a_mortgageopps.htm

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 securities	$—	$8,736,973	$—
Mortgage-backed securities	—	133,617,950	—
Purchased options outstanding	—	575,729	—
Purchased swap options outstanding	—	78,398	—
U.S. government and agency mortgage obligations	—	46,387,198	—
Short-term investments	—	63,080,951	—
Totals by level	$—	$252,477,199	$—


		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Futures contracts	$(64,592)	$—	$—
Written options outstanding	—	(789,413)	—
Written swap options outstanding	—	(2,192,424)	—
Forward premium swap option contracts	—	(146,620)	—
TBA sale commitments	—	(42,724,063)	—
Interest rate swap contracts	—	3,269,950	—
Total return swap contracts	—	95	—
Credit default contracts	—	(21,224,983)	—
Totals by level	$(64,592)	$(63,807,458)	$—

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


36 Mortgage Opportunities Fund

Statement of assets and liabilities 5/31/21


ASSETS
Investment in securities, at value (Note 1):
Unaffiliated issuers (identified cost $232,577,933)	$219,095,762
Affiliated issuers (identified cost $33,381,437) (Notes 1 and 5)	33,381,437
Interest and other receivables	1,290,968
Receivable for shares of the fund sold	46,310
Receivable for investments sold	410
Receivable for sales of TBA securities (Note 1)	36,298,527
Receivable from Manager (Note 2)	40,897
Receivable for variation margin on centrally cleared swap contracts (Note 1)	535,368
Unrealized appreciation on forward premium swap option contracts (Note 1)	26,064
Unrealized appreciation on OTC swap contracts (Note 1)	3,712,647
Premium paid on OTC swap contracts (Note 1)	7,029,187
Prepaid assets	46,202
Total assets	301,503,779

LIABILITIES
Payable for investments purchased	3,100,009
Payable for purchases of TBA securities (Note 1)	38,028,478
Payable for shares of the fund repurchased	6
Payable for custodian fees (Note 2)	37,253
Payable for investor servicing fees (Note 2)	6,425
Payable for Trustee compensation and expenses (Note 2)	6,997
Payable for administrative services (Note 2)	526
Payable for distribution fees (Note 2)	967
Payable for variation margin on futures contracts (Note 1)	14,706
Payable for variation margin on centrally cleared swap contracts (Note 1)	502,355
Unrealized depreciation on OTC swap contracts (Note 1)	11,150,678
Premium received on OTC swap contracts (Note 1)	20,816,044
Unrealized depreciation on forward premium swap option contracts (Note 1)	172,684
Written options outstanding, at value (premiums $2,158,158) (Note 1)	2,981,837
TBA sale commitments, at value (proceeds receivable $42,538,828) (Note 1)	42,724,063
Other accrued expenses	141,186
Total liabilities	119,684,214

Net assets	$181,819,565

REPRESENTED BY
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$213,715,049
Total distributable earnings (Note 1)	(31,895,484)
Total — Representing net assets applicable to capital shares outstanding	$181,819,565

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
Net asset value and redemption price per class A share ($1,660,353 divided by 176,373 shares)	$9.41
Offering price per class A share (100/96.00 of $9.41)^*	$9.80
Net asset value and offering price per class C share ($260,332 divided by 27,625 shares)	$9.42
Net asset value and offering price per class I share ($135,398,937 divided by 14,364,368 shares)	$9.43
Net asset value, offering price and redemption price per class R6 share ($1,016,806 divided by 107,849 shares)	$9.43
Net asset value, offering price and redemption price per class Y share ($43,483,137 divided by 4,613,965 shares)	$9.42

^*On single retail sales of less than $100,000. On sales of $100,000 or more the offering price is reduced.

^**Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Mortgage Opportunities Fund 37

Statement of operations Year ended 5/31/21


INVESTMENT INCOME
Interest (including interest income of $89,212 from investments in affiliated issuers) (Note 5)	$8,580,917
Total investment income	8,580,917

EXPENSES
Compensation of Manager (Note 2)	1,066,447
Investor servicing fees (Note 2)	36,623
Custodian fees (Note 2)	69,217
Trustee compensation and expenses (Note 2)	8,913
Distribution fees (Note 2)	8,402
Administrative services (Note 2)	4,539
Auditing and tax fees	143,183
Blue sky expense	83,954
Other	48,531
Fees waived and reimbursed by Manager (Note 2)	(528,462)
Total expenses	941,347
Expense reduction (Note 2)	(2,240)
Net expenses	939,107

Net investment income	7,641,810

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Securities from unaffiliated issuers (Notes 1 and 3)	3,939,206
Futures contracts (Note 1)	(129,495)
Swap contracts (Note 1)	(23,226,851)
Written options (Note 1)	4,348,380
Total net realized loss	(15,068,760)
Change in net unrealized appreciation (depreciation) on:
Securities from unaffiliated issuers and TBA sale commitments	5,804,975
Futures contracts	36,629
Swap contracts	19,051,382
Written options	(1,173,563)
Total change in net unrealized appreciation	23,719,423

Net gain on investments	8,650,663

Net increase in net assets resulting from operations	$16,292,473

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

38 Mortgage Opportunities Fund

Statement of changes in net assets


INCREASE (DECREASE) IN NET ASSETS	Year ended 5/31/21	Year ended 5/31/20
Operations
Net investment income	$7,641,810	$10,537,077
Net realized gain (loss) on investments	(15,068,760)	4,646,798
Change in net unrealized appreciation (depreciation) of investments	23,719,423	(45,208,804)
Net increase (decrease) in net assets resulting from operations	16,292,473	(30,024,929)
Distributions to shareholders (Note 1):
From ordinary income
Net investment income
Class A	(71,679)	(202,543)
Class C	(8,515)	(9,740)
Class I	(5,219,114)	(19,146,660)
Class R6	(32,418)	—
Class Y	(1,834,798)	(1,900,746)
From return of capital
Class A	(1,300)	(3,995)
Class C	(154)	(192)
Class I	(94,624)	(377,635)
Class R6	(588)	—
Class Y	(33,265)	(37,489)
Increase (decrease) from capital share transactions (Note 4)	(81,832,884)	84,286,907
Total increase (decrease) in net assets	(72,836,866)	32,582,978

NET ASSETS
Beginning of year	254,656,431	222,073,453
End of year	$181,819,565	$254,656,431

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

Mortgage Opportunities Fund 39

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

INVESTMENT OPERATIONS

LESS DISTRIBUTIONS

RATIOS AND SUPPLEMENTAL DATA

Net realized and

Total from

Ratio of expenses to average

Ratio of net investment

Net asset value,

Net investment

unrealized gain (loss)

investment

From net

From return

Total

Net asset value,

Total return at

Net assets, end of period

net assets excluding interest

income (loss) to average

Period ended

beginning of period

income (loss)^a

on investments

operations

investment income

of capital

distributions

end of period

net asset value (%)^b

(in thousands)

expense (%)^c,d

net assets (%)^d

Portfolio turnover (%)^e

Class A

May 31, 2021

$9.01

.34

.39

.73

(.32)

(.01)

(0.33)

$9.41

8.19

$1,660

.75

3.64

1,058

May 31, 2020^†

10.51

.31

(1.11)

(.80)

(.69)

(.01)

(0.70)

9.01

(8.32)^*

2,805

.71^*

3.11^*

1,311

Class C

May 31, 2021

$9.01

.28

.39

.67

(.26)

—^f

(0.26)

$9.42

7.48

$260

1.50

2.93

1,058

May 31, 2020^†

10.51

.24

(1.11)

(.87)

(.62)

(.01)

(0.63)

9.01

(8.91)^*

337

1.40^*

2.46^*

1,311

Class I

May 31, 2021

$9.02

.37

.40

.77

(.35)

(.01)

(0.36)

$9.43

8.58

$135,399

.47

3.94

1,058

May 31, 2020

10.46

.36

(1.08)

(.72)

(.71)

(.01)

(0.72)

9.02

(7.40)

196,765

.47

3.50

1,311

May 31, 2019

10.73

.47

(.14)

.33

(.60)

—

(0.60)

10.46

3.25

222,073

.47

4.41

1,012

May 31, 2018

10.08

.42

.31

.73

(.08)

—

(0.08)

10.73

7.27

274,480

.47

4.07

1,372

May 31, 2017

9.46

.46

.45

.91

(.29)

—

(0.29)

10.08

9.67

31,109

.56

4.62

1,065

Class R6

May 31, 2021^#

$9.02

.38

.39

.77

(.35)

(.01)

(0.36)

$9.43

8.56

$1,017

.51

4.01

1,058

Class Y

May 31, 2021

$9.02

.37

.39

.76

(.35)

(.01)

(0.36)

$9.42

8.46

$43,483

.50

3.93

1,058

May 31, 2020^†

10.51

.33

(1.11)

(.78)

(.70)

(.01)

(0.71)

9.02

(8.10)^*

54,750

.48^*

3.40^*

1,311

^*Not annualized.

^# For the period June 1, 2020 (commencement of operations) to May 31, 2021.

^† For the period July 1, 2019 (commencement of operations) to May 31, 2020.

^aPer share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

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

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

^dReflects involuntary contractual expense limitations in effect during the period. As a result of such limitations, the expenses of each class reflect a reduction of the following amount (Note 2):


			Percentage of average net assets
	5/31/21	5/31/20	5/31/19	5/31/18	5/31/17
Class A	0.27%	0.20%	N/A	N/A	N/A
Class C	0.27	0.20	N/A	N/A	N/A
Class I	0.27	0.22	0.21%	0.32%	1.21%
Class R6	0.27	N/A	N/A	N/A	N/A
Class Y	0.27	0.20	N/A	N/A	N/A

^ePortfolio turnover includes TBA roll transactions.

^fRepresents less than $0.01 per share.

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


40 Mortgage Opportunities Fund	Mortgage Opportunities Fund 41

Notes to financial statements 5/31/21

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 June 1, 2020 through May 31, 2021.

Putnam Mortgage Opportunities Fund (the fund) is a diversified series of Putnam Funds Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The goal of the fund is to maximize total return consistent with what Putnam Management believes to be prudent risk. Total return is composed of capital appreciation and income. The fund invests mainly in mortgage-related fixed income securities and related derivatives that are either investment-grade or below-investment-grade in quality (sometimes referred to as “junk bonds”). Under normal circumstances, the fund invests at least 80% of its net assets in mortgages, mortgage-related fixed income securities and related derivatives (i.e., derivatives used to acquire exposure to, or whose underlying securities are, mortgages or mortgage-related securities). The fund generally uses the net unrealized gain or loss, or market value, of mortgage-related derivatives for purposes of this policy, but may use the notional value of a derivative if that is determined to be a more appropriate measure of the fund’s investment exposure. This policy may be changed only after 60 days’ notice to shareholders. Putnam Management expects to invest in lower-rated, higher-yielding mortgage-backed securities, including nonagency residential mortgage-backed securities (which may be backed by non-qualified or “sub-prime” mortgages), commercial mortgage-backed securities, collateralized mortgage obligations (including interest only, principal only, and other prepayment derivatives), and agency mortgage-backed securities. The fund currently has significant investment exposure to commercial mortgage-backed securities. Non-agency (i.e., privately issued) securities typically are lower-rated and higher yielding than securities issued or backed by agencies such as Ginnie Mae, Fannie Mae or Freddie Mac. While Putnam Management’s emphasis will be on mortgage-backed securities, Putnam Management may also invest to a lesser extent in other types of asset-backed securities. Putnam Management may consider, among other factors, credit, interest rate, prepayment and liquidity risks, as well as general market conditions, when deciding whether to buy or sell investments. Putnam Management typically uses to a significant extent derivatives, including interest rate swaps, forward delivery contracts and total return swaps, options and swaptions on mortgage-backed securities and indices, for both hedging and non-hedging purposes, including to obtain or adjust exposure to mortgage-backed investments.

The fund offers class A, class C, class I, class R6 and class Y shares. The fund began offering class R6 shares on June 1, 2020. Class A shares are sold with a maximum front-end sales charge of 4.00%. Class A shares generally are not subject to a contingent deferred sales charge. Class I, class R6 and class Y shares are not subject to a contingent deferred sales charge. Class C shares are subject to a one-year 1.00% contingent deferred sales charge and generally convert to class A shares after approximately eight years. Prior to March 1, 2021, class C shares generally converted to class A shares after approximately ten years. The expenses for class A and class C shares may differ based on the distribution fee of each class, which is identified in Note 2. Class I, class R6 and class Y shares, which are sold at net asset value, are generally subject to the same expenses as class A and class C shares, but do not bear a distribution fee, and in the case of class I shares, has a lower investor servicing fee. Class I shares are intended for institutional and other investors who meet the $5,000,000 minimum investment and who are not purchasing through an intermediary. Class R6 and class Y shares are not available to all investors.

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

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

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

Note 1: Significant accounting policies

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

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

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

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

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

42 Mortgage Opportunities Fund

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

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

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

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

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 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.

Stripped securities The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.

Options contracts The fund uses options contracts to hedge duration and convexity, to isolate prepayment risk and to manage downside risks.

The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.

Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap option contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.

Written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.

Futures contracts The fund uses futures contracts for hedging treasury term structure risk and for yield curve positioning.

The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.”

Futures contracts outstanding at period end, if any, are listed after the fund’s portfolio.

Interest rate swap contracts The fund entered into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, for hedging term structure risk and for yield curve positioning.

An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealized gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract.

Mortgage Opportunities Fund 43

The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.

OTC and centrally cleared interest rate swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.

Total return swap contracts The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging sector exposure and for gaining exposure to specific sectors.

To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.

OTC and/or centrally cleared total return swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.

Credit default contracts The fund entered into OTC and/or centrally cleared credit default contracts for hedging credit risk, for hedging market risk and for gaining exposure to specific sectors.

In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. Upfront and periodic payments received or paid by the fund for OTC and centrally cleared credit default contracts are recorded as realized gains or losses at the reset date or close of the contract. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealized gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.

In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. Risks of loss may exceed amounts recognized on the Statement of assets and liabilities. The fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for OTC credit default contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount.

OTC and centrally cleared credit default contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.

TBA commitments The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.

The fund may also enter into TBA sale commitments to hedge its portfolio positions, to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities or an offsetting TBA purchase commitment deliverable on or before the sale commitment date are held as “cover” for the transaction, or other liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

44 Mortgage Opportunities Fund

TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.

Unsettled TBA commitments are valued at their fair value according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.

TBA purchase commitments outstanding at period end, if any, are listed within the fund’s portfolio and TBA sale commitments outstanding at period end, if any, are listed after the fund’s portfolio.

Master agreements The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund’s portfolio.

Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.

With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.

At the close of the reporting period, the fund had a net liability position of $23,753,253 on open derivative contracts subject to the Master Agreements. Collateral pledged by the fund at period end for these agreements totaled $23,637,000 and may include amounts related to unsettled agreements.

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

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 Bank Funding Rate for the committed line of credit and 1.30% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

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

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

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At May 31, 2021, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:


	Loss carryover
Short-term	Long-term	Total
$13,164,534	$3,667,141	$16,831,675

Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from realized built-in losses, from income on swap contracts, and from interest-only securities. 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 $8,188,069 to decrease distributions in excess of net investment income, $6,286,813 to decrease paid-in-capital and $1,901,256 to increase accumulated net realized loss.

Mortgage Opportunities Fund 45

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


Unrealized appreciation	$22,873,878
Unrealized depreciation	(37,937,684)
Net unrealized depreciation	(15,063,806)
Capital loss carryforward	(16,831,675)
Cost for federal income tax purposes	$203,668,955

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

Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management for management and investment advisory services monthly based on the average net assets of the fund. Such fee is based on the following annual rates:


0.550%	of the first $500 million of average net assets,
0.500%	of the next $500 million of average net assets
0.450%	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 0.550% of the fund’s average net assets.

Putnam Management has contractually agreed, through September 30, 2022, to waive fees and/or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.

Putnam Management has also contractually agreed to waive fees (and, to the extent necessary, bear other expenses) of the fund through September 30, 2022, to the extent that total expenses of the fund (excluding brokerage, interest, taxes, investment-related expenses, payments under distribution plans, extraordinary expenses, payments under the fund’s investor servicing contract and acquired fund fees and expenses, but including payments under the fund’s investment management contract) would exceed an annual rate of 0.46% of the fund’s average net assets. During the reporting period, the fund’s expenses were reduced by $528,462 as a result of this limit.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.40% 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 C and class Y shares that included (1) a per account fee for each direct and underlying non-defined contribution account (retail account) of the fund; (2) a specified rate of the fund’s assets attributable to defined contribution plan accounts; and (3) a specified rate based on the average net assets in retail accounts. Putnam Investor Services, Inc. has agreed that the aggregate investor servicing fees for each fund’s retail and defined contribution accounts for these share classes will not exceed an annual rate of 0.25% of the fund’s average assets attributable to such accounts.

Class I shares paid a monthly fee based on the average net assets of class I shares at an annual rate of 0.01%.

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

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


Class A	$879	Class R6	417
Class C	135	Class Y	21,081
Class I	14,111	Total	$36,623

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 $2,240 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $123, 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.

46 Mortgage Opportunities 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 A	0.35%	0.25%	$5,211
Class C	1.00%	1.00%	3,191
Total			$8,402

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $92 from the sale of class A shares and received $1 in contingent deferred sales charges from redemptions of class C shares.

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

Note 3: Purchases and sales of securities

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


	Cost of purchases	Proceeds from sales
Investments in securities, including TBA commitments (Long-term)	$1,724,454,750	$1,781,556,836
U.S. government securities (Long-term)	—	—
Total	$1,724,454,750	$1,781,556,836

The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund’s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund’s total cost of purchases and/or total proceeds from sales.

Note 4: Capital shares

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


			FOR THE PERIOD 7/1/19 (COMMENCEMENT
	YEAR ENDED 5/31/21		OF OPERATIONS) TO 5/31/20
Class A	Shares	Amount	Shares	Amount
Shares sold	89,274	$861,092	659,834	$6,927,603
Shares issued in connection with reinvestment of distributions	7,782	72,916	19,970	204,401
	97,056	934,008	679,804	7,132,004
Shares repurchased	(232,077)	(2,161,209)	(368,410)	(3,639,701)
Net increase (decrease)	(135,021)	$(1,227,201)	311,394	$3,492,303

			FOR THE PERIOD 7/1/19 (COMMENCEMENT
	YEAR ENDED 5/31/21		OF OPERATIONS) TO 5/31/20
Class C	Shares	Amount	Shares	Amount
Shares sold	13,230	$123,814	59,026	$612,586
Shares issued in connection with reinvestment of distributions	925	8,669	998	9,932
	14,155	132,483	60,024	622,518
Shares repurchased	(23,864)	(220,953)	(22,690)	(206,253)
Net increase (decrease)	(9,709)	$(88,470)	37,334	$416,265

Mortgage Opportunities Fund 47


	YEAR ENDED 5/31/21		YEAR ENDED 5/31/20
Class I	Shares	Amount	Shares	Amount
Shares sold	2,225,314	$21,327,905	8,782,146	$92,091,867
Shares issued in connection with reinvestment of distributions	384,317	3,615,327	915,875	9,461,123
	2,609,631	24,943,232	9,698,021	101,552,990
Shares repurchased	(10,061,925)	(93,001,505)	(9,105,614)	(88,009,684)
Net increase (decrease)	(7,452,294)	$(68,058,273)	592,407	$13,543,306

	YEAR ENDED 5/31/21
Class R6	Shares	Amount
Shares sold	144,035	$1,344,684
Shares issued in connection with reinvestment of distributions	3,507	33,006
	147,542	1,377,690
Shares repurchased	(39,693)	(375,672)
Net increase	107,849	$1,002,018

			FOR THE PERIOD 7/1/19 (COMMENCEMENT
	YEAR ENDED 5/31/21		OF OPERATIONS) TO 5/31/20
Class Y	Shares	Amount	Shares	Amount
Shares sold	305,913	$2,953,784	10,147,130	$105,703,074
Shares issued in connection with reinvestment of distributions	192,378	1,806,821	185,909	1,861,402
	498,291	4,760,605	10,333,039	107,564,476
Shares repurchased	(1,955,184)	(18,221,563)	(4,262,181)	(40,729,443)
Net increase (decrease)	(1,456,893)	$(13,460,958)	6,070,858	$66,835,033

At the close of the reporting period, four shareholders of record owned 9.5%, 11.2%, 26.1% and 27.5%, respectively, of the outstanding shares of the fund.

Note 5: Affiliated transactions

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


					Shares
					outstanding
					and fair
	Fair value as	Purchase	Sale	Investment	value as
Name of affiliate	of 5/31/20	cost	proceeds	income	of 5/31/21
Short-term investments
Putnam Short Term Investment Fund^*	$47,503,886	$130,405,790	$144,528,239	$89,212	$33,381,437
Total Short-term investments	$47,503,886	$130,405,790	$144,528,239	$89,212	$33,381,437

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

Note 6: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. The fund may invest in higher-yielding, lower-rated bonds that may have a higher rate of default. The fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backed and asset-backed investments. The yields and values of these investments are sensitive to changes in interest rates, the rate of principal payments on the underlying assets and the market’s perception of the issuers. The market for these investments may be volatile and limited, which may make them difficult to buy or sell.

On July 27, 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. On March 5, 2021, the FCA and LIBOR’s administrator, ICE Benchmark Administration, announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the date on which the applicable rate ceases to be published.

48 Mortgage Opportunities Fund

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

Note 7: Summary of derivative activity

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:


Purchased TBA commitment option contracts (contract amount)	$359,100,000
Purchased swap option contracts (contract amount)	$138,600,000
Written TBA commitment option contracts (contract amount)	$364,600,000
Written swap option contracts (contract amount)	$74,600,000
Futures contracts (number of contracts)	2,000
Centrally cleared interest rate swap contracts (notional)	$1,211,200,000
OTC total return swap contracts (notional)	$350,000
OTC credit default contracts (notional)	$144,900,000

The following is a summary of the fair value of derivative instruments as of the close of the reporting period:


Fair value of derivative instruments as of the close of the reporting period
	ASSET DERIVATIVES		LIABILITY DERIVATIVES
Derivatives not accounted for as
hedging instruments under	Statement of assets and		Statement of assets and
ASC 815	liabilities location	Fair value	liabilities location	Fair value
Credit contracts	Receivables	$5,803,416	Payables	$27,028,399
	Investments, Receivables, Net
	assets — Unrealized		Payables, Net assets —
Interest rate contracts	appreciation	9,420,718^*	Unrealized depreciation	8,689,595^*
Total		$15,224,134		$35,717,994

^*Includes cumulative appreciation/depreciation of futures contracts and/or centrally cleared swaps as reported in the fund’s portfolio. Only current day’s variation margin is reported within the Statement of assets and liabilities.

The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):


Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments
Derivatives not accounted for as hedging
instruments under ASC 815	Options	Futures	Swaps	Total
Credit contracts	$—	$—	$(14,580,137)	$(14,580,137)
Interest rate contracts	12,947,787	(129,495)	(8,646,714)	$4,171,578
Total	$12,947,787	$(129,495)	$(23,226,851)	$(10,408,559)


Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments
Derivatives not accounted for as hedging
instruments under ASC 815	Options	Futures	Swaps	Total
Credit contracts	$—	$—	$14,676,958	$14,676,958
Interest rate contracts	(1,362,418)	36,629	4,374,424	$3,048,635
Total	$(1,362,418)	$36,629	$19,051,382	$17,725,593

Mortgage Opportunities Fund 49

Note 8: Offsetting of financial and derivative assets and liabilities

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


	Barclays Bank PLC	Barclays Capital, Inc. (clearing broker)	Citibank, N.A.	Citigroup Global Markets, Inc.	Credit Suisse International	Goldman Sachs International	JPMorgan Chase Bank N.A.	JPMorgan Securities LLC	Merrill Lynch International	Morgan Stanley & Co. International PLC	Total
Assets:
Centrally cleared interest rate swap contracts^§	$—	$535,368	$—	$—	$—	$—	$—	$—	$—	$—	$535,368
OTC Total return swap contracts^*#	—	—	—	—	1,211	54	—	32	—	—	1,297
OTC Credit default contracts - protection sold^*#	—	—	—	—	—	—	—	—	—	—	—
OTC Credit default contracts - protection purchased^*#	—	—	—	1,867,814	194,248	734,314	—	1,569,506	132,156	1,305,378	5,803,416
Futures contracts^§	—	—	—	—	—	—	—	—	—	—	—
Forward premium swap option contracts^#	—	—	26,064	—	—	—	—	—	—	—	26,064
Purchased swap options^**#	—	—	73	—	—	—	78,325	—	—	—	78,398
Purchased options^**#	—	—	—	—	—	—	575,729	—	—	—	575,729
Total Assets	$—	$535,368	$26,137	$1,867,814	$195,459	$734,368	$654,054	$1,569,538	$132,156	$1,305,378	$7,020,272
Liabilities:
Centrally cleared interest rate swap contracts^§	—	502,355	—	—	—	—	—	—	—	—	502,355
OTC Total return swap contracts^*#	616	—	—	—	—	507	—	79	—	—	1,202
OTC Credit default contracts - protection sold^*#	1,202	—	—	2,375,014	141,424	1,806,690	—	11,185,371	2,995,523	8,523,175	27,028,399
OTC Credit default contracts - protection purchased^*#	—	—	—	—	—	—	—	—	—	—	—
Futures contracts^§	—	—	—	—	—	—	—	14,706	—	—	14,706
Forward premium swap option contracts^#	—	—	105,362	—	—	67,322	—	—	—	—	172,684
Written swap options^#	—	—	137,689	—	—	—	2,054,735	—	—	—	2,192,424
Written options^#	—	—	—	—	—	—	789,413	—	—	—	789,413
Total Liabilities	$1,818	$502,355	$243,051	$2,375,014	$141,424	$1,874,519	$2,844,148	$11,200,156	$2,995,523	$8,523,175	$30,701,183
Total Financial and Derivative Net Assets	$(1,818)	$33,013	$(216,914)	$(507,200)	$54,035	$(1,140,151)	$(2,190,094)	$(9,630,618)	$(2,863,367)	$(7,217,797)	$(23,680,911)
Total collateral received (pledged)^†##	$—	$—	$(201,000)	$(507,200)	$—	$(1,094,000)	$(1,697,000)	$(9,630,618)	$(2,863,367)	$(7,217,797)
Net amount	$(1,818)	$33,013	$(15,914)	$—	$54,035	$(46,151)	$(493,094)	$—	$—	$—
Controlled collateral received (including TBA commitments)^**	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—
Uncontrolled collateral received	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—
Collateral (pledged) (including TBA commitments)^**	$—	$—	$(201,000)	$(604,000)	$—	$(1,094,000)	$(1,697,000)	$(9,726,000)	$(2,964,000)	$(7,351,000)	$(23,637,000)

^*Excludes premiums, if any. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.

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

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

^#Covered by master netting agreement (Note 1).

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

^§ Includes current day’s variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after the fund’s portfolio. Collateral pledged for initial margin on futures contracts and centrally cleared swap contracts, which is not included in the table above, amounted to $870,000 and $1,662,000, respectively.

Note 9: New accounting pronouncements

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020–04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020–04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The discontinuation of LIBOR was subsequently extended to June 30, 2023. ASU 2020–04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this provision.


50 Mortgage Opportunities Fund	Mortgage Opportunities Fund 51

Federal tax information (Unaudited)

For the reporting period, a portion of the fund’s distribution represents a return of capital and is therefore not taxable to shareholders.

The Form 1099 that will be mailed to you in January 2022 will show the tax status of all distributions paid to your account in calendar 2021.

52 Mortgage Opportunities Fund

Mortgage Opportunities Fund 53

^* Mr. Reynolds is an “interested person” (as defined in the Investment Company Act of 1940) of the fund and Putnam Investments. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.

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

As of May 31, 2021, there were 100 Putnam funds. All Trustees serve as Trustees of all Putnam funds.

Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.

Officers

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


James F. Clark (Born 1974)	Susan G. Malloy (Born 1957)
Vice President and Chief Compliance Officer	Vice President and Assistant Treasurer
Since 2016	Since 2007
Chief Compliance Officer and Chief Risk Officer,	Head of Accounting and Middle Office Services,
Putnam Investments and Chief Compliance Officer, Putnam Management	Putnam Investments and Putnam Management

Nancy E. Florek (Born 1957)	Denere P. Poulack (Born 1968)
Vice President, Director of Proxy Voting and Corporate Governance,	Assistant Vice President, Assistant Clerk,
Assistant Clerk, and Assistant Treasurer	and Assistant Treasurer
Since 2000	Since 2004

Michael J. Higgins (Born 1976)	Janet C. Smith (Born 1965)
Vice President, Treasurer, and Clerk	Vice President, Principal Financial Officer,
Since 2010	Principal Accounting Officer, and Assistant Treasurer
	Since 2007
Jonathan S. Horwitz (Born 1955)	Head of Fund Administration Services,
Executive Vice President, Principal Executive Officer,	Putnam Investments and Putnam Management
and Compliance Liaison
Since 2004	Stephen J. Tate (Born 1974)
	Vice President and Chief Legal Officer
Richard T. Kircher (Born 1962)	Since 2021
Vice President and BSA Compliance Officer	General Counsel, Putnam Investments,
Since 2019	Putnam Management, and Putnam Retail Management
Assistant Director, Operational Compliance,
Putnam Investments and Putnam Retail Management	Mark C. Trenchard (Born 1962)
	Vice President
	Since 2002
	Director of Operational Compliance,
	Putnam Investments and Putnam Retail Management

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

54 Mortgage Opportunities Fund

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	Income
Emerging Markets Equity Fund	Convertible Securities Fund
Focused Equity Fund	Diversified Income Trust
Focused International Equity Fund	Floating Rate Income Fund
International Capital Opportunities Fund	Global Income Trust
International Equity Fund	Government Money Market Fund^*
Multi-Cap Core Fund	High Yield Fund
Research Fund	Income Fund
	Money Market Fund^†
Global Sector	Mortgage Opportunities Fund
Global Health Care Fund	Mortgage Securities Fund
Global Technology Fund	Short Duration Bond Fund
	Ultra Short Duration Income Fund
Growth
Growth Opportunities Fund	Tax-free Income
Small Cap Growth Fund	Intermediate-Term Municipal Income Fund
Sustainable Future Fund	Short-Term Municipal Income Fund
Sustainable Leaders Fund	Strategic Intermediate Municipal Fund
	Tax Exempt Income Fund
Value	Tax-Free High Yield Fund
International Value Fund
Large Cap Value Fund	State tax-free income funds^‡:
Small Cap Value Fund	California, Massachusetts, Minnesota,
	New Jersey, New York, Ohio, and Pennsylvania.

Mortgage Opportunities Fund 55


Absolute Return	Asset Allocation (cont.)
Fixed Income Absolute Return Fund	Putnam Retirement Advantage Maturity Fund
Multi-Asset Absolute Return Fund	Putnam Retirement Advantage 2065 Fund
	Putnam Retirement Advantage 2060 Fund
Putnam PanAgora^§	Putnam Retirement Advantage 2055 Fund
Putnam PanAgora Risk Parity Fund	Putnam Retirement Advantage 2050 Fund
	Putnam Retirement Advantage 2045 Fund
Asset Allocation	Putnam Retirement Advantage 2040 Fund
Dynamic Risk Allocation Fund	Putnam Retirement Advantage 2035 Fund
George Putnam Balanced Fund	Putnam Retirement Advantage 2030 Fund
	Putnam Retirement Advantage 2025 Fund
Dynamic Asset Allocation Balanced Fund
Dynamic Asset Allocation Conservative Fund	RetirementReady^® Maturity Fund
Dynamic Asset Allocation Growth Fund	RetirementReady^® 2065 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

^* 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.

56 Mortgage Opportunities Fund

Fund information

Founded over 80 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage funds across income, value, blend, growth, sustainable, asset allocation, absolute return, and global sector categories.


Investment Manager	Trustees	Jonathan S. Horwitz
Putnam Investment	Kenneth R. Leibler, Chair	Executive Vice President,
Management, LLC	Liaquat Ahamed	Principal Executive Officer,
100 Federal Street	Ravi Akhoury	and Compliance Liaison
Boston, MA 02110	Barbara M. Baumann
	Katinka Domotorffy	Richard T. Kircher
Investment Sub-Advisor	Catharine Bond Hill	Vice President and BSA
Putnam Investments Limited	Paul L. Joskow	Compliance Officer
16 St James’s Street	George Putnam, III
London, England SW1A 1ER	Robert L. Reynolds	Susan G. Malloy
	Manoj P. Singh	Vice President and
Marketing Services	Mona K. Sutphen	Assistant Treasurer
Putnam Retail Management
100 Federal Street	Officers	Denere P. Poulack
Boston, MA 02110	Robert L. Reynolds	Assistant Vice President, Assistant
	President	Clerk, and Assistant Treasurer
Custodian
State Street Bank	James F. Clark	Janet C. Smith
and Trust Company	Vice President, Chief Compliance	Vice President,
	Officer, and Chief Risk Officer	Principal Financial Officer,
Legal Counsel		Principal Accounting Officer,
Ropes & Gray LLP	Nancy E. Florek	and Assistant Treasurer
	Vice President, Director of
Independent Registered	Proxy Voting and Corporate	Stephen J. Tate
Public Accounting Firm	Governance, Assistant Clerk,	Vice President and
PricewaterhouseCoopers LLP	and Assistant Treasurer	Chief Legal Officer

	Michael J. Higgins	Mark C. Trenchard
	Vice President, Treasurer,	Vice President
	and Clerk

This report is for the information of shareholders of Putnam Mortgage Opportunities 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.


	Item 2. Code of Ethics:

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

(c) In April 2021, the Code of Ethics of Putnam Investments was amended. The key changes to the Code of Ethics are as follows: (i) Employees may invest in the Putnam Exchange Traded Funds (ETFs) with preclearing requirements for certain individuals (ii) All employees must hold Putnam ETFs in an approved Putnam broker (iii) All access persons must report Putnam ETF trades or holdings in the quarterly transaction report or annual holdings report.


	Item 3. Audit Committee Financial Expert:

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


	Item 4. Principal Accountant Fees and Services:


	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:

tr>


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


May 31, 2021	$132,419	$ —	$12,265	$ —
May 31, 2020	$128,653	$ —	$23,329	$ —


	For the fiscal years ended May 31, 2021 and May 31, 2020, the fund's independent auditor billed aggregate non-audit fees in the amounts of $321,565 and $307,045 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.


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


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


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


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

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


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


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

May 31, 2021	$ —	$309,300	$ —	$ —
May 31, 2020	$ —	$283,716	$ —	$ —


	Item 5. Audit Committee of Listed Registrants


	Not applicable


	Item 6. Schedule of Investments:


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


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


	Not applicable


	Item 8. Portfolio Managers of Closed-End Investment Companies


	Not Applicable


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


	Not applicable


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


	Not applicable


	Item 11. Controls and Procedures:

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 180 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.


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


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


	Not Applicable


	Item 13. Exhibits:


	(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.


	SIGNATURES


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


	Putnam Funds Trust


	By (Signature and Title):


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


	Date: July 28, 2021


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


	By (Signature and Title):


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


	Date: July 28, 2021


	By (Signature and Title):


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


	Date: July 28, 2021

EX-99.CERT 2 b_pz4certifications.htm CERTIFICATIONS b_pz4certifications.htm


	Certifications
	I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:
	1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:
	2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;
	3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;
	4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;
	b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of each report based on such evaluation; and
	d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
	5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):
	a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and
	b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.
	Date: July 28, 2021
	/s/ Jonathan S. Horwitz
	_______________________
	Jonathan S. Horwitz
	Principal Executive Officer
	Certifications
	I, Janet C. Smith, the Principal Financial Officer of the funds listed on Attachment A, certify that:
	1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:
	2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;
	3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;
	4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;
	b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of each report based on such evaluation; and
	d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
	5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):
	a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and
	b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.
	Date: July 28, 2021
	/s/ Janet C. Smith
	_______________________
	Janet C. Smith
	Principal Financial Officer
	Attachment A
	Period (s) ended May 31, 2021
	Putnam Dynamic Asset Allocation Equity Fund
	Putnam Dynamic Risk Allocation Fund
	Putnam High Yield Fund
	Putnam Large Cap Value Fund
	Putnam Intermediate-Term Municipal Income Fund
	Putnam Massachusetts Tax Exempt Income Fund
	Putnam Minnesota Tax Exempt Income Fund
	Putnam Mortgage Opportunities Fund
	Putnam New Jersey Tax Exempt Income Fund
	Putnam New York Tax Exempt Income Fund
	Putnam Ohio Tax Exempt Income Fund
	Putnam Pennsylvania Tax Exempt Income Fund
	Putnam Short-Term Municipal Income Fund

EX-99.906 CERT 3 c_pz4noscertification.htm 906 CERTIFICATIONS c_pz4noscertification.htm


	Section 906 Certifications
	I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:
	1. The form N-CSR of the Funds listed on Attachment A for the period ended May 31, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended May 31, 2021 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.
	Date: July 28, 2021
	/s/ Jonathan S. Horwitz
	______________________
	Jonathan S. Horwitz
	Principal Executive Officer
	Section 906 Certifications
	I, Janet C. Smith, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:
	1. The form N-CSR of the Funds listed on Attachment A for the period ended May 31, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended May 31, 2021 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.
	Date: July 28, 2021
	/s/ Janet C. Smith
	______________________
	Janet C. Smith
	Principal Financial Officer
	Attachment A
	Period (s) ended May 31, 2021
	Putnam Dynamic Asset Allocation Equity Fund
	Putnam Dynamic Risk Allocation Fund
	Putnam High Yield Fund
	Putnam Large Cap Value Fund
	Putnam Intermediate-Term Municipal Income Fund
	Putnam Massachusetts Tax Exempt Income Fund
	Putnam Minnesota Tax Exempt Income Fund
	Putnam Mortgage Opportunities Fund
	Putnam New Jersey Tax Exempt Income Fund
	Putnam New York Tax Exempt Income Fund
	Putnam Ohio Tax Exempt Income Fund
	Putnam Pennsylvania Tax Exempt Income Fund
	Putnam Short-Term Municipal Income Fund

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	Life of fund	Annual average	5 years	Annual average	3 years	Annual average	1 year
Class A (7/1/19)
Before sales charge	16.39%	2.50%	19.53%	3.63%	2.42%	0.80%	8.19%
After sales charge	11.73	1.82	14.75	2.79	–1.68	–0.56	3.86
Class C (7/1/19)
Before CDSC	11.26	1.75	15.32	2.89	0.34	0.11	7.48
After CDSC	11.26	1.75	15.32	2.89	0.34	0.11	6.48
Class I (4/7/15)
Net asset value	19.20	2.90	21.90	4.04	3.62	1.19	8.58
Class R6 (6/1/20)
Net asset value	18.93	2.86	21.74	4.01	3.49	1.15	8.56
Class Y (7/1/19)
Net asset value	18.25	2.76	21.13	3.91	3.21	1.06	8.46


	Life of fund	Annual average	5 years	Annual average	3 years	Annual average	1 year
ICE BofA U.S. Treasury
Bill Index	6.38%	1.01%	6.17%	1.20%	4.42%	1.45%	0.12%
Bloomberg Barclays
U.S. MBS Index	15.75	2.41	12.82	2.44	11.87	3.81	–0.47
Lipper Absolute Return
Funds category average^*	18.85	2.68	23.85	4.12	12.78	3.83	12.06


	Life of fund	Annual average	5 years	Annual average	3 years	Annual average	1 year
Class A (7/1/19)
Before sales charge	15.43%	2.33%	19.04%	3.55%	0.92%	0.31%	4.01%
After sales charge	10.81	1.66	14.28	2.71	–3.12	–1.05	–0.15
Class C (7/1/19)
Before CDSC	10.27	1.58	14.77	2.79	–1.27	–0.43	3.34
After CDSC	10.27	1.58	14.77	2.79	–1.27	–0.43	2.34
Class I (4/7/15)
Net asset value	18.12	2.71	21.18	3.92	1.92	0.63	4.28
Class R6 (6/1/20)
Net asset value	17.86	2.67	21.02	3.89	1.80	0.60	4.27
Class Y (7/1/19)
Net asset value	17.30	2.59	20.54	3.81	1.63	0.54	4.27


	Class A	Class C	Class I	Class R6	Class Y
Net expenses for the fiscal year
ended 5/31/20^*	0.79%^**	1.54%^**	0.48%	0.52%^‡	0.54%^**
Total annual operating expenses for the fiscal
year ended 5/31/20	1.01%^**	1.76%^**	0.70%	0.74%^‡	0.76%^**
Annualized expense ratio for the six-month
period ended 5/31/21^†	0.76%	1.51%	0.47%	0.51%	0.50%


	Class A	Class C	Class I	Class R6	Class Y
Expenses paid per $1,000^*†	$3.84	$7.62	$2.38	$2.57	$2.53
Ending value (after expenses)	$1,025.70	$1,022.80	$1,028.20	$1,028.10	$1,027.00


	CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


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


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


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


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


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


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


Message from the Trustees	1
Interview with your fund’s portfolio manager	3
Your fund’s performance	7
Your fund’s expenses	9
Consider these risks before investing	11
Terms and definitions	12
Other information for shareholders	13
Important notice regarding Putnam’s privacy policy	14
Audited financial statements	15
Report of Independent Registered Public Accounting Firm	16
Federal tax information	52
About the Trustees	53
Officers	54


MORTGAGE-BACKED SECURITIES (73.5%)*	Principal amount	Value
Agency collateralized mortgage obligations (35.0%)
Federal Home Loan Mortgage Corporation
REMICs Ser. 4451, Class CI, IO, 7.00%, 3/15/45	$805,006	$178,420
REMICs IFB Ser. 3829, Class AS, IO, ((-1 x 1 Month US LIBOR) + 6.95%), 6.849%, 3/15/41	55,006	11,286
REMICs IFB Ser. 4074, Class KS, IO, ((-1 x 1 Month US LIBOR) + 6.70%), 6.599%, 2/15/41	28,185	2,975
REMICs IFB Ser. 4076, Class MS, IO, ((-1 x 1 Month US LIBOR) + 6.70%), 6.599%, 7/15/40	227,702	17,916
REMICs IFB Ser. 3852, Class SC, IO, ((-1 x 1 Month US LIBOR) + 6.65%), 6.549%, 4/15/40	185,703	18,526
REMICs IFB Ser. 3981, Class WS, IO, ((-1 x 1 Month US LIBOR) + 6.55%), 6.449%, 5/15/41	677,110	82,545
REMICs IFB Ser. 4033, Class SC, IO, ((-1 x 1 Month US LIBOR) + 6.55%), 6.449%, 10/15/36	229,809	3,639
REMICs IFB Ser. 3346, Class SC, IO, ((-1 x 1 Month US LIBOR) + 6.55%), 6.449%, 10/15/33	2,051,479	404,371
REMICs IFB Ser. 4808, Class SD, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 6.099%, 7/15/48	2,736,999	476,576
REMICs IFB Ser. 4789, Class AS, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 6.099%, 5/15/48	2,197,204	291,130
REMICs IFB Ser. 4752, Class PS, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 6.099%, 11/15/47	5,069,277	861,777
REMICs IFB Ser. 4990, Class SP, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 6.008%, 7/25/50	2,592,621	521,004
Strips Ser. 324, Class C21, IO, 6.00%, 6/15/39	623,190	156,484
REMICs IFB Ser. 5057, Class SC, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.999%, 12/15/48	4,502,890	770,805
REMICs IFB Ser. 4267, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.949%, 5/15/39	52,442	137
REMICs IFB Ser. 4933, Class SA, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.908%, 12/25/49	2,714,606	536,354
REMICs IFB Ser. 4926, Class SP, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.908%, 8/25/49	2,215,017	388,270
REMICs IFB Ser. 3984, Class DS, IO, ((-1 x 1 Month US LIBOR) + 5.95%), 5.849%, 1/15/42	360,635	67,013
REMICs Ser. 4560, IO, 5.836%, 5/15/39	1,191,029	215,956
REMICs Ser. 5115, Class IK, IO, 4.50%, 12/25/50	4,471,000	815,614
REMICs Ser. 4127, Class PI, IO, 4.50%, 7/15/42	708,523	68,907
REMICs Ser. 4024, Class PI, IO, 4.50%, 12/15/41	199,453	20,265
REMICs Ser. 3714, Class KI, IO, 4.50%, 11/15/39	98,238	1,567
REMICs Ser. 4707, Class AI, IO, 4.00%, 7/15/47	766,852	91,061
REMICs Ser. 4635, Class PI, IO, 4.00%, 12/15/46	633,181	58,534
REMICs Ser. 4500, Class GI, IO, 4.00%, 8/15/45	34,077	4,451
REMICs Ser. 4425, IO, 4.00%, 1/15/45	234,059	28,087
REMICs Ser. 4452, Class QI, IO, 4.00%, 11/15/44	40,504	5,988
REMICs Ser. 4403, Class CI, IO, 4.00%, 10/15/44	132,627	17,771
REMICs Ser. 4355, Class DI, IO, 4.00%, 3/15/44	11,238	418
REMICs Ser. 4386, Class IL, IO, 4.00%, 12/15/43	372,498	33,301
REMICs Ser. 4299, Class JI, IO, 4.00%, 7/15/43	98,457	6,271
REMICs Ser. 4193, Class PI, IO, 4.00%, 3/15/43	263,273	36,688
REMICs Ser. 4425, Class WI, IO, 4.00%, 3/15/43	244,879	20,594
REMICs Ser. 4386, Class LI, IO, 4.00%, 2/15/43	181,349	10,627
REMICs Ser. 4694, Class GI, IO, 4.00%, 2/15/43	217,740	13,086
REMICs Ser. 4000, Class LI, IO, 4.00%, 2/15/42	26,091	2,581
REMICs Ser. 4015, Class GI, IO, 4.00%, 3/15/27	88,408	7,374
REMICs Ser. 4604, Class QI, IO, 3.50%, 7/15/46	424,491	40,327
REMICs Ser. 4580, Class ID, IO, 3.50%, 8/15/45	47,557	2,660
REMICs Ser. 4560, Class PI, IO, 3.50%, 5/15/45	98,022	7,597
REMICs Ser. 4475, Class CI, IO, 3.50%, 1/15/44	461,276	16,177
REMICs Ser. 4501, Class BI, IO, 3.50%, 10/15/43	14,213	339
REMICs Ser. 4663, Class KI, IO, 3.50%, 11/15/42	22,161	69
REMICs Ser. 4413, Class HI, IO, 3.50%, 3/15/40	89,895	472
REMICs Ser. 3904, Class NI, IO, 3.50%, 8/15/26	266,496	11,470
REMICs Ser. 5023, Class YI, IO, 3.00%, 10/25/50	4,675,469	568,925
REMICs Ser. 4801, Class IG, IO, 3.00%, 6/15/48	363,000	33,537
REMICs Ser. 4134, Class PI, IO, 3.00%, 11/15/42	703,143	70,584
REMICs Ser. 4182, Class PI, IO, 3.00%, 12/15/41	190,604	7,461
REMICs Ser. 4206, Class IP, IO, 3.00%, 12/15/41	44,666	3,139
REMICs Ser. 4550, Class AI, IO, 3.00%, 10/15/40	386,780	13,769
Federal National Mortgage Association
REMICs IFB Ser. 11-4, Class CS, ((-2 x 1 Month US LIBOR) + 12.90%), 12.717%, 5/25/40	11,169	13,626
REMICs IFB Ser. 13-90, Class SD, IO, ((-1 x 1 Month US LIBOR) + 6.60%), 6.508%, 9/25/43	445,065	93,240
REMICs IFB Ser. 12-36, Class SN, IO, ((-1 x 1 Month US LIBOR) + 6.45%), 6.358%, 4/25/42	107,267	16,902
REMICs IFB Ser. 10-35, Class SG, IO, ((-1 x 1 Month US LIBOR) + 6.40%), 6.308%, 4/25/40	106,082	21,567


MORTGAGE-BACKED SECURITIES (73.5%)* cont.	Principal amount	Value
Agency collateralized mortgage obligations cont.
Federal National Mortgage Association
REMICs IFB Ser. 18-36, Class SD, IO, ((-1 x 1 Month US LIBOR) + 6.25%), 6.158%, 6/25/48	$2,121,716	$424,395
REMICs IFB Ser. 13-41, Class SP, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 6.108%, 6/25/40	22,380	769
REMICs IFB Ser. 19-18, Class SH, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 6.058%, 5/25/49	4,135,448	754,719
REMICs IFB Ser. 19-18, Class SL, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 6.008%, 5/25/49	4,485,247	728,853
REMICs IFB Ser. 19-17, Class JS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 6.008%, 4/25/49	2,503,835	582,074
REMICs IFB Ser. 16-83, Class BS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 6.008%, 11/25/46	1,373,363	277,593
REMICs IFB Ser. 16-85, Class SL, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 6.008%, 11/25/46	3,529,698	697,115
REMICs IFB Ser. 16-65, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 6.008%, 9/25/46	996,604	192,521
REMICs IFB Ser. 16-78, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 6.008%, 5/25/39	2,869,222	540,372
REMICs Ser. 17-8, IO, 6.00%, 2/25/47	628,476	153,757
REMICs Ser. 16-3, Class NI, IO, 6.00%, 2/25/46	72,903	15,765
REMICs Ser. 15-69, IO, 6.00%, 9/25/45	331,072	78,539
REMICs Ser. 10-99, Class NI, IO, 6.00%, 9/25/40	1,492,312	299,347
REMICs IFB Ser. 19-60, Class BS, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.958%, 10/25/49	1,878,734	169,086
REMICs IFB Ser. 19-26, Class SM, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.958%, 6/25/49	3,720,404	648,347
REMICs IFB Ser. 12-103, Class SD, ((-1 x 1 Month US LIBOR) + 6.05%), 5.958%, 9/25/42	212,013	45,089
REMICs IFB Ser. 19-66, Class SC, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.908%, 11/25/49	5,237,603	810,399
REMICs IFB Ser. 19-75, Class KS, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.908%, 11/25/49	6,958,937	1,209,861
REMICs IFB Ser. 16-54, Class SD, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.908%, 8/25/46	5,162,806	1,084,189
REMICs IFB Ser. 11-126, Class SJ, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.908%, 12/25/41	5,176,313	1,108,931
REMICs IFB Ser. 11-134, Class SP, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.908%, 2/25/41	1,094,408	117,079
REMICs IFB Ser. 10-140, Class GS, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.908%, 7/25/39	144,619	3,832
REMICs IFB Ser. 11-101, Class SA, IO, ((-1 x 1 Month US LIBOR) + 5.90%), 5.808%, 10/25/41	293,853	51,118
REMICs Ser. 10-109, Class IM, IO, 5.50%, 9/25/40	1,124,209	202,454
Interest Strip Ser. 397, Class 2, IO, 5.00%, 9/25/39	308,175	55,664
REMICs Ser. 18-1, Class JI, IO, 5.00%, 2/25/48	846,315	159,358
REMICs Ser. 12-132, Class PI, IO, 5.00%, 10/25/42	1,031,326	150,172
Interest Strip Ser. 404, Class 2, IO, 4.50%, 5/25/40	223,785	36,260
REMICs Ser. 21-15, Class JI, IO, 4.50%, 4/25/51	4,101,568	753,048
REMICs Ser. 21-18, Class IY, IO, 4.50%, 8/25/49	2,941,993	528,271
REMICs Ser. 12-49, Class QI, IO, 4.50%, 12/25/40	702,335	27,056
REMICs Ser. 20-76, Class GI, IO, 4.00%, 11/25/50	10,846,548	1,616,740
REMICs Ser. 18-15, Class PI, IO, 4.00%, 10/25/47	696,237	48,150
REMICs Ser. 17-7, Class JI, IO, 4.00%, 2/25/47	247,969	31,707
REMICs Ser. 17-15, Class LI, IO, 4.00%, 6/25/46	77,559	3,763
REMICs Ser. 16-24, Class CI, IO, 4.00%, 2/25/46	141,351	14,574
REMICs Ser. 12-90, Class DI, IO, 4.00%, 3/25/42	673,080	71,898
REMICs Ser. 14-95, Class TI, IO, 4.00%, 5/25/39	3,376	11
REMICs Ser. 21-25, Class IJ, IO, 3.50%, 5/25/51	7,383,625	875,507
REMICs Ser. 21-5, Class PI, IO, 3.50%, 2/25/51	6,140,051	845,309
REMICs Ser. 17-78, Class KI, IO, 3.50%, 10/25/47	150,836	14,290
REMICs Ser. 16-70, Class QI, IO, 3.50%, 10/25/46	76,824	8,067
REMICs Ser. 13-40, Class YI, IO, 3.50%, 6/25/42	59,352	4,650
REMICs Ser. 20-24, Class IB, IO, 3.00%, 4/25/50	4,454,992	552,882
REMICs Ser. 13-6, Class JI, IO, 3.00%, 2/25/43	35,562	3,201
REMICs Ser. 13-35, Class PI, IO, 3.00%, 2/25/42	87,045	3,403
REMICs Ser. 13-27, Class PI, IO, 3.00%, 12/25/41	188,899	7,616
REMICs Ser. 13-57, Class IQ, IO, 3.00%, 6/25/41	156,330	7,161
REMICs Ser. 16-97, Class KI, IO, 3.00%, 6/25/40	177,676	876
Government National Mortgage Association
IFB Ser. 13-9, Class S, IO, ((-1 x 1 Month US LIBOR) + 6.75%), 6.651%, 1/20/43	2,241,312	520,194
IFB Ser. 13-182, Class SP, IO, ((-1 x 1 Month US LIBOR) + 6.70%), 6.601%, 12/20/43	1,021,092	206,771
IFB Ser. 11-148, Class SN, IO, ((-1 x 1 Month US LIBOR) + 6.69%), 6.589%, 11/16/41	770,498	172,468
IFB Ser. 10-125, Class SD, ((-1 x 1 Month US LIBOR) + 6.68%), 6.579%, 1/16/40	1,913,685	293,516
IFB Ser. 11-156, Class SK, IO, ((-1 x 1 Month US LIBOR) + 6.60%), 6.501%, 4/20/38	42,940	10,094
Ser. 16-164, IO, 6.50%, 12/20/46	847,417	161,185
FRB Ser. 20-112, Class MS, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 6.201%, 8/20/50	2,093,076	460,477
IFB Ser. 21-59, Class SU, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 6.201%, 4/20/51	4,991,548	705,056


	UNITED STATES SECURITIES AND EXCHANGE COMMISSION


	Washington, D.C. 20549


	FORM N-CSR


	Investment Company Act file number:	(811-07513)


U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (25.5%)*	Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (2.3%)
Government National Mortgage Association Pass-Through Certificates
5.50%, 5/20/49	$70,851	$81,268
5.00%, 5/20/49	194,656	217,359
4.50%, with due dates from 10/20/49 to 1/20/50	134,285	149,045
4.00%, TBA, 6/1/51	2,000,000	2,122,812
4.00%, with due dates from 8/20/49 to 1/20/50	330,087	361,499
3.50%, with due dates from 8/20/49 to 11/20/49	1,189,918	1,288,591
		4,220,574
U.S. Government Agency Mortgage Obligations (23.2%)
Federal National Mortgage Association Pass-Through Certificates
5.00%, with due dates from 1/1/49 to 8/1/49	117,205	129,964
4.50%, 5/1/49	28,433	31,025
Uniform Mortgage-Backed Securities
5.00%, TBA, 6/1/51	1,000,000	1,099,698
4.00%, TBA, 6/1/51	3,000,000	3,205,781
3.50%, TBA, 6/1/51	9,000,000	9,500,625
3.50%, TBA, 5/1/51	1,000,000	1,057,500
3.00%, TBA, 7/1/51	6,000,000	6,262,031
3.00%, TBA, 6/1/51	19,000,000	19,844,609
2.50%, TBA, 6/1/51	1,000,000	1,035,391
		42,166,624
Total U.S. government and agency mortgage obligations (cost $46,430,155)		$46,387,198


ASSET-BACKED SECURITIES (4.8%)*	Principal amount	Value
1Sharpe Mortgage Trust 144A FRB Ser. 20-1, Class NOTE, (BBA LIBOR USD 3 Month + 2.90%), 3.047%, 7/25/24	$1,089,000	$1,090,089
LHOME Mortgage Trust 144A Ser. 21-RTL1, Class A1, 2.09%, 9/25/26 ^W	280,000	280,896
Mello Warehouse Securitization Trust 144A
FRB Ser. 20-1, Class A, (1 Month US LIBOR + 0.90%), 0.992%, 10/25/53	186,000	186,000
FRB Ser. 20-2, Class A, (1 Month US LIBOR + 0.80%), 0.892%, 11/25/53	112,000	112,000
Mortgage Repurchase Agreement Financing Trust FRB Ser. 20-4, Class A1, (1 Month US LIBOR + 1.35%), 1.445%, 4/23/23	320,000	320,053
Mortgage Repurchase Agreement Financing Trust 144A FRB Ser. 20-5, Class A1, (1 Month US LIBOR + 1.00%), 1.095%, 8/10/23	269,000	269,604
MRA Issuance Trust 144A
FRB Ser. 20-2, Class A2, (1 Month US LIBOR + 1.45%), 1.95%, 7/21/21	783,000	783,000
FRB Ser. 21-EBO1, Class A1X, (1 Month US LIBOR + 1.75%), 1.86%, 10/8/21	376,000	376,000
FRB Ser. 21-EBO4, Class A1X, (1 Month US LIBOR + 1.75%), 1.849%, 2/16/22	557,000	557,000
FRB Ser. 20-11, Class A1X, (1 Month US LIBOR + 1.70%), 1.801%, 4/22/22	428,000	428,000
FRB Ser. 20-12, Class A1X, (1 Month US LIBOR + 1.35%), 1.451%, 7/15/21	769,000	768,758
FRB Ser. 21-8, Class A1X, (1 Month US LIBOR + 1.15%), 1.26%, 10/15/21	777,000	776,573
Station Place Securitization Trust 144A
FRB Ser. 20-6, Class A, (1 Month US LIBOR + 1.75%), 1.843%, 9/7/21	690,000	690,000
FRB Ser. 20-13, Class A, (1 Month US LIBOR + 1.50%), 1.593%, 10/10/21	625,000	625,000
FRB Ser. 20-15, Class A, (1 Month US LIBOR + 1.37%), 1.463%, 12/10/21	620,000	620,000
FRB Ser. 21-6, Class A, (1 Month US LIBOR + 0.80%), 0.893%, 4/25/22	854,000	854,000
Total asset-backed securities (cost $8,734,994)		$8,736,973


PURCHASED SWAP OPTIONS OUTSTANDING (—%)*
Counterparty Fixed right % to receive or (pay)/ Floating rate index/Maturity date	Expiration date/strike	Notional/ Contract amount	Value
Citibank, N.A.
0.915/3 month USD-LIBOR-BBA/Jul-31	Jul-21/0.915	$7,254,400	$73
JPMorgan Chase Bank N.A.
(1.81)/3 month USD-LIBOR-BBA/Jun-31	Jun-21/1.81	87,028,200	78,325
Total purchased swap options outstanding (cost $1,470,429)			$78,398


PURCHASED OPTIONS OUTSTANDING (0.3%)* Counterparty	Expiration date/strike price	Notional amount	Contract amount	Value
JPMorgan Chase Bank N.A.
Uniform Mortgage-Backed Securities 30 yr 2.50% TBA commitments (Call)	Jul-21/$103.38	$115,000,000	$115,000,000	$420,555
Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Call)	Jul-21/104.42	79,000,000	79,000,000	155,156
Uniform Mortgage-Backed Securities 30 yr 3.50% TBA commitments (Call)	Jun-21/106.22	18,000,000	18,000,000	18
Total purchased options outstanding (cost $681,563)				$575,729


SHORT-TERM INVESTMENTS (34.7%)*		Principal amount/ shares	Value
Putnam Short Term Investment Fund Class P 0.08% ^L	Shares	33,381,437	$33,381,437
U.S. Treasury Bills 0.040%, 6/1/21 ^∆		$3,000,000	3,000,000
U.S. Treasury Bills 0.036%, 6/3/21 ^{# ∆}		4,700,000	4,699,999
U.S. Treasury Bills 0.011%, 6/29/21 ^∆		1,200,000	1,200,000
U.S. Treasury Bills 0.035%, 6/10/21 ^∆		3,700,000	3,700,000
U.S. Treasury Bills 0.008%, 7/6/21 ^{∆ §}		2,200,000	2,199,995
U.S. Treasury Bills 0.023%, 7/20/21 ^{∆ §}		2,600,000	2,599,982
U.S. Treasury Bills 0.018%, 7/13/21 ^∆		100,000	99,999
U.S. Treasury Cash Management Bills 0.020%, 8/3/21 ^{∆ §}		3,000,000	2,999,922
U.S. Treasury Cash Management Bills 0.017%, 8/24/21 ^{∆ §}		400,000	399,991
U.S. Treasury Cash Management Bills 0.018%, 9/28/21		3,100,000	3,099,846
U.S. Treasury Cash Management Bills 0.016%, 9/7/21 ^{∆ §}		4,300,000	4,299,824
U.S. Treasury Cash Management Bills 0.012%, 9/21/21 ^∆		1,400,000	1,399,956
Total short-term investments (cost $63,080,750)			$63,080,951


TOTAL INVESTMENTS
Total investments (cost $265,959,370)	$252,477,199


Key to holding’s abbreviations
bp	Basis Points
FRB	Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
FRN	Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
IFB	Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor.
IO	Interest Only
OTC	Over-the-counter
TBA	To Be Announced Commitments


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 June 1, 2020 through May 31, 2021 (the reporting period). Within the following notes to the portfolio, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.
^*	Percentages indicated are based on net assets of $181,819,565.
^#	This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $870,000 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 8).
^∆	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $23,637,000 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 8).
^§	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initial margin on certain centrally cleared derivative contracts at the close of the reporting period. Collateral at period end totaled $1,662,000 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 8).
^L	Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
^W	The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor.
	At the close of the reporting period, the fund maintained liquid assets totaling $168,181,052 to cover certain derivative contracts and delayed delivery securities.
	Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
	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.
	See Note 1 to the financial statements regarding TBA commitments.
	The dates shown on debt obligations are the original maturity dates.


FUTURES CONTRACTS OUTSTANDING at 5/31/21
	Number of contracts	Notional amount	Value	Expiration date	Unrealized depreciation
U.S. Treasury Note 2 yr (Short)	1,904	$420,278,252	$420,278,252	Sep-21	$(64,592)
Unrealized appreciation					—
Unrealized (depreciation)					(64,592)
Total					$(64,592)


WRITTEN SWAP OPTIONS OUTSTANDING at 5/31/21 (premiums $1,476,595)
Counterparty Fixed Obligation % to receive or (pay)/ Floating rate index/Maturity date	Expiration date/strike	Notional/contract amount	Value
Citibank, N.A.
1.415/3 month USD-LIBOR-BBA/Jul-31	Jul-21/1.415	$7,254,400	$137,689
JPMorgan Chase Bank N.A.
(1.81)/3 month USD-LIBOR-BBA/Jun-31	Jun-21/1.81	87,028,200	2,054,735
Total			$2,192,424


WRITTEN OPTIONS OUTSTANDING at 5/31/21 (premiums $681,563)
Counterparty	Expiration date/strike price	Notional amount	Contract amount	Value
JPMorgan Chase Bank N.A.
Uniform Mortgage-Backed Securities 30 yr 2.50% TBA commitments (Put)	Jul-21/$103.38	$115,000,000	$115,000,000	$488,060
Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Put)	Jul-21/104.42	79,000,000	79,000,000	186,045
Uniform Mortgage-Backed Securities 30 yr 3.50% TBA commitments (Put)	Jun-21/106.22	18,000,000	18,000,000	115,308
Total				\|\|6\|\|


FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING at 5/31/21
Counterparty Fixed right or obligation % to receive or (pay)/Floating rate index/ Maturity date	Expiration date/strike	Notional/ contract amount	Premium receivable/ (payable)	Unrealized appreciation/ (depreciation)
Citibank, N.A.
1.657/3 month USD-LIBOR-BBA/Jun-31 (Purchased)	Jun-21/1.657	$7,254,500	$(62,389)	$15,742
1.629/3 month USD-LIBOR-BBA/Jun-31 (Purchased)	Jun-21/1.629	5,026,000	(39,957)	7,438
(0.884)/3 month USD-LIBOR-BBA/Jun-26 (Purchased)	Jun-21/0.884	10,300,400	(34,506)	2,884
0.884/3 month USD-LIBOR-BBA/Jun-26 (Purchased)	Jun-21/0.884	10,300,400	(34,506)	(7,004)
1.568/3 month USD-LIBOR-BBA/Jun-31 (Purchased)	Jun-21/1.568	5,150,200	(40,172)	(15,760)
(1.568)/3 month USD-LIBOR-BBA/Jun-31 (Purchased)	Jun-21/1.568	5,150,200	(40,172)	(16,429)
(1.629)/3 month USD-LIBOR-BBA/Jun-31 (Purchased)	Jun-21/1.629	5,026,000	(39,957)	(20,104)
(1.657)/3 month USD-LIBOR-BBA/Jun-31 (Purchased)	Jun-21/1.657	7,254,500	(62,389)	(46,065)
Goldman Sachs International
1.58/3 month USD-LIBOR-BBA/Jun-31 (Purchased)	Jun-21/1.58	7,254,450	(61,242)	(27,785)
(1.58)/3 month USD-LIBOR-BBA/Jun-31 (Purchased)	Jun-21/1.58	7,254,450	(61,242)	(39,537)
Unrealized appreciation				26,064
Unrealized (depreciation)				(172,684)
Total				$(146,620)


TBA SALE COMMITMENTS OUTSTANDING at 5/31/21 (proceeds receivable $42,538,828)
Agency	Principal amount	Settlement date	Value
Government National Mortgage Association, 3.50%, 6/1/51	$1,000,000	6/21/21	$1,051,875
Uniform Mortgage-Backed Securities, 3.50%, 5/1/51	1,000,000	5/13/21	1,057,499
Uniform Mortgage-Backed Securities, 3.00%, 6/1/51	6,000,000	6/14/21	6,266,719
Uniform Mortgage-Backed Securities, 2.00%, 6/1/51	34,000,000	6/14/21	34,347,970
Total			$42,724,063


CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 5/31/21
Notional amount		Value	Upfront premium received (paid)	Termination date	Payments made by fund	Payments received by fund	Unrealized appreciation/ (depreciation)
	$12,413,400	$164,366	$(100)	7/6/25	3 month USD-LIBOR-BBA — Quarterly	0.35% — Semiannually	$(150,718)
	15,053,100	233,805	(122)	7/14/25	3 month USD-LIBOR-BBA — Quarterly	0.30% — Semiannually	(220,469)
	6,947,600	503,576	(92)	7/15/30	3 month USD-LIBOR-BBA — Quarterly	0.645% — Semiannually	(488,406)
	24,827,000	2,017,665	(329)	8/5/30	3 month USD-LIBOR-BBA — Quarterly	0.556% — Semiannually	(1,976,800)
	24,827,000	2,037,428	(151,774)	9/8/30	0.564% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	1,863,658
	10,710,800	187,867	(87)	8/12/25	3 month USD-LIBOR-BBA — Quarterly	0.277% — Semiannually	(179,968)
	13,692,500	232,526	(129)	10/13/25	0.344% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	229,611
	23,171,900	1,614,317	(307)	10/7/30	0.717% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	1,596,160
	24,827,000	1,743,228	(133,154)	11/4/30	0.724% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	1,599,984
	14,474,100	204,316	(117)	10/13/25	0.41% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	199,981
	14,474,100	182,359	(117)	11/16/25	0.471% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	180,531
	14,799,100	229,460	(120)	12/16/25	3 month USD-LIBOR-BBA — Quarterly	0.428% — Semiannually	(206,547)
	9,330,000	496,524	(124)	1/6/31	3 month USD-LIBOR-BBA — Quarterly	0.937% — Semiannually	(464,255)
	13,928,500	145,567	(113)	1/13/26	0.5615% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	119,029
	2,698,700	95,148	(38)	4/15/31	1.165% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	91,740
	2,611,600	102,578 ^E	(37)	7/15/31	1.165% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	102,541
	7,254,400	50,643	21,667	4/15/31	3 month USD-LIBOR-BBA — Quarterly	1.465% — Semiannually	(17,136)
	14,508,900	151,168	(33,125)	3/9/26	0.5996% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	104,503
	2,930,800	30,325	(24)	2/10/26	0.584% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	25,314
	2,396,900	70,047	(32)	2/16/31	1.212% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	61,698
	335,404,000	472,920 ^E	11,270	6/16/23	3 month USD-LIBOR-BBA — Quarterly	0.30% — Semiannually	484,190
	103,370,000	339,984 ^E	(539,373)	6/16/26	0.95% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	(879,357)
	46,811,000	404,026 ^E	579,266	6/16/31	3 month USD-LIBOR-BBA — Quarterly	1.65% — Semiannually	983,296
	12,444,000	46,254 ^E	546,978	6/16/51	3 month USD-LIBOR-BBA — Quarterly	2.00% — Semiannually	593,232
	7,254,500	4,512	(96)	3/15/31	1.525% — Semiannually	3 month USD-LIBOR-BBA — Quarterly	(16,049)
	5,006,000	92,381	(49,501)	4/21/31	3 month USD-LIBOR-BBA — Quarterly	1.736% — Semiannually	51,476


OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 5/31/21
Swap counterparty/ Notional amount		Value	Upfront premium received (paid)	Termination date	Payments received (paid) by fund	Total return received by or paid by fund	Unrealized appreciation/ (depreciation)
Barclays Bank PLC
	$48,581	$48,486	$—	1/12/43	(3.50%) 1 month USD-LIBOR — Monthly	Synthetic TRS Index 3.50% 30 year Fannie Mae pools — Monthly	$(463)
	16,187	16,050	—	1/12/41	(4.00%) 1 month USD-LIBOR — Monthly	Synthetic TRS Index 4.00% 30 year Fannie Mae pools — Monthly	(68)
	20,345	20,173	—	1/12/41	(4.00%) 1 month USD-LIBOR — Monthly	Synthetic TRS Index 4.00% 30 year Fannie Mae pools — Monthly	(85)
Credit Suisse International
	100,841	100,644	—	1/12/41	3.50% ( 1 month USD-LIBOR) — Monthly	Synthetic TRS Index 3.50% 30 year Fannie Mae pools — Monthly	962
	36,532	36,223	—	1/12/41	4.00% ( 1 month USD-LIBOR) — Monthly	Synthetic TRS Index 4.00% 30 year Fannie Mae pools — Monthly	153
	8,045	7,994	—	1/12/44	4.00% (1 month USD-LIBOR) — Monthly	Synthetic TRS Index 4.00% 30 year Fannie Mae pools — Monthly	47
	7,758	7,704	—	1/12/45	4.00% (1 month USD-LIBOR) — Monthly	Synthetic TRS Index 4.00% 30 year Fannie Mae pools — Monthly	49
Goldman Sachs International
	3,323	3,293	—	1/12/44	(3.00%) 1 month USD-LIBOR — Monthly	Synthetic TRS Index 3.00% 30 year Fannie Mae pools — Monthly	(8)
	52,260	52,158	—	1/12/43	(3.50%) 1 month USD-LIBOR — Monthly	Synthetic TRS Index 3.50% 30 year Fannie Mae pools — Monthly	(499)
	8,466	8,408	—	1/12/45	4.00% (1 month USD-LIBOR) — Monthly	Synthetic TRS Index 4.00% 30 year Fannie Mae pools — Monthly	54
JPMorgan Securities LLC
	5,467	5,432	—	1/12/44	4.00% (1 month USD-LIBOR) — Monthly	Synthetic TRS Index 4.00% 30 year Fannie Mae pools — Monthly	32
	13,512	13,426	—	1/12/44	(4.00%) 1 month USD-LIBOR — Monthly	Synthetic TRS Index 4.00% 30 year Fannie Mae pools — Monthly	(79)
Upfront premium received			—		Unrealized appreciation		1,297
Upfront premium (paid)			—		Unrealized (depreciation)		(1,202)
Total			$—		Total	$95


OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 5/31/21
Swap counterparty/ Referenced debt*	Rating***	Upfront premium received (paid)**	Notional amount	Value	Termi- nation date	Payments received by fund	Unrealized appreciation/ (depreciation)
Barclays Bank PLC
CMBX NA BBB−.7 Index	BB/P	$34	$6,000	$1,205	1/17/47	300 bp — Monthly	$(1,168)
Citigroup Global Markets, Inc.
CMBX NA A.6 Index	A-/P	22,323	187,000	16,512	5/11/63	200 bp — Monthly	5,884
CMBX NA BB.11 Index	BB−/P	365,555	647,000	81,069	11/18/54	500 bp — Monthly	285,115

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


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