Putnam Money Market Fund
12/01/2025 | Press release | Distributed by Public on 12/01/2025 11:19
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02608
Putnam Money Market Fund
(Exact name of registrant as specified in charter)
100 Federal Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
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, NY 10036
James E. Thomas, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: September 30
Date of reporting period: September 30, 2025
| ITEM 1. | REPORT TO STOCKHOLDERS. |
(a) The Report to Shareholders is filed herewith
|
Putnam Money Market Fund
|
||
|
Class A[PDDXX]
|
||
|
Annual Shareholder Report | September 30, 2025
|
||
This annual shareholder reportcontains important information about Putnam Money Market Fund for the period October 1, 2024, to September 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$44
|
0.43%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
As of September 30, 2025, the seven-day current yield for Class A shares of the Putnam Money Market Fund was 3.93% and the seven-day effective yield was 4.00%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.
The Fund has maintained a shorter weighted average maturity (WAM) posture due to our view that the U.S. Federal Reserve (Fed) rate cutting cycle will be slower and shallower relative to market expectations. As a result, the Fund has focused on owning secured overnight financing rate (SOFR)-based floating-rate securities as spreads are more favorable relative to fixed rate, in our view. We selectively purchased fixed-rate commercial paper and certificates of deposit in the six-month to one-year range when interest rates reached levels that offered enough positive carry against shorter-dated paper. We continued to find value in commercial paper issued by large international banks as we believe balance sheets remain durable, and overall fundamentals are positive within this sector.
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/money-market-funds.
https://www.franklintempleton.com/investments/options/money-market-funds.
KEY FUND STATISTICS (as of September 30, 2025)
|
Total Net Assets
|
$899,724,861
|
|
Total Number of Portfolio Holdings
|
93
|
|
Total Management Fee Paid
|
$2,351,196
|
| Putnam Money Market Fund | PAGE 1 | 38904-ATSA-1125 |
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)
Portfolio Composition (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) 225-1581or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Putnam Money Market Fund | PAGE 2 | 38904-ATSA-1125 |
|
Putnam Money Market Fund
|
||
|
Class C[PFCXX]
|
||
|
Annual Shareholder Report | September 30, 2025
|
||
This annual shareholder reportcontains important information about Putnam Money Market Fund for the period October 1, 2024, to September 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$43
|
0.42%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
As of September 30, 2025, the seven-day current yield for Class C shares of the Putnam Money Market Fund was 3.93% and the seven-day effective yield was 4.00%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.
The Fund has maintained a shorter weighted average maturity (WAM) posture due to our view that the U.S. Federal Reserve (Fed) rate cutting cycle will be slower and shallower relative to market expectations. As a result, the Fund has focused on owning secured overnight financing rate (SOFR)-based floating-rate securities as spreads are more favorable relative to fixed rate, in our view. We selectively purchased fixed-rate commercial paper and certificates of deposit in the six-month to one-year range when interest rates reached levels that offered enough positive carry against shorter-dated paper. We continued to find value in commercial paper issued by large international banks as we believe balance sheets remain durable, and overall fundamentals are positive within this sector.
Class C share performance reflects conversion to class A shares after eight years.
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/money-market-funds.
https://www.franklintempleton.com/investments/options/money-market-funds.
KEY FUND STATISTICS (as of September 30, 2025)
|
Total Net Assets
|
$899,724,861
|
|
Total Number of Portfolio Holdings
|
93
|
|
Total Management Fee Paid
|
$2,351,196
|
| Putnam Money Market Fund | PAGE 1 | 38904-ATSC-1125 |
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)
Portfolio Composition (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) 225-1581or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Putnam Money Market Fund | PAGE 2 | 38904-ATSC-1125 |
|
Putnam Money Market Fund
|
||
|
Class R[PURXX]
|
||
|
Annual Shareholder Report | September 30, 2025
|
||
This annual shareholder reportcontains important information about Putnam Money Market Fund for the period October 1, 2024, to September 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class R
|
$43
|
0.42%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
As of September 30, 2025, the seven-day current yield for Class R shares of the Putnam Money Market Fund was 3.93% and the seven-day effective yield was 4.00%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.
The Fund has maintained a shorter weighted average maturity (WAM) posture due to our view that the U.S. Federal Reserve (Fed) rate cutting cycle will be slower and shallower relative to market expectations. As a result, the Fund has focused on owning secured overnight financing rate (SOFR)-based floating-rate securities as spreads are more favorable relative to fixed rate, in our view. We selectively purchased fixed-rate commercial paper and certificates of deposit in the six-month to one-year range when interest rates reached levels that offered enough positive carry against shorter-dated paper. We continued to find value in commercial paper issued by large international banks as we believe balance sheets remain durable, and overall fundamentals are positive within this sector.
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/money-market-funds.
https://www.franklintempleton.com/investments/options/money-market-funds.
KEY FUND STATISTICS (as of September 30, 2025)
|
Total Net Assets
|
$899,724,861
|
|
Total Number of Portfolio Holdings
|
93
|
|
Total Management Fee Paid
|
$2,351,196
|
| Putnam Money Market Fund | PAGE 1 | 38904-ATSR-1125 |
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)
Portfolio Composition (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) 225-1581or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Putnam Money Market Fund | PAGE 2 | 38904-ATSR-1125 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending September 30, 2024 and September 30, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $59,338 in September 30, 2024 and $32,335 in September 30, 2025.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in September 30, 2024 and $0 in September 30, 2025.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $4,529 in September 30, 2024 and $7,548 in September 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in September 30, 2024 and $0 in September 30, 2025.
There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.
(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.
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 the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager 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.
(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $960,797 in September 30, 2024 and $489,647
in September 30, 2025.
(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.
(i) Not applicable.
(j) Not applicable
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Putnam
Money
Market
Fund
Financial
Statements
and
Other
Important
Information
Annual
|
September
30,
2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Annual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
9
Notes
to
Financial
Statements
13
Report
of
Independent
Registered
Public
Accounting
Firm
20
Tax
Information
21
Changes
In
and
Disagreements
with
Accountants
22
Results
of
Meeting(s)
of
Shareholders
22
Remuneration
Paid
to
Directors,
Officers
and
Others
22
Board
Approval
of
Management
and
Subadvisory
Agreements
22
Putnam
Money
Market
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Year
Ended
September
30,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
a
.........................
0.042
0.051
0.044
0.006
-
b
Net
realized
gains
(losses)
.......................
-
b
-
b
-
-
-
b
Total
from
investment
operations
....................
0.042
0.051
0.044
0.006
-
b
Less
distributions
from:
Net
investment
income
..........................
(0.042)
(0.051)
(0.044)
(0.006)
(-)
b
Net
asset
value,
end
of
year
.......................
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
c
...................................
4.26%
5.22%
4.45%
0.57%
0.01%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.43%
0.45%
0.47%
0.47%
0.46%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.43%
0.45%
0.47%
0.31%
e,f
0.13%
f
Net
investment
income
...........................
4.16%
5.11%
4.37%
0.56%
0.01%
Supplemental
data
Net
assets,
end
of
year
(000's)
.....................
$888,638
$875,482
$789,193
$744,273
$713,140
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.001
per
share.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Includes
one-time
proxy
costs
of
0.01%.
f
Reflects
a
voluntary
waiver
of
certain
Fund
expenses
in
effect
during
the
period
relating
to
the
enhancements
of
certain
annualized
net
yields
of
the
Fund.
See
Note
3(g).
Putnam
Money
Market
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
3
a
Year
Ended
September
30,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
a
.........................
0.042
0.051
0.044
0.006
-
b
Net
realized
gains
(losses)
.......................
-
b
-
b
-
-
-
b
Total
from
investment
operations
....................
0.042
0.051
0.044
0.006
-
b
Less
distributions
from:
Net
investment
income
..........................
(0.042)
(0.051)
(0.044)
(0.006)
(-)
b
Net
asset
value,
end
of
year
.......................
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
c
...................................
4.26%
5.22%
4.45%
0.57%
0.01%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.42%
0.45%
0.47%
0.47%
0.46%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.42%
0.45%
0.47%
0.31%
e,f
0.13%
f
Net
investment
income
...........................
4.17%
5.10%
4.26%
0.81%
0.01%
Supplemental
data
Net
assets,
end
of
year
(000's)
.....................
$6,412
$14,761
$17,067
$27,343
$14,613
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.001
per
share.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Includes
one-time
proxy
costs
of
0.01%.
f
Reflects
a
voluntary
waiver
of
certain
Fund
expenses
in
effect
during
the
period
relating
to
the
enhancements
of
certain
annualized
net
yields
of
the
Fund.
See
Note
3(g).
Putnam
Money
Market
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Year
Ended
September
30,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
a
.........................
0.042
0.051
0.044
0.006
-
b
Net
realized
gains
(losses)
.......................
-
b
-
b
-
-
-
b
Total
from
investment
operations
....................
0.042
0.051
0.044
0.006
-
b
Less
distributions
from:
Net
investment
income
..........................
(0.042)
(0.051)
(0.044)
(0.006)
(-)
b
Net
asset
value,
end
of
year
.......................
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
....................................
4.26%
5.22%
4.45%
0.57%
0.01%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.42%
0.45%
0.47%
0.47%
0.46%
Expenses
net
of
waiver
and
payments
by
affiliates
c
......
0.42%
0.45%
0.47%
0.31%
d,e
0.13%
e
Net
investment
income
...........................
4.16%
5.11%
4.34%
0.52%
0.01%
Supplemental
data
Net
assets,
end
of
year
(000's)
.....................
$4,675
$4,987
$4,354
$4,745
$5,807
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.001
per
share.
c
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
d
Includes
one-time
proxy
costs
of
0.01%.
e
Reflects
a
voluntary
waiver
of
certain
Fund
expenses
in
effect
during
the
period
relating
to
the
enhancements
of
certain
annualized
net
yields
of
the
Fund.
See
Note
3(g).
Putnam
Money
Market
Fund
Schedule
of
Investments,
September
30,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
5
a
a
Principal
Amount
a
Value
Certificates
of
Deposit
13.8%
Bank
of
America
NA
,
4.25%,
3/02/26
.....................................................
$
4,500,000
$
4,500,000
4.4%,
11/06/25
.....................................................
5,000,000
5,000,000
4.52%,
4/09/26
.....................................................
4,000,000
4,000,000
13,500,000
a
Bank
of
Montreal
,
4.33%,
1/21/26
.....................................................
4,500,000
4,500,000
4.46%,
8/11/26
.....................................................
4,500,000
4,500,000
9,000,000
Bank
of
Nova
Scotia
(The)
,
4.55%,
12/04/25
....................................................
8,600,000
8,600,000
4.46%,
11/06/25
....................................................
3,250,000
3,250,000
11,850,000
BNP
Paribas
SA,
4.4%,
10/21/25
........................................
8,750,000
8,750,000
a
Canadian
Imperial
Bank
of
Commerce
,
4.43%,
2/09/26
.....................................................
4,250,000
4,250,000
4.48%,
12/12/25
....................................................
8,750,000
8,750,000
13,000,000
a
Citibank
NA
,
4.44%,
1/23/26
.....................................................
8,750,000
8,750,000
4.51%,
10/24/25
....................................................
2,500,000
2,500,000
11,250,000
Cooperatieve
Centrale
Raiffeisen-Boerenleenbank
BA,
4.57%,
10/20/25
..........
4,400,000
4,400,000
Cooperatieve
Rabobank
UA,
4.4%,
4/06/26
................................
9,000,000
9,000,000
Mizuho
Bank
Ltd.,
4.31%,
2/17/26
.......................................
4,500,000
4,500,000
MUFG
Bank
Ltd.,
4.44%,
11/13/25
......................................
7,500,000
7,500,000
Royal
Bank
of
Canada,
4.45%,
6/29/26
...................................
9,000,000
9,000,000
Sumitomo
Mitsui
Banking
Corp.,
4.38%,
12/08/25
...........................
8,750,000
8,750,000
Svenska
Handelsbanken
AB,
4.38%,
2/17/26
..............................
4,500,000
4,499,991
Toronto-Dominion
Bank
(The)
,
4.16%,
12/16/25
....................................................
4,300,000
4,300,000
4.42%,
4/02/26
.....................................................
4,500,000
4,500,000
8,800,000
Total
Certificates
of
Deposit
(Cost
$123,799,991)
................................
123,799,991
Commercial
Papers
34.6%
b,c
Apple,
Inc.,
144A,
4.184%,
10/09/25
.....................................
4,500,000
4,495,820
b
Atlantic
Asset
Securitization
LLC
,
c
144A,
4.203%,
11/17/25
..............................................
4,500,000
4,475,443
c
144A,
4.154%,
11/20/25
..............................................
4,500,000
4,474,187
8,949,630
b
Australia
&
New
Zealand
Banking
Group
Ltd.
,
c
144A,
4.187%,
2/23/26
...............................................
4,500,000
4,425,325
c
144A,
4.39%,
2/11/26
................................................
8,750,000
8,750,000
13,175,325
b
Bank
of
Montreal
,
c
144A,
4.499%,
4/13/26
...............................................
4,500,000
4,500,000
Putnam
Money
Market
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Principal
Amount
a
Value
Commercial
Papers
(continued)
b
Bank
of
Montreal,
(continued)
4.361%,
10/23/25
...................................................
$
4,500,000
$
4,488,037
8,988,037
b
Barclays
Bank
plc
,
c
144A,
4.374%,
10/08/25
..............................................
4,500,000
4,496,177
c
144A,
4.165%,
12/11/25
..............................................
4,500,000
4,463,346
8,959,523
b
BNP
Paribas
SA,
4.309%,
11/07/25
......................................
4,500,000
4,480,159
b
BPCE
SA
,
c
144A,
4.293%,
11/06/25
..............................................
2,500,000
2,489,313
c
144A,
4.423%,
10/07/25
..............................................
4,500,000
4,496,685
c
144A,
4.129%,
12/12/25
..............................................
4,500,000
4,463,145
11,449,143
b,c
Chariot
Funding
LLC,
144A,
4.313%,
10/27/25
.............................
4,500,000
4,486,025
b,c
Coca-Cola
Co.
(The),
144A,
4.128%,
10/17/25
.............................
4,000,000
3,992,675
b
Commonwealth
Bank
of
Australia
,
c
144A,
4.369%,
3/09/26
...............................................
3,000,000
3,000,000
c
144A,
4.501%,
7/31/26
...............................................
3,250,000
3,250,000
c
144A,
4.542%,
4/09/26
...............................................
6,750,000
6,750,000
13,000,000
b
Cooperatieve
Rabobank
UA,
4.288%,
3/16/26
..............................
4,500,000
4,412,642
b
Credit
Agricole
Corporate
and
Investment
Bank
SA,
4.328%,
11/05/25
............
4,500,000
4,481,144
b
DNB
Bank
ASA
,
4.354%,
10/28/25
...................................................
4,500,000
4,485,352
4.238%,
12/19/25
...................................................
4,500,000
4,458,525
8,943,877
b
Export
Development
Corp.,
4.296%,
11/03/25
..............................
4,500,000
4,482,345
b,c
Gotham
Funding
Corp.,
144A,
4.323%,
10/06/25
............................
4,500,000
4,497,300
b
ING
US
Funding
LLC
,
4.31%,
11/17/25
....................................................
2,500,000
2,500,355
c
144A,
4.47%,
12/08/25
...............................................
9,000,000
9,000,000
11,500,355
b,c
Liberty
Street
Funding
LLC,
144A,
4.287%,
11/24/25
.........................
3,700,000
3,676,357
b
Lloyds
Bank
plc,
4.358%,
12/16/25
......................................
9,000,000
8,917,920
b,c
Manhattan
Asset
Funding
Co.
LLC,
144A,
4.262%,
12/05/25
...................
4,500,000
4,465,631
b
Mizuho
Bank
Ltd.
,
c
144A,
4.392%,
11/13/25
..............................................
4,500,000
4,476,511
c
144A,
4.103%,
1/22/26
...............................................
4,600,000
4,541,523
9,018,034
b
National
Australia
Bank
Ltd.
,
c
144A,
4.429%,
2/20/26
...............................................
4,750,000
4,750,000
c
144A,
4.45%,
3/20/26
................................................
7,000,000
7,000,000
11,750,000
b
National
Bank
of
Canada
,
c
144A,
4.315%,
10/30/25
..............................................
4,500,000
4,484,413
c
144A,
4.38%,
3/25/26
................................................
4,500,000
4,500,000
c
144A,
4.362%,
11/13/25
..............................................
3,300,000
3,282,893
12,267,306
Putnam
Money
Market
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
a
Principal
Amount
a
Value
Commercial
Papers
(continued)
b
Nationwide
Building
Society
,
c
144A,
4.338%,
10/06/25
..............................................
$
4,500,000
$
4,497,291
c
144A,
4.038%,
3/23/26
...............................................
4,500,000
4,414,365
8,911,656
b
Nordea
Bank
Abp
,
c
144A,
4.421%,
6/23/26
...............................................
4,500,000
4,500,000
4.194%,
10/09/25
...................................................
4,500,000
4,495,810
c
144A,
4.34%,
12/22/25
...............................................
4,500,000
4,455,925
13,451,735
b
NRW
Bank
,
c
144A,
4.281%,
10/02/25
..............................................
4,500,000
4,499,465
c
144A,
4.331%,
11/12/25
..............................................
4,500,000
4,477,372
8,976,837
b
Royal
Bank
of
Canada
,
c
144A,
4.459%,
3/23/26
...............................................
4,500,000
4,500,000
c
144A,
4.36%,
10/21/25
...............................................
4,500,000
4,489,125
8,989,125
b,c
Sanofi
SA,
144A,
4.252%,
12/29/25
......................................
4,500,000
4,453,164
b
Santander
UK
plc,
4.25%,
12/02/25
......................................
9,000,000
8,934,590
b,c
Skandinaviska
Enskilda
Banken
AB,
144A,
4.432%,
3/11/26
...................
4,500,000
4,499,965
b
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
c
144A,
4.408%,
10/16/25
..............................................
4,000,000
3,992,667
c
144A,
4.414%,
10/27/25
..............................................
4,500,000
4,485,700
c
144A,
4.143%,
12/10/25
..............................................
4,500,000
4,464,037
12,942,404
b,c
Sumitomo
Mitsui
Trust
NY,
144A,
4.231%,
12/04/25
..........................
4,500,000
4,466,400
b,c
Svenska
Handelsbanken
AB,
144A,
4.49%,
4/22/26
.........................
4,450,000
4,450,000
b,c
Swedbank
AB,
144A,
4.411%,
3/10/26
....................................
4,350,000
4,350,000
b
Toronto-Dominion
Bank
(The)
,
c
144A,
4.163%,
10/27/25
..............................................
4,500,000
4,486,513
c
144A,
4.385%,
10/10/25
..............................................
4,500,000
4,495,072
c
144A,
4.381%,
10/22/25
..............................................
4,500,000
4,488,529
c
144A,
4.267%,
11/25/25
..............................................
4,500,000
4,470,850
17,940,964
b,c
TotalEnergies
Capital
SA,
144A,
4.198%,
10/16/25
..........................
4,500,000
4,492,144
b
Toyota
Credit
de
Puerto
Rico
Corp.
,
4.421%,
11/10/25
...................................................
4,000,000
3,980,444
4.434%,
11/17/25
...................................................
4,250,000
4,225,531
8,205,975
b
Toyota
Motor
Credit
Corp.,
4.093%,
2/17/26
...............................
4,500,000
4,429,979
b,c
Unilever
Finance
Netherlands
BV,
144A,
4.294%,
10/29/25
....................
4,500,000
4,485,020
b,c
Victory
Receivables
Corp.,
144A,
4.113%,
10/06/25
..........................
4,500,000
4,497,431
b
Westpac
Banking
Corp.
,
c
144A,
4.428%,
3/02/26
...............................................
8,125,000
8,124,359
c
144A,
4.568%,
4/13/26
...............................................
4,500,000
4,500,000
12,624,359
Total
Commercial
Papers
(Cost
$311,490,996)
...................................
311,490,996
Putnam
Money
Market
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
d
Repurchase
Agreements
51.6%
d
Joint
tri-party
repurchase
agreement
with
Banc
of
America
Securities
LLC,
4.21%,
10/01/25
(Maturity
Value
$31,546,483)
Collateralized
by
Agency
Mortgage-Backed
Securities,
2.5%
-
7%,
9/1/34
-
9/20/55
(valued
at
$32,173,651)
.............................................
$
31,542,794
$
31,542,794
d
Joint
tri-party
repurchase
agreement
with
Bank
of
Nova
Scotia
(The),
4.2%,
10/01/25
(Maturity
Value
$9,504,909)
Collateralized
by
U.S.
Treasury,
1.875%,
2/15/41
(valued
at
$9,695,008)
........
9,503,800
9,503,800
d
Joint
tri-party
repurchase
agreement
with
BNP
Paribas
Securities
Corp.,
4.21%,
10/01/25
(Maturity
Value
$5,791,244)
Collateralized
by
Agency
Mortgage-Backed
Securities,
1.923%
-
7.034%,
1/1/29
-
10/1/55
(valued
at
$5,907,069)
........................................
5,790,567
5,790,567
d
Joint
tri-party
repurchase
agreement
with
HSBC
Securities
USA,
Inc.,
4.22%,
10/01/25
(Maturity
Value
$190,098,277)
Collateralized
by
Agency
Mortgage-Backed
Securities,
1.61%
-
7.5%,
4/1/28
-
6/1/63
(valued
at
$193,900,243)
............................................
190,075,996
190,075,996
d
Joint
tri-party
repurchase
agreement
with
Royal
Bank
of
Canada,
4.21%,
10/01/25
(Maturity
Value
$72,870,986)
Collateralized
by
U.S.
Treasuries,
1.25%
-
3.875%,
2/28/27
-
5/15/50
(valued
at
$74,328,407)
.....................................................
72,862,465
72,862,465
e
Tri-party
repurchase
agreement
with
Goldman
Sachs
&
Co.
LLC,
4.21%,
10/01/25
(Maturity
Value
$154,906,113)
Collateralized
by
Agency
Mortgage-Backed
Securities,
2.74%
-
6.5%,
4/20/33
-
9/15/67
(valued
at
$157,985,760)
......................................
154,888,000
154,888,000
Total
Repurchase
Agreements
(Cost
$464,663,622)
..............................
464,663,622
Total
Short
Term
Investments
(Cost
$899,954,609)
...............................
899,954,609
a
Total
Investments
(Cost
$899,954,609)
100.0%
..................................
$899,954,609
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(229,748)
Net
Assets
100.0%
...........................................................
$899,724,861
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
coupon
rate
shown
represents
the
rate
at
period
end.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2025,
the
aggregate
value
of
these
securities
was
$242,718,163,
representing
27.0%
of
net
assets.
d
See
Note
1(b)
regarding
joint
repurchase
agreement.
e
See
Note
1(b)
regarding
repurchase
agreement.
Putnam
Money
Market
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
September
30,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
Putnam
Money
Market
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$435,290,987
Cost
-
Unaffiliated
repurchase
agreements
......................................................
464,663,622
Value
-
Unaffiliated
issuers
..................................................................
$435,290,987
Value
-
Unaffiliated
repurchase
agreements
......................................................
464,663,622
Cash
....................................................................................
113,518
Receivables:
Capital
shares
sold
........................................................................
1,240,898
Interest
.................................................................................
1,261,091
Prepaid
expenses
..........................................................................
238,262
Other
assets
..............................................................................
3,458
Total
assets
..........................................................................
902,811,836
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
2,088,013
Management
fees
.........................................................................
200,585
Administrative
fees
........................................................................
3,328
Transfer
agent
fees
........................................................................
365,969
Registration
and
filing
fees
..................................................................
21,833
Trustees'
fees
and
expenses
.................................................................
297,782
Distributions
to
shareholders
.................................................................
25,340
Accrued
expenses
and
other
liabilities
...........................................................
84,125
Total
liabilities
.........................................................................
3,086,975
Net
assets,
at
value
.................................................................
$899,724,861
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$899,595,608
Total
distributable
earnings
(losses)
.............................................................
129,253
Net
assets,
at
value
.................................................................
$899,724,861
Putnam
Money
Market
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
September
30,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Putnam
Money
Market
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$888,638,071
Shares
outstanding
........................................................................
888,515,493
Net
asset
value
per
share
a
,b
..................................................................
$1.00
Class
C:
Net
assets,
at
value
.......................................................................
$6,412,243
Shares
outstanding
........................................................................
6,411,269
Net
asset
value
per
share
a
,b
..................................................................
$1.00
Class
R:
Net
assets,
at
value
.......................................................................
$4,674,547
Shares
outstanding
........................................................................
4,673,917
Net
asset
value
per
share
b
..................................................................
$1.00
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Money
Market
Fund
Financial
Statements
Statement
of
Operations
for
the
year
ended
September
30,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
Putnam
Money
Market
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$40,782,366
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,351,196
Administrative
fees
(Note
3
b
)
..................................................................
17,803
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
1,072,758
Class
C
................................................................................
8,319
Class
R
................................................................................
5,387
Custodian
fees
(Note
4)
.....................................................................
12,203
Reports
to
shareholders
fees
..................................................................
62,327
Registration
and
filing
fees
....................................................................
119,633
Professional
fees
...........................................................................
110,383
Trustees'
fees
and
expenses
(Note
3f)
...........................................................
31,935
Other
....................................................................................
17,270
Total
expenses
.........................................................................
3,809,214
Expense
reductions
(Note
4)
...............................................................
(43,687)
Net
expenses
.........................................................................
3,765,527
Net
investment
income
................................................................
37,016,839
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
114,759
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$37,131,598
Putnam
Money
Market
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Putnam
Money
Market
Fund
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$37,016,839
$43,692,676
Net
realized
gain
(loss)
.................................................
114,759
(1,935)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
37,131,598
43,690,741
Distributions
to
shareholders:
Class
A
.............................................................
(36,605,015)
(42,728,455)
Class
B
.............................................................
-
(17,546)
Class
C
.............................................................
(311,489)
(626,143)
Class
R
.............................................................
(190,298)
(226,448)
Total
distributions
to
shareholders
..........................................
(37,106,802)
(43,598,592)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
13,131,940
86,198,456
Class
B
.............................................................
-
(587,213)
Class
C
.............................................................
(8,349,541)
(2,307,306)
Class
R
.............................................................
(312,452)
632,420
Total
capital
share
transactions
............................................
4,469,947
83,936,357
Net
increase
(decrease)
in
net
assets
...................................
4,494,743
84,028,506
Net
assets:
Beginning
of
year
.......................................................
895,230,118
811,201,612
End
of
year
...........................................................
$899,724,861
$895,230,118
Putnam
Money
Market
Fund
13
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
1.
Organization
and
Significant
Accounting
Policies
Putnam
Money
Market
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers
three classes
of
shares:
Class
A,
Class
C
and
Class
R.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Effective
September
5,
2024,
all
Class B
shares
were
converted
to
Class
A.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
Securities
are
valued
at
amortized
cost,
which
approximates
fair
value.
Amortized
cost
is
an
income-based
approach
which
involves
valuing
an
instrument
at
its
cost
and
thereafter
assuming
a
constant
amortization
to
maturity
of
any
discount
or
premium.
Under
compliance
policies
and
procedures
approved
by
the
Fund's Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
b.
Repurchase
Agreements
The
Fund
enters
into
repurchase
agreements.
Repurchase
agreements
are
accounted
for
as
a
loan
by
the
Fund
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the
Fund's
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
be
at
least
102%
of
the
dollar
amount
invested
by
the
Fund,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
The
Fund
may
also
enter
into
joint
repurchase
agreements
whereby
its
uninvested
cash
balance
is
deposited
into
a
joint
cash
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager
and
is
used
to
invest
in
one
or
more
repurchase
agreements.
The
value
and
face
amount
of
the
joint
repurchase
agreement
are
allocated
to
the
funds
based
on
their
pro-rata
interest.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Fund,
certain
MRAs
may
permit
the
non-defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The
Fund
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the Fund
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
All
repurchase
agreements
held
by
the Fund
at
year
end,
as
indicated
in
the Schedule
of
Investments,
had
been
entered
into
on
September
30,
2025.
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
September
30,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
Putnam
Money
Market
Fund
Notes
to
Financial
Statements
14
franklintempleton.com
Annual
Report
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
Net
investment
income,
excluding
class
specific
expenses,
is
allocated
daily
to
each
class
of
shares
based
upon
the
relative
value
of
the
settled
shares
of
each
class.
Realized
gains
and
losses
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
f.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
September
30,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
at
$1.00
per
share
were
as
follows:
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Class
A
Shares:
Shares
sold
a
............................................................
$441,009,730
$463,924,914
Shares
issued
in
reinvestment
of
distributions
...................................
36,186,083
42,143,391
Shares
redeemed
........................................................
(464,063,873)
(419,869,849)
Net
increase
(decrease)
...................................................
$13,131,940
$86,198,456
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Money
Market
Fund
Notes
to
Financial
Statements
15
franklintempleton.com
Annual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
management
fee
(based
on
the
Fund's
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Class
B
Shares:
*
Shares
sold
............................................................
$-
$220,429
Shares
issued
in
reinvestment
of
distributions
...................................
-
16,964
Shares
redeemed
........................................................
-
(824,606)
Net
increase
(decrease)
...................................................
$-
$(587,213)
Class
C
Shares:
Shares
sold
............................................................
$4,588,243
$18,597,497
Shares
issued
in
reinvestment
of
distributions
...................................
285,108
593,843
Shares
redeemed
a
.......................................................
(13,222,892)
(21,498,646)
Net
increase
(decrease)
...................................................
$(8,349,541)
$(2,307,306)
Class
R
Shares:
Shares
sold
............................................................
$3,611,288
$1,799,354
Shares
issued
in
reinvestment
of
distributions
...................................
185,304
224,917
Shares
redeemed
........................................................
(4,109,044)
(1,391,851)
Net
increase
(decrease)
...................................................
$(312,452)
$632,420
*
Effective
September
5,
2024,
the
Fund
has
terminated
its
Class
B
shares.
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investments
Limited
(PIL)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Putnam
Money
Market
Fund
Notes
to
Financial
Statements
16
franklintempleton.com
Annual
Report
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
"double
counting"
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
year
ended
September
30,
2025,
the
gross
effective
investment
management
fee
rate
was 0.264%
of
the
Fund's
average daily
net
assets.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Effective
November
1,
2024,
under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
Prior
to
November
1,
2024,
PIL
provided
subadvisory
services
to
the
Fund.
Effective
November
1,
2024,
PIL
merged
into
FTIML,
and
PIL
investment
professionals
became
employees
of
FTIML.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
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.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b-1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
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.
Annualized
Fee
Rate
Net
Assets
0.440%
of
the
first
$5
billion,
0.390%
of
the
next
$5
billion,
0.340%
of
the
next
$10
billion,
0.290%
of
the
next
$10
billion,
0.240%
of
the
next
$50
billion,
0.220%
of
the
next
$50
billion,
0.210%
of
the
next
$100
billion
and
0.205%
of
any
excess
thereafter.
Maximum
%
Approved
%
Class
C
...................................................................
1.00%
0.00%
Class
R
...................................................................
1.00%
0.00%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Money
Market
Fund
Notes
to
Financial
Statements
17
franklintempleton.com
Annual
Report
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C
and
Class
R 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.
PSERV
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.
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
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.
g.
Waiver
and
Expense
Reimbursements
Advisers has
contractually
agreed,
through
January
30,
2027,
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.
Advisers
may
from
time
to
time
voluntarily
undertake
to
waive
fees
and/or
reimburse
certain
Fund
expenses
in
order
to
enhance
the
annualized
net
yield
for
the
Fund.
Any
such
waiver
or
reimbursement
would
be
voluntary
and
may
be
modified
or
discontinued
by
Advisers
at
any
time
without
notice.
For
the
reporting
period,
the
Fund's
expenses
were
not
reduced
as
a
result
of
this
limit.
CDSC
retained
..............................................................................
$8,226
3.
Transactions
with
Affiliates
(continued)
Putnam
Money
Market
Fund
Notes
to
Financial
Statements
18
franklintempleton.com
Annual
Report
4.
Expense
Offset
Arrangement
The Fund has entered
into
arrangements
with PSERV
and its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
and
custodian
fees,
respectively.
During
the
year
ended
September
30,
2025,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective May
19, 2025,
earned
credits
on
custodian
fees,
if
any,
are
recognized
as
income.
5.
Income
Taxes
During
the
year
ended
September
30,
2025,
the
Fund
utilized
$1,935
of
capital
loss
carryforwards.
The
tax
character
of
distributions
paid
during
the
years
ended
September
30,
2025
and
2024,
was
as
follows:
At
September
30,
2025,
the
cost
of
investments
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
6.
Credit
Facility
Effective
January
31,
2025,
the
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers)
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
reporting
period,
the
Fund
did
not
use
the
Global
Credit
Facility.
Prior
to
January
31,
2025,
the
Fund
participated,
along
with
other
Putnam
funds,
in
a
$320
million
syndicated
unsecured
committed
line
of
credit,
provided
by
State
Street
($160
million)
and
JPMorgan
($160
million),
and
a
$235.5
million
unsecured
uncommitted
line
of
credit,
provided
by
State
Street.
Borrowings
may
have
been
made
for
temporary
or
emergency
purposes,
including
the
funding
of
shareholder
redemption
requests
and
trade
settlements.
Interest
was
charged
to
the
Fund
based
on
the
Fund's
borrowings.
A
closing
fee
equal
to
0.04%
of
the
committed
line
of
credit
and
0.04%
of
the
uncommitted
line
of
credit
was
paid
by
the
participating
funds
and
a
$75,000
fee
was
paid
by
the
participating
funds
to
State
Street
as
agent
of
the
syndicated
committed
line
of
credit.
In
addition,
a
commitment
fee
of
0.21%
per
annum
on
any
unutilized
portion
of
the
committed
line
of
credit
was
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.
2025
2024
Distributions
paid
from:
Ordinary
income
..........................................................
$37,106,802
$43,598,592
Cost
of
investments
..........................................................................
$899,954,609
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$154,592
Putnam
Money
Market
Fund
Notes
to
Financial
Statements
19
franklintempleton.com
Annual
Report
7.
Fair
Value
Measurements
The
Portfolio follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Portfolio's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Portfolio's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the Portfolio's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
Money
market
securities
may
be
valued
using
amortized
cost,
in
accordance
with
the
1940
Act.
Generally,
amortized
cost
reflects
the
current
fair
value
of
a
security,
but
since
the
value
is
not
obtained
from
a
quoted
price
in
an
active
market,
such
financial
instruments
were
valued
using
Level
2
inputs.
At
September
30,
2025,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 2
inputs.
8.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund's
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
("CODM")
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
gains
or
losses.
Performance
metrics,
including
expense
ratios,
are
disclosed
in
the Financial
Highlights.
9.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Putnam
Money
Market
Fund
Report
of
Independent
Registered
Public
Accounting
Firm
20
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Putnam
Money
Market
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Putnam
Money
Market
Fund
(the
"Fund")
as
of
September
30,
2025,
the
related
statement
of
operations
for
the
year
ended
September
30,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
September
30,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
September
30,
2025
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
September
30,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
September
30,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
September
30,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
September
30,
2025
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Boston,
Massachusetts
November
19,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Putnam
Funds
family
of
funds
since
at
least
1957.
We
have
not
been
able
to
determine
the
specific
year
we
began
serving
as
auditor.
Putnam
Money
Market
Fund
Tax
Information
(unaudited)
21
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
September
30,
2025:
Pursuant
to:
Amount
Reported
Qualified
Net
Interest
Income
(QII)
§871(k)(1)(C)
$26,802,186
Short-Term
Capital
Gain
Dividends
Distributed
§871(k)(2)(C)
$112,824
Section
163(j)
Interest
Earned
§163(j)
$36,973,596
Putnam
Money
Market
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22
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Putnam
Money
Market
Fund
Trustee
approval
of
management
contracts
(unaudited)
Consideration
of
your
fund's
management
and
sub-advisory
contracts
At
their
meeting
on
June
27,
2025,
the
Board
of
Trustees
("Board"
or
the
"Trustees")
of
your
fund,
including
all
of
the
Trustees
who
are
not
"interested
persons"
(as
this
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"))
of
the
Putnam
mutual
funds
and
exchange-traded
funds
(collectively,
the
"funds")
(the
"Independent
Trustees")
approved
the
continuance
of
a
management
contract
with
Franklin
Advisers,
Inc.
(the
"Advisor"),
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Templeton
Investment
Management
Limited
("FTIML"),
and
a
subadvisory
agreement
between
the
Advisor
and
Putnam
Investment
Management,
LLC.
("Putnam
Management"
and
together
with
FTIML
the
"Subadvisors")
(collectively,
the
"Management
Contracts").
The
Advisor,
FTIML,
and
Putnam
Management
are
each
direct
or
indirect,
wholly-
owned
subsidiaries
of
Franklin
Resources,
Inc.
(together
with
its
subsidiaries,
"Franklin
Templeton").
General
conclusions
The
Board
oversees
the
management
of
each
fund
and,
as
required
by
law,
determines
annually
whether
to
approve
the
continuance
of
your
fund's
management
contract
with
the
Advisor
and
the
sub-advisory
contract
with
respect
to
your
fund
between
the
Advisor
and
each
Subadvisor.
Because
the
Subadvisors
are
affiliates
of
the
Advisor
and
the
Advisor
remains
fully
responsible
for
all
services
provided
by
the
Subadvisors,
the
Trustees
did
not
attempt
to
evaluate
the
Subadvisors
as
separate
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Putnam
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Market
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entities.
All
references
to
the
Advisor
describing
the
Board's
considerations
should
be
deemed
to
include
references
to
the
applicable
Subadvisor
as
necessary
or
appropriate
in
the
context.
The
Board,
with
the
assistance
of
its
Contract
Committee,
requests
and
evaluates
all
information
it
deems
reasonably
necessary
under
the
circumstances
in
connection
with
its
annual
contract
review.
The
Contract
Committee
consists
solely
of
Independent
Trustees.
At
the
outset
of
the
review
process,
the
Board's
independent
staff
and
independent
legal
counsel,
as
defined
in
Rule
0-1(a)
(6)
under
the
1940
Act
(their
"independent
legal
counsel"),
considered
any
possible
changes
to
the
annual
contract
review
materials
furnished
to
the
Contract
Committee
in
prior
years
and,
as
applicable,
identified
those
changes
to
the
Advisor.
Following
these
discussions
and
in
consultation
with
the
Contract
Committee,
the
Independent
Trustees'
independent
legal
counsel
submitted
an
initial
request
that
the
Advisor
and
its
affiliates
furnish
specified
information,
together
with
any
additional
information
the
Advisor
considered
relevant,
to
the
Contract
Committee.
Over
the
course
of
several
months
ending
in
June
2025,
the
Contract
Committee
met
on
a
number
of
occasions
with
representatives
of
the
Advisor,
and
separately
in
executive
session,
to
consider
the
information
that
the
Advisor
provided,
including
information
provided
in
response
to
supplemental
requests
submitted
by
independent
legal
counsel.
Throughout
this
process,
the
Contract
Committee
was
assisted
by
the
Board's
independent
staff
and
by
independent
legal
counsel.
At
the
Board's
June
2025
meeting,
the
Contract
Committee
met
in
executive
session
to
discuss
and
consider
its
recommendations
with
respect
to
the
continuance
of
the
Management
Contracts.
At
that
meeting,
the
Contract
Committee
also
met
in
executive
session
with
the
other
Independent
Trustees
to
review
a
summary
of
the
process
undertaken
by
the
Contract
Committee
and
key
information
that
the
Contract
Committee
considered
in
the
course
of
its
review.
The
Contract
Committee
then
presented
its
written
report,
which
summarized
the
key
factors
that
the
Committee
had
considered
and
set
forth
its
recommendations.
The
Contract
Committee
recommended,
and
the
Independent
Trustees
approved,
the
continuance
of
your
fund's
Management
Contracts,
effective
July
1,
2025.
In
considering
the
continuance
of
the
Management
Contracts,
the
Board
took
into
account
a
number
of
factors,
including:
1.
That
the
fee
schedule
in
effect
for
your
fund
represented
reasonable
compensation
in
light
of
the
nature
and
quality
of
the
services
being
provided
to
the
fund,
the
fees
paid
by
competitive
funds,
the
costs
incurred
by
the
Advisor
in
providing
services
to
the
fund
and
the
application
of
certain
reductions
and
waivers
noted
below;
2.
That
the
fee
schedule
in
effect
for
your
fund
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
that
may
exist
in
the
management
of
the
fund
at
current
asset
levels;
3.
That
the
funds
benefited,
and
were
expected
to
continue
to
benefit,
from
Franklin
Templeton's
large
retail
and
institutional
global
distribution
capabilities
and
significant
network
of
intermediary
relationships,
which
may
provide
additional
opportunities
for
the
funds
to
increase
assets
and
reduce
the
impact
of
expenses
by
spreading
them
over
a
larger
asset
base;
4.
Potential
benefits
to
shareholders
of
the
funds
that
could
result
from
the
alignment
of
certain
fund
features
and
shareholder
benefits
with
those
of
other
funds
sponsored
by
the
Advisor
and
its
affiliates
and
access
to
a
broader
array
of
investment
opportunities;
and
5.
The
financial
strength,
reputation,
experience
and
resources
of
Franklin
Templeton
and
its
investment
advisory
subsidiaries.
These
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
provided
to
the
Trustees
and
were
not
the
result
of
any
single
factor.
Some
of
the
factors
that
figured
particularly
in
the
Trustees'
deliberations
and
how
the
Trustees
considered
these
factors
are
described
below,
although
individual
Trustees
may
have
evaluated
the
information
presented
differently,
giving
different
weights
to
various
factors.
It
is
also
important
to
recognize
that
the
management
arrangements
for
your
fund
and
the
other
funds
are
the
result
of
many
years
of
review
and
discussion
between
the
Independent
Trustees
and
management,
occurring
both
in
connection
with
formal
contract
reviews
as
well
as
throughout
the
year
and
that
the
Trustees'
conclusions
may
be
based,
in
part,
on
their
consideration
of
fee
arrangements
in
previous
years.
For
example,
with
certain
exceptions
primarily
involving
newer
funds
(including
the
exchange-traded
funds)
or
repositioned
funds,
the
current
fee
arrangements
under
the
vast
majority
of
the
funds'
management
contracts
were
first
implemented
at
the
beginning
of
2010
following
extensive
review
by
the
Contract
Committee
and
discussions
with
management,
as
well
as
approval
by
shareholders.
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Management
fee
schedules
and
total
expenses
The
Trustees
reviewed
the
management
fee
schedules
in
effect
for
all
funds,
including
fee
levels
and
any
breakpoints.
Under
its
management
contract,
your
fund
has
the
benefit
of
breakpoints
in
its
management
fee
schedule
that
provide
shareholders
with
reduced
fee
levels
as
assets
under
management
of
other
mutual
funds
sponsored
by
the
applicable
Advisor
(or
that
have
been
deemed
to
be
sponsored
by
the
Advisor
for
the
purpose
of
the
management
fee
calculation)
increase.
The
Trustees
also
reviewed
the
total
expenses
of
each
fund,
recognizing
that
in
most
cases
management
fees
represented
the
major,
but
not
the
sole,
determinant
of
total
costs
to
fund
shareholders.
(Two
mutual
funds
and
each
of
the
exchange-traded
funds
have
implemented
(or,
in
the
case
of
ten
municipal
income
funds
that
are
converting
into
exchange-traded
funds,
will
implement)
so-
called
"all-in"
or
unitary
management
fees
covering
substantially
all
routine
fund
operating
costs.)
In
reviewing
fees
and
expenses,
the
Trustees
generally
focus
their
attention
on
material
changes
in
circumstances
-
for
example,
changes
in
assets
under
management,
changes
in
a
fund's
investment
strategy,
changes
in
the
Advisor's
operating
costs
or
profitability,
or
changes
in
competitive
practices
in
the
fund
industry
-
that
suggest
that
consideration
of
fee
changes
might
be
warranted.
The
Trustees
concluded
that
the
circumstances
did
not
indicate
that
changes
to
the
management
fee
schedule
for
your
fund
would
be
appropriate
at
this
time.
As
in
the
past,
the
Trustees
also
focused
on
the
competitiveness
of
each
fund's
total
expense
ratio.
The
Trustees,
the
Advisor
and
the
funds'
investor
servicing
agent,
Putnam
Investor
Services,
Inc.
("PSERV"),
have
implemented
expense
limitations
that
were
in
effect
during
your
fund's
fiscal
year
ending
in
2024.
These
expense
limitations
were:
(i)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
25
basis
points
on
investor
servicing
fees
and
expenses
and
(ii)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
20
basis
points
on
so-called
"other
expenses"
(i.e.,
all
expenses
exclusive
of
management
fees,
distribution
fees,
investor
servicing
fees,
investment-related
expenses,
interest,
taxes,
brokerage
commissions,
acquired
fund
fees
and
expenses
and
extraordinary
expenses).
These
expense
limitations
attempt
to
maintain
competitive
expense
levels
for
the
funds.
Most
funds
(including
your
fund)
had
sufficiently
low
expenses
that
these
expense
limitations
were
not
operative
during
their
fiscal
years
ending
in
2024.
The
Advisor
and
PSERV
have
agreed
to
maintain
these
expense
limitations
until
at
least
January
30,
2027.
The
Advisor
and
PSERV's
commitment
to
these
expense
limitation
arrangements,
which
were
intended
to
support
an
effort
to
have
the
mutual
fund
expenses
meet
competitive
standards,
was
an
important
factor
in
the
Trustees'
decision
to
approve
the
continuance
of
your
fund's
Management
Contracts.
The
Trustees
reviewed
comparative
fee
and
expense
information
for
a
custom
group
of
competitive
funds
selected
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge").
This
comparative
information
included
your
fund's
percentile
ranking
for
effective
management
fees
and
total
expenses
(excluding
any
applicable
12b-1
fees),
which
provides
a
general
indication
of
your
fund's
relative
standing.
In
the
custom
peer
group,
your
fund
ranked
in
the
second
quintile
in
effective
management
fees
(determined
for
your
fund
and
the
other
funds
in
the
custom
peer
group
assuming
the
same
fund
asset
size
for
your
fund
and
the
other
funds
in
the
custom
peer
group
and
the
applicable
contractual
management
fee
schedule)
and
in
the
first
quintile
in
total
expenses
(excluding
any
applicable
12b-1
fees)
as
of
December
31,
2024.
The
first
quintile
represents
the
least
expensive
funds
and
the
fifth
quintile
the
most
expensive
funds.
The
fee
and
expense
data
reported
by
Broadridge
as
of
December
31,
2024
reflected
the
most
recent
fiscal
year-end
data
available
in
Broadridge's
database
at
that
time.
In
connection
with
their
review
of
fund
management
fees
and
total
expenses,
the
Trustees
also
reviewed
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Advisor
and
its
affiliates
from
their
contractual
relationships
with
the
funds.
This
information
included
trends
in
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates
relating
to
the
investment
management,
investor
servicing
and
distribution
services
provided
to
the
funds,
as
applicable.
In
this
regard,
the
Trustees
also
reviewed
an
analysis
of
the
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates,
allocated
on
a
fund-by-fund
basis,
with
respect
to
(as
applicable)
the
funds'
management,
distribution
and
investor
servicing
contracts.
For
each
fund,
the
analysis
presented
information
about
revenues,
expenses
and
profitability
in
2024
for
each
of
the
applicable
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franklintempleton.com
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agreements
separately
and
for
the
agreements
taken
together
on
a
combined
basis.
The
Trustees
concluded
that,
at
current
asset
levels,
the
fee
schedules
in
place
for
each
of
the
funds,
including
the
fee
schedule
for
your
fund,
represented
reasonable
compensation
for
the
services
being
provided
and
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
as
may
exist
in
the
management
of
the
funds
at
that
time.
The
information
examined
by
the
Trustees
in
connection
with
their
annual
contract
review
for
the
funds
included
information
regarding
services
provided
and
fees
charged
by
the
Advisor
and
certain
affiliates
to
other
clients
in
similar
asset
categories,
including
other
1940
Act
funds
advised
by
the
Advisor
but
overseen
by
a
board
of
trustees
other
than
the
Board,
sub-advised
U.S.
mutual
funds,
exchange-traded
funds,
other
U.S.
products
(such
as
collective
investment
trusts,
private
funds,
and
separately
managed
and
institutional
accounts),
non-U.S.
funds,
and
other
non-U.S.
products.
This
information
included,
for
products
that
are
managed
by
the
same
portfolio
team
in
a
similar
asset
category
to
those
of
the
funds,
comparisons
of
the
fees
charged
to
other
clients,
by
category,
with
fees
charged
to
the
funds,
as
well
as
a
detailed
assessment
of
the
differences
in
the
services
provided
to
these
clients
as
compared
to
the
services
provided
to
the
funds.
The
Trustees
observed
that
the
differences
in
fee
rates
between
these
clients
and
the
funds
are
by
no
means
uniform
when
examined
by
individual
asset
classes,
suggesting
that
differences
in
the
pricing
of
investment
management
services
to
these
types
of
clients
may
reflect,
among
other
things,
historical
competitive
forces
operating
in
separate
marketplaces,
the
characteristics
of
different
clients,
the
particulars
of
different
fee
structures,
factors
unique
to
specific
market
segments,
and
the
distinct
risks
and
costs
associated
with
providing
services
to
different
clients.
The
Trustees
considered
the
fact
that
in
many
cases
fee
rates
across
different
asset
classes
are
higher
on
average
for
1940
Act-registered
funds
than
for
other
clients,
and
the
Trustees
also
considered
the
differences
between
the
services
that
the
Advisor
provides
to
the
funds
and
those
that
it
provides
to
its
other
clients.
The
Trustees
did
not
rely
on
these
fee
comparisons
to
any
significant
extent
in
concluding
that
the
management
fees
paid
by
your
fund
are
reasonable.
Investment
performance
The
quality
of
the
investment
process
provided
by
the
Advisor
represented
a
major
factor
in
the
Trustees'
evaluation
of
the
quality
of
services
provided
by
the
Advisor
under
your
fund's
Management
Contracts.
The
Trustees
were
assisted
in
their
review
of
the
Advisor's
investment
process
and
performance
by
the
work
of
the
investment
oversight
committees
of
the
Trustees
and
the
full
Board,
which
meet
on
a
regular
basis
with
individual
portfolio
managers
and
with
senior
investment
management
of
the
Advisor
throughout
the
year.
The
Trustees
concluded
that
the
Advisor
generally
provides
a
high-quality
investment
process
-
based
on
the
experience
and
skills
of
the
individuals
assigned
to
the
management
of
fund
portfolios,
the
resources
made
available
to
them
and
in
general
the
Advisor's
ability
to
attract
and
retain
high-quality
personnel
-
but
also
recognized
that
this
does
not
guarantee
favorable
investment
results
for
every
fund
in
every
time
period.
The
Trustees
considered
that,
in
the
aggregate,
peer-relative
and
benchmark-relative
fund
performance
was
strong
in
2024
against
a
constructive
yet
complex
investing
environment.
The
S&P
500
was
up
25%
in
2024,
but
significant
concentration
of
returns
among
large
cap
and
technology
stocks
and
periods
of
volatility
posed
challenges
in
the
market.
The
Bloomberg
Aggregate
fixed
income
index
was
up
slightly
over
1%
amidst
many
moving
pieces,
with
the
Federal
Reserve
cutting
the
Effective
Federal
Funds
rate
from
5.25%
at
year-end
2023
to
4.25%
at
year-end
2024,
with
three
cuts
in
the
latter
part
of
the
year,
while
also
trying
to
manage
inflation
concerns.
Ten-year
Treasury
yields
ended
2024
at
4.6%
up
from
3.9%
at
year-end
2023.
Corporate
earnings
and
employment
figures
continued
to
generally
show
strength
during
the
year,
while
geopolitical
tensions
were
closely
watched.
For
the
one-year
period
ended
December
31,
2024,
the
Trustees
noted
that
the
funds,
on
an
asset-weighted
basis,
ranked
in
the
27th
percentile
of
their
peers
as
determined
by
Lipper
Inc.
("Lipper")
and,
on
an
asset-weighted
basis,
outperformed
their
benchmarks
by
3.0%
gross
of
fees
over
the
one-year
period.
The
Committee
also
noted
that
the
funds'
aggregate
performance
over
longer-term
periods
continued
to
be
strong,
with
the
funds,
on
an
asset-weighted
basis,
ranking
in
the
20th,
22nd
and
20th
percentiles
of
their
Lipper
peers
over
the
three-year,
five-year
and
ten-year
periods
ended
December
31,
2024,
respectively.
The
Trustees
further
noted
that
the
funds,
in
the
aggregate,
outperformed
their
benchmarks
on
a
gross
basis
for
Putnam
Money
Market
Fund
26
franklintempleton.com
Annual
Report
each
of
the
three-year,
five-year
and
ten-year
periods.
The
Trustees
also
considered
the
Morningstar
Inc.
ratings
assigned
to
the
funds
and
that
52
funds
were
rated
four
or
five
stars
at
the
end
of
2024,
which
represented
an
increase
of
seven
funds
year-over-year.
The
Trustees
also
considered
that
25
funds
were
five-star
rated
at
the
end
of
2024,
which
was
also
a
year-
over-year
increase
of
seven
funds.
The
Board
noted,
however,
the
disappointing
investment
performance
of
some
funds
for
periods
ended
December
31,
2024
and
considered
information
provided
by
the
Advisor
regarding
the
factors
contributing
to
the
underperformance
and,
where
relevant,
actions
being
taken
to
improve
the
performance
of
these
particular
funds.
The
Trustees
indicated
their
intention
to
continue
to
monitor
the
performance
of
those
funds.
For
purposes
of
the
Trustees'
evaluation
of
the
funds'
investment
performance,
the
Trustees
generally
focus
on
a
competitive
industry
ranking
of
each
fund's
total
net
return
over
a
one-year,
three-year
and
five-year
period.
For
a
number
of
funds
with
relatively
unique
investment
mandates
for
which
the
Advisor
informed
the
Trustees
that
meaningful
competitive
performance
rankings
are
not
considered
to
be
available,
the
Trustees
evaluated
performance
based
on
their
total
gross
and
net
returns
and
comparisons
of
those
returns
to
the
returns
of
selected
investment
benchmarks.
In
the
case
of
your
fund,
the
Trustees
considered
that
its
class
A
share
cumulative
total
return
performance
at
net
asset
value
was
in
the
following
quartiles
of
its
Lipper
peer
group
(Lipper
Money
Market
Instrument
Funds)
for
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2024
(the
first
quartile
representing
the
best-performing
funds
and
the
fourth
quartile
the
worst-performing
funds):
Over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2024,
there
were
80,
79
and
78
funds,
respectively,
in
your
fund's
Lipper
peer
group.
(When
considering
performance
information,
shareholders
should
be
mindful
that
past
performance
is
not
a
guarantee
of
future
results.)
The
Trustees
noted
that
the
Advisor
had
made
internal
promotions
and
other
portfolio
management
assignment
changes
in
2024
to
strengthen
its
investment
teams
providing
services
to
the
funds.
Brokerage
and
soft-dollar
allocations;
distribution
and
investor
servicing
The
Trustees
considered
various
potential
benefits
that
the
Advisor
may
receive
in
connection
with
the
services
it
provides
under
the
management
contract
with
your
fund.
These
include
benefits
related
to
brokerage
allocation
and
the
use
of
soft
dollars,
whereby
a
portion
of
the
commissions
paid
by
a
fund
for
brokerage
may
be
used
to
acquire
research
services
that
are
expected
to
be
useful
to
the
Advisor
in
managing
the
assets
of
the
fund
and
of
other
clients.
Subject
to
policies
approved
by
the
Trustees,
soft
dollars
generated
by
these
means
may
be
used
to
acquire
brokerage
and
research
services
(including
proprietary
executing
broker
research,
third-party
research
and
market
data)
that
enhance
the
Advisor's
investment
capabilities
and
supplement
the
Advisor's
internal
research
efforts.
The
Trustees
indicated
their
continued
intent
to
monitor
regulatory
and
industry
developments
in
this
area
with
the
assistance
of
their
Contract
Committee.
In
addition,
with
the
assistance
of
their
Contract
Committee,
the
Trustees
indicated
their
continued
intent
to
monitor
the
allocation
of
the
funds'
brokerage
in
order
to
ensure
that
the
principle
of
seeking
best
price
and
execution
remains
paramount
in
the
portfolio
trading
process.
The
Advisor
may
also
receive
benefits
from
payments
that
funds
make
to
the
Advisor
for
distribution
services
and
investor
services.
In
conjunction
with
the
review
of
your
fund's
management
and
sub-advisory
contracts,
the
Trustees
reviewed
your
fund's
investor
servicing
agreement
with
PSERV
and
its
distributor's
contract
and
distribution
plans
with
Franklin
Distributors,
LLC
("Franklin
Distributors"),
both
of
which
are
affiliates
of
the
Advisor.
The
Trustees
concluded
that
the
fees
payable
by
the
mutual
funds
to
PSERV
and
Franklin
Distributors
for
such
services
were
fair
and
reasonable
in
relation
to
the
nature
and
One-year
period
Three-year
period
Five-year
period
2nd
2nd
2nd
Putnam
Money
Market
Fund
27
franklintempleton.com
Annual
Report
quality
of
such
services,
the
fees
paid
by
competitive
funds
and
the
costs
incurred
by
PSERV
and
Franklin
Distributors
in
providing
such
services.
Furthermore,
the
Trustees
were
of
the
view
that
the
investor
services
provided
by
PSERV
were
required
for
the
operation
of
the
mutual
funds,
and
that
they
were
of
a
quality
at
least
equal
to
those
provided
by
other
providers.
38904-AFSOI
11/25
©
2025
Franklin
Templeton.
All
rights
reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
| (b) | During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's oversight. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Code of Ethics attached hereto.
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
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, there unto duly authorized.
| Putnam Money Market Fund | ||
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | November 28, 2025 | |
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: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | November 28, 2025 | |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Principal Financial Officer | ||
| Date: | November 28, 2025 |
Putnam Money Market Fund published this content on December 01, 2025, and is solely responsible for the information contained herein. Distributed via EDGAR on December 01, 2025 at 17:19 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]