Putnam Funds Trust

03/26/2026 | Press release | Distributed by Public on 03/26/2026 13:05

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: July 31

Date of reporting period: January 31, 2026

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Putnam Short Term Investment Fund
Class G  
Semi-Annual Shareholder Report | January 31, 2026
This semi-annual shareholder reportcontains important information about Putnam Short Term Investment Fund for the period August 1, 2025, to January 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-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 G
$2
0.03%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$1,692,137,749
Total Number of Portfolio Holdings
96
Portfolio Turnover Rate
40%
WHAT DID THE FUND INVEST IN? (as of January 31, 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-internalusefunds-documents, including its:
• proxy voting information • financial information • holdings • tax information
Putnam Short Term Investment Fund PAGE 1 39210-STSG-0326
Putnam Short Term Investment Fund
Class P  
Semi-Annual Shareholder Report | January 31, 2026
This semi-annual shareholder reportcontains important information about Putnam Short Term Investment Fund for the period August 1, 2025, to January 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-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 P
$2
0.03%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$1,692,137,749
Total Number of Portfolio Holdings
96
Portfolio Turnover Rate
40%
WHAT DID THE FUND INVEST IN? (as of January 31, 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-internalusefunds-documents, including its:
• proxy voting information • financial information • holdings • tax information
Putnam Short Term Investment Fund PAGE 1 39210-STSP-0326

(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
Term
Investment
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
January 31, 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
9
Notes
to
Financial
Statements
12
Changes
In
and
Disagreements
with
Accountants
17
Results
of
Meeting(s)
of
Shareholders
17
Remuneration
Paid
to
Directors,
Officers
and
Others
17
Board
Approval
of
Management
and
Subadvisory
Agreements
17
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Term
Investment
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
a
Class
G
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations
b
:
Net
investment
income
c
.............
0.021
0.047
0.055
0.042
0.004
0.001
Net
realized
and
unrealized
gains
(losses)
d
.......................
-
-
-
-
-
-
Total
from
investment
operations
........
0.021
0.047
0.055
0.042
0.004
0.001
Less
distributions
from:
Net
investment
income
..............
(0.021)
(0.047)
(0.055)
(0.042)
(0.004)
(0.001)
Net
asset
value,
end
of
period
..........
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
e
.......................
2.13%
4.83%
5.67%
4.31%
0.40%
0.14%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.28%
0.28%
0.28%
0.29%
0.28%
0.28%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.03%
0.03%
g
0.03%
g
0.04%
g
0.03%
g
0.03%
g
Net
investment
income
...............
4.15%
4.73%
5.51%
4.30%
0.43%
0.14%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$10,521
$9,686
$5,162
$3,436
$2,930
$1,799
Portfolio
turnover
rate
................
40%
-%
-%
-%
-%
25%
a
For
the
period
August
3,
2020
(commencement
of
operations)
to
July
31,
2021.
b
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.
c
Based
on
average
daily
shares
outstanding.
d
Amount
rounds
to
less
than
$0.001
per
share.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Short
Term
Investment
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
P
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.021
0.047
0.055
0.042
0.004
0.001
Net
realized
and
unrealized
gains
(losses)
c
.......................
-
-
-
-
-
-
Total
from
investment
operations
........
0.021
0.047
0.055
0.042
0.004
0.001
Less
distributions
from:
Net
investment
income
..............
(0.021)
(0.047)
(0.055)
(0.042)
(0.004)
(0.001)
Net
asset
value,
end
of
period
..........
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
d
.......................
2.13%
4.83%
5.67%
4.31%
0.40%
0.14%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.28%
0.28%
0.28%
0.29%
0.28%
0.28%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.03%
0.03%
f
0.03%
f
0.04%
f
0.03%
f
0.03%
f
Net
investment
income
...............
4.14%
4.73%
5.50%
4.18%
0.35%
0.15%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$1,681,617
$1,596,505
$2,545,026
$2,160,313
$2,085,929
$3,009,268
Portfolio
turnover
rate
................
40%
-%
-%
-%
-%
25%
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
Amount
rounds
to
less
than
$0.001
per
share.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Putnam
Short
Term
Investment
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
Short
Term
Investments
100.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Certificates
of
Deposit
7.1%
Banco
Santander
SA,
4%,
4/08/26
......................
Spain
9,250,000
$
9,252,658
a
Bank
of
America
Corp.,
3.98%,
12/28/26
..................
United
States
8,000,000
7,999,950
Bank
of
America
NA
,
4.25%,
3/02/26
.....................................
United
States
11,000,000
11,004,026
a
4%,
4/09/26
.......................................
United
States
9,000,000
9,003,492
a
4.02%,
12/04/26
....................................
United
States
8,900,000
8,905,242
28,912,760
a
Bank
of
Montreal
,
3.98%,
8/11/26
.....................................
Canada
8,500,000
8,504,429
4.02%,
2/12/27
.....................................
Canada
8,100,000
8,099,149
16,603,578
a
Bank
of
Nova
Scotia
(The),
4%,
12/03/26
.................
Canada
14,000,000
14,005,226
a
Canadian
Imperial
Bank
of
Commerce,
3.95%,
2/09/26
.......
Canada
7,500,000
7,500,481
a
Cooperatieve
Rabobank
UA,
3.92%,
4/06/26
...............
Netherlands
11,000,000
11,003,897
Wells
Fargo
Bank
NA
,
3.8%,
9/16/26
......................................
United
States
8,500,000
8,504,112
3.75%,
12/17/26
....................................
United
States
8,500,000
8,498,344
3.75%,
1/26/27
.....................................
United
States
8,000,000
7,999,139
25,001,595
Total
Certificates
of
Deposit
(Cost
$120,250,318)
..............................
120,280,145
a
a
a
Commercial
Papers
36.7%
b,c
ABN
AMRO
Funding
USA
LLC
,
144A,
3.96%,
2/17/26
................................
Netherlands
9,500,000
9,482,286
144A,
3.84%,
4/09/26
................................
Netherlands
8,250,000
8,190,569
17,672,855
c
Australia
&
New
Zealand
Banking
Group
Ltd.
,
a
144A,
3.85%,
2/11/26
................................
Australia
10,750,000
10,750,215
b
144A,
3.85%,
2/23/26
................................
Australia
8,500,000
8,479,168
b
144A,
3.75%,
6/05/26
................................
Australia
9,150,000
9,032,533
b
144A,
3.72%,
7/23/26
................................
Australia
8,000,000
7,859,408
b
144A,
3.72%,
8/20/26
................................
Australia
8,625,000
8,449,678
44,571,002
b,c
Banco
Santander
SA
,
144A,
4.14%
,
2/09/26
...............
Spain
8,000,000
7,991,733
b,c
Barclays
Bank
plc
,
144A,
3.89%
,
4/13/26
.................
United
Kingdom
8,250,000
8,186,318
b,c
BPCE
SA
,
144A,
3.86%,
2/26/26
................................
France
9,250,000
9,224,307
144A,
3.82%,
4/07/26
................................
France
9,250,000
9,185,707
144A,
3.82%,
7/02/26
................................
France
8,300,000
8,168,424
26,578,438
b
Canada
Government
Bond
,
4.05%
,
2/09/26
................
Canada
9,500,000
9,490,381
b,c
Chariot
Funding
LLC
,
144A,
3.88%,
2/27/26
................................
United
States
9,125,000
9,098,542
144A,
3.84%,
4/08/26
................................
United
States
7,000,000
6,950,390
16,048,932
b
Cooperatieve
Rabobank
UA
,
3.85%
,
3/16/26
...............
Netherlands
9,750,000
9,704,323
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Term
Investment
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
b
Credit
Agricole
Corporate
and
Investment
Bank
SA
,
3.73%,
3/09/26
.....................................
France
8,250,000
$
8,218,482
3.75%,
6/03/26
.....................................
France
9,350,000
9,231,613
17,450,095
b,c
Danske
Bank
A/S
,
144A,
3.81%
,
5/27/26
..................
Denmark
8,750,000
8,643,914
b,c
DNB
Bank
ASA
,
144A,
3.72%
,
4/09/26
...................
Norway
7,000,000
6,951,204
b
Export
Development
Canada
,
3.68%
,
3/03/26
..............
Canada
9,500,000
9,469,994
b
Exxon
Mobil
Corp.
,
3.75%
,
3/25/26
......................
United
States
13,000,000
12,928,669
a,c
ING
US
Funding
LLC
,
144A,
3.84
%
,
4/22/26
...............
Netherlands
9,250,000
9,251,309
b,c
John
Deere
Financial,
Inc.
,
144A,
3.86%
,
3/25/26
...........
United
States
7,800,000
7,755,914
b
Lloyds
Bank
plc
,
c
144A,
3.8%,
3/19/26
.................................
United
Kingdom
9,500,000
9,453,108
3.75%,
5/07/26
.....................................
United
Kingdom
7,650,000
7,574,177
3.75%,
7/20/26
.....................................
United
Kingdom
7,750,000
7,614,972
24,642,257
b,c
Mizuho
Bank
Ltd.
,
144A,
3.87%,
3/02/26
................................
Japan
8,000,000
7,974,291
144A,
3.84%,
5/06/26
................................
Japan
8,200,000
8,117,825
16,092,116
b
MUFG
Bank
Ltd.
,
3.77%,
2/27/26
.....................................
Japan
8,400,000
8,376,325
3.79%,
3/24/26
.....................................
Japan
9,250,000
9,199,584
17,575,909
a,c
National
Australia
Bank
Ltd.
,
144A,
3.89%,
2/20/26
................................
Australia
12,250,000
12,251,109
144A,
3.91%,
3/20/26
................................
Australia
14,000,000
14,002,352
26,253,461
c
National
Bank
of
Canada
,
a
144A,
3.84%,
3/25/26
................................
Canada
8,250,000
8,249,604
b
144A,
3.78%,
4/30/26
................................
Canada
8,250,000
8,173,584
16,423,188
b,c
Nationwide
Building
Society
,
144A,
3.98%,
2/13/26
................................
United
Kingdom
8,650,000
8,637,584
144A,
3.73%,
3/18/26
................................
United
Kingdom
8,330,000
8,290,538
144A,
3.77%,
3/23/26
................................
United
Kingdom
8,250,000
8,206,202
25,134,324
c
Nordea
Bank
Abp
,
b
144A,
3.72%,
5/18/26
................................
Finland
8,250,000
8,159,759
a
144A,
3.88%,
6/23/26
................................
Finland
8,250,000
8,253,292
16,413,051
b,c
NRW
Bank
,
144A,
4.05%,
2/09/26
................................
Germany
8,250,000
8,241,646
144A,
3.74%,
4/02/26
................................
Germany
8,250,000
8,198,026
144A,
3.73%,
4/10/26
................................
Germany
8,000,000
7,943,222
24,382,894
b,c
Province
of
Quebec
Canada
,
144A,
3.8%
,
2/24/26
...........
Canada
8,500,000
8,478,521
a,c
Royal
Bank
of
Canada
,
144A,
3.92
%
,
3/23/26
..............
Canada
10,500,000
10,501,517
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Term
Investment
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
b,c
Sanofi
SA
,
144A,
4.03%
,
2/10/26
.......................
United
States
8,250,000
$
8,240,778
b
Santander
UK
plc
,
3.81%
,
3/05/26
.......................
United
Kingdom
8,650,000
8,619,882
a,c
Skandinaviska
Enskilda
Banken
AB
,
144A,
3.85
%
,
3/11/26
....
Sweden
9,300,000
9,300,955
b,c
Societe
Generale
SA
,
144A,
3.87%
,
3/31/26
...............
France
8,500,000
8,446,496
a,c
Sumitomo
Mitsui
Banking
Corp.
,
144A,
3.87
%
,
2/26/26
.......
Japan
5,500,000
5,500,389
b,c
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
144A,
4.52%
,
2/04/26
......
Japan
9,050,000
9,045,460
b,c
Sumitomo
Mitsui
Trust
Bank
USA
Ltd.
,
144A,
3.9%
,
2/17/26
...
Japan
9,500,000
9,482,541
b,c
Sumitomo
Mitsui
Trust
NY
,
144A,
3.84%
,
3/10/26
............
Japan
8,500,000
8,465,658
a,c
Svenska
Handelsbanken
AB
,
144A,
3.91
%
,
4/22/26
.........
Sweden
8,400,000
8,402,537
c
Swedbank
AB
,
a
144A,
3.83%,
3/10/26
................................
Sweden
8,700,000
8,701,070
b
144A,
3.78%,
4/16/26
................................
Sweden
8,250,000
8,185,579
b
144A,
3.77%,
7/28/26
................................
Sweden
8,000,000
7,853,575
24,740,224
c
Toronto-Dominion
Bank
(The)
,
b
144A,
3.91%,
2/25/26
................................
Canada
8,650,000
8,626,582
b
144A,
3.86%,
3/13/26
................................
Canada
8,500,000
8,462,792
a
144A,
3.98%,
11/06/26
...............................
Canada
9,250,000
9,255,467
26,344,841
b,c
TotalEnergies
Capital
SA
,
144A,
3.9%,
2/19/26
.................................
France
8,500,000
8,482,539
144A,
3.85%,
2/26/26
................................
France
8,500,000
8,476,425
144A,
3.82%,
3/20/26
................................
France
8,825,000
8,780,316
144A,
3.81%,
3/31/26
................................
France
8,000,000
7,950,400
33,689,680
b
Toyota
Credit
de
Puerto
Rico
Corp.
,
3.84%,
3/20/26
.....................................
United
States
6,750,000
6,715,593
3.92%,
5/26/26
.....................................
United
States
3,750,000
3,703,648
10,419,241
b
Toyota
Motor
Credit
Corp.
,
4.04%,
2/10/26
.....................................
United
States
8,000,000
7,991,032
3.91%,
2/17/26
.....................................
United
States
9,250,000
9,232,962
3.82%,
4/14/26
.....................................
United
States
6,500,000
6,450,029
23,674,023
c
Westpac
Banking
Corp.
,
a
144A,
3.87%,
3/02/26
................................
Australia
20,300,000
20,302,406
b
144A,
3.81%,
1/21/27
................................
Australia
8,000,000
7,710,062
28,012,468
Total
Commercial
Papers
(Cost
$620,971,577)
................................
620,977,492
Repurchase
Agreements
56.4%
d
Joint
tri-party
repurchase
agreement
with
Bank
of
Nova
Scotia
(The),
3.66%,
2/02/26
(Maturity
Value
$6,053,745)
Collateralized
by
U.S.
Treasuries,
0.25%
-
4.5%,
4/15/26
-
2/15/50
(valued
at
$6,174,831)
........................
6,051,899
6,051,899
d
Joint
tri-party
repurchase
agreement
with
Barclays
Capital,
Inc.,
3.66%,
2/02/26
(Maturity
Value
$20,179,149)
Collateralized
by
U.S.
Treasury
Notes,
4.125%,
5/31/32
(valued
at
$20,582,744)
...................................
20,172,996
20,172,996
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Term
Investment
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
(continued)
d
Joint
tri-party
repurchase
agreement
with
BNP
Paribas
SA,
3.67%,
2/02/26
(Maturity
Value
$34,588,506)
Collateralized
by
U.S.
Treasuries,
3.375%
-
4.5%,
8/31/26
-
11/15/44,
U.S.
Government
and
Agency
Securities,
1.917%
-
7%,
1/1/29
-
1/1/56
and
Agency
Mortgage-Backed
Securities,
4%,
2/20/50
(valued
at
$35,280,277)
...................
34,577,931
$
34,577,931
d
Joint
tri-party
repurchase
agreement
with
BofA
Securities,
Inc.,
3.67%,
2/02/26
(Maturity
Value
$28,499,035)
Collateralized
by
U.S.
Government
and
Agency
Securities,
1.5%
-
6.5%,
1/1/36
-
12/1/55
and
Agency
Mortgage-Backed
Securities,
6%,
11/20/65
(valued
at
$29,060,129)
..........
28,490,322
28,490,322
d
Joint
tri-party
repurchase
agreement
with
Citigroup
Global
Markets,
Inc.,
3.67%,
2/02/26
(Maturity
Value
$26,524,908)
Collateralized
by
U.S.
Government
and
Agency
Securities,
1.4%
-
4.25%,
2/5/27
-
4/13/46
and
Agency
Mortgage-Backed
Securities,
5.35%,
2/15/67
(valued
at
$27,050,088)
........
26,516,798
26,516,798
d
Joint
tri-party
repurchase
agreement
with
HSBC
Securities
USA,
Inc.,
3.68%,
2/02/26
(Maturity
Value
$121,075,094)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2%
-
7.5%,
2/1/30
-
12/1/55
(valued
at
$123,496,596)
...........
121,037,975
121,037,975
e
Tri-party
repurchase
agreement,
3.85%,
2/02/26
(Maturity
Value
$25,008,021)
RBC
Capital
Markets
LLC
(perpetual
maturity)
Collateralized
by
Corporate
Bonds,
4.25%
-
5.95%,
12/15/30
-
3/15/55
and
Commercial
Paper,
0%,
4/29/26
(valued
at
$26,258,422)
.....................................
25,000,000
25,000,000
e
Tri-party
repurchase
agreement,
3.8%,
2/02/26
(Maturity
Value
$25,007,917)
BNP
Paribas
SA
(perpetual
maturity)
Collateralized
by
Corporate
Bonds,
2.5%
-
7.5%,
9/27/26
-
5/2/84
(valued
at
$26,258,614)
........................
25,000,000
25,000,000
e
Tri-party
repurchase
agreement
with
Goldman
Sachs
&
Co.
LLC,
3.68%,
2/02/26
(Maturity
Value
$318,034,501)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2%
-
6%,
7/1/43
-
9/1/55
and
Agency
Mortgage-Backed
Securities,
4%
-
6.5%,
2/15/35
-
2/15/61
(valued
at
$324,295,741)
......
317,937,000
317,937,000
e
Tri-party
repurchase
agreement
with
J.P.
Morgan
Securities
LLC,
3.66%,
2/02/26
(Maturity
Value
$100,030,500)
Collateralized
by
U.S.
Treasury
Notes,
4%,
3/31/30
(valued
at
$102,031,135)
....................................
100,000,000
100,000,000
e
Tri-party
repurchase
agreement
with
J.P.
Morgan
Securities
LLC,
3.67%,
2/02/26
(Maturity
Value
$250,076,458)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2%
-
6%,
7/1/38
-
11/1/55
(valued
at
$255,077,988)
............
250,000,000
250,000,000
Total
Repurchase
Agreements
(Cost
$954,784,921)
............................
954,784,921
Total
Short
Term
Investments
(Cost
$1,696,006,816
)
...........................
1,696,042,558
a
Total
Investments
(Cost
$1,696,006,816)
100.2%
..............................
$1,696,042,558
Other
Assets,
less
Liabilities
(0.2)%
.........................................
(3,904,809)
Net
Assets
100.0%
.........................................................
$1,692,137,749
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Short
Term
Investment
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
The
coupon
rate
shown
represents
the
rate
at
period
end.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$486,455,826,
representing
28.7%
of
net
assets.
d
See
Note
1(b)
regarding
joint
repurchase
agreement.
e
See
Note
1(b)
regarding
repurchase
agreement.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
Putnam
Short
Term
Investment
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$741,221,895
Cost
-
Unaffiliated
repurchase
agreements
......................................................
954,784,921
Value
-
Unaffiliated
issuers
..................................................................
$741,257,637
Value
-
Unaffiliated
repurchase
agreements
......................................................
954,784,921
Cash
....................................................................................
5,336
Receivables:
Capital
shares
sold
........................................................................
8,998
Interest
.................................................................................
1,429,275
Other
assets
..............................................................................
1,265
Total
assets
..........................................................................
1,697,487,432
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
1,596
Administrative
fees
........................................................................
8,350
Transfer
agent
fees
........................................................................
28,705
Trustees'
fees
and
expenses
.................................................................
62,515
Distributions
to
shareholders
.................................................................
5,133,384
Accrued
expenses
and
other
liabilities
...........................................................
115,133
Total
liabilities
.........................................................................
5,349,683
Net
assets,
at
value
.................................................................
$1,692,137,749
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,691,908,957
Total
distributable
earnings
(losses)
.............................................................
228,792
Net
assets,
at
value
.................................................................
$1,692,137,749
Putnam
Short
Term
Investment
Fund
Class
G:
Net
assets,
at
value
.......................................................................
$10,520,736
Shares
outstanding
........................................................................
10,522,541
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$1.00
Class
P:
Net
assets,
at
value
.......................................................................
$1,681,617,013
Shares
outstanding
........................................................................
1,681,386,416
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$1.00
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Putnam
Short
Term
Investment
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$36,222,417
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,171,566
Administrative
fees
(Note
3
b
)
..................................................................
19,165
Transfer
agent
fees:
(Note
3c
)
Class
G
................................................................................
487
Class
P
................................................................................
86,051
Custodian
fees
............................................................................
3,368
Reports
to
shareholders
fees
..................................................................
9,831
Professional
fees
...........................................................................
99,665
Trustees'
fees
and
expenses
(Note
3
d
)
...........................................................
38,801
Other
....................................................................................
(18,484)
Total
expenses
.........................................................................
2,410,450
Expenses
waived/paid
by
affiliates
(Note
3a)
...................................................
(2,171,566)
Net
expenses
.........................................................................
238,884
Net
investment
income
................................................................
35,983,533
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
36,874
Net
realized
and
unrealized
gain
(loss)
............................................................
36,874
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$36,020,407
Putnam
Funds
Trust
Financial
Statements
Statement
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Putnam
Short
Term
Investment
Fund
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$35,983,533
$107,820,305
Net
realized
gain
(loss)
.................................................
-
194,342
Net
change
in
unrealized
appreciation
(depreciation)
...........................
36,874
(241,075)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
36,020,407
107,773,572
Distributions
to
shareholders:
Class
G
............................................................
(201,885)
(368,238)
Class
P
.............................................................
(35,781,684)
(107,460,788)
Total
distributions
to
shareholders
..........................................
(35,983,569)
(107,829,026)
Capital
share
transactions:
(Note
2
)
Class
G
............................................................
834,928
4,524,959
Class
P
.............................................................
85,074,810
(948,466,174)
Total
capital
share
transactions
............................................
85,909,738
(943,941,215)
Net
increase
(decrease)
in
net
assets
...................................
85,946,576
(943,996,669)
Net
assets:
Beginning
of
period
.....................................................
1,606,191,173
2,550,187,842
End
of
period
..........................................................
$1,692,137,749
$1,606,191,173
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
Short
Term
Investment
Fund
12
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
Term
Investment
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers two
classes
of
shares:
Class
G
and
Class
P. 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
Securities
are
valued
at
amortized
cost,
which
approximates
fair
value.
Amortized
cost
is
an
income-based
approach
which
involves
valuing
an
instrument
at
its
cost
and
thereafter
assuming
a
constant
amortization
to
maturity
of
any
discount
or
premium.
Under
compliance
policies
and
procedures
approved
by
the
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).
b.
Repurchase
Agreements
The
Fund
enters
into
repurchase
agreements.
Repurchase
agreements
are
accounted
for
as
a
loan
by
the
Fund
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the
Fund's
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
be
at
least
102%
of
the
dollar
amount
invested
by
the
Fund,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
The
Fund
may
also
enter
into
joint
repurchase
agreements
whereby
its
uninvested
cash
balance
is
deposited
into
a
joint
cash
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager
and
is
used
to
invest
in
one
or
more
repurchase
agreements.
The
value
and
face
amount
of
the
joint
repurchase
agreement
are
allocated
to
the
funds
based
on
their
pro-rata
interest.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Fund,
certain
MRAs
may
permit
the
non-defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The
Fund
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the Fund
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
All
repurchase
agreements
held
by
the Fund
at
period
end,
as
indicated
in
the Schedule
of
Investments,
had
been
entered
into
on
January
30,
2026.
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
January
31,
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.
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Income
received
from
the
Portfolio
and
estimated
expenses
are
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
13
franklintempleton.com
Semiannual
Report
Putnam
Short
Term
Investment
Fund
(continued)
accrued
daily.
Dividends
from
net
investment
income
are
normally
declared
and
distributed
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
net
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
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.
e.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
f.
Guarantees
and
Indemnifications
Under
the 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.
2.
Shares
of
Beneficial
Interest
At
January
31,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
at
$1.00
per
share
were
as
follows:
Six
Months
Ended
January
31,
2026
Year
Ended
July
31,
2025
Shares
Amount
Shares
Amount
Class
G
Shares:
Shares
sold
...................................
2,842,229
$2,842,229
8,053,822
$8,053,822
Shares
issued
in
reinvestment
of
distributions
..........
202,982
202,982
363,668
363,668
Shares
redeemed
...............................
(2,210,283)
(2,210,283)
(3,892,531)
(3,892,531)
Net
increase
(decrease)
..........................
834,928
$834,928
4,524,959
$4,524,959
Class
P
Shares:
Shares
sold
...................................
8,248,952,347
$8,248,952,347
17,697,649,490
$17,697,649,490
Shares
redeemed
...............................
(8,163,877,537)
(8,163,877,537)
(18,646,115,664)
(18,646,115,664)
Net
increase
(decrease)
..........................
85,074,810
$85,074,810
(948,466,174)
$(948,466,174)
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
14
franklintempleton.com
Semiannual
Report
Putnam
Short
Term
Investment
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 directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
Advisers
for
management
and
investment
advisory
services
monthly
based
on
the
average
net
assets
of
the
fund.
Such
fee
is
based
on
the
annual
rate
of
0.25%
of the
average
net
assets
of
the
Fund.
Advisers
has
contractually
agreed
to
waive
its
management
fee
from
the
Fund
through
November
2026.
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.
c.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
was
paid
a
monthly
fee
for
investor
servicing
at
an
annual
rate
of
0.01%
of
the
Fund's
average
daily
net
assets.
d.
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.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
arrangements
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
January
31,
2026,
there
were
no
credits
earned.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
Semiannual
Report
Putnam
Short
Term
Investment
Fund
(continued)
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
January
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
January
31,
2026,
aggregated
$47,850,000 and
$139,830,000,
respectively.
7.
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.
Money
market
securities
may
be
valued
using
amortized
cost,
in
accordance
with
the
1940
Act.
Generally,
amortized
cost
reflects
the
current
fair
value
of
a
security,
but
since
the
value
is
not
obtained
from
a
quoted
price
in
an
active
market,
such
financial
instruments
were
valued
using
Level
2
inputs.
At
January
31,
2026,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 2
inputs.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
1
Cost
of
investments
..........................................................................
$1,696,006,816
Unrealized
appreciation
........................................................................
$89,589
Unrealized
depreciation
........................................................................
(53,847)
Net
unrealized
appreciation
(depreciation)
..........................................................
$35,742
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
Putnam
Short
Term
Investment
Fund
(continued)
8.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund's
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
("CODM")
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
9.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Putnam
Funds
Trust
17
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
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
39210-SFSOI
03/26
©
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 Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's oversight.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.

(a) (1) 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: March 26, 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: March 26, 2026
By: /s/ Jeffrey White
Jeffrey White
Principal Financial Officer
Date: March 26, 2026
Putnam Funds Trust published this content on March 26, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 26, 2026 at 19:05 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]