a_shortterminvest.htm


	UNITED STATES SECURITIES AND EXCHANGE COMMISSION


	Washington, D.C. 20549


	FORM N-CSR


	CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


	Investment Company Act file number:	(811-07513)


	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 100 Federal Street Boston, Massachusetts 02110


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


		James E. Thomas, Esq. Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02199


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


	Date of fiscal year end:	July 31, 2024


	Date of reporting period:	August 1, 2023 – January 31, 2024


	Item 1. Report to Stockholders:


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

Putnam
Short Term
Investment Fund

Semiannual report
1 | 31 | 24


Message from the Trustees	1
Your fund at a glance	2
Your fund’s expenses	3
Other information for shareholders	5
Important notice regarding Putnam’s privacy policy	6
Financial statements	7
Shareholder meeting results	26

Message from the Trustees

March 14, 2024

Dear Fellow Shareholder:

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

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

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

Thank you for investing with Putnam.

Allocations are shown as a percentage of the fund’s net assets as of 1/31/24. Cash and net other assets, if any, represent the market value weights of cash and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of any interest accruals, the exclusion of as-of trades, if any, the use of different classifications of securities for presentation purposes, and rounding. Holdings and allocations may vary over time. Due to rounding, percentages may not equal 100%.

The cash and net other assets category may show a negative market value percentage as a result of the timing of trade-date versus settlement-date transactions.

2 Short Term Investment Fund

Your fund’s expenses

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

Expense ratios


	Class G	Class P
Net expenses for the fiscal year ended 7/31/23^*	0.04%	0.04%
Total annual operating expenses for the fiscal year ended 7/31/23	0.29%	0.29%
Annualized expense ratio for the six-month period ended 1/31/24	0.03%	0.03%

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.

^*Reflects Putnam Management’s contractual obligation to limit certain fund expenses through 11/30/24.

Expenses per $1,000

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


	Class G	Class P
Expenses paid per $1,000^*†	$0.15	$0.15
Ending value (after expenses)	$1,028.30	$1,028.30

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

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

Short Term Investment Fund 3

Estimate the expenses you paid

To estimate the ongoing expenses you paid for the six months ended 1/31/24, use the following calculation method. To find the value of your investment on 8/1/23, call Putnam at 1-800-225-1581.

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.


	Class G	Class P
Expenses paid per $1,000^*†	$0.15	$0.15
Ending value (after expenses)	$1,024.99	$1,024.99

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

4 Short Term Investment Fund

Other information for shareholders

Important notice regarding delivery of shareholder documents

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

Proxy voting

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

Fund portfolio holdings

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

Short Term Investment Fund 5

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.

6 Short Term Investment Fund

Financial statements

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

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

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

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

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

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

Short Term Investment Fund 7


The fund’s portfolio 1/31/24 (Unaudited)


REPURCHASE AGREEMENTS (65.0%)*	Principal amount	Value
Interest in $285,000,000 joint tri-party repurchase agreement dated 1/31/2024 with Barclays Capital, Inc. due 2/1/2024 — maturity value of $85,012,514 for an effective yield of 5.300% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.500% to 1.875% and due dates ranging from 8/31/2027 to 2/15/2032, valued at $290,742,834)	$85,000,000	$85,000,000
Interest in $379,910,000 joint tri-party repurchase agreement dated 1/31/2024 with BofA Securities, Inc. due 2/1/2024 — maturity value of $41,067,068 for an effective yield of 5.320% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 1.500% to 7.500% and due dates ranging from 12/15/2027 to 5/20/2063, valued at $387,508,200)	41,061,000	41,061,000
Interest in $448,349,000 joint tri-party repurchase agreement dated 1/31/2024 with Citigroup Global Markets, Inc. due 2/1/2024 — maturity value of $231,083,080 for an effective yield of 5.310% (collateralized by Agency Mortgage-Backed Securities and U.S. Treasuries (including strips) with coupon rates ranging from 2.625% to 7.000% and due dates ranging from 7/31/2029 to 6/1/2053, valued at $457,337,363)	231,049,000	231,049,000
Interest in $126,400,000 joint tri-party repurchase agreement dated 1/31/2024 with HSBC Securities (USA), Inc. due 2/1/2024 — maturity value of $51,207,552 for an effective yield of 5.310% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.500% to 7.500% and due dates ranging from 3/1/2036 to 2/1/2054, valued at $128,947,017)	51,200,000	51,200,000
Interest in $200,000,000 joint tri-party repurchase agreement dated 1/31/2024 with JPMorgan Securities, LLC due 2/1/2024 — maturity value of $117,578,340 for an effective yield of 5.310% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.000% to 6.500% and due dates ranging from 12/1/2025 to 2/1/2054, valued at $204,030,091)	117,561,000	117,561,000
Interest in $298,400,000 joint tri-party repurchase agreement dated 1/31/2024 with Royal Bank of Canada due 2/1/2024 — maturity value of $102,715,148 for an effective yield of 5.310% (collateralized by U.S. Treasuries (including strips) with coupon rates of zero % and due dates ranging from 2/13/2024 to 3/21/2024, valued at $304,412,908)	102,700,000	102,700,000
Interest in $50,000,000 repurchase agreement dated 1/31/2024 with Barclays Capital, Inc. due 2/1/2024 — maturity value of $50,007,361 for an effective yield of 5.300% (collateralized by U.S. Treasuries (including strips) with a coupon rate of 2.750% and a due date of 8/15/2032, valued at $50,998,896)	50,000,000	50,000,000
Interest in $177,100,000 tri-party repurchase agreement dated 1/31/2024 with Goldman Sachs & Co. LLC due 2/1/2024 — maturity value of $177,126,122 for an effective yield of 5.310% (collateralized by Agency Mortgage-Backed Securities and U.S. Treasuries (including strips) with coupon rates ranging from 1.750% to 5.200% and due dates ranging from 8/15/2041 to 5/15/2061, valued at $180,642,001)	177,100,000	177,100,000
Interest in $200,000,000 tri-party repurchase agreement dated 1/31/2024 with JPMorgan Securities, LLC due 2/1/2024 — maturity value of $200,029,444 for an effective yield of 5.300% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 2.375% to 4.000% and due dates ranging from 8/15/2024 to 2/29/2028, valued at $204,030,108)	200,000,000	200,000,000
Interest in $25,000,000 tri-party term repurchase agreement dated 1/31/2024 with BNP Paribas Securities Corp., 5.480% (collateralized by Corporate Debt Securities with coupon rates ranging from 4.750% to 6.125% and due dates ranging from 1/15/2054 to perpetual maturity, valued at $26,267,250) (France) ^{Ŧ EG}	25,000,000	25,000,000


8 Short Term Investment Fund


REPURCHASE AGREEMENTS (65.0%)* cont.	Principal amount	Value
Interest in $25,000,000 tri-party term repurchase agreement dated 1/31/2024 with RBC Capital Markets, LLC, 5.530% (collateralized by Corporate Debt Securities with coupon rates ranging from 1.250% to 6.646% and due dates ranging from 5/1/2025 to 6/1/2077, valued at $26,254,759) (Canada) ^{Ŧ EG}	$25,000,000	$25,000,000
Total repurchase agreements (cost $1,105,671,000)		$1,105,671,000


COMMERCIAL PAPER (19.2%)*	Yield (%)	Maturity date	Principal amount	Value
Australia and New Zealand Banking Group, Ltd. (Australia)	5.871	7/10/24	$19,750,000	$19,291,683
Banco Santander SA (Spain)	5.840	3/1/24	15,500,000	15,430,379
Bank of Montreal (Canada)	5.910	8/1/24	18,750,000	18,786,954
Bank of Nova Scotia (The) (Canada)	5.810	2/5/24	17,000,000	17,000,812
BNP Paribas SA/New York, NY (France)	5.325	9/3/24	8,000,000	7,744,957
BPCE SA (France)	5.461	2/1/24	6,300,000	6,299,071
Commonwealth Bank of Australia (Australia)	5.909	9/20/24	11,250,000	10,868,128
Commonwealth Bank of Australia (Australia)	5.820	4/22/24	19,000,000	19,017,259
ING (U.S.) Funding, LLC	5.900	4/24/24	16,750,000	16,767,785
Lloyds Bank PLC (United Kingdom)	5.680	2/6/24	20,750,000	20,750,351
Lloyds Bank PLC (United Kingdom)	5.400	6/3/24	17,000,000	16,686,896
National Australia Bank, Ltd. (Australia)	5.830	9/19/24	18,750,000	18,788,125
National Australia Bank, Ltd. (Australia)	5.484	3/11/24	16,000,000	15,905,126
National Bank of Canada (Canada)	5.440	2/1/24	10,000,000	9,998,524
NRW.Bank (Germany)	5.340	4/30/24	16,750,000	16,529,319
Rabobank Nederland NV/NY (Netherlands)	5.844	6/14/24	18,000,000	17,645,693
Royal Bank of Canada/New York, NY (Canada)	5.910	5/23/24	15,750,000	15,773,249
Sumitomo Mitsui Trust Bank, Ltd./New York	5.681	5/24/24	15,250,000	14,994,276
Sumitomo Mitsui Trust Bank, Ltd./Singapore (Singapore)	5.452	3/14/24	15,000,000	14,904,380
Toronto-Dominion Bank (The) (Canada)	5.506	3/5/24	17,000,000	16,914,973
Toyota Credit de Puerto Rico Corp. (Puerto Rico)	5.806	4/16/24	17,000,000	16,804,669
Total commercial paper (cost $326,699,658)				$326,902,609


CERTIFICATES OF DEPOSIT (13.1%)*	Yield (%)	Maturity date	Principal amount	Value
Bank of America, NA FRN	5.960	6/3/24	$19,000,000	$19,033,611
Bank of America, NA FRN	5.770	5/7/24	12,500,000	12,513,650
Bank of Montreal/Chicago, IL FRN (Canada)	5.950	7/22/24	10,500,000	10,525,672
Citibank, NA	6.000	9/20/24	10,250,000	10,293,381
Citibank, NA	5.780	3/8/24	19,750,000	19,753,408
Citibank, NA FRN	5.690	1/10/25	16,000,000	16,000,976
Credit Agricole Corporate and Investment Bank/New York FRN (France)	5.810	5/3/24	18,750,000	18,770,678
Mizuho Bank, Ltd./New York, NY	5.800	5/3/24	12,500,000	12,511,017
MUFG Bank, Ltd./New York, NY (Japan)	5.660	5/30/24	18,250,000	18,258,718
Sumitomo Mitsui Banking Corp./New York FRN (Japan)	5.730	4/4/24	18,000,000	18,009,380
Toronto-Dominion Bank/NY (Canada)	6.050	7/10/24	8,750,000	8,768,947
Toronto-Dominion Bank/NY FRN (Canada)	5.880	9/12/24	13,750,000	13,780,175
Wells Fargo Bank, NA FRN	5.960	7/5/24	10,500,000	10,520,938
Wells Fargo Bank, NA FRN	5.940	4/5/24	17,250,000	17,267,026
Wells Fargo Bank, NA FRN	5.660	1/17/25	16,750,000	16,753,856
Total certificates of deposit (cost $222,500,001)				$222,761,433


Short Term Investment Fund 9


ASSET-BACKED COMMERCIAL PAPER (3.9%)*	Yield (%)	Maturity date	Principal amount	Value
Chariot Funding, LLC	5.490	3/15/24	$16,750,000	$16,640,064
Liberty Street Funding, LLC (Canada)	5.371	4/25/24	13,000,000	12,836,680
Manhattan Asset Funding Co., LLC (Japan)	5.447	2/7/24	16,000,000	15,983,418
Old Line Funding, LLC	5.666	2/5/24	20,750,000	20,734,147
Total asset-backed commercial paper (cost $66,203,599)				$66,194,309


TOTAL INVESTMENTS
Total investments (cost $1,721,074,258)	$1,721,529,351


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


Notes to the fund’s portfolio
	Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from August 1, 2023 through January 31, 2024 (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 Franklin Resources, Inc., and references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.
^*	Percentages indicated are based on net assets of $1,701,007,411.
^Ŧ	Repurchase agreements with a maturity of more than seven days are considered to be illiquid investments.
^EG	Maturity date of the repurchase agreement is thirty-five days from the purchase date unless both parties agree to roll the transaction. Maturity value of the repurchase agreement will equal the principal amount of the repurchase agreement plus interest.
	The dates shown on debt obligations are the original maturity dates.


DIVERSIFICATION BY COUNTRY
Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):
United States	73.1%	Netherlands	1.0%
Canada	8.7	Puerto Rico	1.0
Australia	4.9	Germany	1.0
France	3.3	Spain	0.9
Japan	3.0	Singapore	0.9
United Kingdom	2.2	Total	100.0%


10 Short Term Investment Fund

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

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

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

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

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


		Valuation inputs
Investments in securities:	Level 1	Level 2	Level 3
Asset-backed commercial paper	$—	$66,194,309	$—
Certificates of deposit	—	222,761,433	—
Commercial paper	—	326,902,609	—
Repurchase agreements	—	1,105,671,000	—
Totals by level	$—	$1,721,529,351	$—

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


Short Term Investment Fund 11

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


ASSETS
Investment in securities, at value (Note 1):
Unaffiliated issuers (identified cost $615,403,258)	$615,858,351
Repurchase agreements (identified cost $1,105,671,000)	1,105,671,000
Cash	156,350
Interest and other receivables	3,950,473
Receivable for shares of the fund sold	341
Total assets	1,725,636,515

LIABILITIES
Payable for investments purchased	16,531,771
Payable for custodian fees (Note 2)	8,788
Payable for investor servicing fees (Note 2)	27,651
Payable for Trustee compensation and expenses (Note 2)	194,365
Payable for administrative services (Note 2)	23,097
Distributions payable to shareholders	7,777,178
Other accrued expenses	66,254
Total liabilities	24,629,104

Net assets	$1,701,007,411

REPRESENTED BY
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$1,700,559,921
Total distributable earnings (Note 1)	447,490
Total — Representing net assets applicable to capital shares outstanding	$1,701,007,411

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
Net asset value, offering price and redemption price per class G share
($3,975,749 divided by 3,975,694 shares)	$1.00
Net asset value, offering price and redemption price per class P share
($1,697,031,662 divided by 1,696,584,227 shares)	$1.00

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

12 Short Term Investment Fund

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


INVESTMENT INCOME
Interest	$49,175,461
Total investment income	49,175,461

EXPENSES
Compensation of Manager (Note 2)	2,213,424
Investor servicing fees (Note 2)	88,070
Custodian fees (Note 2)	13,698
Trustee compensation and expenses (Note 2)	39,716
Administrative services (Note 2)	34,601
Other	129,988
Fees waived and reimbursed by Manager (Note 2)	(2,213,424)
Total expenses	306,073
Expense reduction (Note 2)	(11,162)
Net expenses	294,911

Net investment income	48,880,550

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Securities from unaffiliated issuers (Notes 1 and 3)	3,455
Total net realized gain	3,455
Change in net unrealized appreciation (depreciation) on:
Securities from unaffiliated issuers	391,129
Total change in net unrealized appreciation	391,129

Net gain on investments	394,584

Net increase in net assets resulting from operations	$49,275,134

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

Short Term Investment Fund 13

Statement of changes in net assets


INCREASE (DECREASE) IN NET ASSETS	Six months ended 1/31/24*	Year ended 7/31/23
Operations
Net investment income	$48,880,550	$82,890,038
Net realized gain on investments	3,455	—
Change in net unrealized appreciation of investments	391,129	691,512
Net increase in net assets resulting from operations	49,275,134	83,581,550
Distributions to shareholders (Note 1):
From ordinary income
Net investment income
Class G	(103,165)	(137,735)
Class P	(48,947,863)	(82,588,323)
Increase (decrease) from capital share transactions (Note 4)	(462,965,709)	74,034,125
Total increase (decrease) in net assets	(462,741,603)	74,889,617

NET ASSETS
Beginning of period	2,163,749,014	2,088,859,397
End of period	$1,701,007,411	$2,163,749,014

^*Unaudited.

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

14 Short Term Investment Fund

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Short Term Investment Fund 15

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

INVESTMENT OPERATIONS

LESS DISTRIBUTIONS

RATIOS AND SUPPLEMENTAL DATA

Ratio

Net realized

of net investment

Net asset value,

and unrealized

Total from

From net

Total return

Net assets,

Ratio of expenses

income (loss)

beginning

Net investment

gain (loss)

investment

investment

Total

Net asset value,

at net asset value

end of period

to average

Portfolio

Period ended

of period

income (loss)

on investments

operations

income

distributions

end of period

(%)^a

(in thousands)

net assets (%)^b,c

net assets (%)^c

turnover (%)

Class G

January 31, 2024^**

$1.00

0.0278

0.0001

0.0279

(0.0279)

(0.0279)

$1.00

2.83^*

$3,976

.02^*

2.78^*

—

July 31, 2023

1.00

0.0423^d

—^e

0.0423

(0.0422)

(0.0422)

1.00

4.31

3,436

.04

4.30^d

—

July 31, 2022

1.00

0.0040

—^e

0.0040

(0.0040)

(0.0040)

1.00

.40

2,930

.03

.43

—

July 31, 2021^†

1.00

0.0014

—^e

0.0014

(0.0014)

(0.0014)

1.00

.14^*

1,799

.03^*

.14^*

Class P

January 31, 2024^**

$1.00

0.0278

0.0001

0.0279

(0.0279)

(0.0279)

$1.00

2.83^*

$1,697,032

.02^*

2.77^*

—

July 31, 2023

1.00

0.0423

—^e

0.0423

(0.0422)

(0.0422)

1.00

4.31

2,160,313

.04

4.18

—

July 31, 2022

1.00

0.0040

—^e

0.0040

(0.0040)

(0.0040)

1.00

.40

2,085,929

.03

.35

—

July 31, 2021

1.00

0.0014

—^e

0.0014

(0.0014)

(0.0014)

1.00

.14

3,009,268

.03

.15

July 31, 2020

1.00

0.0143

—^e

0.0143

(0.0141)

(0.0141)

1.00

1.42

3,749,025

.03

1.40

July 31, 2019

1.00

0.0244

—^e

0.0244

(0.0246)

(0.0246)

1.00

2.49

2,828,270

.03

2.44

—

^*Not annualized.

^** Unaudited.

^† For the period August 3, 2020 (commencement of operations) to July 31, 2021.

^aTotal return assumes dividend reinvestment.

^bIncludes amounts paid through expense offset arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

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


	1/31/24	7/31/23	7/31/22	7/31/21	7/31/20	7/31/19
Class G	0.13%	0.25%	0.25%	0.25%	N/A	N/A
Class P	0.13	0.25	0.25	0.25	0.25%	0.25%

^dThe net investment income and per share amount shown for the period ending may not correspond with the expected class differences for the period due to the timing of subscriptions into the class or redemptions out of the class.

^eAmount represents less than $0.0001 per share.

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


16 Short Term Investment Fund	Short Term Investment Fund 17

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

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


References to	Represent
Franklin Templeton	Franklin Resources, Inc.
PIL	Putnam Investments Limited, an affiliate of Putnam Management
Putnam Management	Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned
	subsidiary of Franklin Templeton
SEC	Securities and Exchange Commission
State Street	State Street Bank and Trust Company

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

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


Share class	Sales charge	Contingent deferred sales charge	Conversion feature
Class G^*	None	None	None
Class P^**	None	None	None

^*Only available to other Putnam fund-of-funds accounts.

^**Only available to other Putnam funds and other accounts managed by Putnam Management or its affiliates.

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

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

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

18 Short Term Investment Fund

Note 1: Significant accounting policies

The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The following is a summary of significant accounting policies consistently followed by 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.

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

To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a–5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

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

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

Short Term Investment Fund 19

Repurchase agreements The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $1,129,400,075 at the end of the reporting period, is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

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

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

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

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

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

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $1,721,074,258, resulting in gross unrealized appreciation and depreciation of $487,760 and $32,667, respectively, or net unrealized appreciation of $455,093.

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

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

Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management for management and investment advisory services monthly based on the average net assets of the fund. Such fee is based on the annual rate of 0.25% of the average net assets of the fund. Putnam Management has contractually agreed to waive its management fee from the fund through November 30, 2024. During the reporting period, the fund waived $2,213,424 as a result of this waiver.

20 Short Term Investment Fund

PIL is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.20% of the average net assets of the portion of the fund managed by PIL.

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

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

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

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

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


Class G	$186
Class P	87,884
Total	$88,070

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 $11,162 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $1,383, 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 from July 1, 1995 through December 31, 2023. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

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

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

Short Term Investment Fund 21

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and the proceeds from sales (including maturities) of investment securities (all short-term obligations) aggregated $128,451,850,412 and $128,906,869,000, respectively. The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund’s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund’s total cost of purchases and/or total proceeds from sales.

Note 4: Capital shares

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


	SIX MONTHS ENDED 1/31/24		YEAR ENDED 7/31/23
Class G	Shares	Amount	Shares	Amount
Shares sold	1,175,437	$1,175,437	1,313,471	$1,313,471
Shares issued in connection with
reinvestment of distributions	103,165	103,165	137,735	137,735
	1,278,602	1,278,602	1,451,206	1,451,206
Shares repurchased	(740,140)	(740,140)	(946,216)	(946,216)
Net increase	538,462	$538,462	504,990	$504,990

	SIX MONTHS ENDED 1/31/24		YEAR ENDED 7/31/23
Class P	Shares	Amount	Shares	Amount
Shares sold	6,772,842,798	$6,772,842,798	13,601,624,881	$13,601,624,881
Shares issued in connection with
reinvestment of distributions	—	—	—	—
	6,772,842,798	6,772,842,798	13,601,624,881	13,601,624,881
Shares repurchased	(7,236,346,969)	(7,236,346,969)	(13,528,095,746)	(13,528,095,746)
Net increase (decrease)	(463,504,171)	$(463,504,171)	73,529,135	$73,529,135

Note 5: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

22 Short Term Investment Fund

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Short Term Investment Fund 23

Note 6: Offsetting of financial and derivative assets and liabilities

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


	Barclays Capital, Inc.	BofA Securities, Inc.	BNP Paribas Securities Corp.	Citigroup Global Markets, Inc.	Goldman Sachs & Co., LLC	HSBC Securities (USA), Inc.	JPMorgan Securities, LLC	RBC Capital Markets, LLC	Royal Bank of Canada	Total
Assets:
Repurchase agreements^**	$135,000,000	$41,061,000	$25,000,000	$231,049,000	$177,100,000	$51,200,000	$317,561,000	$25,000,000	$102,700,000	$1,105,671,000
Total Assets	$135,000,000	$41,061,000	$25,000,000	$231,049,000	$177,100,000	$51,200,000	$317,561,000	$25,000,000	$102,700,000	$1,105,671,000
Liabilities:
Total Liabilities	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—
Total Financial and Derivative
Net Assets	$135,000,000	$41,061,000	$25,000,000	$231,049,000	$177,100,000	$51,200,000	$317,561,000	$25,000,000	$102,700,000	$1,105,671,000
Total collateral received (pledged)^†##	$135,000,000	$41,061,000	$25,000,000	$231,049,000	$177,100,000	$51,200,000	$317,561,000	$25,000,000	$102,700,000
Net amount	$—	$—	$—	$—	$—	$—	$—	$—	$—
Controlled collateral received (including
TBA commitments)^**	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—
Uncontrolled collateral received	$137,711,671	$41,882,220	$26,267,250	$235,680,999	$180,642,001	$52,231,703	$323,960,016	$26,254,759	$104,769,456	$1,129,400,075
Collateral (pledged) (including
TBA commitments)**	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—

^**Included with Investments in securities on the Statement of assets and liabilities.

^†Additional collateral may be required from certain brokers based on individual agreements.

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


24 Short Term Investment Fund	Short Term Investment Fund 25

Shareholder meeting results (Unaudited)

October 20, 2023 special meeting

At the meeting, a new Management Contract for your fund with Putnam Investment Management, LLC was approved, as follows:


Votes for	Votes against	Abstentions/Votes withheld
2,357,596,725	—	—

At the meeting, a new Sub-Management Contract for your fund between Putnam Investment Management, LLC and Putnam Investments Limited was approved, as follows:


Votes for	Votes against	Abstentions/Votes withheld
2,357,596,725	—	—

All tabulations are rounded to the nearest whole number.

26 Short Term Investment Fund

Fund information


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

This report is for the information of shareholders of Putnam Short Term Investment Fund. It may also be used as sales literature when preceded or accompanied by the current prospectus, the most recent copy of the fund’s Quarterly Performance Summary, and the fund’s Quarterly Ranking Summary. For more recent performance, please visit putnam.com or franklintempleton.com. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund, which are described in its prospectus. For this and other information or to request a prospectus 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.

This page left blank intentionally.


	Item 2. Code of Ethics:


	Not applicable


	Item 3. Audit Committee Financial Expert:


	Not applicable


	Item 4. Principal Accountant Fees and Services:


	Not applicable


	Item 5. Audit Committee of Listed Registrants


	Not applicable


	Item 6. Schedule of Investments:


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


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


	Not applicable


	Item 8. Portfolio Managers of Closed-End Investment Companies


	Not Applicable


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


	Not applicable


	Item 10. Submission of Matters to a Vote of Security Holders:


	Not applicable


	Item 11. Controls and Procedures:

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


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


	Item 12. Disclosures of Securities Lending Activities for Closed-End Investment Companies:


	Not Applicable


	Item 13. Recovery of Erroneously Awarded Compensation.


	Not Applicable


	Item 14. Exhibits:


	(a)(1) Not applicable


	(a)(2) Not applicable


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


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


	SIGNATURES


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


	Putnam Funds Trust


	By (Signature and Title):


	/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer


	Date: March 26, 2024


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


	By (Signature and Title):


	/s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer


	Date: March 26, 2024


	By (Signature and Title):


	/s/ Janet C. Smith Janet C. Smith Principal Financial Officer


	Date: March 26, 2024