyst shall recommend, an action that would cause a Putnam client to take action for the portfolio manager's or analyst's own personal benefit. A portfolio manager who trades in, or an analyst who recommends, particular securities for a Putnam client account in order to support the price of securities in his personal account, or who "front runs" a Putnam client order, is in violation of this Rule.

Section 4 — Reporting Requirements

4.1. Brokerage/Securities Accounts — Initial and Annual Requirements

**All employees (on** their own behalf and on behalf of their Immediate Family members (see Definitions)) are required to report the existence of any accounts that have the capability of purchasing any securities. This Rule includes all brokerage accounts, accounts held directly at an issuer's transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee, or any other accounts in which reportable securities can be traded and/or held. The only investment accounts excluded from this rule are accounts that are only permitted to hold open-end mutual funds (other than Putnam open-end funds) and no other investments, and TreasuryDirect accounts, which can only purchase Treasury securities.

To satisfy this requirement, a new employee must complete the Code of Ethics and Broker Account Certification, and Access Persons must also complete Initial Holdings Certification in the Code of Ethics PTA system, and supply the Code of Ethics Department with a copy of the most recent statement for each account, within the required time frame below:

&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons — within 10 days of hire

&nbsp;&nbsp;&nbsp;&nbsp;· Non-access Persons — within 30 days of hire

In addition, a new employee must obtain written approval from the Code of Ethics staff to maintain his/her reportable accounts within 30 days of hire.

**All current U.S. employees must contact the Code of Ethics staff and obtain written approval from the Code of Ethics staff prior to opening any new accounts outside of Putnam** (including accounts being opened for Immediate Family members), and disclose them. This Rule includes all brokerage accounts (including a self-directed brokerage account in the Putnam 401(k) plan), accounts held directly at an issuer's transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee, or any other accounts in which reportable securities can be traded and/or held.

Non-U.S. current employees opening a new account (including accounts being opened for Immediate Family members) must disclose them to the Code of Ethics Department prior to opening, or immediately after opening, the account in advance of the first personal securities transaction in the account.

All employees will be required to certify annually that all accounts requiring disclosure are accurately listed in the Code of Ethics PTA system.

**4.2. Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed (Discretionary) Accounts — Initial and Annual Requirements** 

**If you wish to establish a professionally managed** or discretionary account (including professionally managed or discretionary accounts being opened for Immediate Family members), where you completely turn over decision-making authority to a professional money manager who is not subject to this Code and you have no direct or indirect influence or control over the discretionary account, you must disclose the existence of the account and receive approval from the Code of Ethics staff in advance of the first personal securities transaction (new employees have 30 days to obtain the appropriate approval). You do not need to pre-clear or report securities transactions in these accounts. Please note that a discretionary account may not purchase an IPO or hold Putnam open-end mutual funds. The broker or advisor maintaining discretion over the account must be an independent third party, not affiliated with or related to a family member of the Putnam employee in any way.

In order for the account to be considered discretionary, the employee must:

Complete an initial certification in which both the employee and the broker/advisor certify that the Putnam employee or Immediate Family member does not participate in investment decisions on the account;

Complete an annual certification in which the employee certifies that the Putnam employee or Immediate Family member does not participate in investment decisions on the account, and does not have direct or indirect influence or control over the account;

Respond, and arrange for the employee's broker/advisor to respond, to such inquiries as deemed advisable by the Code of Ethics staff in their assessment of whether the account is discretionary; and

Ensure that copies of broker statements are delivered to Putnam investments.

4.3. Account Confirmations and Statements

All employees are required to ensure that copies of all confirmations and statements are delivered to Putnam for all accounts described in Section 4.1, and to ensure that copies of all statements (but not confirmations) are delivered to Putnam for all discretionary accounts described in Section 4.2. When the employee discloses the account as required, the Code of Ethics staff will issue a 407 letter, or other communication to the entity where the employee's account is held, requesting that confirmations and statements be sent to Putnam on the employee's behalf. However, it is ultimately the employee's responsibility to ensure that his or her broker has complied with this request. Employees in non-U.S. offices may be subject to different requirements with respect to the frequency of providing account confirmations and statements. Any such different requirements will be communicated to the employees by the Code of Ethics staff.

If it is discovered that these reports are not being delivered to Putnam, the Code of Ethics staff will bring this issue to the employee's attention and request he or she assist in rectifying the issue. If it is determined that a broker has failed to comply with requests to deliver these reports, Putnam reserves the right to require the employee to close the account within 30 days by transferring the account to another dealer willing to comply with this requirement (any trades as a result of a transfer must be pre-cleared). In cases where Putnam has an electronic reporting relationship established with a firm, Putnam may rely on this electronic reporting for monitoring and record keeping in lieu of receiving trade confirmations and statements via mail.

4.4. Approved Brokers — U.S. Employees Only

U.S. employees of Putnam are required to hold each of their personal accounts (including any retirement, pension, deferred compensation, or similar accounts) at a Putnam-approved broker that provides Putnam with an electronic broker feed. The list of approved brokers is posted to the Putnam Compliance intranet homepage and the Code of Ethics PTA system. In limited circumstances, employees may be allowed to hold personal accounts at a non-Putnam-approved broker (examples include retirement accounts at current employers of Immediate Family members and accounts that cannot legally be transferred to Putnam-approved brokers). In such a case, the employee must notify the Code of Ethics Officer in writing and provide the reason why the account cannot be transferred to a Putnam-approved broker or why the employee otherwise requests an exception be granted by the Code of Ethics Officer or Deputy Code of Ethics Officer. In the event an exception is granted, the employee must arrange for trade confirmations and account statements (quarterly) to be sent to the Code of Ethics staff.

Section 5 — Additional Reporting, Certification, and Training Requirements

5.1. Initial/Annual Holdings Report — Access Persons Only

Access Persons must disclose and certify their securities holdings, including all holdings for Immediate Family member accounts, within 10 days of hire (or within 10 days of becoming an Access Person) and then on an annual basis thereafter (within 45 days after the end of the year). The report of securities holdings must include all securities that require pre-clearance under Section 1.1, as well as holdings in non-U.S. sovereign government debt, ETFs, ETNs, ETCs, options, futures, and other derivative securities, and holdings of Putnam open-end U.S. mutual funds not held through a Putnam account and U.S. registered mutual funds to which Putnam acts as advisor or sub-advisor (see Section 4). Each of the initial and annual holdings reports must contain the following information:

**Initial holdings report:**

&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares, and principal amount of each security in which the Access Person had any direct or indirect beneficial
ownership when the person became an Access Person,

&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer, or bank with whom the Access Person maintained an account in which any securities could be
held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

**Annual holdings report:**

&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares, and principal amount of each security in which the Access Person had any direct or indirect beneficial
ownership,

&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer, or bank with whom the Access Person maintained an account in which any securities could
be held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

5.2. Quarterly Transaction Report — Access Persons Only

Access Persons must disclose and certify all of their personal securities transactions, including transactions for Immediate Family member accounts, within 20 calendar days following the end of each quarter. If the 20th of a month after the end of a quarter falls on a holiday or weekend, the Code of Ethics Officer may extend the deadline. In addition to the securities requiring pre-clearance under Section 1.1, Access Persons are also required to disclose and certify all personal transac- tions in non-U.S. sovereign government debt, as well as ETFs, ETNs, ETCs, options, futures, and other derivative securities, and not just those requiring pre-clearance. The quarterly transaction report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares, and<br>
the principal amount of each transaction involved,

&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition),

&nbsp;&nbsp;&nbsp;&nbsp;· The price of the security at which the transaction was effected,

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer, or bank with or through which the transaction was effected, and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person

5.3. Annual Certification — All Employees

Each calendar year, all employees will be required to certify that they have reviewed and understand the rules and requirements of the Code and that the list of brokerage accounts (for the employee and all Immediate Family members) disclosed in the Code of Ethics PTA system is accurate. An email notification will be sent informing employees of their requirement and the due date.

5.4. Training Requirements — All Employees

As deemed necessary by the Code of Ethics staff, employees will be required to complete training on Putnam's Code of Ethics. Email notifications will be sent notifying employees of the requirements and the due date.

5.5. Maintenance and Distribution of the Code of Ethics

When revisions are made to the Code of Ethics, all employees will receive a revised version of the Code. The Code will be available to all employees on Putnam's intranet site. Hard copies may be requested by contacting the Code of Ethics staff.

5.6. Procedures and Timeliness

Most certifications and reports required by the Code are completed in the Code of Ethics PTA system. There are strict deadlines for these filings. Planned absences, vacations, and business trips are not valid excuses for failing to meet a deadline. Employees will receive instructions regarding these submissions and the due dates. Please contact the Code of Ethics staff for assistance.

Section 6 — General Ethics Rules for All Employees

Putnam employees are expected to act ethically at all times in connection with their employment. In addition to complying with the specific provisions of this section, employees should contact the Code of Ethics staff or the Ombudsman if they are not sure how to proceed in any circumstances involving ethical issues or questions.

6.1. Conflicts of Interest

Your obligation to act ethically at all times includes the ethical handling of actual, apparent, and potential conflicts of interest between personal and business affairs. Please note that when this Section 6.1 refers to a "conflict of interest," it is referring to actual, apparent, and potential conflicts of interest. Conflicts of interest may arise in various circumstances, some of which are covered in the specific situations set forth in the other portions of this Section 6. However, it is not possible to set forth each specific situation under which a conflict of interest may arise.

A conflict of interest arises when a person's personal affairs interfere with the interests of Putnam or Putnam's clients. A conflict of interest can also arise when an employee or a member of his or her Immediate Family takes an action or has an interest that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise when an employee or a member of his or her Immediate Family receives or grants improper personal benefits as a result of his or her position or in the event that an employee or a member of his or her Immediate Family enters into transactions or agreements with any entity or person with whom Putnam has a business or financial relationship. Putnam employees must recognize (including through their personal trading and conduct) that the firm's clients always come first, that the employees and the firm must avoid any actual or potential abuse of our positions of trust and responsibility, and that the employees and the firm must never take inappropriate advantage of our positions.

Given that actual, apparent, and potential conflicts of interest may often not be clear-cut, if you have any question or doubt whatsoever, you should consult the Code of Ethics Officer or Deputy Code of Ethics Officer prior to engaging in the activity in question. Any employee who becomes aware of a conflict, potential conflict, or the appearance of a conflict is strongly encouraged to bring it to the attention of the Code of Ethics Officer or Deputy Code of Ethics Officer.

6.2. Outside Business Activities

**No Putnam employee shall serve as employee, officer, director, trustee, or general partner of a corporation or entity other than Putnam, without prior written approval of the Code of Ethics Officer, who may also confirm that the employee's manager** has approved such outside position. Requests for a role at a publicly traded company are especially disfavored and are closely reviewed. Permission will be granted only in extenuating circumstances.

All employees must provide a written request seeking approval from the Code of Ethics Officer by entering the details of the proposed position in the Code of Ethics PTA system. Employees may not engage in any outside employment activity until they receive an email approving their request. Employees hired at Putnam with an outside position must disclose the position upon hire in the system and may be required to resign such position if the position presents conflicts of interest or other issues.

FINRA-licensed employees under PRM also have an obligation to disclose outside positions to, and receive approval from, the PRM Compliance Department. Employees must also keep this information accurate by updating their profile in the Code of Ethics system and updating the PRM Compliance Department if they change or terminate a position previously approved.

6.3. Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments

**6.3(a)** An employee may serve as a volunteer, officer, director, or trustee of a charitable or not-for-profit institution, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input as a volunteer, officer, director, or trustee. The pre-clearance and reporting requirements of the Code of Ethics do not apply to the trading activities of such charitable or not-for-profit institutions for which an employee serves as a volunteer, officer, director, or trustee unless the employee has discretion for the account. You must contact the Code of Ethics staff if you are asked to serve in a role in which you may have discretion, investment, or financial authority for a charitable or not-for- profit institution to discuss whether such position is permissible and whether you must perform any additional actions prior to serving in such role.

**6.3(b)** Except as stated below, no Putnam employee shall serve as a trustee, an executor, a custodian, or any other fiduciary, or as an investment advisor or a counselor for any account outside Putnam. Putnam employees may serve as a fiduciary with respect to a religious or charitable trust or foundation, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input. The pre-clearance and reporting requirements of the Code of Ethics apply to the trading activities of such a religious or charitable trust or foundation if the employee has discretion for the account.

**6.3(c) Family Trust or Estate Exception** 

Putnam employees may serve as a fiduciary with respect to a family trust or estate, as long as the employee abides by all of the Rules of the Code of Ethics with respect to any investment activity over which he has any discretion.

6.4. **Service As a Public Official**

An employee seeking to serve in an official capacity (elected or unelected, with or without compensation) for any government, government agency, or instrumentality must contact the Code of Ethics Officer prior to serving in such capacity. The Code of Ethics Officer shall review such prospective service to determine whether the service could create any potential conflicts of interest for Putnam (e.g., service of a government body that can select investment managers for a public pension plan) and to determine any appropriate steps to address conflicts.

6.5. Family Members' Conflict Policy

No employee or member of an employee's Immediate Family shall have any direct or indirect personal financial interests in companies that do business with Putnam, unless such interest is disclosed and approved by the Code of Ethics Officer.

**6.5(a) Corporate Purchase of Goods and Services** 

Putnam will not acquire goods and services from any firm in which a member of an employee's Immediate Family serves as a sales representative or in a senior management capacity, or has an ownership interest (excluding normal investment holdings in public companies), unless permission is obtained from the Chief Financial Officer and the Code of Ethics Officer. Any employee who is aware of a proposal to purchase goods and services from a firm with which a member of the employee's Immediate Family has one of these associations must notify the Chief Financial Officer and the Code of Ethics Officer.

**6.5(b) Portfolio Trading**

Putnam will not allocate any client trades to any firm that employs a member of an employee's Immediate Family as a sales representative to Putnam (in a primary, secondary, or backup role). Any Putnam employee who is aware that an Immediate Family member serves as a broker-dealer's sales representative to Putnam should inform the Code of Ethics Officer.

**6.5(c) Definition of Immediate Family (specific to this rule)**

"Immediate Family" of an employee means (1) spouse, fiancé(e), or domestic partner of the employee, (2) any child, sibling, or parent of an employee and any person married to a child, sibling, or parent of an employee, and (3) any other person who lives in the same household as the employee

6.6. CFA Institute Code of Ethics and Standards of Professional Conduct

All members of the Investment Division and any other CFA institute Members or Candidates must follow and abide by the spirit of the Code of Ethics and the Standards of Professional Conduct of the CFA Institute as in effect from time to time (see the Appendix for a copy of the version in force as of the date of the Putnam Investments Code). The text of the CFA Institute Code of Ethics and Standards of Professional Conduct can be found on the Putnam Compliance Department intranet home page, which is accessible from the Putnam intranet home page. The terms of Putnam's Code of Ethics shall govern in any case where there is a conflict between the terms of this Code and the CFA Institute Code of Ethics and Standards of Professional Conduct. Please contact the Code of Ethics Officer with any questions.

6.7. Business Ethics, Ombuds, and Hotlines

**6.7(a)** If a Putnam employee suspects that fraudulent, illegal, or other irregular activity (including violations of the Code of Ethics) might be occurring at Putnam, the activity should be reported immediately to Putnam's Controller, Chief Compliance Officer, or Code of Ethics Officer through the Ombuds or hotlines described below or through Putnam's Human Resources department

**6.7(b)** Putnam has established the office of the corporate ombuds as a resource to help employees address legal or ethical issues in the workplace and to allow employees to voice concerns or seek clarity on issues. The Ombuds provides a confidential, independent, and impartial source to employees to discuss potential violations of law or of company standards without fear of retribution, and serves as a neutral party with no vested interest in a particular outcome.

**6.7(c)**An employee who does not feel comfortable reporting activity in the manner described in 6.6(a) may instead contact any of the following on an anonymous basis:

&nbsp;&nbsp;&nbsp;&nbsp;· The Putnam Ethics hotline at 1-888-475-4210,

&nbsp;&nbsp;&nbsp;&nbsp;· The Putnam Funds Trustees' hotline at 1-866-858-4155, or

&nbsp;&nbsp;&nbsp;&nbsp;· Putnam's Ombuds at 1-866-ombuds7 (866-662-8377).

**6.7(d)** Employees will not be retaliated against for reporting information in good faith and in accordance with this Code. Putnam will not terminate employment, demote, transfer to an undesirable assignment, or otherwise discriminate against or harass an employee for calling attention to suspected unethical or illegal acts. It is a violation of this Code to intimidate or impose any other form of retaliation on an employee who reports any actual or suspected illegal or unethical conduct. Putnam takes claims of retaliation very seriously and will promptly investigate allegations of retaliation, subjecting anyone found responsible for retaliating against an employee who reported unethical or

illegal conduct to disciplinary action up to and including termination of employment. However, an employee who knowingly makes a false report may be subject to discipline.

Section 7 — Material, Non-Public Information and Insider Trading

7.1. Material, Non-Public Information and Insider Trading

Antifraud provisions of the U.S. securities laws as well as the laws of other countries generally prohibit persons who possess material, non-public information from trading on or communicating that information to others. Putnam's policies, including the **Insider Trading Policy** that is disclosed along with other compliance policies on the Chief Compliance Officer's Intranet page, call for strict compliance with such laws. Unlawful trading while in possession of material, non-public information is a very serious matter and can be a crime punishable by imprisonment. There is also significant monetary liability for an inside trader, which can include liability to private plaintiffs and/or the Securities and Exchange Commission, which can seek a court order requiring a violator to pay back profits, as well as penalties substantially greater than those profits. In certain cases, controlling persons of inside traders, including supervisors of inside traders or Putnam itself, can be liable for penalties.

Employees found to have conducted this activity will be immediately referred to the Code of Ethics Oversight Committee or Putnam's Chief Executive Officer to determine the appropriate sanction, up to and including termination.

While employees in the Investment Division are most likely to come into contact with material, non-public information, the rules (and sanctions) in this area apply to all Putnam employees (see Section 7.2 for information on what to do if you believe you may have material, non-public information).

7.2. Reporting and Restrictions

Any employee who believes he or she is (or may be) in possession of material, non-public information must immediately contact Putnam's Chief Compliance Officer or an attorney in Putnam's Legal Department, and provide details on the information received and the source. The employee must also take precautions to maintain the confidentiality of the infor- mation in question, and not share this information with anyone outside of Putnam's Legal and Compliance Division. This provision does not, however, prevent any employee who suspects possible violations of law or regulation from providing such information to Putnam's Controller, Chief Compliance Officer, or Code of Ethics Officer through the Ombudsman or hotlines or through Putnam's Human Resources department as described in Section 6.6 or to any governmental agency or entity, or self-regulatory authority, including but not limited to the Securities and Exchange Commission or the Financial Industry Regulatory Authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation.

After reviewing the facts and circumstances, Putnam's Chief Compliance Officer or Putnam's Legal Department will make a determination as to whether possession of the information warrants restricting trading activity in the issuer's securities for client accounts as well as personal securities transactions for employees or whether other steps are appropriate, such as the establishment of an information barrier or other trading restrictions.

7.3. Special Provisions Applicable to Putnam Affiliates

Any employee wishing to place a trade in the securities of Great-West Lifeco Inc., Power Financial Corporation, Power Corporation of Canada, or IGM Financial Inc. must contact the Code of Ethics Officer or the Deputy Code of Ethics Officer to request manual approval of the pre-clearance request. An employee requesting such approval must certify that he or she is not in possession of any material, non-public information regarding the company in which he or she is seeking to place a trade. The decision whether or not to grant the pre-clearance request is in the sole discretion of the

Code of Ethics Officer and the Deputy Code of Ethics Officer. The Code of Ethics Officer and Deputy Code of Ethics Officer will reject any such request for pre-clearance made by (i) directors of a Putnam-branded subsidiary of Putnam Investments, LLC; and (ii) persons who hold the office of chief executive officer, chief operating officer, chief financial officer, president, vice-president, secretary, assistant secretary, treasurer, or assistant treasurer of Putnam or its Putnam-branded subsidiaries, and any other person who performs functions similar to those normally performed by a person holding such office (as determined by the Legal and Compliance Department) during the period beginning five weeks before and ending two full trading days after the issue of a press release announcing quarterly or annual financial results of Great-West Lifeco Inc.

7.4. Putnam Equity Plan, TH Lee Funds, and Putnam Hedge Funds

Great-West Lifeco Inc. stock shares owned by Putnam Investments, LLC Equity Incentive Plan (or any successor plan) shareholders are administered by the Putnam HR department; therefore, holdings of such shares do not need to be reported under this Code. In addition, the exercise of rights under the Putnam Investment, LLC Equity Incentive Plan to acquire Great-West Lifeco Inc. stock and the sale of such stock during specified window periods does not need to be pre-cleared under this Code, and such transaction does not need to be reported on the quarterly transaction report for Access Persons. However, if an employee holds Great-West Lifeco Inc. stock shares outside of the Putnam Investments, LLC Equity Incentive Plan (for example, in a brokerage account), such brokerage account and the holding must be reported under this Code.

Investments in Putnam hedge funds and in certain TH Lee private funds by employees are administered by the Putnam HR department. Therefore, employees do not need to pre-clear or report such funds under this Code.

7.5. PIL Employees

For PIL employees, certain topics are covered by the Market Abuse rules of the U.K. Financial Conduct Authority. PIL employees receive information on this topic in their annual instructor-led code of ethics and compliance training.

Section 8 — Sanctions

The Code of Ethics Oversight Committee reviews violations of the Code by employees and approves sanctions that it believes fit the circumstances. These sanctions include written warnings, trading bans, suspension or termination of employment and disgorgement of profits (or payment of losses avoided) from impermissible trading. Sanctions will apply even if the exception results from inadvertence rather than intentional behaviors, although the Committee's belief that an employee has violated the Code of Ethics intentionally may result in more severe sanctions. Sanctions for subsequent violations (based on a rolling three-year measurement period) may be more severe than for an employee's initial violation. Sanctions are communicated to the employee and the employee's manager. All violations concerning the use of material, non-public information, failure to report inside information, or insider trading will be presented to the Code of Ethics Oversight Committee to determine the appropriate sanction, up to and including termination. Severe criminal penalties may also be imposed.

Section 9 — Procedures for Determinations and Exemptions

No perceived ambiguity in the Code of Ethics shall excuse any violation. Any employee who has a question concerning the applicability of the Code or believes the Code to be ambiguous in a particular situation should request a determination from the Code of Ethics Officer in advance of the conduct. Employees may also request an exemption from the Code of Ethics if they do so in advance of the conduct or transaction sought to be exempted.

Any employee seeking a determination or exemption shall provide the Code of Ethics Officer with such information as the Code of Ethics Officer deems necessary to render the determination or make a decision on the exemption.

**Appendix**

[GRAPHIC OMITTED: CFA INSTITUTE LOGO]

**CODE OF ETHICS AND STANDARDS OF PROFESSIONAL CONDUCT**

**PREAMBLE**

The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving its mission to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. High ethical standards are critical to maintaining the public's trust in financial markets and in the investment profession. Since their creation in the 1960s, the Code and Standards have promoted the integrity of CFA Institute members and served as a model for measuring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute members (including holders of the Chartered Financial Analyst® [CFA®] designation) and CFA candidates must abide by the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can include revocation of membership, revocation of candidacy in the CFA Program, and revocation of the right to use the CFA designation.

**THE CODE OF ETHICS**

Members of CFA Institute (including CFA charterholders) and candidates for the CFA designation ("Members and Candidates") must:

• Act with integrity, competence, diligence, respect and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

• Place the integrity of the investment profession and the interests of clients above their own personal interests.

• Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

• Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

• Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

• Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

**STANDARDS OF PROFESSIONAL CONDUCT**

**I. PROFESSIONALISM**

**A. Knowledge of the Law.** Members and Candidates must under-stand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members and Candidates must not knowingly participate or assist in and must dissociate from any violation of such laws, rules, or regulations.

**B. Independence and Objectivity.** Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another's independence and objectivity.

**C. Misrepresentation.** Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities.

**D. Misconduct.** Members and Candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

**II. INTEGRITY OF CAPITAL MARKETS**

**A. Material Nonpublic Information.** Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.

**B. Market Manipulation.** Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

**III. DUTIES TO CLIENTS**

**A. Loyalty, Prudence, and Care.** Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients' interests before their employer's or their own interests.

**B. Fair Dealing.** Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.

**C. Suitability.**

**1.** When Members and Candidates are in an advisory relationship with a client, they must:

**a.** Make a reasonable inquiry into a client's or prospective client's investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action and must reassess and update this information regularly.

**b.** Determine that an investment is suitable to the client's financial situation and consistent with the client's written objectives, mandates, and constraints before making an investment recommendation or taking investment action.

**c.** Judge the suitability of investments in the context of the client's total portfolio.

**2.** When Members and Candidates are responsible for managing a portfolio to a specific mandate, strategy, or style, they must make only investment recommendations or take only investment actions that are consistent with the stated objectives and constraints of the portfolio.

**D. Performance Presentation.** When communicating investment performance information, Members and Candidates must make reasonable efforts to ensure that it is fair, accurate, and complete.

**E. Preservation of Confidentiality.** Members and Candidates must keep information about current, former, and prospective clients confidential unless:

**1.** The information concerns illegal activities on the part of the client or prospective client,

**2.** Disclosure is required by law, or

**3.** The client or prospective client permits disclosure of the information.

**IV. DUTIES TO EMPLOYERS**

**A. Loyalty.** In matters related to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer.

**B. Additional Compensation Arrangements.** Members and Candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer's interest unless they obtain written consent from all parties involved.

**C. Responsibilities of Supervisors.** Members and Candidates must make reasonable efforts to ensure that anyone subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards.

**V. INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS**

**A. Diligence and Reasonable Basis.** Members and Candidates must:

**1.** Exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions.

**2.** Have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action.

**B. Communication with Clients and Prospective Clients.** Members and Candidates must:

**1.** Disclose to clients and prospective clients the basic format and general principles of the investment processes they use to analyze investments, select securities, and construct port-folios and must promptly disclose any changes that might materially affect those processes.

**2.** Disclose to clients and prospective clients significant limitations and risks associated with the investment process.

**3.** Use reasonable judgment in identifying which factors are important to their investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.

**4.** Distinguish between fact and opinion in the presentation of investment analysis and recommendations.

**C. Record Retention.** Members and Candidates must develop and maintain appropriate records to support their investment analyses, recommendations, actions, and other investment-related communications with clients and prospective clients.

**VI. CONFLICTS OF INTEREST**

**A. Disclosure of Conflicts.** Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

**B. Priority of Transactions.** Investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner.

**C. Referral Fees.** Members and Candidates must disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration, or benefit received from or paid to others for the recommendation of products or services.

**VII. RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE**

**A. Conduct as Participants in CFA Institute Programs.** Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of the CFA Institute programs.

**B. Reference to CFA Institute, the CFA Designation, and the CFA Program.** When referring to CFA Institute, CFA Institute membership, the CFA designation, or candidacy in the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA program.

[GRAPHIC OMITTED: CFA INSTITUTE LOGO]

www.cfainstitute.org

Putnam Investments \| 100 Federal Street \| Boston, MA02110 \| putnam.com HR104 318763 10/19

## Ex-99.Code

**THE PUTNAM FUNDS**

<u>Code of Ethics</u>

Each of The Putnam Funds (the "Funds") has determined to adopt this Code of Ethics with respect to certain activities by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such activities.

I. <u>Rules Applicable to Officers and Trustees Affiliated with Putnam Investments Trust or Its Subsidiaries</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Incorporation of Adviser's Code of Ethics</u>. The provisions of the Code of Ethics for employees
of Putnam Investments Trust and its subsidiaries (the "Putnam Investments Code of Ethics"), which is attached as Appendix
A hereto, are hereby incorporated herein as the Funds' Code of Ethics applicable to officers and Trustees of the Funds who are employees
of the Funds or officers, directors or employees of Putnam Investments Trust or its subsidiaries. A violation of the Putnam Investments'
Code of Ethics shall constitute a violation of the Funds' Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Reports</u>. Officers and Trustees of each of the Funds who are made subject to the Putnam Investments'
Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Putnam Investments' Code of Ethics with
the Code of Ethics Officer designated therein. A report filed with the Code of Ethics Officer shall be deemed to be filed with each of
the Funds of which the reporting individual is an officer or Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Code of Ethics Officer shall cause the reported personal securities transactions to be compared with
completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred.
Before making any determination that a violation has been committed by any person, the Code of Ethics Officer shall give such person an
opportunity to supply additional explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Code of Ethics Officer determines that a violation of any provision of this Code has or may have
occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit, Compliance and Risk
Committee of the Funds at its next meeting when Code of Ethics matters are discussed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Sanctions</u>. In addition to reporting violations of this Code to the Audit, Compliance and Risk Committee
of the Funds as provided in Section I-C(2), the Code of Ethics Officer shall also report to such Committee any sanctions imposed with
respect to such violations.

II. <u>Rules Applicable to Unaffiliated Trustees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Beneficial ownership" shall be interpreted in the same manner as it would be in determining
whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Control" means the power to exercise a controlling influence over the management or policies
of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Covered Person" means an affiliated person of the Fund, who is not made subject to the Putnam
Investments Code of Ethics pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Interested Trustee" means a Trustee of a Fund who is an "interested person" of
the Fund within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Purchase or sale of a security" includes, among other things, the writing of an option to
purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the Investment
Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an
agency thereof, bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments,
including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into
or exchangeable for a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "Security Held or to be Acquired by a Fund" means: (i) any security, as defined herein, which,
within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or Putnam Investments
for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described
in (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "Unaffiliated Trustee" means a Trustee who is not made subject to the Putnam Investments Code
of Ethics pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Prohibited Actions</u>. No Covered Person, in connection with the purchase or sale, directly or indirectly,
by such Covered Person of a security held or to be acquired by the Fund, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in
order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit
on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Every Unaffiliated Trustee of a Fund shall file with the Funds' Compliance Liaison a report containing
the information described in Section II-C(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated
Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that
transaction, knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that,
during the 15-day period immediately preceding or after the date of the transaction by the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such security was or is to be purchased or sold by the Fund or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such security was or is being considered for purchase or sale by the Fund;

<u>provided</u>, <u>however</u>, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction
to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if
applicable) and the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The date that the report is submitted by each Unaffiliated Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any such report may contain a statement that the report shall not be construed as an admission by the
person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an "interested
person" of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act with the Code of Ethics
Officer of Putnam Investments. Such reports shall be reviewed by such Officer as provided in Section I-C(1) and any related violations
shall be reported by him to the Audit, Compliance and Risk Committee as provided in Section I-C(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer of Putnam Investments,
shall cause the reported personal securities transactions that he receives pursuant to Section II-C(1) to be compared with completed and
contemplated portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before making any determination that a violation of this Code has occurred, the Compliance Liaison shall
give the person involved an opportunity to supply additional information regarding the transaction in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Sanctions</u>. If the Compliance Liaison determines that a violation of this Code has occurred, he
shall so advise the Funds' Audit, Compliance and Risk Committee, and provide the Committee with a report of the matter, including
any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.

III. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Amendments to the Putnam Investments' Code of Ethics</u>. Any amendment to the Putnam Investments'
Code of Ethics shall be deemed an amendment to Section 1-A of this Code effective 30 days after written notice of such amendment shall
have been received by the Chair of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective
at an earlier or later date or shall not be adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Records</u>. The Funds shall maintain records in the manner and to the extent set forth below, which
records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be
available for examination by representatives of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in
effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A record of any violation of this Code and of any action taken as a result of such violation shall be
preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation
occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period
of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant
to this Code shall be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To the extent any record required to be kept by this section is also required to be kept by Putnam Investments
pursuant to the Putnam Investments' Code of Ethics, Putnam Investments shall maintain such record on behalf of the Funds as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Confidentiality</u>. All reports of securities transactions and any other information filed with any
Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities
and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Interpretation of Provisions</u>. The Trustees may from time to time adopt such interpretations of
this Code as they deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Delegation by Chair</u>. The Chair of the Funds may from time to time delegate any or all of his or
her responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he or she
may designate.

As revised June 25, 2021.