a_moneymarketfund.htm

Putnam
Money Market
Fund

Annual report
9 | 30 | 17


Message from the Trustees	1
Interview with your fund’s portfolio managers	3
Your fund’s performance	7
Your fund’s expenses	8
Terms and definitions	10
Other information for shareholders	11
Important notice regarding Putnam’s privacy policy	12
Trustee approval of management contract	13
Financial statements	18
Federal tax information	38
About the Trustees	39
Officers	41

Consider these risks before investing: You can lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below certain required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund’s investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.

Message from the Trustees

November 7, 2017

Dear Fellow Shareholder:

A fair amount of investor optimism has helped keep financial markets on a steady course throughout 2017. Global stock markets have generally made solid advances with low volatility, while bond market performance has been a bit more uneven. As we approach the closing weeks of the year, it is important to note that a number of macroeconomic and geopolitical risks around the world could disrupt market momentum.

In all market environments, we believe investors should remain focused on time-tested strategies: maintain a well-diversified portfolio, think about long-term goals, and speak regularly with your financial advisor. In the following pages, you will find an overview of your fund’s performance for the reporting period as well as an outlook for the coming months.

We would like to take this opportunity to recognize and thank Robert J. Darretta, John A. Hill, and W. Thomas Stephens, who recently retired from your fund’s Board of Trustees. We are grateful for their years of work on behalf of you and your fellow shareholders, and we wish them well in their future endeavors.

Thank you for investing with Putnam.

Interview with your fund’s portfolio managers

Joanne M. Driscoll
Portfolio Manager

Joanne has an M.B.A. from the D’Amore-McKim School of Business at Northeastern University and a B.S. from Westfield State College. She joined Putnam in 1995 and has been in the investment industry since 1992.

Jonathan M. Topper
Portfolio Manager

Jonathan has a B.A. from Northeastern University. He has been in the investment industry since he joined Putnam in 1990.

In addition to Joanne and Jonathan, your fund is managed by Michael J. Lima, CFA. Mike has a B.S. in Economics from Boston College. He has been in the investment industry since he joined Putnam in 1997.

How was the money market environment during the reporting period?

JOANNE The economic backdrop continued to improve during the reporting period, evidenced by an unemployment rate approaching 4%, rising consumer confidence, and inflation holding below 2% — the Federal Reserve’s threshold for taking steps to curb inflationary pressures in the U.S. economy. Yields on short-term money market securities rose higher throughout the period with the Fed’s three interest-rate increases in December 2016, March 2017, and June 2017. The increase in yields was in conjunction with the market’s expectations for continued Fed tightening that occurred as the central bank increased its benchmark rate. At the close of the reporting period, the Fed’s benchmark federal funds target rate was set in a range of 1.00% to 1.25% from 0.25% to 0.50% a year earlier. As a result, money market investors continued to see increased income from their investments after an extended period of near-zero yields.

How did the fund perform?

JONATHAN The fund benefited from the increase in short-term interest rates, along with technical [supply/demand] factors in the

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Allocations are shown as a percentage of the fund’s net assets as of 9/30/17. Cash and net other assets, if any, represent the market value weights of cash and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of any interest accruals, the exclusion of as-of trades, if any, the use of different classifications of securities for presentation purposes, and rounding. Holdings and allocations may vary over time.

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

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


4 Money Market Fund

market that materialized as a result of money market reform. For the 12-month reporting period ended September 30, 2017, the fund performed in line with the average return of its Lipper peer group.

What strategies helped the fund to capture more income in this environment?

JOANNE The three-month London Interbank Offered Rate [LIBOR], which is a widely followed benchmark rate that the world’s largest banks use in determining rates for interbank loans, continued to rise during the second half of the reporting period, but at a slower pace than during the prior six months. The three-month LIBOR closed the reporting period at 1.33% — 48 basis points, or nearly half a percentage point higher than at the start of the period on September 30, 2016. Consequently, there was some flattening of the money market yield curve, as one-year rates only increased 23 basis points, or about a quarter of a percentage point. The curve flattening was primarily due to the market calling into question the pace of rate hikes indicated by the Fed, as it has been faced with moderate economic activity and lower than expected inflation numbers.

Against this backdrop, we continued to look for floating-rate issues that reset with LIBOR on a monthly or quarterly basis to capture the higher rates coming to market — including those issued by the Bank of Montreal and Commonwealth Bank of Australia. We also purchased fixed-rate securities, such as those issued by Svenska Handelsbanken, to lock in rates should the pace of increases begin to slow.

These strategies had the intended effect of increasing the weighted average maturity [WAM] of the fund’s portfolio from 10 days on September 30, 2016, to 28 days by the end of the reporting period. [WAM represents the average life of all the money market securities held in the portfolio.] The fund’s conservative WAM positioning at the beginning of the period was atypically short in anticipation of the implementation of the Security and Exchange Commission’s [SEC’s] money market reforms, which took effect on October 14, 2016. As the period progressed and the post-money market reform environment became more clear, we moved the portfolio to more of a neutral positioning in anticipation of interest rates trending higher.

What are your expectations for Fed policy in the coming months?

JONATHAN The overall trajectory of the U.S. economy has not significantly changed of late and continues to muddle along with generally supportive data. But it will be hard to get a solid read on the current state of the economy as effects from the recent hurricanes will distort the data in the near term. With inflation still relatively subdued, the Fed appears wedded to the notion that the ever-tightening labor market may elevate wages and inflation at some point, in our view. Many Fed observers believe the data and the central bank’s slightly more hawkish tone at its September 2017 meeting make a December interest-rate hike likely and possibly leaves the Fed open to further increases in 2018 should conditions warrant.

As expected, the Fed announced at its September meeting that it would begin reducing holdings on its balance sheet by not reinvesting principal payments totaling $10 billion. While a small amount in comparison to the size of its holdings, this is one more step toward policy normalization. We would expect the Fed to slowly increase the pace of reducing its holdings as it seeks to remove the extra accommodation of the markets stemming from the financial crisis in 2008.

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In the second half of the reporting period, investors were watching the U.S. debt ceiling and budget discussions in Washington. In March 2017, the United States reached its borrowing limit and began using extraordinary measures to meet cash needs. This created some volatility, primarily for U.S. Treasury bills, as these measures were expected to run out in October 2017. Fortunately, Congress managed to push through an extension into December 2017. But if Congress fails to strike a longer-term deal, the issue will likely be revisited in 2018.

As the door opens on the fund’s new fiscal year, we are maintaining our neutral view of the short-term money markets. As the Fed continues down the path of normalizing monetary policy, we believe the pace of this process will depend on the continuation of decent growth and the possibility that we will soon reach a tipping point in the labor markets, when wages will start to rise and inflation will return. The passage of growth-enhancing tax reform or infrastructure spending could add momentum to the case for more rate hikes, in our view.

Finally, we will be closely following the nomination of a Federal Reserve chair, as Janet Yellen’s current term is due to expire in February 2018. Additionally, there are vacant seats on the Fed’s Board of Governors, and how the Trump administration fills those seats may affect Fed policy with regard to the pace of balance sheet reduction and future interest-rate increases.

The money market industry has been through great changes in recent years in response to the new SEC rules. With the implementation of those reforms behind us and rates trending higher as of period-end, we believe we are now in an environment where investor interest in money market funds may begin to grow.

Thank you both 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.

6 Money Market Fund

Your fund’s performance

This section shows your fund’s performance, price, and distribution information for periods ended September 30, 2017, the end of its most recent fiscal year. In accordance with regulatory requirements for mutual funds, we also include expense information taken from the fund’s current prospectus. Performance should always be considered in light of a fund’s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. For the most recent month-end performance, please visit the Individual Investors section at putnam.com or call Putnam at 1-800-225-1581. Class R shares are not available to all investors. See the Terms and Definitions section in this report for definitions of the share classes offered by your fund.


Fund performance Total return for periods ended 9/30/17
									Current
									rate
									(end of
									period)^*
	Annual
	average								Current
	(life of		Annual		Annual		Annual		7-day
	fund)	10 years	average	5 years	average	3 years	average	1 year	yield
Class A (10/1/76)
Net asset value	4.79%	4.84%	0.47%	0.50%	0.10%	0.48%	0.16%	0.46%	0.79%
Class B (4/27/92)
Before CDSC	4.68	3.99	0.39	0.38	0.08	0.36	0.12	0.34	0.79
After CDSC	4.68	3.99	0.39	–1.62	–0.33	–2.64	–0.89	–4.66	—
Class C (2/1/99)
Before CDSC	4.37	3.86	0.38	0.38	0.08	0.36	0.12	0.34	0.79
After CDSC	4.37	3.86	0.38	0.38	0.08	0.36	0.12	–0.66	—
Class M (12/8/94)
Net asset value	4.66	4.50	0.44	0.44	0.09	0.42	0.14	0.40	0.79
Class R (1/21/03)
Net asset value	4.36	3.86	0.38	0.38	0.08	0.36	0.12	0.34	0.79
Class T1 (12/31/01)
Net asset value	4.58	4.29	0.42	0.41	0.08	0.39	0.13	0.37	0.79

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. None of the share classes carry an initial sales charge. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining over time to 1% in the sixth year, and is eliminated thereafter. Class C share returns reflect a 1% CDSC for the first year that is eliminated thereafter. Class A, M, R, and T1 shares generally have no CDSC. Performance for class B, C, M, R, and T1 shares before their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares.

* The 7-day yield is the most common gauge for measuring money market mutual fund performance. Yield reflects current performance more closely than total return.

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

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

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Comparative Lipper returns For periods ended 9/30/17


	Annual
	average		Annual		Annual		Annual
	(life of fund)	10 years	average	5 years	average	3 years	average	1 year

Lipper Money Market Funds
category average^*	5.00%	4.62%	0.45%	0.63%	0.12%	0.59%	0.20%	0.48%

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

^*Over the 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 9/30/17, there were 115, 87, 87, 82, and 4 funds, respectively, in this Lipper category.

Fund price and distribution information For the 12-month period ending 9/30/17


Distributions	Class A	Class B	Class C	Class M	Class R	ClassT1
Number	12	12	12	12	12	12
Income	$0.004553	$0.003371	$0.003375	$0.003976	$0.003371	$0.003682
Capital gains	—	—	—	—	—	—
Total	$0.004553	$0.003371	$0.003375	$0.003976	$0.003371	$0.003682

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

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. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial representative.

Expense ratios


	Class A	Class B	Class C	Class M	Class R	Class T1
Total annual operating expenses for the
fiscal year ended 9/30/16^*†	0.51%	0.51%	0.51%	0.51%	0.51%	0.51%
Annualized expense ratio for the
six-month period ended 9/30/17^†‡	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%

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.

^*Restated to reflect current fees resulting from a change to the fund’s investor servicing arrangements effective 9/1/16.

^†Reflects the Board of Trustees determination to limit payments under the distribution and service (12b-1) plans in place with respect to class B, class C, class M, class R, and class T1 shares to 0.00% of average net assets effective as of the close of business on 3/31/17.

^‡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.


8 Money Market Fund

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 4/1/17 to 9/30/17. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


	Class A	Class B	Class C	Class M	Class R	Class T1
Expenses paid per $1,000 ^*†	$2.51	$2.51	$2.51	$2.51	$2.51	$2.51
Ending value (after expenses)	$1,003.30	$1,003.30	$1,003.30	$1,003.30	$1,003.30	$1,003.30

^*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 9/30/17. The expense ratio may differ for each share class.

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

Estimate the expenses you paid

To estimate the ongoing expenses you paid for the six months ended 9/30/17, use the following calculation method. To find the value of your investment on 4/1/17, 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 A	Class B	Class C	Class M	Class R	Class T1
Expenses paid per $1,000 ^*†	$2.54	$2.54	$2.54	$2.54	$2.54	$2.54
Ending value (after expenses)	$1,022.56	$1,022.56	$1,022.56	$1,022.56	$1,022.56	$1,022.56

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

Money Market Fund 9

Terms and definitions

Important terms

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

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

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

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

Share classes

Class A shares generally are fund shares purchased with an initial sales charge. In the case of your fund, which has no sales charge, the reference is to shares purchased or acquired through the exchange of class A shares from another Putnam fund. Exchange of your fund’s class A shares into another fund may involve a sales charge, however.

Class B shares are closed to new investments and are only available by exchange from another Putnam fund or through dividend and/or capital gains reinvestment. They are not subject to an initial sales charge and may be subject to a CDSC.

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

Class M shares generally are fund shares that have a lower initial sales charge and a higher 12b-1 fee than class A shares and no CDSC. In the case of your fund, which has no sales charge, the reference is to shares purchased or acquired through the exchange of class M shares from another Putnam fund. Exchange of your fund’s class M shares into another fund may involve a sales charge, however.

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

Class T1 shares are not subject to an initial sales charge or CDSC (except on certain redemptions of shares acquired by exchange of shares of another Putnam fund bought without an initial sales charge); however, they are subject to a 12b-1 fee. Existing class T shares were redesignated as class T1 shares, effective January 30, 2017.

Comparative indexes

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

BofA Merrill Lynch 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.

Lipper Money Market Funds category average is an arithmetic average of the total return of all money market mutual funds tracked by Lipper.

S&P 500 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.

10 Money Market Fund

Merrill Lynch, Pierce, Fenner & Smith Incorporated (“BofAML”), used with permission. BofAML permits use of the BofAML indices and related data on an “as is” basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofAML indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.

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

Other information for shareholders

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2017, are available in the Individual Investors section of putnam.com, and on the 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-Q. Shareholders may obtain the fund’s Form N-Q on the SEC’s website at www.sec.gov. In addition, the fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website or the operation of the Public Reference Room.

Trustee and employee fund ownership

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of September 30, 2017, Putnam employees had approximately $509,000,000 and the Trustees had approximately $90,000,000 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.

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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.


12 Money Market Fund

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 discussed with representatives of Putnam Management the annual contract review materials furnished to the Contract Committee during the course of the previous year’s review, identifying possible changes in these materials that might be necessary or desirable for the coming year. 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 2017, 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 2017, 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 2017 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 and sub-management contracts, effective July 1, 2017. (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 continued 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 such 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

Money Market Fund 13

years. For example, with some minor exceptions, the funds’ current fee arrangements under the 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. 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. (In a few instances, funds have implemented so-called “all-in” management fees covering substantially all routine fund operating costs.)

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 structure for your fund would be appropriate at this time.

Under its management contract, your fund has the benefit of breakpoints in its management fee schedule that provide shareholders with economies of scale in the form of reduced fee rates as assets under management in the Putnam family of funds increase. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale between fund shareholders and Putnam Management.

As in the past, the Trustees also focused on the competitiveness of each fund’s total expense ratio. In order to support the effort to have fund expenses meet competitive standards, the Trustees and Putnam Management have implemented certain expense limitations that were in effect during your fund’s fiscal year ending in 2016. These expense limitations were: (i) a contractual expense limitation applicable to specified retail open-end funds, including your fund, of 25 basis points (until September 1, 2016, this limitation was 32 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, including your fund, had sufficiently low expenses that these expense limitations were not operative during their fiscal years ending in 2016. Putnam Management has agreed to maintain the 25 basis points expense limitation until at least August 31, 2018 and to maintain the 20 basis points expense limitation until at least January 30, 2019. In addition, Putnam Management voluntarily waived certain fees and/or reimbursed certain fund expenses in order to enhance your fund’s annualized net yield during its fiscal year ending in 2016. This fee waiver was voluntary and may be modified or discontinued at any time without notice. (In light of recent improvements in market conditions for money market funds, Putnam Management is no longer waiving fees or reimbursing expenses.) Putnam Management’s support for these expense limitation and fee waiver arrangements was an important factor in the Trustees’ decision to approve the continuance of your fund’s management and sub-management contracts.

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 fee), which provides a general indication of your fund’s relative standing. In the custom peer group, your fund ranked in the second 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 fourth quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2016. The first quintile represents the least expensive funds and the fifth quintile the most expensive funds. The fee and expense data reported by Broadridge as of December 31, 2016 reflected


14 Money Market Fund

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 Putnam Management’s revenues, expenses and profitability, 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 represented reasonable compensation for the services being provided and represented an appropriate sharing between fund shareholders and Putnam Management of such 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 fees charged by Putnam Management and its affiliates to institutional clients, including defined benefit pension and profit-sharing plans, charities, college endowments, foundations, sub-advised third-party mutual funds, state, local and non-U.S. government entities, and corporations. This information included, in cases where an institutional 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 different types of 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 markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as 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 the Putnam funds’ investment process and performance by the work of the investment oversight committees of the Trustees, which meet on a regular basis with the funds’ portfolio teams and with the Chief Investment Officers and other senior members of Putnam Management’s Investment Division throughout the year. In addition, in response to a request from the Independent Trustees, Putnam Management provided the Trustees with in-depth presentations regarding each of the equity and fixed income investment teams, including the operation of the teams and their investment approaches. 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 2016 was a challenging year for the performance of the Putnam funds, with generally disappointing results for the international and global equity funds and taxable fixed income funds, mixed results for small-cap equity, Spectrum, global asset allocation, equity research and tax exempt fixed income funds, but generally strong results for U.S. equity funds. The Trustees noted, however, that they were encouraged by the positive performance trend since mid-year 2016 across most Putnam Funds. In particular, from May 1, 2016 through April 30, 2017, 51% of Putnam Fund assets were in the top quartile and 87% were above the median of the Putnam Funds’ competitive industry rankings. They noted that the longer-term performance of the Putnam funds

Money Market Fund 15

generally continued to be strong, exemplified by the fact that the Putnam funds were ranked by the Barron’s/Lipper Fund Families survey as the 5th-best performing mutual fund complex out of 54 complexes for the five-year period ended December 31, 2016. In addition, while the survey ranked the Putnam Funds 52nd out of 61 mutual fund complexes for the one-year period ended 2016, the Putnam Funds have ranked 1st or 2nd in the survey for the one-year period three times since 2009 (most recently in 2013). They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2016 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, including the effectiveness of any efforts Putnam Management has undertaken to address underperformance and whether additional actions to address areas of underperformance are 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, in most cases, comparisons of those returns with 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 Inc. (“Lipper”) peer group (Lipper Money Market Funds) for the one-year, three-year and five-year periods ended December 31, 2016 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):


One-year period	3rd
Three-year period	3rd
Five-year period	3rd

Over the one-year, three-year and five-year periods ended December 31, 2016, there were 100, 91 and 91 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 also considered Putnam Management’s continued efforts to support fund performance through initiatives including structuring compensation for portfolio managers and research analysts 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 continued to strengthen its fundamental research capabilities by adding new investment personnel.

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 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. However, the Trustees noted that a portion of available soft dollars continues to be used to pay fund expenses. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee, including any developments with respect to the European Union’s updated Markets in Financial Instruments Directive and its potential impact on PIL’s use of client commissions to obtain investment research. The Trustees also 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

16 Money Market Fund

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 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 year.

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.


18 Money Market Fund

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders
of Putnam Money Market Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Putnam Money Market Fund (the “Fund”) as of September 30, 2017, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian and brokers, and when replies were not received from brokers, we performed other auditing procedures, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
November 7, 2017

Money Market Fund 19

The fund’s portfolio 9/30/17


		Maturity	Principal
COMMERCIAL PAPER (29.9%)*	Yield (%)	date	amount	Value
ABN AMRO Funding USA, LLC	1.304	10/10/17	$4,000,000	$3,998,700
ABN AMRO Funding USA, LLC	1.284	12/21/17	4,000,000	3,988,480
American Honda Finance Corp.	1.305	10/23/17	4,000,000	3,996,822
Australia & New Zealand Banking Group, Ltd. (Australia)	1.456	5/4/18	4,000,000	3,965,600
Australia & New Zealand Banking Group, Ltd. (Australia)	1.411	2/16/18	8,000,000	7,957,067
Bank of Nova Scotia (The) 144A (Canada)	1.404	6/21/18	8,000,000	7,999,448
BPCE SA (France)	1.314	10/2/17	4,000,000	3,999,854
BPCE SA (France)	1.262	10/31/17	4,000,000	3,995,800
Canadian Imperial Bank of Commerce 144A (Canada)	1.411	2/20/18	4,300,000	4,276,254
Commonwealth Bank of Australia (Australia)	1.202	10/18/17	2,625,000	2,623,513
Commonwealth Bank of Australia 144A (Australia)	1.187	2/15/18	9,000,000	9,000,000
Danske Corp. (Denmark)	1.309	12/15/17	3,750,000	3,739,805
Danske Corp. (Denmark)	1.304	10/17/17	4,250,000	4,247,544
DnB Bank ASA (Norway)	1.334	3/19/18	8,250,000	8,250,000
DnB Bank ASA (Norway)	1.181	10/2/17	8,000,000	7,999,738
GlaxoSmithKline, LLC (United Kingdom)	1.161	10/5/17	8,000,000	7,998,969
HSBC Bank PLC 144A (United Kingdom)	1.270	4/13/18	8,000,000	8,000,000
National Australia Bank, Ltd. 144A (Australia)	1.307	11/9/17	3,550,000	3,545,000
National Australia Bank, Ltd. 144A (Australia)	1.273	12/12/17	8,500,000	8,500,000
National Bank of Canada (Canada)	1.304	12/11/17	4,100,000	4,089,488
National Bank of Canada (Canada)	1.294	10/6/17	4,000,000	3,999,283
Nationwide Building Society (United Kingdom)	1.407	1/22/18	4,000,000	3,982,422
Nationwide Building Society (United Kingdom)	1.211	10/16/17	4,000,000	3,997,983
Nordea Bank AB (Sweden)	1.424	4/9/18	11,750,000	11,662,409
Nordea Bank AB (Sweden)	1.254	11/1/17	10,500,000	10,488,698
Nordea Bank AB (Sweden)	1.140	10/6/17	2,142,000	2,141,661
NRW.Bank (Germany)	1.273	11/29/17	4,000,000	3,991,674
NRW.Bank (Germany)	1.242	10/4/17	4,000,000	3,999,587
Prudential PLC (United Kingdom)	1.254	11/27/17	4,000,000	3,992,083
Simon Property Group LP	1.274	10/2/17	8,250,000	8,249,709
Skandinaviska Enskilda Banken AB (Sweden)	1.304	12/22/17	5,500,000	5,483,714
Skandinaviska Enskilda Banken AB (Sweden)	1.222	10/20/17	2,195,000	2,193,587
Societe Generale SA (France)	1.350	10/31/17	4,000,000	3,995,517
Svenska Handelsbanken AB (Sweden)	1.472	7/5/18	2,750,000	2,719,213
Svenska Handelsbanken AB (Sweden)	1.380	2/9/18	4,000,000	3,980,059
Svenska Handelsbanken AB (Sweden)	1.307	11/6/17	4,000,000	3,994,800
Swedbank AB (Sweden)	1.326	11/14/17	4,575,000	4,567,619
Swedbank AB (Sweden)	1.310	11/29/17	4,000,000	3,991,445
Swedbank AB (Sweden)	1.150	10/2/17	7,500,000	7,499,760
Toronto-Dominion Bank (The) 144A (Canada)	1.423	3/27/18	2,500,000	2,482,669
Toronto-Dominion Bank (The) 144A (Canada)	1.201	11/3/17	2,500,000	2,497,250
Toronto-Dominion Holdings USA, Inc. 144A (Canada)	1.273	10/16/17	8,225,000	8,220,648
UBS AG/London 144A (United Kingdom)	1.384	3/7/18	5,000,000	5,000,000
Westpac Banking Corp. 144A (Australia)	1.657	10/20/17	2,000,000	2,000,458
Westpac Banking Corp. 144A (Australia)	1.354	1/8/18	7,000,000	7,000,000
Westpac Banking Corp. 144A (Australia)	1.321	11/2/17	1,500,000	1,500,319
Westpac Banking Corp. 144A (Australia)	1.167	3/2/18	5,000,000	5,000,000
Total commercial paper (cost $240,804,649)				$240,804,649

20 Money Market Fund


	Principal
REPURCHASE AGREEMENTS (29.6%)*	amount	Value
Interest in $163,500,000 joint tri-party term repurchase agreement dated
9/28/17 with Citigroup Global Markets, Inc. due 10/5/17 — maturity value
of $20,004,006 for an effective yield of 1.030% (collateralized by various
U.S. Treasury notes with coupon rates ranging from 0.375% to 1.875% and due
dates ranging from 9/30/17 to 7/15/27, valued at $166,770,060)	$20,000,000	$20,000,000
Interest in $241,000,000 joint tri-party repurchase agreement dated
9/29/17 with Citigroup Global Markets, Inc. due 10/2/17 — maturity value
of $73,006,570 for an effective yield of 1.080% (collateralized by various
U.S. Treasury notes with coupon rates ranging from 1.250% to 1.625% and due
dates ranging from 1/15/18 to 7/15/20, valued at $245,820,052)	73,000,000	73,000,000
Interest in $73,000,000 tri-party repurchase agreement dated 9/29/17 with
Goldman Sachs & Co. due 10/2/17 — maturity value of $73,006,205 for
an effective yield of 1.020% (collateralized by various mortgage backed
securities with coupon rates ranging from 2.500% to 5.000% and due dates
ranging from 9/1/25 to 8/1/47, valued at $74,460,000)	73,000,000	73,000,000
Interest in $356,509,000 joint tri-party repurchase agreement dated
9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc. due 10/2/17 — maturity
value of $72,530,467 for an effective yield of 1.070% (collateralized by various
mortgage backed securities with a coupon rate of 3.500% and due dates
ranging from 4/20/46 to 8/20/47, valued at $363,639,180)	72,524,000	72,524,000
Total repurchase agreements (cost $238,524,000)		$238,524,000


		Maturity	Principal
CERTIFICATES OF DEPOSIT (21.3%)*	Yield (%)	date	amount	Value
Bank of America, NA	1.432	10/3/17	$2,250,000	$2,250,028
Bank of America, NA	1.392	11/2/17	3,500,000	3,500,395
Bank of America, NA	1.354	11/15/17	1,600,000	1,600,159
Bank of America, NA	1.352	2/12/18	11,500,000	11,500,000
Bank of America, NA	1.190	10/10/17	5,500,000	5,500,139
Bank of Montreal/Chicago, IL FRN (Canada)	1.371	10/3/17	9,000,000	9,000,000
Bank of Montreal/Chicago, IL FRN (Canada)	1.364	10/17/17	4,500,000	4,500,000
Bank of Nova Scotia/Houston FRN	1.411	6/7/18	4,500,000	4,500,000
Bank of Tokyo-Mitsubishi UFJ, Ltd./New
York, NY (Japan)	1.330	10/30/17	8,250,000	8,251,216
BNP Paribas SA/New York, NY (France)	1.300	10/20/17	4,150,000	4,150,000
Canadian Imperial Bank of Commerce/New
York, NY FRN	1.725	2/2/18	8,500,000	8,500,000
Citibank, NA	1.310	10/10/17	2,350,000	2,350,000
Commonwealth Bank of Australia 144A FRN (Australia)	1.174	5/2/18	4,000,000	4,000,000
Cooperatieve Rabobank UA/NY FRN (Netherlands)	1.335	4/3/18	8,000,000	8,000,000
Lloyds Bank PLC/New York NY FRN (United Kingdom)	1.367	1/16/18	8,250,000	8,250,000
Mizuho Bank Ltd./NY FRN	2.010	12/12/17	3,500,000	3,504,735
Mizuho Bank Ltd./NY FRN	1.957	10/19/17	1,500,000	1,500,525
Mizuho Bank Ltd./NY FRN	1.525	10/10/17	2,465,000	2,465,166
Royal Bank of Canada/New York, NY FRN (Canada)	1.704	10/13/17	10,000,000	10,000,000
Royal Bank of Canada/New York, NY FRN (Canada)	1.617	12/8/17	3,000,000	3,000,000
Skandinaviska Enskilda Banken AB/New York, NY FRN	1.625	11/15/17	8,500,000	8,503,184
Societe Generale/New York, NY (France)	1.220	10/20/17	4,000,000	4,000,450
Sumitomo Mitsui Banking Corp./New York FRN (Japan)	1.452	11/6/17	8,500,000	8,500,000
Svenska Handelsbanken/New York, NY FRN (Sweden)	1.354	12/15/17	8,500,000	8,500,000
Svenska Handelsbanken/New York, NY FRN (Sweden)	1.315	10/27/17	5,000,000	5,000,111
Toronto-Dominion Bank/NY (Canada)	1.275	11/28/17	2,000,000	2,000,113

Money Market Fund 21


		Maturity	Principal
CERTIFICATES OF DEPOSIT (21.3%)* cont.	Yield (%)	date	amount	Value
Toronto-Dominion Bank/NY FRN (Canada)	1.556	3/20/18	$9,000,000	$9,000,000
UBS AG/Stamford, CT FRN	1.791	11/1/17	3,400,000	3,401,334
Wells Fargo Bank, NA FRN	1.654	1/9/18	9,000,000	9,003,202
Wells Fargo Bank, NA FRN	1.351	2/7/18	5,750,000	5,750,000
Westpac Banking Corp./NY FRN (Australia)	1.623	12/22/17	1,500,000	1,501,058
Total certificates of deposit (cost $171,481,815)				$171,481,815

		Maturity	Principal
ASSET-BACKED COMMERCIAL PAPER (15.3%)*	Yield (%)	date	amount	Value
Alpine Securitization, Ltd. (Cayman Islands)	1.324	11/6/17	$4,000,000	$3,994,720
CAFCO, LLC	1.305	12/21/17	4,000,000	3,988,300
Chariot Funding, LLC	1.306	11/20/17	8,000,000	7,985,556
Chariot Funding, LLC	1.191	10/6/17	8,000,000	7,998,678
CHARTA, LLC	1.284	11/6/17	4,000,000	3,994,880
Collateralized Commercial Paper Co., LLC Ser. JPM	1.526	10/26/17	8,250,000	8,251,315
Collateralized Commercial Paper II Co., LLC
144A Ser. JPM1	1.421	1/5/18	8,250,000	8,250,000
CRC Funding, LLC	1.356	12/11/17	4,000,000	3,989,350
Fairway Finance Co., LLC (Canada)	1.294	11/6/17	11,000,000	10,985,810
Gotham Funding Corp. (Japan)	1.356	12/20/17	4,000,000	3,988,000
Liberty Street Funding, LLC (Canada)	1.346	10/23/17	2,500,000	2,497,953
Liberty Street Funding, LLC (Canada)	1.314	12/14/17	4,750,000	4,737,209
Liberty Street Funding, LLC (Canada)	1.304	12/12/17	4,425,000	4,413,495
Manhattan Asset Funding Co., LLC (Japan)	1.304	11/9/17	4,000,000	3,994,367
Manhattan Asset Funding Co., LLC (Japan)	1.241	10/19/17	4,000,000	3,997,520
MetLife Short Term Funding, LLC	1.338	12/14/17	5,000,000	4,986,331
MetLife Short Term Funding, LLC	1.254	10/20/17	3,250,000	3,247,856
Old Line Funding, LLC	1.336	11/15/17	8,250,000	8,236,284
Regency Markets No. 1, LLC	1.231	10/25/17	4,000,000	3,996,720
Regency Markets No. 1, LLC	1.221	10/11/17	7,500,000	7,497,458
Thunder Bay Funding, LLC	1.356	1/26/18	8,000,000	7,964,900
Victory Receivables Corp. (Japan)	1.313	12/1/17	4,000,000	3,991,121
Total asset-backed commercial paper (cost $122,987,823)				$122,987,823

		Maturity	Principal
TIME DEPOSITS (4.6%)*	Yield (%)	date	amount	Value
Australia & New Zealand Banking Group, Ltd./Cayman
Islands (Cayman Islands)	1.070	10/2/17	$12,500,000	$12,500,000
BNP Paribas/Cayman Islands (France)	1.160	10/3/17	4,000,000	4,000,000
Credit Agricole Corporate and Investment Bank/New
York (France)	1.060	10/2/17	8,150,000	8,150,000
National Australia Bank/Cayman Islands
(Cayman Islands)	1.050	10/2/17	12,150,000	12,150,000
Total time deposits (cost $36,800,000)				$36,800,000

	Interest	Maturity	Principal
CORPORATE BONDS AND NOTES (0.6%)*	rate (%)	date	amount	Value
HSBC USA, Inc. sr. unsec. unsub. notes	1.500%	11/13/17	$4,600,000	$4,600,301
Total corporate bonds and notes (cost $4,600,301)				$4,600,301

TOTAL INVESTMENTS
Total investments (cost $815,198,588)				$815,198,588


22 Money Market Fund


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 October 1, 2016 through September 30, 2017 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, 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.

* Percentages indicated are based on net assets of $806,056,384.

Debt obligations are considered secured unless otherwise indicated.

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.

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	51.2%	Cayman Islands	3.5%
Canada	11.5	Norway	2.0
Sweden	8.9	Netherlands	1.0
Australia	6.9	Germany	1.0
United Kingdom	5.0	Denmark	1.0
Japan	4.0	Total	100.0%
France	4.0

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	$—	$122,987,823	$—
Certificates of deposit	—	171,481,815	—
Commercial paper	—	240,804,649	—
Corporate bonds and notes	—	4,600,301	—
Repurchase agreements	—	238,524,000	—
Time deposits	—	36,800,000	—
Totals by level	$—	$815,198,588	$—

During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund’s net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.

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

Money Market Fund 23

Statement of assets and liabilities 9/30/17


ASSETS
Investment in securities, at value (Note 1):
Unaffiliated issuers (at amortized cost)	$576,674,588
Repurchase agreements (identified cost $238,524,000)	238,524,000
Cash	1,798
Interest and other receivables	876,230
Receivable for shares of the fund sold	13,177,148
Prepaid assets	40,427
Total assets	829,294,191

LIABILITIES
Payable for investments purchased	8,000,000
Payable for shares of the fund repurchased	14,046,077
Payable for compensation of Manager (Note 2)	189,400
Payable for custodian fees (Note 2)	12,396
Payable for investor servicing fees (Note 2)	207,913
Payable for Trustee compensation and expenses (Note 2)	582,956
Payable for administrative services (Note 2)	3,582
Other accrued expenses	195,483
Total liabilities	23,237,807

Net assets	$806,056,384

REPRESENTED BY
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$806,005,459
Undistributed net investment income (Note 1)	50,980
Accumulated net realized loss on investments (Note 1)	(55)
Total — Representing net assets applicable to capital shares outstanding	$806,056,384

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
Net asset value, offering price and redemption price per class A share
($738,646,210 divided by 738,594,931 shares)	$1.00
Net asset value and offering price per class B share ($9,460,334 divided by 9,460,398 shares)^*	$1.00
Net asset value and offering price per class C share ($19,347,393 divided by 19,347,559 shares)^*	$1.00
Net asset value, offering price and redemption price per class M share
($28,828,897 divided by 28,828,977 shares)	$1.00
Net asset value, offering price and redemption price per class R share
($7,470,245 divided by 7,470,670 shares)	$1.00
Net asset value, offering price and redemption price per class T1 share
($2,303,305 divided by 2,303,359 shares)	$1.00

^*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.


24 Money Market Fund

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

INVESTMENT OPERATIONS

LESS DISTRIBUTIONS

RATIOS AND SUPPLEMENTAL DATA

Ratio of net

investment

income (loss)

Net asset value,

Net realized

Total from

From

Total return

Net assets,

Ratio of expenses

to average

beginning

Net investment

gain (loss)

investment

net investment

Total

Non-recurring

Net asset value,

at net asset value

end of period

to average

net assets

Period ended

of period

income (loss)

on investments

operations

income

distributions

payments

end of period

(%) ^a

(in thousands)

net assets (%) ^{b, c}

(%) ^c

Class A

September 30, 2017

$1.00

.0046

—

.0046

(.0046)

(.0046)

—

$1.00

.46

$738,646

.50

.45

September 30, 2016

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

868,914

.44

.01

September 30, 2015

1.00

.0001

—^d

.0001

(.0001)

(.0001)

.0023^e

1.00

.01

1,141,026

.16

.01

September 30, 2014

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

1,202,778

.13

.01

September 30, 2013

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

1,306,628

.18

.01

Class B

September 30, 2017

$1.00

.0034

—

.0034

(.0034)

(.0034)

—

$1.00

.34

$9,460

.61

.33

September 30, 2016

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

9,155

.44

.01

September 30, 2015

1.00

.0001

—^d

.0001

(.0001)

(.0001)

.0020^e

1.00

.01

8,597

.16

.01

September 30, 2014

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

10,136

.13

.01

September 30, 2013

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

13,952

.18

.01

Class C

September 30, 2017

$1.00

.0034

—

.0034

(.0034)

(.0034)

—

$1.00

.34

$19,347

.60

.34

September 30, 2016

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

26,581

.44

.02

September 30, 2015

1.00

.0001

—^d

.0001

(.0001)

(.0001)

.0020^e

1.00

.01

39,085

.16

.01

September 30, 2014

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

29,443

.13

.01

September 30, 2013

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

26,082

.18

—^f

Class M

September 30, 2017

$1.00

.0040

—

.0040

(.0040)

(.0040)

—

$1.00

.40

$28,829

.56

.40

September 30, 2016

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

28,067

.44

.01

September 30, 2015

1.00

.0001

—^d

.0001

(.0001)

(.0001)

.0021^e

1.00

.01

33,919

.16

.01

September 30, 2014

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

29,845

.13

.01

September 30, 2013

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

29,196

.18

.01

Class R

September 30, 2017

$1.00

.0034

—

.0034

(.0034)

(.0034)

—

$1.00

.34

$7,470

.61

.33

September 30, 2016

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

12,536

.44

.01

September 30, 2015

1.00

.0001

—^d

.0001

(.0001)

(.0001)

.0020^e

1.00

.01

15,692

.16

.01

September 30, 2014

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

31,934

.13

.01

September 30, 2013

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

35,167

.18

—^f

Class T1

September 30, 2017

$1.00

.0037

—

.0037

(.0037)

(.0037)

—

$1.00

.37

$2,303

.58

.35

September 30, 2016

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

3,637

.44

.04

September 30, 2015

1.00

.0001

—^d

.0001

(.0001)

(.0001)

.0021^e

1.00

.01

29,063

.16

.01

September 30, 2014

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

21,240

.13

.01

September 30, 2013

1.00

.0001

—^d

.0001

(.0001)

(.0001)

—

1.00

.01

20,969

.18

.01

See notes to financial highlights at the end of this section.

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


28 Money Market Fund	Money Market Fund 29

Financial highlights cont.

^aTotal return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

^cReflects a voluntary waiver of certain fund expenses in effect during the period relating to the enhancement of certain annualized net yields of the fund. As a result of such waivers, the expenses of each class reflect a reduction of the following amounts as a percentage of average net assets (Note 2):


	9/30/17	9/30/16	9/30/15	9/30/14	9/30/13
Class A	0.00%	0.08%	0.32%	0.36%	0.32%
Class B	0.14	0.58	0.82	0.86	0.82
Class C	0.15	0.58	0.82	0.86	0.82
Class M	0.02	0.23	0.47	0.51	0.47
Class R	0.14	0.58	0.82	0.86	0.82
Class T1	0.05	0.33	0.57	0.61	0.57

^dAmount represents less than $0.0001 per share.

^eReflects a voluntary non-recurring payment from Putnam Investments.

^fAmount represents less than 0.01% of average net assets.

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


30 Money Market Fund

Notes to financial statements 9/30/17

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 October 1, 2016 through September 30, 2017.

Putnam Money Market Fund (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The fund intends to operate as a “retail money market fund” as defined by Rule 2a–7 of the Investment Company Act of 1940 and limits investments in the fund to accounts beneficially owned by natural persons. The fund has adopted policies and procedures permitting the Board of Trustees of the fund to impose a liquidity fee or to temporarily suspend redemptions from the fund (a “redemption gate”) if the fund’s weekly liquid assets fall below specified thresholds. 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 mainly in money market instruments that are high quality and have short-term maturities. The fund invests significantly in certificates of deposit, commercial paper (including asset-backed commercial paper), U.S. government debt and repurchase agreements, corporate obligations and time deposits and may also invest in U.S. dollar denominated foreign securities of these types. Putnam Management may consider, among other factors, credit and interest rate risks, as well as general market conditions, when deciding whether to buy or sell investments.

The fund offers class A, class B, class C, class M, class R and class T1 shares. Existing class T shares were redesignated as class T1 shares, effective January 30, 2017. Effective April 1, 2017, 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. Each class of shares is sold without a front-end sales charge. Class A and class T1 shares also are generally not subject to a contingent deferred sales charge, and class M and class R shares are not subject to a contingent deferred sales charge. In addition to the standard offering of class A shares, they are also sold to certain college savings plans and other Putnam funds. Class B shares convert to class A shares after approximately eight years and are subject to a contingent deferred sales charge on certain redemptions. Class C shares are subject to a one-year 1.00% contingent deferred sales charge on certain redemptions and do not convert to class A shares. Class R shares are not available to all investors. The expenses for class A, class B, class C, class M, class R and class T1 shares may differ based on each class’ distribution fee, which is identified in Note 2.

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

Note 1: Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized 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

Money Market Fund 31

class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. Shares of each class would receive their pro-rata share of the net assets of the fund, if the fund were liquidated. 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.

The valuation of the fund’s portfolio instruments is determined by means of the amortized cost method (which approximates fair value) as set forth in Rule 2a–7 under the Investment Company Act of 1940. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity and is generally categorized as a Level 2 security.

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

Repurchase agreements The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $243,294,503, 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). Interest income is recorded on the accrual basis. Premiums and discounts from purchases of short-term investments are amortized/accreted at a constant rate until maturity. Gains or losses on securities sold are determined on the identified cost 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.

Lines of credit The fund participates, along with other Putnam funds, in a $317.5 million 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 LIBOR for the committed line of credit and the Federal Funds rate plus 1.30% for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit plus a $25,000 flat fee 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 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


32 Money Market Fund

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.

At September 30, 2017, the fund had a capital loss carryover of $55 available to the extent allowed by the Code to offset future net capital gain, if any. For any carryover, the amount of the carryover and that carryover’s expiration date is:


	Loss carryover
Short-term	Long-term	Total	Expiration
$55	N/A	$55	September 30, 2019

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Distributions to shareholders Income dividends are recorded daily by the fund and are paid monthly. Distributions from capital gains, if any, are 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 $437 to increase undistributed net investment income and $437 to decrease paid-in capital.

The tax basis components of distributable earnings as of the close of the reporting period were as follows:


Undistributed ordinary income	$50,980
Capital loss carryforward	(55)

The aggregate identified cost on a financial reporting and tax basis is the same.

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 0.285% of the fund’s average net assets.

Putnam Management has contractually agreed, through January 30, 2019, to waive fees 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 not reduced as a result of this limit.

Money Market Fund 33

Putnam Management may from time to time voluntarily undertake to waive fees and/or reimburse certain fund expenses in order to enhance the annualized net yield for the fund. Any such waiver or reimbursement would be voluntary and may be modified or discontinued by Putnam Management at any time without notice. During the reporting period, the fund’s expenses were reduced by $74,110 as a result of this limit. This includes the following amounts per class of class specific distribution fees from the fund:


	Distribution fee waived
Class A	$—
Class B	16,653
Class C	35,116
Class M	4,798
Class R	16,231
Class T1	1,312
Total	$74,110

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 0.25% 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, class M, class R and class T1 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.

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


Class A	$1,219,032	Class R	17,236
Class B	17,601	Class T1	4,350
Class C	36,145	Total	$1,335,668
Class M	41,304

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 $5,956 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $620, 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.


34 Money Market Fund

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 B	0.75%	0.00%	$31,296
Class C	1.00%	0.00%	64,486
Class M	1.00%	0.00%	20,894
Class R	1.00%	0.00%	30,247
Class T1	0.35%	0.00%	3,910
Total			$150,833

^*Effective April 1, 2017, the fund no longer makes payments under the Plans in place with respect to class B, class C, class M, class R and class T1 shares. For the period from October 1, 2016 to March 31, 2017, the Approved % for each class was as follows: class B 0.50%, class C 0.50%, class M 0.15%, class R 0.50% and class T1 0.25%.

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $14,516 and $724, respectively, in contingent deferred sales charges from redemptions of class B and class C shares purchased by exchange from another Putnam fund.

A deferred sales charge of up to 1.00% for class A and class T1 shares may be assessed on certain redemptions. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received no monies in contingent deferred sales charges from redemptions of class A or class T1 shares purchased by exchange from another Putnam fund.

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 $84,645,228,580 and $84,791,957,296, 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 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.

Money Market Fund 35

Note 4: Capital shares

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:


	YEAR ENDED 9/30/17		YEAR ENDED 9/30/16
Class A	Shares	Amount	Shares	Amount
Shares sold	262,087,366	$262,087,366	2,013,159,392	$2,013,159,392
Shares issued in connection with
reinvestment of distributions	3,489,031	3,489,031	134,264	134,264
	265,576,397	265,576,397	2,013,293,656	2,013,293,656
Shares repurchased	(395,895,305)	(395,895,305)	(2,285,406,876)	(2,285,406,876)
Net decrease	(130,318,908)	$(130,318,908)	(272,113,220)	$(272,113,220)

	YEAR ENDED 9/30/17		YEAR ENDED 9/30/16
Class B	Shares	Amount	Shares	Amount
Shares sold	7,482,691	$7,482,691	7,935,337	$7,935,337
Shares issued in connection with
reinvestment of distributions	35,076	35,076	704	704
	7,517,767	7,517,767	7,936,041	7,936,041
Shares repurchased	(7,212,386)	(7,212,386)	(7,378,369)	(7,378,369)
Net increase	305,381	$305,381	557,672	$557,672

	YEAR ENDED 9/30/17		YEAR ENDED 9/30/16
Class C	Shares	Amount	Shares	Amount
Shares sold	25,975,212	$25,975,212	55,650,397	$55,650,397
Shares issued in connection with
reinvestment of distributions	69,826	69,826	2,720	2,720
	26,045,038	26,045,038	55,653,117	55,653,117
Shares repurchased	(33,278,923)	(33,278,923)	(68,156,599)	(68,156,599)
Net decrease	(7,233,885)	$(7,233,885)	(12,503,482)	$(12,503,482)

	YEAR ENDED 9/30/17		YEAR ENDED 9/30/16
Class M	Shares	Amount	Shares	Amount
Shares sold	44,245,374	$44,245,374	48,306,629	$48,306,629
Shares issued in connection with
reinvestment of distributions	105,443	105,443	2,472	2,472
	44,350,817	44,350,817	48,309,101	48,309,101
Shares repurchased	(43,588,362)	(43,588,362)	(54,161,549)	(54,161,549)
Net increase (decrease)	762,455	$762,455	(5,852,448)	$(5,852,448)

	YEAR ENDED 9/30/17		YEAR ENDED 9/30/16
Class R	Shares	Amount	Shares	Amount
Shares sold	4,630,889	$4,630,889	10,537,146	$10,537,146
Shares issued in connection with
reinvestment of distributions	32,570	32,570	1,443	1,443
	4,663,459	4,663,459	10,538,589	10,538,589
Shares repurchased	(9,729,151)	(9,729,151)	(13,693,907)	(13,693,907)
Net decrease	(5,065,692)	$(5,065,692)	(3,155,318)	$(3,155,318)


36 Money Market Fund


	YEAR ENDED 9/30/17		YEAR ENDED 9/30/16
Class T1	Shares	Amount	Shares	Amount
Shares sold	921,331	$921,331	72,222,426	$72,222,426
Shares issued in connection with
reinvestment of distributions	9,280	9,280	4,839	4,839
	930,611	930,611	72,227,265	72,227,265
Shares repurchased	(2,263,766)	(2,263,766)	(97,653,427)	(97,653,427)
Net decrease	(1,333,155)	$(1,333,155)	(25,426,162)	$(25,426,162)

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.

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.


	Citigroup Global Markets, Inc.	Goldman Sachs& Co.	Merrill Lynch, Pierce, Fenner & Smith, Inc.	Total
Assets:
Repurchase agreements ^**	$93,000,000	$73,000,000	$72,524,000	$238,524,000
Total Assets	$93,000,000	$73,000,000	$72,524,000	$238,524,000
Liabilities:
Total Liabilities	$—	$—	$—	$—
Total Financial and Derivative	$93,000,000	$73,000,000	$72,524,000	$238,524,000
Net Assets
Total collateral received	$93,000,000	$73,000,000	$72,524,000
(pledged)^†##
Net amount	$—	$—	$—
Controlled collateral received
(including TBA commitments)^**	$—	$—	$—	$—
Uncontrolled collateral received	$94,860,023	$74,460,000	$73,974,480	$243,294,503
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.

Money Market Fund 37

Officers

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


Jonathan S. Horwitz (Born 1955)	Susan G. Malloy (Born 1957)
Executive Vice President, Principal Executive Officer,	Vice President and Assistant Treasurer
and Compliance Liaison	Since 2007
Since 2004	Head of Accounting, Middle Office, & Control Services,
	Putnam Investments and Putnam Management
Robert T. Burns (Born 1961)
Vice President and Chief Legal Officer	Mark C. Trenchard (Born 1962)
Since 2011	Vice President and BSA Compliance Officer
General Counsel, Putnam Investments,	Since 2002
Putnam Management, and Putnam Retail Management	Director of Operational Compliance, Putnam
	Investments and Putnam Retail Management
James F. Clark (Born 1974)
Vice President and Chief Compliance Officer	Nancy E. Florek (Born 1957)
Since 2016	Vice President, Director of Proxy Voting and Corporate
Chief Compliance Officer, Putnam Investments	Governance, Assistant Clerk, and Assistant Treasurer
and Putnam Management	Since 2000

Michael J. Higgins (Born 1976)	Denere P. Poulack (Born 1968)
Vice President, Treasurer, and Clerk	Assistant Vice President, Assistant Clerk,
Since 2010	and Assistant Treasurer
	Since 2004
Janet C. Smith (Born 1965)
Vice President, Principal Financial Officer, Principal
Accounting Officer, and Assistant Treasurer
Since 2007
Head of Fund Administration 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 One Post Office Square, Boston, MA 02109.

Money Market Fund 41

Putnam family of funds

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


Blend	Value
Capital Opportunities Fund	Convertible Securities Fund
Capital Spectrum Fund	Equity Income Fund
Emerging Markets Equity Fund	International Value Fund
Equity Spectrum Fund	Multi-Cap Value Fund
Europe Equity Fund	Small Cap Value Fund
Global Equity Fund
International Capital Opportunities Fund	Income
International Equity Fund	American Government Income Fund
Investors Fund	Diversified Income Trust
Low Volatility Equity Fund	Emerging Markets Income Fund
Multi-Cap Core Fund	Floating Rate Income Fund
Research Fund	Global Income Trust
	Government Money Market Fund^*
Global Sector	High Yield Fund
Global Consumer Fund	Income Fund
Global Financials Fund	Money Market Fund^†
Global Health Care Fund	Short Duration Income Fund
Global Industrials Fund	U.S. Government Income Trust
Global Natural Resources Fund
Global Sector Fund	Tax-free Income
Global Technology Fund	AMT-Free Municipal Fund
Global Telecommunications Fund	Intermediate-Term Municipal Income Fund
Global Utilities Fund	Short-Term Municipal Income Fund
	Tax Exempt Income Fund
Growth	Tax-Free High Yield Fund
Growth Opportunities Fund
International Growth Fund	State tax-free income funds^‡:
Multi-Cap Growth Fund	California, Massachusetts, Minnesota,
Small Cap Growth Fund	New Jersey, New York, Ohio, and Pennsylvania.

42 Money Market Fund


Absolute Return	Asset Allocation
Absolute Return 100 Fund^®	George Putnam Balanced Fund
Absolute Return 300 Fund^®
Absolute Return 500 Fund^®	Dynamic Asset Allocation Balanced Fund
Absolute Return 700 Fund^®	Dynamic Asset Allocation Conservative Fund
	Dynamic Asset Allocation Growth Fund
Putnam PanAgora**	Dynamic Risk Allocation Fund
Putnam PanAgora Managed Futures Strategy
Putnam PanAgora Market Neutral Fund	Retirement Income Fund Lifestyle 1
Putnam PanAgora Risk Parity Fund
	RetirementReady^® 2060 Fund
	RetirementReady^® 2055 Fund
	RetirementReady^® 2050 Fund
	RetirementReady^® 2045 Fund
	RetirementReady^® 2040 Fund
	RetirementReady^® 2035 Fund
	RetirementReady^® 2030 Fund
	RetirementReady^® 2025 Fund
	RetirementReady^® 2020 Fund

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

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

^‡Not available in all states.

** Sub-advised by PanAgora Asset Management.

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

Money Market Fund 43

Services for shareholders

Investor services

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

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

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

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

Free exchange privilege You can exchange money between Putnam funds free of charge, as long as they are the same class of shares.

A signature guarantee is required if you are exchanging more than $500,000. The fund reserves the right to revise or terminate the exchange privilege.

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

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

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

For more information

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

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

44 Money Market Fund

Fund information

Founded over 75 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.


Investment Manager	Trustees	Michael J. Higgins
Putnam Investment	Jameson A. Baxter, Chair	Vice President, Treasurer,
Management, LLC	Kenneth R. Leibler, Vice Chair	and Clerk
One Post Office Square	Liaquat Ahamed
Boston, MA 02109	Ravi Akhoury	Janet C. Smith
	Barbara M. Baumann	Vice President,
Investment Sub-Advisor	Katinka Domotorffy	Principal Financial Officer,
Putnam Investments Limited	Catharine Bond Hill	Principal Accounting Officer,
57–59 St James’s Street	Paul L. Joskow	and Assistant Treasurer
London, England SW1A 1LD	Robert E. Patterson
	George Putnam, III	Susan G. Malloy
Marketing Services	Robert L. Reynolds	Vice President and
Putnam Retail Management	Manoj P. Singh	Assistant Treasurer
One Post Office Square
Boston, MA 02109	Officers	Mark C. Trenchard
	Robert L. Reynolds	Vice President and
Custodian	President	BSA Compliance Officer
State Street Bank
and Trust Company	Jonathan S. Horwitz	Nancy E. Florek
	Executive Vice President,	Vice President, Director of
Legal Counsel	Principal Executive Officer,	Proxy Voting and Corporate
Ropes & Gray LLP	and Compliance Liaison	Governance, Assistant Clerk,
		and Assistant Treasurer
Independent Registered Public	Robert T. Burns
Accounting Firm	Vice President and	Denere P. Poulack
PricewaterhouseCoopers LLP	Chief Legal Officer	Assistant Vice President, Assistant
		Clerk, and Assistant Treasurer
	James F. Clark
	Vice President and
	Chief Compliance Officer

This report is for the information of shareholders of Putnam Money Market 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.


INVESTMENT INCOME
Interest	$8,318,727
Total investment income	8,318,727

EXPENSES
Compensation of Manager (Note 2)	2,498,600
Investor servicing fees (Note 2)	1,335,668
Custodian fees (Note 2)	41,308
Trustee compensation and expenses (Note 2)	52,460
Distribution fees (Note 2)	150,833
Administrative services (Note 2)	26,067
Other	430,949
Fees waived and reimbursed by Manager (Note 2)	(74,110)
Total expenses	4,461,775

Expense reduction (Note 2)	(5,956)
Net expenses	4,455,819

Net investment income	3,862,908

Net increase in net assets resulting from operations	$3,862,908


DECREASE IN NET ASSETS	Year ended 9/30/17	Year ended 9/30/16
Operations
Net investment income	$3,862,908	$167,673
Net realized gain on investments	—	1,012
Net increase in net assets resulting from operations	3,862,908	168,685
Distributions to shareholders (Note 1):
From ordinary income
Net investment income
Class A	(3,547,518)	(154,003)
Class B	(36,432)	(846)
Class C	(74,464)	(3,235)
Class M	(107,964)	(2,984)
Class R	(36,189)	(1,514)
Class T1	(9,807)	(5,082)
Decrease from capital share transactions (Note 4)	(142,883,804)	(318,492,958)
Total decrease in net assets	(142,833,270)	(318,491,937)

NET ASSETS
Beginning of year	948,889,654	1,267,381,591
End of year (including undistributed net investment
income of $50,980 and $9, respectively)	$806,056,384	$948,889,654


Fiscal year ended	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees


September 30, 2017	$73,807	$ —	$4,365	$ —
September 30, 2016	$91,622	$ —	$4,280	$ —


Fiscal year ended	Audit-Related Fees	Tax Fees	All Other Fees	Total Non-Audit Fees


September 30, 2017	$ —	$382,530	$ —	$ —
September 30, 2016	$ —	$559,753	$ —	$ —


	CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


	Exact name of registrant as specified in charter:	Putnam Money Market Fund


	Address of principal executive offices:	One Post Office Square, Boston, Massachusetts 02109


	Name and address of agent for service:	Robert T. Burns, Vice President One Post Office Square Boston, Massachusetts 02109


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


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


	Date of reporting period :	October 1, 2016 — September 30, 2017


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


	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:


	For the fiscal years ended September 30, 2017 and September 30, 2016, the fund's independent auditor billed aggregate non-audit fees in the amounts of $386,895 and $564,033 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.


	UNITED STATES SECURITIES AND EXCHANGE COMMISSION


	FORM N-CSR


	Item 1. Report to Stockholders:


	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 Distributions Committee. The Audit, Compliance and Distributions 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 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:


	Item 8. Portfolio Managers of Closed-End Investment Companies


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


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


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


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


	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.


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


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