Putnam Funds Trust
06/25/2026 | Press release | Distributed by Public on 06/25/2026 13:54
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07513
Putnam Funds Trust
(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, New York 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: October 31
Date of reporting period: April 30, 2026
| ITEM 1. | REPORT TO STOCKHOLDERS. |
(a) The Report to Shareholders is filed herewith
|
Putnam Short Duration Bond Fund
|
||
|
Class A [PARTX]
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
||
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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
|
$31
|
0.62%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$1,400,168,254
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
565
|
|
Portfolio Turnover Rate
|
17%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| Putnam Short Duration Bond Fund | PAGE 1 | 39113-STSA-0626 |
|
Putnam Short Duration Bond Fund
|
||
|
Class C [PARQX]
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
||
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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
|
$68
|
1.37%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$1,400,168,254
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
565
|
|
Portfolio Turnover Rate
|
17%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| Putnam Short Duration Bond Fund | PAGE 1 | 39113-STSC-0626 |
|
Putnam Short Duration Bond Fund
|
||
|
Class R [PRARX]
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
||
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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
|
0.87%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$1,400,168,254
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
565
|
|
Portfolio Turnover Rate
|
17%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| Putnam Short Duration Bond Fund | PAGE 1 | 39113-STSR-0626 |
|
Putnam Short Duration Bond Fund
|
||
|
Class R6 [PRREX]
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
||
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 R6
|
$18
|
0.37%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$1,400,168,254
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
565
|
|
Portfolio Turnover Rate
|
17%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| Putnam Short Duration Bond Fund | PAGE 1 | 39113-STSR6-0626 |
|
Putnam Short Duration Bond Fund
|
||
|
Class Y [PARYX]
|
||
|
Semi-Annual Shareholder Report | April 30, 2026
|
||
This semi-annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2025, to April 30, 2026.
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 Y
|
$18
|
0.37%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$1,400,168,254
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
565
|
|
Portfolio Turnover Rate
|
17%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| Putnam Short Duration Bond Fund | PAGE 1 | 39113-STSY-0626 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (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
Short
Duration
Bond
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
April
30,
2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
30
Notes
to
Financial
Statements
34
Changes
In
and
Disagreements
with
Accountants
47
Results
of
Meeting(s)
of
Shareholders
47
Remuneration
Paid
to
Directors,
Officers
and
Others
47
Board
Approval
of
Management
and
Subadvisory
Agreements
47
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.99
$9.86
$9.55
$9.42
$10.18
$10.21
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.18
0.37
0.34
0.28
0.17
0.16
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.15
0.39
0.16
(0.76)
(0.03)
Total
from
investment
operations
........
0.15
0.52
0.73
0.44
(0.59)
0.13
Less
distributions
from:
Net
investment
income
..............
(0.19)
(0.39)
(0.42)
(0.31)
(0.16)
(0.16)
Net
realized
gains
.................
-
-
-
-
(0.01)
-
Total
distributions
...................
(0.19)
(0.39)
(0.42)
(0.31)
(0.17)
(0.16)
Net
asset
value,
end
of
period
..........
$9.95
$9.99
$9.86
$9.55
$9.42
$10.18
Total
return
c
.......................
1.36%
5.41%
7.82%
4.66%
(5.79)%
1.27%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.62%
f
0.62%
f
0.62%
0.62%
0.62%
0.62%
Net
investment
income
...............
3.62%
3.73%
3.51%
2.90%
1.70%
1.52%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$448,144
$453,222
$482,697
$485,453
$729,336
$1,383,392
Portfolio
turnover
rate
................
17%
33%
41%
20%
26%
24%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$9.96
$9.83
$9.52
$9.40
$10.16
$10.18
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.29
0.27
0.21
0.10
0.08
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.16
0.39
0.14
(0.76)
(0.02)
Total
from
investment
operations
........
0.11
0.45
0.66
0.35
(0.66)
0.06
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.32)
(0.35)
(0.23)
(0.09)
(0.08)
Net
realized
gains
.................
-
-
-
-
(0.01)
-
Total
distributions
...................
(0.15)
(0.32)
(0.35)
(0.23)
(0.10)
(0.08)
Net
asset
value,
end
of
period
..........
$9.92
$9.96
$9.83
$9.52
$9.40
$10.16
Total
return
c
.......................
1.09%
4.63%
7.03%
3.78%
(6.51)%
0.61%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.37%
f
1.37%
f
1.37%
1.37%
1.37%
1.37%
Net
investment
income
...............
2.88%
2.98%
2.76%
2.16%
0.97%
0.77%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$17,332
$17,040
$17,306
$17,469
$20,267
$29,701
Portfolio
turnover
rate
................
17%
33%
41%
20%
26%
24%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.04
$9.91
$9.60
$9.47
$10.24
$10.26
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.17
0.35
0.32
0.26
0.15
0.13
Net
realized
and
unrealized
gains
(losses)
(0.04)
0.15
0.39
0.15
(0.77)
(0.02)
Total
from
investment
operations
........
0.13
0.50
0.71
0.41
(0.62)
0.11
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.37)
(0.40)
(0.28)
(0.14)
(0.13)
Net
realized
gains
.................
-
-
-
-
(0.01)
-
Total
distributions
...................
(0.17)
(0.37)
(0.40)
(0.28)
(0.15)
(0.13)
Net
asset
value,
end
of
period
..........
$10.00
$10.04
$9.91
$9.60
$9.47
$10.24
Total
return
c
.......................
1.33%
5.12%
7.53%
4.39%
(6.08)%
1.12%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.87%
f
0.87%
f
0.87%
0.87%
0.87%
0.87%
Net
investment
income
...............
3.34%
3.49%
3.36%
2.62%
1.47%
1.26%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$1,543
$1,229
$911
$301
$864
$1,265
Portfolio
turnover
rate
................
17%
33%
41%
20%
26%
24%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.03
$9.90
$9.59
$9.46
$10.22
$10.25
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.19
0.40
0.37
0.31
0.20
0.18
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.15
0.39
0.15
(0.76)
(0.02)
Total
from
investment
operations
........
0.16
0.55
0.76
0.46
(0.56)
0.16
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.42)
(0.45)
(0.33)
(0.19)
(0.19)
Net
realized
gains
.................
-
-
-
-
(0.01)
-
Total
distributions
...................
(0.20)
(0.42)
(0.45)
(0.33)
(0.20)
(0.19)
Net
asset
value,
end
of
period
..........
$9.99
$10.03
$9.90
$9.59
$9.46
$10.22
Total
return
c
.......................
1.58%
5.65%
8.06%
4.91%
(5.52)%
1.52%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.37%
f
0.37%
f
0.37%
0.37%
0.37%
0.37%
Net
investment
income
...............
3.85%
3.98%
3.78%
3.20%
2.00%
1.78%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$11,429
$11,120
$15,158
$7,702
$5,403
$6,941
Portfolio
turnover
rate
................
17%
33%
41%
20%
26%
24%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.00
$9.88
$9.56
$9.44
$10.20
$10.23
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.19
0.40
0.37
0.31
0.20
0.18
Net
realized
and
unrealized
gains
(losses)
(0.03)
0.14
0.40
0.14
(0.76)
(0.02)
Total
from
investment
operations
........
0.16
0.54
0.77
0.45
(0.56)
0.16
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.42)
(0.45)
(0.33)
(0.19)
(0.19)
Net
realized
gains
.................
-
-
-
-
(0.01)
-
Total
distributions
...................
(0.20)
(0.42)
(0.45)
(0.33)
(0.20)
(0.19)
Net
asset
value,
end
of
period
..........
$9.96
$10.00
$9.88
$9.56
$9.44
$10.20
Total
return
c
.......................
1.58%
5.56%
8.19%
4.81%
(5.53)%
1.52%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.37%
f
0.37%
f
0.37%
0.37%
0.37%
0.37%
Net
investment
income
...............
3.86%
3.98%
3.76%
3.16%
2.01%
1.76%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$921,721
$869,558
$742,260
$711,012
$1,000,635
$1,077,719
Portfolio
turnover
rate
................
17%
33%
41%
20%
26%
24%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Short
Duration
Bond
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.4%
Capital
Markets
2.4%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
1,367,280
$
34,209,346
Total
Management
Investment
Companies
(Cost
$34,024,973)
..................
34,209,346
Principal
Amount
*
Corporate
Bonds
52.0%
Aerospace
&
Defense
1.8%
b
BAE
Systems
plc
,
Senior
Note
,
144A,
5.125
%
,
3/26/29
.......
United
Kingdom
3,760,000
3,838,627
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
448,000
423,496
Senior
Note,
6.259%,
5/01/27
........................
United
States
858,000
872,664
Senior
Note,
6.298%,
5/01/29
........................
United
States
9,354,000
9,812,483
General
Electric
Co.
,
Senior
Note
,
4.3
%
,
7/29/30
............
United
States
1,025,000
1,023,128
Hexcel
Corp.
,
Senior
Note
,
4.9
%
,
5/15/31
.................
United
States
2,090,000
2,091,571
b
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
1,750,000
1,729,166
Howmet
Aerospace,
Inc.
,
Senior
Note
,
3
%
,
1/15/29
..........
United
States
2,599,000
2,507,004
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
3,175,000
3,175,272
25,473,411
Automobiles
0.9%
b
Hyundai
Capital
America
,
Senior
Note,
144A,
5.3%,
1/08/29
.....................
United
States
8,255,000
8,375,630
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
2,590,000
2,705,801
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
1,288,000
1,311,461
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
170,000
169,326
12,562,218
Banks
9.0%
b
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
4,100,000
4,128,818
Banco
Bilbao
Vizcaya
Argentaria
SA
,
Senior
Preferred
Note
,
5.381
%
,
3/13/29
...................................
Spain
3,800,000
3,891,680
Banco
Santander
SA
,
Senior
Non-Preferred
Note
,
1.722%
to
9/13/26,
FRN
thereafter
,
9/14/27
......................
Spain
19,600,000
19,393,654
Bank
of
America
Corp.
,
B,
Junior
Sub.
Bond,
8.05%,
6/15/27
...................
United
States
1,310,000
1,356,298
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
8,601,000
8,827,278
Senior
Note,
4.695%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
1,725,000
1,718,314
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note,
144A,
1.604%,
10/04/26
...........
France
5,000,000
4,948,637
Senior
Preferred
Note,
144A,
4.541%,
1/15/31
...........
France
1,075,000
1,062,767
Barclays
plc
,
Senior
Note,
6.496%
to
9/12/26,
FRN
thereafter,
9/13/27
....
United
Kingdom
2,300,000
2,316,906
Senior
Note,
5.367%
to
2/24/30,
FRN
thereafter,
2/25/31
....
United
Kingdom
1,550,000
1,578,135
b
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
2,960,000
2,963,246
Senior
Non-Preferred
Note,
144A,
5.673%
to
3/14/29,
FRN
thereafter,
3/15/30
.................................
Spain
1,295,000
1,328,476
Senior
Non-Preferred
Note,
144A,
4.818%
to
4/21/31,
FRN
thereafter,
4/22/32
.................................
Spain
1,155,000
1,147,762
Citibank
NA
,
Senior
Note
,
4.914
%
,
5/29/30
................
United
States
3,470,000
3,528,201
Citigroup,
Inc.
,
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
3,710,000
3,669,384
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
10,945,000
10,951,308
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
b
Credit
Agricole
SA
,
Senior
Non-Preferred
Note
,
144A,
5.335%
to
1/09/29,
FRN
thereafter
,
1/10/30
......................
France
1,880,000
$
1,912,752
b
Danske
Bank
A/S
,
Senior
Preferred
Note
,
144A,
1.549%
to
9/09/26,
FRN
thereafter
,
9/10/27
......................
Denmark
2,111,000
2,089,921
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
1,925,000
1,921,592
Fifth
Third
Bancorp
,
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
....
United
States
880,000
911,511
Senior
Note,
4.895%
to
9/05/29,
FRN
thereafter,
9/06/30
....
United
States
2,000,000
2,007,894
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
6,917,000
7,088,512
ING
Groep
NV
,
Senior
Note,
6.083%
to
9/10/26,
FRN
thereafter,
9/11/27
....
Netherlands
4,000,000
4,022,067
Senior
Note,
4.858%
to
3/24/28,
FRN
thereafter,
3/25/29
....
Netherlands
1,900,000
1,914,304
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
4/30/27,
FRN
thereafter,
5/01/28
....
United
States
6,250,000
6,198,629
Senior
Note,
1.47%
to
9/21/26,
FRN
thereafter,
9/22/27
.....
United
States
3,250,000
3,214,610
Senior
Note,
4.622%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
1,730,000
1,722,114
Lloyds
Banking
Group
plc
,
Senior
Note
,
4.818%
to
6/12/28,
FRN
thereafter
,
6/13/29
.................................
United
Kingdom
8,410,000
8,463,280
b
NatWest
Markets
plc
,
Senior
Note
,
144A,
4.412
%
,
11/06/30
....
United
Kingdom
2,375,000
2,348,835
PNC
Bank
NA
,
Sub.
Bond
,
4.05
%
,
7/26/28
................
United
States
6,300,000
6,251,939
Santander
Holdings
USA,
Inc.
,
Senior
Note
,
2.49%
to
1/05/27,
FRN
thereafter
,
1/06/28
.............................
United
States
4,000,000
3,943,271
b
Skandinaviska
Enskilda
Banken
AB
,
Senior
Preferred
Note
,
144A,
4.375
%
,
3/12/31
...................................
Sweden
1,650,000
1,633,794
128,455,889
Beverages
0.1%
Keurig
Dr.
Pepper
,
Inc.
,
Senior
Bond
,
2.25
%
,
3/15/31
........
United
States
2,075,000
1,840,363
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Note
,
4.125
%
,
3/15/31
................
United
States
1,170,000
1,151,703
Amgen,
Inc.
,
Senior
Note
,
5.15
%
,
3/02/28
.................
United
States
4,720,000
4,786,530
5,938,233
Broadline
Retail
0.2%
Amazon.com,
Inc.
,
Senior
Note,
4.1%,
11/20/30
.........................
United
States
900,000
887,901
Senior
Note,
4.25%,
3/13/31
.........................
United
States
1,300,000
1,287,627
2,175,528
Capital
Markets
5.8%
Ares
Capital
Corp.
,
Senior
Note,
2.15%,
7/15/26
.........................
United
States
4,299,000
4,277,611
Senior
Note,
7%,
1/15/27
...........................
United
States
765,000
775,211
Senior
Note,
2.875%,
6/15/27
........................
United
States
4,581,000
4,471,933
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
4.729%
to
4/19/28,
FRN
thereafter
,
4/20/29
.............................
United
States
1,615,000
1,628,225
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
1,482,000
1,458,180
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note
,
2.311%
to
11/15/26,
FRN
thereafter
,
11/16/27
.....................
Germany
5,921,000
5,851,199
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
..
United
States
15,000,000
14,828,024
Senior
Note,
4.153%
to
10/20/28,
FRN
thereafter,
10/21/29
..
United
States
3,964,000
3,923,153
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Goldman
Sachs
Group,
Inc.
(The),
(continued)
Senior
Note,
4.594%
to
4/19/29,
FRN
thereafter,
4/20/30
....
United
States
1,310,000
$
1,307,309
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
...............................
United
States
3,500,000
3,401,301
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
2,015,000
2,016,303
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
399,000
417,795
Senior
Note,
5.2%,
3/15/30
..........................
United
States
358,000
361,587
b
Senior
Note,
144A,
4.625%,
11/15/27
..................
United
States
2,000,000
1,991,237
b
Senior
Note,
144A,
4%,
3/15/29
......................
United
States
510,000
496,848
Morgan
Stanley
,
Senior
Note,
4.21%
to
4/19/27,
FRN
thereafter,
4/20/28
.....
United
States
6,435,000
6,422,384
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
2,445,000
2,470,620
Senior
Note,
4.994%
to
4/11/28,
FRN
thereafter,
4/12/29
....
United
States
1,672,000
1,686,438
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
800,000
787,354
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
1,200,000
1,191,005
I,
Senior
Note,
4.133%
to
10/17/28,
FRN
thereafter,
10/18/29
United
States
1,420,000
1,405,548
Sub.
Bond,
3.95%,
4/23/27
..........................
United
States
10,000,000
9,976,766
b
MSCI,
Inc.
,
Senior
Bond,
144A,
4%,
11/15/29
.....................
United
States
4,825,000
4,688,094
Senior
Bond,
144A,
3.625%,
9/01/30
...................
United
States
432,000
409,050
UBS
AG
,
Senior
Note
,
1.25
%
,
8/07/26
....................
Switzerland
887,000
880,885
b
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
5,750,000
5,869,476
82,993,536
Chemicals
0.8%
Celanese
US
Holdings
LLC
,
Senior
Note
,
1.4
%
,
8/05/26
......
United
States
10,693,000
10,594,627
Commercial
Services
&
Supplies
0.1%
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
900,000
919,071
Communications
Equipment
0.2%
Motorola
Solutions,
Inc.
,
Senior
Bond,
2.3%,
11/15/30
.........................
United
States
1,106,000
999,551
Senior
Note,
4.85%,
8/15/30
.........................
United
States
1,284,000
1,294,755
2,294,306
Consumer
Finance
3.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
2.45%,
10/29/26
........................
Ireland
2,900,000
2,876,837
Senior
Note,
6.1%,
1/15/27
..........................
Ireland
10,000,000
10,109,828
Senior
Note,
4.125%,
2/28/29
........................
Ireland
370,000
365,505
Ally
Financial,
Inc.
,
Senior
Note
,
4.75
%
,
6/09/27
............
United
States
2,715,000
2,722,960
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
5,414,000
5,549,471
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
1,790,000
1,781,311
Capital
One
Financial
Corp.
,
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
3,555,000
3,498,696
Senior
Note,
4.722%
to
1/29/31,
FRN
thereafter,
1/30/32
....
United
States
1,025,000
1,013,049
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
8,280,000
8,340,006
b
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
1,390,000
1,372,451
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
1.5%,
6/10/26
..........................
United
States
11,250,000
11,215,477
Senior
Note,
4.2%,
10/27/28
.........................
United
States
440,000
436,484
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
932,000
$
928,653
50,210,728
Consumer
Staples
Distribution
&
Retail
0.4%
b
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
4,302,000
4,072,977
Walmart,
Inc.
,
Senior
Note
,
4.35
%
,
4/28/30
................
United
States
1,285,000
1,296,183
5,369,160
Containers
&
Packaging
0.9%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
850,000
844,276
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
10,380,000
10,183,625
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
870,000
886,406
11,914,307
Diversified
REITs
0.8%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
1,010,000
991,933
VICI
Properties
LP
,
Senior
Note
,
4.75
%
,
2/15/28
............
United
States
2,339,000
2,343,062
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
4.5%,
9/01/26
.....................
United
States
1,410,000
1,409,800
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
876,000
869,919
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
2,935,000
2,918,325
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
1,365,000
1,329,904
9,862,943
Diversified
Telecommunication
Services
0.7%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.125%,
5/01/27
...................
United
States
1,132,000
1,131,300
Senior
Bond,
144A,
5%,
2/01/28
......................
United
States
3,675,000
3,633,831
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
3,070,000
3,185,921
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
1,484,000
1,567,092
b
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
955,000
937,618
10,455,762
Electric
Utilities
2.6%
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.125
%
,
9/30/28
.........................................
Italy
745,000
737,601
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
1,000,000
1,015,261
FirstEnergy
Corp.
,
B
,
Senior
Bond
,
3.9
%
,
7/15/27
...........
United
States
3,500,000
3,476,732
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note,
4.685%,
9/01/27
........................
United
States
755,000
758,568
Senior
Note,
5.05%,
3/15/30
.........................
United
States
2,540,000
2,585,754
Pacific
Gas
and
Electric
Co.
,
Senior
Note,
3%,
6/15/28
...........................
United
States
8,686,000
8,401,169
Senior
Note,
6.1%,
1/15/29
..........................
United
States
785,000
811,441
b
Palomino
Funding
Trust
I
,
Senior
Secured
Note
,
144A,
7.233
%
,
5/17/28
.........................................
United
States
1,320,000
1,375,844
Southern
Co.
(The)
,
Senior
Bond,
3.25%,
7/01/26
.........................
United
States
4,950,000
4,943,917
Senior
Note,
5.5%,
3/15/29
..........................
United
States
1,960,000
2,015,653
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.05%,
12/30/26
...................
United
States
4,250,000
$
4,268,347
Senior
Note,
144A,
4.3%,
10/15/28
....................
United
States
2,105,000
2,081,602
Senior
Note,
144A,
4.7%,
1/31/31
.....................
United
States
875,000
861,873
Senior
Note,
144A,
5%,
4/30/31
......................
United
States
1,540,000
1,535,956
Wisconsin
Electric
Power
Co.
,
Senior
Note
,
4.15
%
,
10/15/30
...
United
States
1,120,000
1,105,115
35,974,833
Electrical
Equipment
0.5%
Eaton
Corp.
,
Senior
Note
,
4.2
%
,
3/06/31
..................
United
States
1,175,000
1,158,965
Regal
Rexnord
Corp.
,
Senior
Note
,
6.05
%
,
4/15/28
..........
United
States
2,460,000
2,522,646
b
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
2,796,000
2,764,220
6,445,831
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
985,000
977,285
Entertainment
0.4%
b
Netflix,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/29
..........
United
States
5,659,000
5,815,715
Financial
Services
1.1%
Block,
Inc.
,
Senior
Note
,
2.75
%
,
6/01/26
..................
United
States
10,575,000
10,553,146
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.65
%
,
4/05/27
.......
United
States
4,715,000
4,687,130
b
Nationwide
Building
Society
,
Senior
Non-Preferred
Note
,
144A,
4.649%
to
7/13/28,
FRN
thereafter
,
7/14/29
..............
United
Kingdom
890,000
891,465
16,131,741
Food
Products
1.5%
Bunge
Ltd.
Finance
Corp.
,
Senior
Note
,
3.2
%
,
4/21/31
.......
United
States
472,000
440,787
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
1,660,000
1,595,353
b
JDE
Peet's
NV
,
Senior
Note
,
144A,
1.375
%
,
1/15/27
.........
Netherlands
680,000
665,185
Kellanova
,
B
,
Senior
Bond
,
7.45
%
,
4/01/31
................
United
States
300,000
337,922
b
Mars,
Inc.
,
Senior
Note,
144A,
4.6%,
3/01/28
.....................
United
States
1,620,000
1,630,078
Senior
Note,
144A,
4.8%,
3/01/30
.....................
United
States
6,470,000
6,536,770
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
157,000
158,272
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
495,000
490,723
b
Mondelez
International
Holdings
Netherlands
BV
,
Senior
Note
,
144A,
1.25
%
,
9/24/26
...............................
United
States
10,000,000
9,886,270
21,741,360
Ground
Transportation
0.9%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
8/12/26
......
United
Kingdom
9,275,000
9,195,238
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note,
144A,
5.3%,
4/03/29
.....................
Ireland
3,195,000
3,241,753
Senior
Note,
144A,
5.1%,
4/01/30
.....................
Ireland
800,000
806,780
13,243,771
Health
Care
Equipment
&
Supplies
0.8%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
735,000
730,465
Senior
Note,
4.8%,
8/14/29
..........................
United
States
610,000
614,879
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
(continued)
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
10,630,000
$
10,333,023
11,678,367
Health
Care
Providers
&
Services
1.1%
CVS
Health
Corp.
,
Senior
Bond,
1.875%,
2/28/31
........................
United
States
510,000
447,314
Senior
Note,
5.4%,
6/01/29
..........................
United
States
7,750,000
7,933,829
HCA,
Inc.
,
Senior
Note
,
5.2
%
,
6/01/28
....................
United
States
4,800,000
4,865,625
Icon
Investments
Six
DAC
,
Senior
Secured
Note,
5.809%,
5/08/27
.................
United
States
1,267,000
1,276,973
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
871,000
887,668
15,411,409
Hotels,
Restaurants
&
Leisure
1.3%
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
1,325,000
1,323,136
b
Carnival
Corp.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
1,905,000
1,900,281
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
184,000
186,768
Senior
Secured
Note,
144A,
4%,
8/01/28
................
United
States
8,243,000
8,053,165
Hyatt
Hotels
Corp.
,
Senior
Note,
5.75%,
1/30/27
.........................
United
States
3,362,000
3,392,180
Senior
Note,
5.05%,
3/30/28
.........................
United
States
2,055,000
2,075,707
Las
Vegas
Sands
Corp.
,
Senior
Note
,
3.5
%
,
8/18/26
.........
United
States
1,763,000
1,758,621
18,689,858
Household
Durables
0.6%
DR
Horton,
Inc.
,
Senior
Note
,
1.3
%
,
10/15/26
..............
United
States
5,320,000
5,254,345
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
287,000
285,986
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
2,140,000
2,085,748
7,626,079
Independent
Power
and
Renewable
Electricity
Producers
0.6%
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
2,165,000
2,278,936
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
3,000,000
3,061,482
Senior
Note,
4.4%,
1/15/31
..........................
United
States
575,000
569,157
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
650,000
642,477
b,c
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
8%
to
10/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
2,050,000
2,068,989
8,621,041
Insurance
1.9%
b
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
Netherlands
2,580,000
2,602,084
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
660,000
666,558
b
Athene
Global
Funding
,
Secured
Note
,
144A,
1.73
%
,
10/02/26
.
United
States
12,044,000
11,912,006
Brown
&
Brown,
Inc.
,
Senior
Note
,
4.7
%
,
6/23/28
...........
United
States
2,885,000
2,894,570
b
CNO
Global
Funding
,
Secured
Note,
144A,
1.75%,
10/07/26
..................
United
States
3,340,000
3,304,013
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
403,000
382,495
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
500,000
503,830
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
2,230,000
2,257,288
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
Willis
North
America,
Inc.
,
Senior
Note
,
4.65
%
,
6/15/27
.......
United
States
2,635,000
$
2,641,880
27,164,724
Interactive
Media
&
Services
0.5%
Alphabet,
Inc.
,
Senior
Note,
4.1%,
11/15/30
.........................
United
States
2,005,000
1,988,480
Senior
Note,
4.1%,
2/15/31
..........................
United
States
1,560,000
1,542,100
Meta
Platforms,
Inc.
,
Senior
Note
,
4.2
%
,
11/15/30
...........
United
States
3,045,000
3,010,196
6,540,776
Leisure
Products
0.3%
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
2,248,000
1,959,924
Hasbro,
Inc.
,
Senior
Note
,
4.65
%
,
3/12/31
.................
United
States
2,940,000
2,918,309
4,878,233
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
1,067,000
1,067,720
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Note
,
2.25
%
,
1/15/29
...................................
United
States
1,000,000
934,727
Cox
Communications,
Inc.
,
Senior
Bond
,
6.8
%
,
8/01/28
.......
United
States
1,300,000
1,354,408
Omnicom
Group,
Inc.
,
Senior
Note
,
4.2
%
,
3/02/29
...........
United
States
1,220,000
1,206,602
3,495,737
Metals
&
Mining
0.4%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
4.625
%
,
3/19/31
South
Africa
1,525,000
1,508,556
b
Glencore
Funding
LLC
,
Senior
Note,
144A,
5.4%,
5/08/28
.....................
Australia
1,429,000
1,451,269
Senior
Note,
144A,
6.125%,
10/06/28
..................
Australia
2,500,000
2,587,177
5,547,002
Multi-Utilities
0.3%
Dominion
Energy,
Inc.
,
Senior
Note
,
4.6
%
,
5/15/28
..........
United
States
2,575,000
2,584,233
Southern
Co.
Gas
Capital
Corp.
,
A
,
Senior
Note
,
4.05
%
,
9/15/28
United
States
725,000
718,999
3,303,232
Oil,
Gas
&
Consumable
Fuels
2.4%
Canadian
Natural
Resources
Ltd.
,
Senior
Note
,
5
%
,
12/15/29
..
Canada
2,389,000
2,423,975
Cheniere
Energy
Partners
LP
,
Senior
Note
,
4.5
%
,
10/01/29
....
United
States
5,380,000
5,353,429
Coterra
Energy
Operating
Co.
,
Senior
Bond
,
3.9
%
,
5/15/27
....
United
States
3,874,000
3,839,354
Diamondback
Energy,
Inc.
,
Senior
Note
,
5.15
%
,
1/30/30
......
United
States
2,195,000
2,246,043
Enbridge,
Inc.
,
Senior
Note
,
1.6
%
,
10/04/26
...............
Canada
1,900,000
1,880,306
Energy
Transfer
LP
,
Senior
Note,
6.05%,
12/01/26
........................
United
States
5,000,000
5,047,645
Senior
Note,
5.25%,
7/01/29
.........................
United
States
960,000
980,731
Senior
Note,
5.2%,
4/01/30
..........................
United
States
430,000
439,356
ONEOK,
Inc.
,
Senior
Note
,
5.65
%
,
11/01/28
...............
United
States
3,000,000
3,078,335
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note,
4.911%,
9/01/27
........................
Canada
1,500,000
1,505,991
Senior
Note,
5.026%,
10/01/29
.......................
Canada
920,000
926,741
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
675,000
661,879
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
3,275,000
$
3,372,444
Viper
Energy
Partners
LLC
,
Senior
Note
,
4.9
%
,
8/01/30
.......
United
States
1,029,000
1,028,926
32,785,155
Paper
&
Forest
Products
0.8%
b
Georgia-Pacific
LLC
,
Senior
Note,
144A,
0.95%,
5/15/26
....................
United
States
8,790,000
8,779,140
Senior
Note,
144A,
4.4%,
6/30/28
.....................
United
States
920,000
921,040
Senior
Note,
144A,
4.6%,
5/15/31
.....................
United
States
2,015,000
2,013,691
11,713,871
Passenger
Airlines
0.2%
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
2,065,000
2,044,405
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
835,000
824,759
2,869,164
Personal
Care
Products
0.3%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
4,040,000
4,007,148
Pharmaceuticals
1.2%
Novartis
Capital
Corp.
,
Senior
Note,
4.1%,
11/05/30
.........................
United
States
2,910,000
2,872,727
Senior
Note,
4.4%,
3/18/31
..........................
United
States
2,420,000
2,417,046
Royalty
Pharma
plc
,
Senior
Note,
2.2%,
9/02/30
..........................
United
States
3,000,000
2,710,123
Senior
Note,
4.45%,
3/25/31
.........................
United
States
2,140,000
2,115,918
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
6.75%,
3/01/28
.........................
Israel
3,500,000
3,592,144
Senior
Note,
5.125%,
5/09/29
........................
Israel
1,750,000
1,757,506
Teva
Pharmaceutical
Finance
Netherlands
IV
BV
,
Senior
Note
,
5.75
%
,
12/01/30
...................................
Israel
1,730,000
1,776,691
17,242,155
Professional
Services
0.1%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
2,010,000
2,032,279
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.
,
Senior
Note,
5.05%,
7/12/29
.........................
United
States
885,000
902,317
Senior
Note,
4.6%,
7/15/30
..........................
United
States
2,820,000
2,833,720
Senior
Note,
4.2%,
10/15/30
.........................
United
States
1,810,000
1,788,027
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note,
144A,
5.9%,
1/25/30
..............
United
States
2,105,000
2,184,945
Senior
Secured
Note,
144A,
5.5%,
1/25/31
..............
United
States
1,180,000
1,211,284
Senior
Secured
Note,
144A,
6.15%,
1/25/32
.............
United
States
664,000
699,054
Marvell
Technology,
Inc.
,
Senior
Note,
5.75%,
2/15/29
.........................
United
States
1,750,000
1,806,625
Senior
Note,
4.75%,
7/15/30
.........................
United
States
365,000
366,751
11,792,723
Software
1.4%
Oracle
Corp.
,
Senior
Note,
4.55%,
2/04/29
.........................
United
States
2,860,000
2,825,874
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
(continued)
Oracle
Corp.,
(continued)
Senior
Note,
4.45%,
9/26/30
.........................
United
States
825,000
$
795,912
Senior
Note,
4.95%,
2/04/31
.........................
United
States
1,585,000
1,550,820
Salesforce,
Inc.
,
Senior
Note
,
4.5
%
,
3/15/28
...............
United
States
1,740,000
1,742,041
Synopsys,
Inc.
,
Senior
Note,
4.55%,
4/01/27
.........................
United
States
2,475,000
2,484,844
Senior
Note,
4.65%,
4/01/28
.........................
United
States
1,115,000
1,121,946
VMware
LLC
,
Senior
Note
,
1.4
%
,
8/15/26
.................
United
States
8,989,000
8,920,757
19,442,194
Specialized
REITs
0.8%
American
Tower
Corp.
,
Senior
Note,
2.75%,
1/15/27
.........................
United
States
4,403,000
4,360,228
Senior
Note,
4.9%,
3/15/30
..........................
United
States
665,000
671,757
Crown
Castle,
Inc.
,
Senior
Note
,
4.9
%
,
9/01/29
.............
United
States
3,585,000
3,603,118
Equinix,
Inc.
,
Senior
Note
,
2.9
%
,
11/18/26
.................
United
States
718,000
712,926
9,348,029
Specialty
Retail
0.5%
b
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
144A,
4
%
,
10/01/29
..
United
States
6,695,000
6,524,239
Technology
Hardware,
Storage
&
Peripherals
0.4%
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.55
%
,
10/15/29
.
United
States
5,700,000
5,680,686
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Note
,
5.1
%
,
3/11/30
.................
United
States
1,635,000
1,655,315
Tobacco
1.1%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
5,460,000
5,518,340
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
1,275,000
1,359,592
Philip
Morris
International,
Inc.
,
Senior
Note,
4.625%,
11/01/29
.......................
United
States
815,000
821,633
Senior
Note,
5.125%,
2/15/30
........................
United
States
3,897,000
3,980,768
Senior
Note,
4.375%,
4/30/30
........................
United
States
2,970,000
2,956,756
14,637,089
Trading
Companies
&
Distributors
0.5%
b
Aircastle
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
7/18/28
............
United
States
2,805,000
2,904,200
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
1,860,000
1,891,032
Sumisho
Air
Lease
Corp.
,
Senior
Note
,
5.3
%
,
6/25/26
........
United
States
3,426,000
3,430,461
8,225,693
Wireless
Telecommunication
Services
0.3%
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
......
Canada
4,205,000
4,241,178
Total
Corporate
Bonds
(Cost
$726,568,041)
...................................
727,611,714
Foreign
Government
and
Agency
Securities
0.3%
b
Electricite
de
France
SA
,
Senior
Note,
144A,
5.7%,
5/23/28
.....................
France
3,500,000
3,579,072
Senior
Note,
144A,
5.65%,
4/22/29
.....................
France
430,000
443,205
Total
Foreign
Government
and
Agency
Securities
(Cost
$3,972,047)
.............
4,022,277
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
5.0%
U.S.
Treasury
Notes
,
3.875%,
5/31/27
..................................
United
States
70,500,000
$
70,557,832
d
0.625%,
11/30/27
.................................
United
States
113,000
107,407
Total
U.S.
Government
and
Agency
Securities
(Cost
$70,507,452)
...............
70,665,239
Asset-Backed
Securities
9.2%
Automobiles
0.1%
Volkswagen
Auto
Loan
Enhanced
Trust
,
2023-1,
A3,
5.02%,
6/20/28
..........................
United
States
238,644
239,688
2025-1,
A2A,
4.51%,
1/20/28
.........................
United
States
1,728,210
1,730,741
1,970,429
a
a
a
a
a
a
Consumer
Finance
1.8%
Capital
One
Prime
Auto
Receivables
Trust
,
2024-1,
A2A,
4.61%,
10/15/27
........................
United
States
101,363
101,397
2025-1,
A3,
3.85%,
7/15/30
..........................
United
States
439,000
436,168
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-1
,
A3
,
4.66
%
,
2/16/28
.
................................
United
States
438,436
439,044
Harley-Davidson
Motorcycle
Trust
,
2025-A
,
A3
,
4.67
%
,
4/15/30
.
United
States
4,230,000
4,254,861
Hyundai
Auto
Receivables
Trust
,
2023-B,
A3,
5.48%,
4/17/28
..........................
United
States
2,191,709
2,202,264
2024-C,
A3,
4.41%,
5/15/29
..........................
United
States
1,132,000
1,135,884
2025-B,
A3,
4.36%,
12/17/29
.........................
United
States
1,675,000
1,681,656
e
2025-C,
A2B,
FRN,
3.99%,
(30-day
SOFR
Average
+
0.35%),
7/17/28
.........................................
United
States
5,252,604
5,251,624
e
2026-A,
A2B,
FRN,
3.98%,
(30-day
SOFR
Average
+
0.34%),
2/15/29
.........................................
United
States
1,328,000
1,327,450
Nissan
Auto
Receivables
Owner
Trust
,
2025-A
,
A3
,
4.49
%
,
12/17/29
.
........................................
United
States
1,900,000
1,910,993
Toyota
Auto
Receivables
Owner
Trust
,
2023-B,
A3,
4.71%,
2/15/28
..........................
United
States
569,756
571,181
2024-A,
A3,
4.83%,
10/16/28
.........................
United
States
3,532,996
3,549,526
2026-A,
A3,
3.86%,
9/16/30
..........................
United
States
1,035,000
1,028,949
World
Omni
Auto
Receivables
Trust
,
2026-A
,
A3
,
3.86
%
,
5/15/31
.
United
States
2,649,000
2,631,895
26,522,892
a
a
a
a
a
a
Financial
Services
7.3%
b,e
AIMCO
CLO
17
Ltd.
,
2022-17A
,
A1R
,
144A,
FRN
,
5.014
%
,
(
3-month
SOFR
+
1.35
%
),
7/20/37
.
....................
Jersey
1,500,000
1,503,963
b,e
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.112
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
410,000
411,259
b,e
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.445
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
638,833
642,392
b,e
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.814
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
1,650,000
1,651,632
b,e
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.914
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
854,000
855,175
b
BofA
Auto
Trust
,
2024-1A
,
A3
,
144A,
5.35
%
,
11/15/28
.
........
United
States
897,676
903,977
b,e
BRAVO
Residential
Funding
Trust
,
2025-HE1
,
A1
,
144A,
FRN
,
4.995
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
.
........
United
States
1,422,667
1,426,705
CarMax
Auto
Owner
Trust
,
2025-2,
A2A,
4.59%,
7/17/28
.........................
United
States
834,420
836,325
2026-1,
A2A,
3.87%,
4/16/29
.........................
United
States
924,000
922,709
2026-1,
A3,
4.04%,
3/17/31
..........................
United
States
739,000
735,842
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,e
Cathedral
Lake
VIII
Ltd.
,
2021-8A
,
A1R
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/35
.
....................
United
States
3,790,000
$
3,793,072
b
Chase
Auto
Owner
Trust
,
2025-1A
,
A3
,
144A,
4.29
%
,
6/25/30
.
..
United
States
2,664,000
2,668,411
b,e
CIFC
Funding
Ltd.
,
2020-1A,
A1R,
144A,
FRN,
5.085%,
(3-month
SOFR
+
1.412%),
7/15/36
..................................
United
States
3,320,000
3,326,101
2021-7A,
AR,
144A,
FRN,
4.756%,
(3-month
SOFR
+
1.09%),
1/23/35
.........................................
United
States
5,785,000
5,785,859
b
Citizens
Auto
Receivables
Trust
,
2024-1
,
A3
,
144A,
5.11
%
,
4/17/28
.
.........................................
United
States
3,798,661
3,813,394
b
Corporate
One
Auto
Receivables
Trust
,
2026-1A
,
A2
,
144A,
4.13
%
,
9/15/28
.
...................................
United
States
1,319,000
1,317,937
b,e
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1R3
,
144A,
FRN
,
4.795
%
,
(
3-month
SOFR
+
1.12
%
),
4/20/37
.
....................
United
States
1,250,000
1,247,519
b,e
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.055
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
1,750,000
1,754,629
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
597,281
597,357
e
First
Franklin
Mortgage
Loan
Trust
,
2006-FF15
,
A5
,
FRN
,
3.929
%
,
(
1-month
SOFR
+
0.274
%
),
11/25/36
.
............
United
States
7,972
8,346
Ford
Credit
Auto
Owner
Trust
,
2024-A,
A3,
5.09%,
12/15/28
.........................
United
States
2,557,678
2,575,629
2024-B,
A3,
5.1%,
4/15/29
...........................
United
States
1,567,522
1,579,714
b,e
FS
Rialto
,
2021-FL3
,
A
,
144A,
FRN
,
5.029
%
,
(
1-month
SOFR
+
1.364
%
),
11/16/36
.
.................................
United
States
1,241,180
1,242,691
b
GM
Financial
Revolving
Receivables
Trust
,
2024-1
,
A
,
144A,
4.98
%
,
12/11/36
.
..................................
United
States
3,817,000
3,889,719
b,e
GoldenTree
Loan
Management
US
CLO
11
Ltd.
,
2021-11A
,
AR
,
144A,
FRN
,
4.755
%
,
(
3-month
SOFR
+
1.08
%
),
10/20/34
.
...
United
States
5,000,000
5,003,282
e
GSAA
Home
Equity
Trust
,
2006-8
,
2A2
,
FRN
,
4.129
%
,
(
1-month
SOFR
+
0.474
%
),
5/25/36
.
...........................
United
States
460,712
92,666
Honda
Auto
Receivables
Owner
Trust
,
2024-1,
A3,
5.21%,
8/15/28
..........................
United
States
3,269,981
3,289,898
2025-4,
A2A,
4.04%,
6/15/28
.........................
United
States
1,275,000
1,275,626
2026-1,
A2A,
3.71%,
9/21/28
.........................
United
States
6,262,000
6,250,090
b,f
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
4,578,000
4,588,586
b
J.P.
Morgan
Mortgage
Trust
,
e
2023-HE2,
A1,
144A,
FRN,
5.34%,
(30-day
SOFR
Average
+
1.7%),
3/20/54
....................................
United
States
762,166
764,334
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
495,179
497,672
e
2026-HE1,
A1,
144A,
FRN,
4.895%,
(30-day
SOFR
Average
+
1.25%),
9/20/56
...................................
United
States
768,000
770,521
b,e
Madison
Park
Funding
L
Ltd.
,
2021-50A
,
AR
,
144A,
FRN
,
4.645
%
,
(
3-month
SOFR
+
0.97
%
),
4/19/34
.
....................
United
States
2,100,000
2,099,971
b,e
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.04
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
...............
United
States
1,840,000
1,844,866
b,e
Nassau
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.225
%
,
(
3-month
SOFR
+
1.552
%
),
1/15/35
.
................................
United
States
1,624,658
1,627,980
b,e
Neuberger
Berman
Loan
Advisers
CLO
25
Ltd.
,
2017-25A
,
AR2
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
7/18/38
.
.....
United
States
2,000,000
2,006,149
b,e
Oaktree
CLO
Ltd.
,
2019-4A,
ARR,
144A,
FRN,
5.185%,
(3-month
SOFR
+
1.51%),
7/20/37
.........................................
United
States
1,250,000
1,254,346
2021-1A,
A1R,
144A,
FRN,
5.023%,
(3-month
SOFR
+
1.35%),
1/15/38
.........................................
United
States
1,270,000
1,272,362
b
OCCU
Auto
Receivables
Trust
,
2025-1A
,
A3
,
144A,
4.81
%
,
11/15/29
.
........................................
United
States
1,124,000
1,130,498
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,e
Octagon
Investment
Partners
49
Ltd.
,
2020-5A
,
ARR
,
144A,
FRN
,
4.793
%
,
(
3-month
SOFR
+
1.12
%
),
4/15/37
.
..............
United
States
5,700,000
$
5,688,395
e
Park
Place
Securities,
Inc.
,
2004-WCW2
,
M3
,
FRN
,
4.819
%
,
(
1-month
SOFR
+
1.164
%
),
10/25/34
.
..................
United
States
36,221
35,984
b
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
660,452
654,253
b,e
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.104
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
2,026,566
2,026,808
b,e
Prodigy
Finance
DAC
,
2021-1A
,
A
,
144A,
FRN
,
5.019
%
,
(
1-month
SOFR
+
1.364
%
),
7/25/51
.
...........................
Ireland
152,314
152,086
b,e
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R
,
144A,
FRN
,
5.217
%
,
(
3-month
SOFR
+
1.55
%
),
4/25/37
.
....................
United
States
1,500,000
1,504,997
b,e
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.697
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
1,250,000
1,250,593
b,e
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.573
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
982,964
982,984
b,e
TCW
CLO
Ltd.
,
2020-1A
,
A1R3
,
144A,
FRN
,
4.725
%
,
(
3-month
SOFR
+
1.05
%
),
4/20/34
.
............................
United
States
7,550,000
7,555,990
b,e
Towd
Point
Mortgage
Trust
,
2025-HE1
,
A1A
,
144A,
FRN
,
4.995
%
,
(
30-day
SOFR
Average
+
1.35
%
),
7/25/65
.
...............
United
States
594,432
596,195
b,e
Voya
CLO
Ltd.
,
2019-3A
,
AR
,
144A,
FRN
,
5.022
%
,
(
3-month
SOFR
+
1.342
%
),
10/17/32
.
..........................
United
States
811,795
811,808
b,e
Wise
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.133
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.
.................................
United
States
1,250,000
1,253,782
99,773,079
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$128,270,678)
............................
128,266,400
Commercial
Mortgage-Backed
Securities
4.0%
Financial
Services
4.0%
BANK
,
g,h
2017-BNK8,
XA,
IO,
FRN,
0.839%,
11/15/50
.............
United
States
24,891,555
175,754
g,h
2017-BNK9,
XA,
IO,
FRN,
0.847%,
11/15/54
.............
United
States
42,939,422
377,747
2019-BN18,
A2,
3.474%,
5/15/62
......................
United
States
1,085,000
1,055,387
Barclays
Commercial
Mortgage
Trust
,
2019-C3
,
A2
,
3.438
%
,
5/15/52
.........................................
United
States
507,312
498,889
Benchmark
Mortgage
Trust
,
2019-B12,
A2,
3.001%,
8/15/52
.......................
United
States
2,683,106
2,640,394
2019-B13,
A2,
2.889%,
8/15/57
.......................
United
States
2,165,901
2,083,504
2019-B15,
A2,
2.914%,
12/15/72
......................
United
States
1,997,397
1,960,086
b,h
BX
Trust
,
2025-ARIA
,
B
,
144A,
FRN
,
5.35
%
,
12/13/42
........
United
States
1,464,000
1,468,541
g,h
CD
Mortgage
Trust
,
2016-CD1,
XA,
IO,
FRN,
1.451%,
8/10/49
...............
United
States
5,504,735
215
2017-CD6,
XA,
IO,
FRN,
1.012%,
11/13/50
..............
United
States
14,219,775
129,004
h
CFCRE
Commercial
Mortgage
Trust
,
b
2011-C2,
D,
144A,
FRN,
5.08%,
12/15/47
...............
United
States
50,927
50,226
g
2016-C4,
XA,
IO,
FRN,
1.044%,
5/10/58
.................
United
States
2,195,127
57
h
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
1,324,000
1,297,331
Citigroup
Commercial
Mortgage
Trust
,
2016-C3,
A4,
3.154%,
11/15/49
.......................
United
States
1,968,000
1,954,674
2020-GC46,
A2,
2.708%,
2/15/53
......................
United
States
891,485
841,525
COMM
Mortgage
Trust
,
2014-CR16,
B,
4.582%,
4/10/47
.......................
United
States
275,013
271,949
h
2014-CR17,
C,
FRN,
4.942%,
5/10/47
..................
United
States
1,040,000
983,545
CSAIL
Commercial
Mortgage
Trust
,
2016-C6,
AS,
3.346%,
1/15/49
........................
United
States
732,455
730,290
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
CSAIL
Commercial
Mortgage
Trust,
(continued)
g,h
2018-CX12,
XA,
IO,
FRN,
0.702%,
8/15/51
..............
United
States
163,218,259
$
1,625,850
2019-C18,
A2,
2.845%,
12/15/52
......................
United
States
1,078,097
1,028,610
g,h
CSMC
Trust
,
2016-NXSR
,
XA
,
IO,
FRN
,
0.715
%
,
12/15/49
....
United
States
45,991,793
32,801
b,h
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.535
%
,
8/10/44
.........................................
United
States
2,815,219
2,753,554
GS
Mortgage
Securities
Trust
,
2017-GS5
,
A4
,
3.674
%
,
3/10/50
.
United
States
1,951,000
1,935,671
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b,h
2011-C3,
B,
144A,
FRN,
5.013%,
2/15/46
................
United
States
659,125
652,701
b,h
2012-C6,
E,
144A,
FRN,
5.129%,
5/15/45
...............
United
States
111,671
110,572
b,h
2012-LC9,
D,
144A,
FRN,
3.691%,
12/15/47
.............
United
States
173,000
168,996
2016-JP3,
AS,
3.144%,
8/15/49
.......................
United
States
1,800,000
1,745,707
h
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12,
C,
FRN,
4.072%,
7/15/45
...................
United
States
1,230,263
1,215,383
2014-C23,
B,
FRN,
4.673%,
9/15/47
...................
United
States
1,352,655
1,336,926
h
JPMCC
Commercial
Mortgage
Securities
Trust
,
2017-JP5
,
AS
,
FRN
,
3.876
%
,
3/15/50
..............................
United
States
1,600,000
1,564,909
JPMDB
Commercial
Mortgage
Securities
Trust
,
2019-COR6
,
A2
,
2.946
%
,
11/13/52
..................................
United
States
2,145,518
2,092,487
h
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
b
2012-C5,
E,
144A,
FRN,
4.819%,
8/15/45
...............
United
States
760,964
757,680
2013-C10,
B,
FRN,
4.082%,
7/15/46
...................
United
States
1,162,301
1,105,935
b,g
2013-C7,
XB,
IO,
144A,
FRN,
0.116%,
2/15/46
............
United
States
1,103,824
9
2013-C9,
C,
FRN,
3.829%,
5/15/46
....................
United
States
3,168,000
2,932,931
b
2013-C9,
D,
144A,
FRN,
3.917%,
5/15/46
...............
United
States
1,481,000
1,350,876
2015-C21,
B,
FRN,
3.854%,
3/15/48
...................
United
States
2,420,737
2,372,221
g
2016-C32,
XA,
IO,
FRN,
0.773%,
12/15/49
...............
United
States
88,087,016
239,676
g
2017-C34,
XA,
IO,
FRN,
0.897%,
11/15/52
...............
United
States
215,605,975
1,697,034
g,h
Morgan
Stanley
Capital
I
Trust
,
2016-UB12,
XA,
IO,
FRN,
0.759%,
12/15/49
.............
United
States
23,651,954
11,053
2018-H4,
XA,
IO,
FRN,
0.967%,
12/15/51
................
United
States
57,023,735
996,974
2018-L1,
XA,
IO,
FRN,
0.619%,
10/15/51
................
United
States
66,432,894
596,003
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
1,949,000
1,805,290
UBS
Commercial
Mortgage
Trust
,
g,h
2017-C7,
XA,
IO,
FRN,
1.115%,
12/15/50
................
United
States
15,430,440
194,322
2018-C14,
A4,
4.448%,
12/15/51
......................
United
States
1,279,000
1,272,733
g,h
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.488
%
,
11/15/48
..................................
United
States
5,260
5
Wells
Fargo
Commercial
Mortgage
Trust
,
b,h
2013-LC12,
D,
144A,
FRN,
3.867%,
7/15/46
.............
United
States
763,000
516,940
g,h
2016-BNK1,
XA,
IO,
FRN,
1.89%,
8/15/49
...............
United
States
10,728,504
9,282
g,h
2016-C37,
XA,
IO,
FRN,
0.93%,
12/15/49
................
United
States
4,422,891
4,219
2017-C39,
A5,
3.418%,
9/15/50
.......................
United
States
2,850,000
2,808,870
g,h
2017-C41,
XA,
IO,
FRN,
1.29%,
11/15/50
................
United
States
21,982,322
263,647
2017-RB1,
A5,
3.635%,
3/15/50
.......................
United
States
2,032,771
2,001,567
g,h
2018-C44,
XA,
IO,
FRN,
0.864%,
5/15/51
................
United
States
64,810,631
740,747
g,h
2018-C48,
XA,
IO,
FRN,
1.098%,
1/15/52
................
United
States
18,539,586
353,478
g,h
2019-C50,
XA,
IO,
FRN,
1.571%,
5/15/52
................
United
States
14,852,727
459,915
h
WFRBS
Commercial
Mortgage
Trust
,
b
2011-C4,
D,
144A,
FRN,
5.15%,
6/15/44
................
United
States
732,133
721,899
2012-C10,
C,
FRN,
4.424%,
12/15/45
..................
United
States
267,000
228,316
g
2014-C22,
XA,
IO,
FRN,
0.383%,
9/15/57
................
United
States
2,533,476
406
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
h
WFRBS
Commercial
Mortgage
Trust,
(continued)
g
2014-C23,
XA,
IO,
FRN,
0.198%,
10/15/57
...............
United
States
748,907
$
1,045
56,226,358
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$57,838,207)
..............
56,226,358
Mortgage-Backed
Securities
0.2%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.2%
FNMA,
2.73%,
9/01/29
...............................
United
States
1,546,079
1,477,410
FNMA,
5.28%,
12/01/28
..............................
United
States
1,308,000
1,338,944
2,816,354
Total
Mortgage-Backed
Securities
(Cost
$2,707,994)
...........................
2,816,354
Residential
Mortgage-Backed
Securities
6.2%
Financial
Services
6.2%
b
A&D
Mortgage
Trust
,
2023-NQM4,
A1,
144A,
7.472%,
9/25/68
................
United
States
4,051,130
4,080,906
2023-NQM5,
A1,
144A,
7.049%,
11/25/68
...............
United
States
1,905,581
1,922,287
b
Anchor
Mortgage
Trust
,
2025-RTL1
,
A1
,
144A,
5.718
%
,
5/25/40
United
States
1,813,000
1,813,321
b
Angel
Oak
Mortgage
Trust
,
h
2020-5,
A3,
144A,
FRN,
2.041%,
5/25/65
................
United
States
243,390
237,306
h
2021-5,
A2,
144A,
FRN,
1.208%,
7/25/66
................
United
States
2,612,088
2,285,529
2023-3,
A1,
144A,
4.8%,
9/26/67
......................
United
States
658,670
656,378
2024-9,
A1,
144A,
5.138%,
9/25/69
....................
United
States
791,635
792,033
b,h
Arroyo
Mortgage
Trust
,
2019-1,
A3,
144A,
FRN,
4.208%,
1/25/49
................
United
States
242,807
238,271
2019-3,
A3,
144A,
FRN,
3.416%,
10/25/48
...............
United
States
81,252
78,299
e
BankUnited
Trust
,
2005-1
,
1A1
,
FRN
,
4.369
%
,
(
1-month
SOFR
+
0.714
%
),
9/25/45
..................................
United
States
46,890
44,944
b,e
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.495
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
724,000
744,242
b
BRAVO
Residential
Funding
Trust
,
2023-NQM8,
A1,
144A,
6.394%,
10/25/63
...............
United
States
234,939
235,946
2024-NQM2,
A1,
144A,
6.285%,
2/25/64
................
United
States
1,335,510
1,345,096
b,h
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A2
,
144A,
FRN
,
2.6
%
,
2/25/55
.........................................
United
States
2,104,533
2,090,917
b
CAFL
Issuer
LP
,
2025-RRTL1
,
A1
,
144A,
5.684
%
,
5/28/40
.....
United
States
528,000
530,200
e
CHL
Mortgage
Pass-Through
Trust
,
2005-3
,
1A1
,
FRN
,
4.389
%
,
(
1-month
SOFR
+
0.734
%
),
4/25/35
....................
United
States
54,059
51,072
h
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2005-2
,
1A2A
,
FRN
,
5.685
%
,
5/25/35
.........................................
United
States
34,328
34,038
b
Cross
Mortgage
Trust
,
2024-H3,
A1,
144A,
6.272%,
6/25/69
...................
United
States
725,906
732,333
2024-H4,
A1,
144A,
6.147%,
7/25/69
...................
United
States
4,645,753
4,689,407
h
2025-H1,
A1,
144A,
FRN,
5.735%,
2/25/70
...............
United
States
1,324,342
1,334,494
h
2025-H3,
A1,
144A,
FRN,
5.883%,
4/25/70
...............
United
States
521,782
527,048
b,e
EFMT
,
2025-NQM4
,
A1F
,
144A,
FRN
,
4.845
%
,
(
30-day
SOFR
Average
+
1.2
%
),
9/25/70
............................
United
States
1,011,199
1,013,801
b,e
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
5.295%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
47,849
47,973
2021-DNA6,
M2,
144A,
FRN,
5.145%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
.................................
United
States
485,463
486,600
2021-DNA7,
M2,
144A,
FRN,
5.445%,
(30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
1,590,000
1,597,893
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,e
FHLMC
STACR
REMIC
Trust,
(continued)
2022-DNA2,
M1A,
144A,
FRN,
4.945%,
(30-day
SOFR
Average
+
1.3%),
2/25/42
..................................
United
States
11,472
$
11,477
2022-DNA3,
M1B,
144A,
FRN,
6.545%,
(30-day
SOFR
Average
+
2.9%),
4/25/42
..................................
United
States
50,000
50,879
2022-DNA5,
M1A,
144A,
FRN,
6.595%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
774,489
784,022
2022-DNA6,
M1A,
144A,
FRN,
5.795%,
(30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
13,985
14,016
2022-DNA6,
M1B,
144A,
FRN,
7.345%,
(30-day
SOFR
Average
+
3.7%),
9/25/42
..................................
United
States
46,000
47,567
2022-HQA1,
M1A,
144A,
FRN,
5.745%,
(30-day
SOFR
Average
+
2.1%),
3/25/42
..................................
United
States
4,500
4,503
2023-DNA1,
M1A,
144A,
FRN,
5.746%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
221,139
223,762
2023-HQA2,
M1A,
144A,
FRN,
5.645%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
22,968
22,991
2023-HQA3,
A1,
144A,
FRN,
5.495%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
176,578
177,674
2023-HQA3,
M1,
144A,
FRN,
5.495%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
75,600
76,038
2024-DNA1,
A1,
144A,
FRN,
4.995%,
(30-day
SOFR
Average
+
1.35%),
2/25/44
...................................
United
States
192,099
193,007
2024-DNA2,
A1,
144A,
FRN,
4.895%,
(30-day
SOFR
Average
+
1.25%),
5/25/44
...................................
United
States
184,074
184,901
2024-DNA2,
M2,
144A,
FRN,
5.345%,
(30-day
SOFR
Average
+
1.7%),
5/25/44
..................................
United
States
15,000
15,089
2025-DNA1,
A1,
144A,
FRN,
4.595%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,548,890
1,550,582
2025-DNA3,
M1,
144A,
FRN,
4.745%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
1,474,037
1,474,763
2025-DNA4,
M1,
144A,
FRN,
4.745%,
(30-day
SOFR
Average
+
1.1%),
10/25/45
.................................
United
States
916,976
917,835
b,e
FHLMC
STACR
Trust
,
2019-HQA2
,
M2
,
144A,
FRN
,
5.81
%
,
(
30-
day
SOFR
Average
+
2.164
%
),
4/25/49
.................
United
States
2,927
2,969
e
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C07,
2M2,
FRN,
8.11%,
(30-day
SOFR
Average
+
4.464%),
5/25/29
..................................
United
States
452,652
460,023
2018-C02,
2M2,
FRN,
5.96%,
(30-day
SOFR
Average
+
2.314%),
8/25/30
..................................
United
States
39,004
39,518
b
2021-R01,
1M2,
144A,
FRN,
5.195%,
(30-day
SOFR
Average
+
1.55%),
10/25/41
..................................
United
States
6,164
6,173
b
2021-R03,
1M2,
144A,
FRN,
5.295%,
(30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
512,428
514,499
b
2022-R01,
1M1,
144A,
FRN,
4.645%,
(30-day
SOFR
Average
+
1%),
12/25/41
....................................
United
States
182,867
182,806
b
2022-R02,
2M2,
144A,
FRN,
6.645%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
2,282,372
2,311,417
b
2022-R03,
1M2,
144A,
FRN,
7.145%,
(30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
241,000
246,274
b
2022-R04,
1M2,
144A,
FRN,
6.745%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
230,000
233,968
b
2022-R09,
2M1,
144A,
FRN,
6.145%,
(30-day
SOFR
Average
+
2.5%),
9/25/42
....................................
United
States
1,008,502
1,016,493
b
2023-R06,
1M1,
144A,
FRN,
5.345%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
45,474
45,583
b
2023-R07,
2M1,
144A,
FRN,
5.595%,
(30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
24,784
24,834
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
e
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
b
2024-R02,
1M1,
144A,
FRN,
4.745%,
(30-day
SOFR
Average
+
1.1%),
2/25/44
....................................
United
States
5,869
$
5,870
b
2024-R03,
2M1,
144A,
FRN,
4.795%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
31,968
31,973
b
2024-R04,
1M1,
144A,
FRN,
4.745%,
(30-day
SOFR
Average
+
1.1%),
5/25/44
....................................
United
States
22,093
22,095
b
2024-R06,
1A1,
144A,
FRN,
4.795%,
(30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
409,326
410,760
b
2025-R01,
1A1,
144A,
FRN,
4.595%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
601,913
602,530
b
2025-R01,
1M1,
144A,
FRN,
4.745%,
(30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
347,017
347,155
b
2025-R02,
1A1,
144A,
FRN,
4.645%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
494,290
495,263
b
2025-R02,
1M1,
144A,
FRN,
4.795%,
(30-day
SOFR
Average
+
1.15%),
2/25/45
...................................
United
States
678,914
679,337
b
2025-R03,
2A1,
144A,
FRN,
5.095%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
476,669
479,468
b
2025-R04,
1A1,
144A,
FRN,
4.645%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
606,250
607,276
b
2025-R04,
1M1,
144A,
FRN,
4.845%,
(30-day
SOFR
Average
+
1.2%),
5/25/45
....................................
United
States
1,244,726
1,246,060
b
2025-R06,
1A1,
144A,
FRN,
4.545%,
(30-day
SOFR
Average
+
0.9%),
9/25/45
....................................
United
States
1,263,118
1,264,507
b
2026-R01,
2A1,
144A,
FRN,
4.495%,
(30-day
SOFR
Average
+
0.85%),
1/25/46
...................................
United
States
2,630,147
2,630,990
b
2026-R01,
2M1,
144A,
FRN,
4.645%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
2,827,043
2,828,817
b
2026-R02,
1M1,
144A,
FRN,
4.695%,
(30-day
SOFR
Average
+
1.05%),
2/25/46
...................................
United
States
910,421
910,969
b,h
Galton
Funding
Mortgage
Trust
,
2020-H1
,
A3
,
144A,
FRN
,
2.617
%
,
1/25/60
...................................
United
States
1,300,989
1,244,602
b
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
625,501
612,554
b,h
GS
Mortgage-Backed
Securities
Trust
,
2020-NQM1
,
A3
,
144A,
FRN
,
2.352
%
,
9/27/60
..............................
United
States
183,272
175,821
b,h
Imperial
Fund
Mortgage
Trust
,
2021-NQM1
,
A3
,
144A,
FRN
,
1.617
%
,
6/25/56
...................................
United
States
1,194,139
1,076,076
b
J.P.
Morgan
Mortgage
Trust
,
e
2024-10,
A11,
144A,
FRN,
4.895%,
(30-day
SOFR
Average
+
1.25%),
3/25/55
...................................
United
States
696,510
697,304
2024-VIS2,
A1,
144A,
5.853%,
11/25/64
.................
United
States
974,508
981,187
b
Legacy
Mortgage
Asset
Trust
,
2021-GS1,
A1,
144A,
5.892%,
10/25/66
.................
United
States
2,919,091
2,923,233
2021-GS3,
A1,
144A,
5.75%,
7/25/61
...................
United
States
1,381,465
1,383,290
2021-GS4,
A1,
144A,
5.65%,
11/25/60
..................
United
States
2,175,597
2,179,072
b,h
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
829,000
833,207
b
MFA
Trust
,
h
2020-NQM1,
A3,
144A,
FRN,
3.3%,
8/25/49
..............
United
States
246,329
239,785
2025-NQM3,
A1,
144A,
5.261%,
8/25/70
................
United
States
911,807
913,968
b,h
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
4.037
%
,
8/26/47
..............................
United
States
188,976
189,191
b
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
e
2024-3,
AF,
144A,
FRN,
4.995%,
(30-day
SOFR
Average
+
1.35%),
7/25/54
...................................
United
States
349,219
350,073
2024-NQM1,
A1,
144A,
6.152%,
12/25/68
...............
United
States
1,542,266
1,552,384
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
New
Residential
Mortgage
Loan
Trust
,
e
2018-4A,
A1M,
144A,
FRN,
4.669%,
(1-month
SOFR
+
1.014%),
1/25/48
..................................
United
States
98,159
$
97,203
h
2019-NQM4,
A2,
144A,
FRN,
2.644%,
9/25/59
............
United
States
364,257
351,325
h
2019-NQM4,
A3,
144A,
FRN,
2.797%,
9/25/59
............
United
States
927,650
895,850
b
OBX
Trust
,
h
2018-EXP1,
1A3,
144A,
FRN,
4%,
4/25/48
...............
United
States
78,616
75,000
2024-NQM2,
A1,
144A,
5.878%,
12/25/63
...............
United
States
500,991
503,399
b,h
Onity
Loan
Investment
Trust
,
2024-HB2
,
A
,
144A,
FRN
,
5
%
,
8/25/37
.........................................
United
States
456,523
456,771
b,h
Residential
Mortgage
Loan
Trust
,
2021-1R
,
A1
,
144A,
FRN
,
0.859
%
,
1/25/65
...................................
United
States
54,771
53,387
b,e
Station
Place
Securitization
Trust
,
2025-1,
A,
144A,
FRN,
4.552%,
(1-month
SOFR
+
0.9%),
7/23/26
.........................................
United
States
4,786,000
4,789,002
2025-3,
A,
144A,
FRN,
4.552%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
4,920,000
4,941,610
2025-7,
A,
144A,
FRN,
4.552%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
4,841,000
4,868,210
b,e
Structured
Agency
Credit
Risk
,
2026-DNA1
,
M1
,
144A,
FRN
,
4.645
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/46
...........
United
States
2,215,095
2,214,352
e
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR7
,
1A1
,
FRN
,
5.469
%
,
(
1-month
SOFR
+
1.814
%
),
5/25/47
.........
United
States
356,783
296,452
b
Toorak
Mortgage
Trust
,
2025-RRTL1
,
A1
,
144A,
5.524
%
,
2/25/40
United
States
630,000
632,761
b
Verus
Securitization
Trust
,
2024-1
,
A1
,
144A,
5.712
%
,
1/25/69
.
United
States
561,672
563,741
87,097,877
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$87,651,006)
...............
87,097,877
Agency
Commercial
Mortgage-Backed
Securities
3.9%
Financial
Services
3.9%
FHLMC
,
3539,
PM,
4.5%,
5/15/37
............................
United
States
2,983
2,837
3724,
CM,
5.5%,
6/15/37
............................
United
States
8,388
8,623
e
5396,
FG,
FRN,
4.645%,
(30-day
SOFR
Average
+
1%),
4/25/54
.........................................
United
States
2,659,331
2,675,703
e
5397,
NF,
FRN,
4.695%,
(30-day
SOFR
Average
+
1.05%),
4/25/54
.........................................
United
States
3,253,939
3,280,333
e
5466,
FG,
FRN,
4.595%,
(30-day
SOFR
Average
+
0.95%),
10/25/54
........................................
United
States
5,148,583
5,173,724
e
5601,
FC,
FRN,
4.695%,
(30-day
SOFR
Average
+
1.05%),
11/25/55
........................................
United
States
2,721,128
2,743,854
g,h
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
K737,
X1,
IO,
FRN,
0.717%,
10/25/26
..................
United
States
57,367,143
86,016
K738,
XAM,
IO,
FRN,
1.487%,
3/25/27
..................
United
States
17,882,000
181,054
K739,
XAM,
IO,
FRN,
1.664%,
9/25/27
..................
United
States
36,816,638
585,609
FNMA
,
2010-81,
AP,
2.5%,
7/25/40
..........................
United
States
6,919
6,662
2011-60,
PA,
4%,
10/25/39
...........................
United
States
3,070
2,879
e
2024-77,
DF,
FRN,
4.845%,
(30-day
SOFR
Average
+
1.2%),
10/25/53
........................................
United
States
1,120,684
1,134,628
e
2024-82,
FE,
FRN,
4.595%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
1,362,654
1,369,326
e
2024-89,
FA,
FRN,
4.845%,
(30-day
SOFR
Average
+
1.2%),
12/25/54
........................................
United
States
6,590,686
6,663,486
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FNMA,
(continued)
e
2024-98,
FA,
FRN,
4.795%,
(30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
4,791,521
$
4,838,615
e
2025-25,
FB,
FRN,
4.595%,
(30-day
SOFR
Average
+
0.95%),
4/25/55
.........................................
United
States
2,723,183
2,737,514
e
2025-41,
FA,
FRN,
4.795%,
(30-day
SOFR
Average
+
1.15%),
6/25/54
.........................................
United
States
2,401,062
2,427,595
e
2025-55,
FG,
FRN,
4.745%,
(30-day
SOFR
Average
+
1.1%),
7/25/55
.........................................
United
States
5,893,463
5,946,991
GNMA
,
2009-32,
AB,
4%,
5/16/39
...........................
United
States
2,960
2,922
g,h
2021-17,
IO,
FRN,
1.053%,
1/16/61
....................
United
States
16,807,400
1,295,785
e
2024-78,
QF,
FRN,
4.74%,
(30-day
SOFR
Average
+
1.1%),
5/20/54
.........................................
United
States
7,528,982
7,581,399
e
2025-169,
FB,
FRN,
4.64%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
3,461,241
3,484,729
e
2025-169,
FC,
FRN,
4.64%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
2,376,982
2,392,833
54,623,117
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$54,261,695)
.......
54,623,117
Municipal
Bonds
1.0%
Alabama
0.2%
Alabama
Economic
Settlement
Authority
,
BP
Settlement
Fund
,
Revenue
,
2016
B
,
4.263
%
,
9/15/32
....................
United
States
2,165,000
2,146,450
California
0.1%
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
1,850,000
1,847,897
Florida
0.1%
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
1,325,000
1,385,858
Illinois
0.2%
City
of
Chicago
,
GO
,
2017
B
,
PEDM
,
7.045
%
,
1/01/29
........
United
States
690,000
704,761
State
of
Illinois
,
GO
,
2026
A
,
4.854
%
,
4/01/32
..............
United
States
1,535,000
1,551,052
2,255,813
Pennsylvania
0.1%
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia
,
Revenue
,
2004
,
NATL
Insured
,
6.55
%
,
10/15/28
United
States
1,150,000
1,210,660
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
4.132
%
,
11/01/30
.........
United
States
765,000
761,081
1,971,741
South
Carolina
0.2%
South
Carolina
Public
Service
Authority
,
Revenue
,
2009
F
,
5.74
%
,
1/01/30
.........................................
United
States
2,750,000
2,836,391
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
0.1%
Virginia
Commonwealth
University
,
Revenue
,
2020
B
,
Refunding
,
2.124
%
,
11/01/30
..................................
United
States
1,360,000
$
1,245,678
Total
Municipal
Bonds
(Cost
$13,787,300)
....................................
13,689,828
Total
Long
Term
Investments
(Cost
$1,179,589,393)
...........................
1,179,228,510
a
Short
Term
Investments
15.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
12.4%
b,i
Agree
LP
,
144A,
4.14%
,
5/01/26
........................
United
States
7,990,000
7,989,081
b,i
Alimentation
Couche-Tard,
Inc.
,
144A,
4.04%
,
5/21/26
........
Canada
3,095,000
3,087,728
b,i
AutoNation,
Inc.
,
144A,
4.05%
,
5/01/26
...................
United
States
12,960,000
12,958,542
b,i
AvalonBay
Communities,
Inc.
,
144A,
3.96%,
5/05/26
................................
United
States
1,725,000
1,724,053
144A,
3.97%,
5/06/26
................................
United
States
2,295,000
2,293,484
4,017,537
b,i
BAT
International
Finance
plc
,
144A,
3.97%,
5/08/26
................................
United
Kingdom
2,495,000
2,492,802
144A,
3.99%,
5/13/26
................................
United
Kingdom
3,035,000
3,030,628
5,523,430
b,i
Bayer
Corp.
,
144A,
4.13%
,
7/20/26
......................
United
States
6,940,000
6,876,072
b,i
Boston
Properties
LP
,
144A,
4.03%,
5/13/26
................................
United
States
2,495,000
2,491,374
144A,
4.03%,
5/21/26
................................
United
States
3,085,000
3,077,770
5,569,144
b,i
Bunge
Ltd.
Finance
Corp.
,
144A,
3.98%,
5/04/26
................................
United
States
3,940,000
3,938,257
144A,
4.08%,
5/27/26
................................
United
States
2,640,000
2,631,937
6,570,194
b,i
Cabot
Corp.
,
144A,
3.97%
,
5/06/26
......................
United
States
2,275,000
2,273,497
b,i
Charles
Schwab
Corp.
(The)
,
144A,
3.7%
,
5/08/26
..........
United
States
3,435,000
3,432,181
b,i
Enel
Finance
America
LLC
,
144A,
4.04%
,
6/26/26
...........
Italy
3,210,000
3,189,604
b,i
Energy
Transfer
LP
,
144A,
3.99%
,
5/01/26
.................
United
States
8,585,000
8,584,048
b,i
Essex
Portfolio
LP
,
144A,
4.01%,
5/05/26
................................
United
States
4,650,000
4,647,414
144A,
4.09%,
6/02/26
................................
United
States
5,420,000
5,399,739
10,047,153
b,i
Extra
Space
Storage
LP
,
144A,
4%,
5/12/26
..................................
United
States
2,780,000
2,776,297
144A,
4.06%,
5/21/26
................................
United
States
2,640,000
2,633,768
144A,
4.07%,
5/27/26
................................
United
States
3,105,000
3,095,540
8,505,605
b,i
Intercontinental
Exchange,
Inc.
,
144A,
4.06%,
5/06/26
................................
United
States
2,225,000
2,223,495
144A,
4.06%,
5/08/26
................................
United
States
3,785,000
3,781,584
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
b,i
Intercontinental
Exchange,
Inc.,
(continued)
144A,
4.1%,
5/13/26
.................................
United
States
2,705,000
$
2,700,996
8,706,075
b,i
Keurig
Dr.
Pepper
,
Inc.
,
144A,
4.12%
,
5/07/26
..............
United
States
3,740,000
3,737,004
b,i
Marriott
International,
Inc.
,
144A,
4.04%,
5/05/26
................................
United
States
3,515,000
3,513,031
144A,
4.07%,
5/11/26
................................
United
States
2,240,000
2,237,215
5,750,246
b,i
Mid-America
Apartments
LP
,
144A,
3.96%,
5/05/26
................................
United
States
2,655,000
2,653,541
144A,
3.97%,
5/14/26
................................
United
States
3,005,000
3,000,368
5,653,909
b,i
Nutrien
Ltd.
,
144A,
4.01%
,
5/08/26
......................
Canada
2,610,000
2,607,674
b,i
O'Reilly
Automotive,
Inc.
,
144A,
3.93%,
5/01/26
................................
United
States
1,660,000
1,659,819
144A,
3.95%,
5/04/26
................................
United
States
4,225,000
4,223,146
5,882,965
b,i
Owens
Corning
,
144A,
4%
,
5/04/26
......................
United
States
3,110,000
3,108,618
i
Penske
Truck
Leasing
Co.
LP
,
4.01%,
5/01/26
.....................................
United
States
1,535,000
1,534,829
4.05%,
5/07/26
.....................................
United
States
4,310,000
4,306,606
4.08%,
5/12/26
.....................................
United
States
2,375,000
2,371,777
4.14%,
6/05/26
.....................................
United
States
3,095,000
3,082,243
11,295,455
b,i
Phillips
66
,
144A,
3.96%,
5/01/26
................................
United
States
1,375,000
1,374,849
144A,
3.98%,
5/04/26
................................
United
States
3,915,000
3,913,269
144A,
4.04%,
6/17/26
................................
United
States
3,895,000
3,874,112
9,162,230
b,i
Plains
All
American
Pipeline
LP
,
144A,
3.94%,
5/01/26
................................
United
States
2,040,000
2,039,777
144A,
3.95%,
5/04/26
................................
United
States
4,070,000
4,068,213
6,107,990
i
Ryder
System,
Inc.
,
3.96%,
5/06/26
.....................................
United
States
1,865,000
1,863,770
4%,
5/14/26
.......................................
United
States
4,405,000
4,398,159
4.04%,
5/21/26
.....................................
United
States
1,795,000
1,790,783
8,052,712
b,i
Targa
Resources
Corp.
,
144A,
4.03%
,
5/01/26
.............
United
States
4,375,000
4,374,510
b,i
Vulcan
Materials
Co.
,
144A,
3.96%
,
5/01/26
...............
United
States
3,695,000
3,694,593
b,i
WEC
Energy
Group,
Inc.
,
144A,
3.95%,
5/04/26
................................
United
States
2,640,000
2,638,841
144A,
4.02%,
5/18/26
................................
United
States
3,000,000
2,993,981
5,632,822
Total
Commercial
Papers
(Cost
$172,401,826)
................................
172,390,619
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.0%
†
i,j
U.S.
Treasury
Bills,
3.56%,
7/16/26
......................
United
States
100,000
$
99,244
Total
U.S.
Government
and
Agency
Securities
(Cost
$99,259)
...................
99,244
Shares
Management
Investment
Companies
3.0%
a,k
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
United
States
42,458,929
42,458,929
Total
Management
Investment
Companies
(Cost
$42,458,929)
..................
42,458,929
Total
Short
Term
Investments
(Cost
$214,960,014
)
.............................
214,948,792
a
Total
Investments
(Cost
$1,394,549,407)
99.6%
................................
$1,394,177,302
Other
Assets,
less
Liabilities
0.4%
...........................................
5,990,952
Net
Assets
100.0%
.........................................................
$1,400,168,254
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
(
g
)
regarding
investments
in
affiliated
management
investment
companies.
b
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
April
30,
2026,
the
aggregate
value
of
these
securities
was
$560,253,985,
representing
40.0%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
See
Note
1
(
d
).
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1
(
c
).
g
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
h
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
The
rate
shown
represents
the
yield
at
period
end.
j
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
April
30,
2026,
the
value
of
this
security
pledged
amounted
to
$95,274,
representing
less
than
0.1%
of
net
assets.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
At
April
30,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1(d).
At
April
30,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1(d).
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
2
Year
Notes
.....................
Long
686
$
142,087,750
6/30/26
$
(1,260,394)
Total
Futures
Contracts
......................................................................
$(1,260,394)
*
As
of
period
end.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.7
.
(5.00)%
Monthly
MLCO
1/17/47
315,000
$
33,378
$
54,646
$
(21,268)
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
515,000
35,468
30,480
4,988
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.BB.7
.
5.00%
Monthly
JPHQ
1/17/47
315,000
(33,378)
(154,241)
120,863
Non-
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
514,000
(35,400)
(30,970)
(4,430)
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
MLCO
5/11/63
1,000
(68)
(269)
201
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$-
$(100,354)
$100,354
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Duration
Bond
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
At
April
30,
2026,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1(d).
See
Note 7 regarding
other
derivative
information.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
3.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
3/18/28
421,234,000
$
(3,556,950)
$
326,624
$
(3,883,574)
Receive
Fixed
3.5%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
6/17/28
111,403,000
(503,084)
48,242
(551,326)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.45%
....
Annual
3/18/31
88,635,000
1,114,694
(22,524)
1,137,218
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.55%
....
Annual
6/17/31
45,020,000
380,229
128,200
252,029
Total
Interest
Rate
Swap
Contracts
.................................
$(2,565,111)
$
480,542
$(3,045,653)
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
46.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
April
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Putnam
Short
Duration
Bond
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,318,065,505
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
76,483,902
Value
-
Unaffiliated
issuers
..................................................................
$1,317,509,027
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
76,668,275
Cash
....................................................................................
512,007
Receivables:
Capital
shares
sold
........................................................................
3,415,470
Dividends
and
interest
.....................................................................
13,337,231
Deposits
with
brokers
for:
Centrally
cleared
swap
contracts
............................................................
166,717
Variation
margin
on
futures
contracts
...........................................................
117,903
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
247,202
OTC
swap
contracts
(upfront
payments)
..........................................................
85,126
Unrealized
appreciation
on
OTC
swap
contracts
....................................................
126,052
Prepaid
expenses
..........................................................................
21,613
Other
assets
..............................................................................
535
Total
assets
..........................................................................
1,412,207,158
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
9,325,193
Capital
shares
redeemed
...................................................................
1,475,714
Management
fees
.........................................................................
419,661
Distribution
fees
..........................................................................
107,761
Transfer
agent
fees
........................................................................
20,282
Trustees'
fees
and
expenses
.................................................................
35,585
Distributions
to
shareholders
.................................................................
328,126
OTC
swap
contracts
(upfront
receipts)
...........................................................
185,480
Unrealized
depreciation
on
OTC
swap
contracts
....................................................
25,698
Collateral
on
certain
derivative
contracts,
at
value
(Note
1
d
)
...........................................
107,407
Accrued
expenses
and
other
liabilities
...........................................................
7,997
Total
liabilities
.........................................................................
12,038,904
Net
assets,
at
value
.................................................................
$1,400,168,254
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,491,968,169
Total
distributable
earnings
(losses)
.............................................................
(91,799,915)
Net
assets,
at
value
.................................................................
$1,400,168,254
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
April
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
Putnam
Short
Duration
Bond
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$448,143,778
Shares
outstanding
........................................................................
45,062,169
Net
asset
value
per
share
a,b
..................................................................
$9.95
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
97.75%)
b
................................
$10.18
Class
C:
Net
assets,
at
value
.......................................................................
$17,332,470
Shares
outstanding
........................................................................
1,747,621
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$9.92
Class
R:
Net
assets,
at
value
.......................................................................
$1,542,822
Shares
outstanding
........................................................................
154,335
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.00
Class
R6:
Net
assets,
at
value
.......................................................................
$11,428,525
Shares
outstanding
........................................................................
1,144,547
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$9.99
Class
Y:
Net
assets,
at
value
.......................................................................
$921,720,659
Shares
outstanding
........................................................................
92,544,680
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$9.96
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
Funds
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
April
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Putnam
Short
Duration
Bond
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
g
)
.............................................................
$1,768,047
Interest:
Unaffiliated
issuers
........................................................................
26,929,492
Total
investment
income
...................................................................
28,697,539
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,512,908
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
561,114
Class
C
................................................................................
85,292
Class
R
................................................................................
3,443
Total
expenses
.........................................................................
3,162,757
Expense
reductions
(Note
4
)
...............................................................
(1,338)
Expenses
waived/paid
by
affiliates
(Note
3g)
...................................................
(25,441)
Net
expenses
.........................................................................
3,135,978
Net
investment
income
................................................................
25,561,561
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
239,051
Futures
contracts
.........................................................................
(187,574)
Swap
contracts
...........................................................................
893,717
Net
realized
gain
(loss)
..................................................................
945,194
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(1,805,103)
Non-controlled
affiliates
(Note
3
g
)
...........................................................
(82,036)
Futures
contracts
.........................................................................
(1,042,456)
Swap
contracts
...........................................................................
(2,786,432)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(5,716,027)
Net
realized
and
unrealized
gain
(loss)
............................................................
(4,770,833)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$20,790,728
Putnam
Funds
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
Putnam
Short
Duration
Bond
Fund
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$25,561,561
$52,576,558
Net
realized
gain
(loss)
.................................................
945,194
(2,222,323)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(5,716,027)
22,179,351
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
20,790,728
72,533,586
Distributions
to
shareholders:
Class
A
.............................................................
(8,473,637)
(18,098,076)
Class
C
.............................................................
(259,062)
(547,575)
Class
R
.............................................................
(24,120)
(37,547)
Class
R6
............................................................
(233,632)
(544,869)
Class
Y
.............................................................
(17,661,204)
(35,982,295)
Total
distributions
to
shareholders
..........................................
(26,651,655)
(55,210,362)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(3,185,396)
(35,226,885)
Class
C
.............................................................
364,347
(482,310)
Class
R
.............................................................
320,417
305,013
Class
R6
............................................................
358,414
(4,208,724)
Class
Y
.............................................................
56,002,295
116,126,904
Total
capital
share
transactions
............................................
53,860,077
76,513,998
Net
increase
(decrease)
in
net
assets
...................................
47,999,150
93,837,222
Net
assets:
Beginning
of
period
.....................................................
1,352,169,104
1,258,331,882
End
of
period
..........................................................
$1,400,168,254
$1,352,169,104
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
Short
Duration
Bond
Fund
34
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of fourteen
separate
funds.
The
Trust
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.
Putnam
Short
Duration
Bond
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Class
Y. 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.
The
following
summarizes
the
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust'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).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Stripped
Securities
The
Fund
may
invest
in
stripped
securities
which
represent
a
participation
in
securities
that
may
be
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest-only
securities
receive
all
of
the
interest
and
principal-only
securities
receive
all
of
the
principal.
If
the
interest
only
securities
experience
greater
than
anticipated
prepayments
of
principal,
the
Fund
may
fail
to
recoup
fully
its
initial
investment
in
these
securities.
Conversely,
principal-
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
fair
value
of
these
securities
is
highly
sensitive
to
changes
in
interest
rates.
c.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
d.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
or
at
the
broker and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
entered
into
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
are
reflected
in
the Statement
of
Assets
and
Liabilities
and
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss
in
the Statement
of
Operations.
Credit
default
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Interest
rate
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
7 regarding
other
derivative
information.
e.
Income
and
Deferred
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
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
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
April
30,
2026, 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).
The
Fund's
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
f.
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.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
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.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
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.
g.
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.
h.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Income
and
Deferred
Taxes
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
April
30,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
April
30,
2026
Year
Ended
October
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
6,942,895
$69,384,543
12,889,643
$127,886,116
Shares
issued
in
reinvestment
of
distributions
..........
816,880
8,158,881
1,798,243
17,863,433
Shares
redeemed
...............................
(8,082,776)
(80,728,820)
(18,253,640)
(180,976,434)
Net
increase
(decrease)
..........................
(323,001)
$(3,185,396)
(3,565,754)
$(35,226,885)
Class
C
Shares:
Shares
sold
...................................
212,127
$2,114,177
424,170
$4,197,234
Shares
issued
in
reinvestment
of
distributions
..........
25,500
254,050
55,320
547,926
Shares
redeemed
a
..............................
(201,093)
(2,003,880)
(528,266)
(5,227,470)
Net
increase
(decrease)
..........................
36,534
$364,347
(48,776)
$(482,310)
Class
R
Shares:
Shares
sold
...................................
31,464
$315,740
38,065
$379,867
Shares
issued
in
reinvestment
of
distributions
..........
2,377
23,863
3,791
37,863
Shares
redeemed
...............................
(1,912)
(19,186)
(11,338)
(112,717)
Net
increase
(decrease)
..........................
31,929
$320,417
30,518
$305,013
Class
R6
Shares:
Shares
sold
...................................
271,707
$2,723,658
649,417
$6,469,066
Shares
issued
in
reinvestment
of
distributions
..........
18,360
184,162
43,179
430,773
Shares
redeemed
...............................
(254,505)
(2,549,406)
(1,114,656)
(11,108,563)
Net
increase
(decrease)
..........................
35,562
$358,414
(422,060)
$(4,208,724)
Class
Y
Shares:
Shares
sold
...................................
20,481,225
$204,786,472
41,758,714
$414,220,276
Shares
issued
in
reinvestment
of
distributions
..........
1,578,182
15,788,469
3,367,071
33,495,647
Shares
redeemed
...............................
(16,462,656)
(164,572,646)
(33,338,971)
(331,589,019)
Net
increase
(decrease)
..........................
5,596,751
$56,002,295
11,786,814
$116,126,904
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
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
trustees of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
a
monthly
base
fee
equal
to
0.37%
of
the
monthly
average
of
the
Fund's
net
asset
value.
In
return
for
this
fee, Advisers
provides
investment
management
and
investor
servicing
and
bears
the
Fund's
organizational
and
operating
expenses,
excluding
performance
fee
adjustments,
payments
under
the
fund's
distribution
plan,
brokerage,
interest,
taxes,
investment
related
expenses,
extraordinary
expenses
and
acquired
fund
fees
and
expenses.
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.
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.
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.
These
fees
are
paid
by
Advisors
as
part
of
the
management
contract.
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.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
Class
R
...................................................................
1.00%
0.50%
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
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
period:
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,
Class
R
and
Class
Y
shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund's
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
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.
Class R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class R6
shares
at
an
annual
rate
of
0.05%.
These
fees
are
being
paid
by
Advisers
as
part
of
the
management
contract.
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.
These
fees
are
being
paid
by
Advisers
as
part
of
the
management
contract.
g.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$6,780
CDSC
retained
..............................................................................
$10,884
3.
Transactions
with
Affiliates
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
4.
Expense
Offset
Arrangement
The Fund has entered
into
an arrangement
with PSERV
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees.
During
the
period
ended
April
30,
2026,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
April
30,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
paydown
losses
and
bond
discounts
and
premiums.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
April
30,
2026,
aggregated
$240,556,635 and
$192,671,330,
respectively.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Putnam
Short
Duration
Bond
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Ultra
Short
Bond
ETF
.
$34,291,382
$-
$-
$-
$(82,036)
$34,209,346
1,367,280
$718,560
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
......
53,870,652
403,172,584
(414,584,307)
-
-
42,458,929
42,458,929
1,049,487
Total
Affiliated
Securities
...
$88,162,034
$403,172,584
$(414,584,307)
$-
$(82,036)
$76,668,275
$1,768,047
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
20,331,279
Long
term
................................................................................
62,729,727
Total
capital
loss
carryforwards
...............................................................
$83,061,006
Cost
of
investments
..........................................................................
$1,400,872,844
Unrealized
appreciation
........................................................................
$8,662,664
Unrealized
depreciation
........................................................................
(19,183,711)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(10,521,047)
3.
Transactions
with
Affiliates
(continued)
g.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
7.
Other
Derivative
Information
At
April
30,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
April
30,
2026,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
April
30,
2026,
the
average
month
end
notional
amount
of
futures
contracts
and
swap
contracts
represented 156,609,477 and
583,421,857,
respectively.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Short
Duration
Bond
Fund
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
-
Variation
margin
on
futures
contracts
$
1,260,394
a
Variation
margin
on
centrally
cleared
swap
contracts
1,389,247
a
Variation
margin
on
centrally
cleared
swap
contracts
4,434,900
a
Credit
contracts
............
OTC
swap
contracts
(upfront
payments)
85,126
OTC
swap
contracts
(upfront
receipts)
185,480
Unrealized
appreciation
on
OTC
swap
contracts
126,052
Unrealized
depreciation
on
OTC
swap
contracts
25,698
Total
....................
$1,600,425
$5,906,472
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
and
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Short
Duration
Bond
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$(187,574)
Futures
contracts
$(1,042,456)
Swap
contracts
893,709
Swap
contracts
(2,786,432)
Credit
contracts
...............
Swap
contracts
8
Swap
contracts
-
Total
.......................
$706,143
$(3,828,888)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
At
April
30,
2026,
the
Fund's
OTC
derivative
assets
and
liabilities
are
as
follows:
At
April
30,
2026,
OTC
derivative
assets,
which
may
be
offset
against
the
Fund's
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Putnam
Short
Duration
Bond
Fund
Swap
Contracts
.......................................
$
211,178
$
211,178
Total
.............................................
$211,178
$211,178
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
a,b
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Putnam
Short
Duration
Bond
Fund
Counterparty
BOFA
....................
$
-
$
-
$
-
$
-
$
-
CITI
.....................
35,468
-
-
-
35,468
JPHQ
...................
120,863
(120,863)
-
-
-
MLCO
...................
54,847
(21,537)
(33,310)
-
-
Total
...................
$211,178
$(142,400)
$(33,310)
$-
$35,468
$
1
7.
Other
Derivative
Information
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
At
April
30,
2026,
OTC
derivative
liabilities,
which
may
be
offset
against
the
Fund's
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(d)
regarding
derivative
financial
instruments.
See
Abbreviations
on
page
46.
8.
Upcoming
Reorganization
On
May
21,
2026,
the
Board
approved
a
proposal
to
reorganize
the
Fund
with
and
into
a
newly-organized
exchange
traded
fund
(ETF).
Upon
completion
of
the
reorganization,
and
subject
to
certain
conditions,
on
or
around
the
first
quarter
of
2027,
substantially
all
net
assets
in
the
Fund
will
be
transferred
into
the
ETF
and
ETF
shares
will
be
distributed
to
the
Fund's
shareholders
in
complete
liquidation
of
the
Fund.
9.
Credit
Facility
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
29,
2027.
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
may,
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
period
ended
April
30,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
b,c
Cash
Collateral
Pledged
Net
Amount
(Not
less
than
zero)
Putnam
Short
Duration
Bond
Fund
Counterparty
BOFA
....................
$
35,400
$
-
$
-
$
-
$
35,400
CITI
.....................
-
-
-
-
-
JPHQ
...................
154,241
(120,863)
(33,378)
-
-
MLCO
...................
21,537
(21,537)
-
-
-
Total
...................
$211,178
$(142,400)
$(33,378)
$-
$35,400
a
At
April
30,
2026,
the
Fund
received
U.S
Treasury
Bills,
Bonds
and
Notes
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
over
collateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
c
See
the
accompanying
Schedule
of
Investments
for
securities
pledged
as
collateral
for
derivatives.
7.
Other
Derivative
Information
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund'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
Fund'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.
A
summary
of
inputs
used
as
of
April
30,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
11.
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.
Level
1
Level
2
Level
3
Total
Putnam
Short
Duration
Bond
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
$
34,209,346
$
-
$
-
$
34,209,346
Corporate
Bonds
........................
-
727,611,714
-
727,611,714
Foreign
Government
and
Agency
Securities
....
-
4,022,277
-
4,022,277
U.S.
Government
and
Agency
Securities
.......
-
70,665,239
-
70,665,239
Asset-Backed
Securities
...................
-
128,266,400
-
128,266,400
Commercial
Mortgage-Backed
Securities
......
-
56,226,358
-
56,226,358
Mortgage-Backed
Securities
................
-
2,816,354
-
2,816,354
Residential
Mortgage-Backed
Securities
.......
-
87,097,877
-
87,097,877
Agency
Commercial
Mortgage-Backed
Securities
-
54,623,117
-
54,623,117
Municipal
Bonds
.........................
-
13,689,828
-
13,689,828
Short
Term
Investments
...................
42,458,929
172,489,863
-
214,948,792
Total
Investments
in
Securities
...........
$76,668,275
$1,317,509,027
$-
$1,394,177,302
Other
Financial
Instruments:
Swap
Contracts
.........................
$-
$1,515,299
$-
$1,515,299
Total
Other
Financial
Instruments
.........
$-
$1,515,299
$-
$1,515,299
-
-
-
-
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
$1,260,394
$-
$-
$1,260,394
Swap
Contracts
.........................
-
4,460,598
-
4,460,598
Total
Other
Financial
Instruments
.........
$1,260,394
$4,460,598
$-
$5,720,992
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
Putnam
Short
Duration
Bond
Fund
(continued)
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
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
12.
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
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
MLCO
Merrill
Lynch
International
&
Co.
Index
CMBX.NA.
Series
number
CMBX
North
America
Index
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
3.66%
Selected
Portfolio
CLO
Collateralized
Loan
Obligation
ETF
Exchange-Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
IO
Interest
Only
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
11.
Operating
Segments
(continued)
Putnam
Funds
Trust
47
franklintempleton.com
Semiannual
Report
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
Remuneration
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
Not
applicable.
39113-SFSOI
06/26
©
2026
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 EQUITY 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 Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation. |
| (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) Not applicable.
Exhibit 99.CODE ETH
Exhibit 99.CERT
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 Funds Trust
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | June 25, 2026 |
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: | June 25, 2026 |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Principal Financial Officer | ||
| Date: | June 25, 2026 |
Putnam Funds Trust published this content on June 25, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 25, 2026 at 19:55 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]