Putnam Funds Trust
03/26/2026 | Press release | Distributed by Public on 03/26/2026 12:58
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 Ultra Short Duration Income Fund
|
||
|
Class A [PSDTX]
|
||
|
Semi-Annual Shareholder Report | January 31, 2026
|
||
This semi-annual shareholder reportcontains important information about Putnam Ultra Short Duration Income 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-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
|
$21
|
0.41%
|
| * | 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
|
$12,587,329,162
|
|
Total Number of Portfolio Holdings
|
593
|
|
Portfolio Turnover Rate
|
24%
|
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. |
| † | Certain categories may represent less than 0.1%. |
|
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 Ultra Short Duration Income Fund | PAGE 1 | 39200-STSA-0326 |
|
Putnam Ultra Short Duration Income Fund
|
||
|
Class C [PSDLX]
|
||
|
Semi-Annual Shareholder Report | January 31, 2026
|
||
This semi-annual shareholder reportcontains important information about Putnam Ultra Short Duration Income 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-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
|
$41
|
0.81%
|
| * | 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
|
$12,587,329,162
|
|
Total Number of Portfolio Holdings
|
593
|
|
Portfolio Turnover Rate
|
24%
|
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. |
| † | Certain categories may represent less than 0.1%. |
|
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 Ultra Short Duration Income Fund | PAGE 1 | 39200-STSC-0326 |
|
Putnam Ultra Short Duration Income Fund
|
||
|
Class N [PSDNX]
|
||
|
Semi-Annual Shareholder Report | January 31, 2026
|
||
This semi-annual shareholder reportcontains important information about Putnam Ultra Short Duration Income 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-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 N
|
$29
|
0.56%
|
| * | 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
|
$12,587,329,162
|
|
Total Number of Portfolio Holdings
|
593
|
|
Portfolio Turnover Rate
|
24%
|
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. |
| † | Certain categories may represent less than 0.1%. |
|
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 Ultra Short Duration Income Fund | PAGE 1 | 39200-STSN-0326 |
|
Putnam Ultra Short Duration Income Fund
|
||
|
Class R [PSDRX]
|
||
|
Semi-Annual Shareholder Report | January 31, 2026
|
||
This semi-annual shareholder reportcontains important information about Putnam Ultra Short Duration Income 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-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
|
$41
|
0.81%
|
| * | 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
|
$12,587,329,162
|
|
Total Number of Portfolio Holdings
|
593
|
|
Portfolio Turnover Rate
|
24%
|
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. |
| † | Certain categories may represent less than 0.1%. |
|
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 Ultra Short Duration Income Fund | PAGE 1 | 39200-STSR-0326 |
|
Putnam Ultra Short Duration Income Fund
|
||
|
Class R6 [PSDQX]
|
||
|
Semi-Annual Shareholder Report | January 31, 2026
|
||
This semi-annual shareholder reportcontains important information about Putnam Ultra Short Duration Income 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-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
|
$15
|
0.29%
|
| * | 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
|
$12,587,329,162
|
|
Total Number of Portfolio Holdings
|
593
|
|
Portfolio Turnover Rate
|
24%
|
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. |
| † | Certain categories may represent less than 0.1%. |
|
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 Ultra Short Duration Income Fund | PAGE 1 | 39200-STSR6-0326 |
|
Putnam Ultra Short Duration Income Fund
|
||
|
Class Y [PSDYX]
|
||
|
Semi-Annual Shareholder Report | January 31, 2026
|
||
This semi-annual shareholder reportcontains important information about Putnam Ultra Short Duration Income 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-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
|
$16
|
0.31%
|
| * | 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
|
$12,587,329,162
|
|
Total Number of Portfolio Holdings
|
593
|
|
Portfolio Turnover Rate
|
24%
|
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. |
| † | Certain categories may represent less than 0.1%. |
|
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 Ultra Short Duration Income Fund | PAGE 1 | 39200-STSY-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
Ultra
Short
Duration
Income
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
28
Notes
to
Financial
Statements
32
Changes
In
and
Disagreements
with
Accountants
42
Results
of
Meeting(s)
of
Shareholders
42
Remuneration
Paid
to
Directors,
Officers
and
Others
42
Board
Approval
of
Management
and
Subadvisory
Agreements
42
Putnam
Funds
Trust
Financial
Highlights
Putnam
Ultra
Short
Duration
Income
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
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.13
$10.11
$10.04
$9.98
$10.08
$10.08
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.22
0.48
0.52
0.39
0.05
0.04
Net
realized
and
unrealized
gains
(losses)
0.01
0.03
0.07
0.06
(0.10)
-
c
Total
from
investment
operations
........
0.23
0.51
0.59
0.45
(0.05)
0.04
Less
distributions
from:
Net
investment
income
..............
(0.22)
(0.49)
(0.52)
(0.39)
(0.05)
(0.04)
Net
asset
value,
end
of
period
..........
$10.14
$10.13
$10.11
$10.04
$9.98
$10.08
Total
return
d
.......................
2.33%
5.12%
6.05%
4.61%
(0.49)%
0.36%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.42%
0.47%
0.48%
0.49%
0.46%
0.46%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.41%
0.41%
0.42%
0.42%
0.40%
0.40%
Net
investment
income
...............
4.31%
4.78%
5.18%
3.80%
0.46%
0.37%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$3,661,030
$3,329,237
$2,917,381
$3,042,385
$4,297,725
$6,611,459
Portfolio
turnover
rate
................
24%
61%
59%
35%
48%
63%
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
repurchas-
es
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
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
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
Financial
Highlights
Putnam
Ultra
Short
Duration
Income
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
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.12
$10.10
$10.02
$9.97
$10.07
$10.07
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.20
0.44
0.48
0.35
0.02
-
c
Net
realized
and
unrealized
gains
(losses)
0.01
0.02
0.08
0.05
(0.10)
-
c
Total
from
investment
operations
........
0.21
0.46
0.56
0.40
(0.08)
-
c
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.44)
(0.48)
(0.35)
(0.02)
(-)
c
Net
asset
value,
end
of
period
..........
$10.13
$10.12
$10.10
$10.02
$9.97
$10.07
Total
return
d
.......................
2.13%
4.70%
5.73%
4.09%
(0.78)%
0.02%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.82%
0.87%
0.88%
0.89%
0.86%
0.86%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.81%
0.82%
0.82%
0.82%
0.68%
0.75%
Net
investment
income
...............
3.90%
4.38%
4.78%
3.43%
0.20%
0.02%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$17,602
$13,672
$11,476
$11,341
$15,421
$22,031
Portfolio
turnover
rate
................
24%
61%
59%
35%
48%
63%
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
repurchas-
es
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
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
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
Financial
Highlights
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
N
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.12
$10.10
$10.02
$9.97
$10.07
$10.07
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.21
0.47
0.51
0.38
0.04
0.02
Net
realized
and
unrealized
gains
(losses)
0.02
0.02
0.08
0.05
(0.10)
-
c
Total
from
investment
operations
........
0.23
0.49
0.59
0.43
(0.06)
0.02
Less
distributions
from:
Net
investment
income
..............
(0.22)
(0.47)
(0.51)
(0.38)
(0.04)
(0.02)
Net
asset
value,
end
of
period
..........
$10.13
$10.12
$10.10
$10.02
$9.97
$10.07
Total
return
d
.......................
2.25%
4.96%
5.99%
4.34%
(0.64)%
0.21%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.58%
0.62%
0.63%
0.64%
0.61%
0.61%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.56%
0.57%
0.57%
0.57%
0.55%
0.55%
Net
investment
income
...............
4.15%
4.63%
5.03%
3.84%
0.30%
0.22%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$15,604
$8,264
$8,916
$10,828
$7,791
$14,369
Portfolio
turnover
rate
................
24%
61%
59%
35%
48%
63%
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
repurchas-
es
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
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
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
Financial
Highlights
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
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
.....
$10.11
$10.10
$10.02
$9.97
$10.07
$10.07
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.20
0.44
0.48
0.35
0.02
-
c
Net
realized
and
unrealized
gains
(losses)
0.02
0.01
0.08
0.05
(0.10)
-
c
Total
from
investment
operations
........
0.22
0.45
0.56
0.40
(0.08)
-
c
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.44)
(0.48)
(0.35)
(0.02)
(-)
c
Net
asset
value,
end
of
period
..........
$10.13
$10.11
$10.10
$10.02
$9.97
$10.07
Total
return
d
.......................
2.23%
4.60%
5.73%
4.09%
(0.78)%
0.02%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.82%
0.87%
0.88%
0.89%
0.86%
0.86%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.81%
0.82%
0.82%
0.82%
0.69%
0.75%
Net
investment
income
...............
3.89%
4.38%
4.77%
3.46%
0.24%
0.02%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$3,920
$3,805
$3,381
$4,509
$5,240
$4,207
Portfolio
turnover
rate
................
24%
61%
59%
35%
48%
63%
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
repurchas-
es
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
$0.01
per
share.
d
Toal
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
Financial
Highlights
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
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
.....
$10.14
$10.13
$10.05
$10.00
$10.10
$10.09
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.22
0.50
0.54
0.40
0.06
0.05
Net
realized
and
unrealized
gains
(losses)
0.03
0.01
0.08
0.05
(0.10)
0.01
Total
from
investment
operations
........
0.25
0.51
0.62
0.45
(0.04)
0.06
Less
distributions
from:
Net
investment
income
..............
(0.23)
(0.50)
(0.54)
(0.40)
(0.06)
(0.05)
Net
asset
value,
end
of
period
..........
$10.16
$10.14
$10.13
$10.05
$10.00
$10.10
Total
return
c
.......................
2.49%
5.15%
6.29%
4.64%
(0.37)%
0.57%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.30%
0.33%
0.35%
0.36%
0.35%
0.35%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.29%
0.29%
0.29%
0.29%
0.29%
0.29%
Net
investment
income
...............
4.39%
4.91%
5.31%
4.25%
0.69%
0.46%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$2,279,090
$1,028,506
$484,884
$513,428
$177,358
$121,669
Portfolio
turnover
rate
................
24%
61%
59%
35%
48%
63%
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
repurchas-
es
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
Toal
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%.
Putnam
Funds
Trust
Financial
Highlights
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
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
.....
$10.14
$10.12
$10.05
$9.99
$10.09
$10.09
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.23
0.49
0.53
0.40
0.06
0.05
Net
realized
and
unrealized
gains
(losses)
0.01
0.03
0.07
0.06
(0.10)
-
c
Total
from
investment
operations
........
0.24
0.52
0.60
0.46
(0.04)
0.05
Less
distributions
from:
Net
investment
income
..............
(0.23)
(0.50)
(0.53)
(0.40)
(0.06)
(0.05)
Net
asset
value,
end
of
period
..........
$10.15
$10.14
$10.12
$10.05
$9.99
$10.09
Total
return
d
.......................
2.38%
5.22%
6.15%
4.71%
(0.39)%
0.46%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.32%
0.37%
0.38%
0.39%
0.36%
0.36%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.31%
0.31%
0.32%
0.32%
0.30%
0.30%
Net
investment
income
...............
4.40%
4.88%
5.27%
3.97%
0.60%
0.46%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$6,610,084
$6,552,848
$6,214,408
$7,097,143
$8,130,742
$8,944,133
Portfolio
turnover
rate
................
24%
61%
59%
35%
48%
63%
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
repurchas-
es
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
$0.01
per
share.
d
Toal
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
Ultra
Short
Duration
Income
Fund
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
81.0%
Aerospace
&
Defense
1.4%
a
BAE
Systems
plc
,
Senior
Note
,
144A,
5
%
,
3/26/27
..........
United
Kingdom
13,395,000
$
13,554,931
Boeing
Co.
(The)
,
Senior
Bond,
2.25%,
6/15/26
.........................
United
States
16,003,000
15,892,446
Senior
Note,
2.196%,
2/04/26
........................
United
States
61,036,000
61,025,639
Senior
Note,
3.1%,
5/01/26
..........................
United
States
33,572,000
33,492,694
Senior
Note,
2.7%,
2/01/27
..........................
United
States
19,741,000
19,508,385
Senior
Note,
5.04%,
5/01/27
.........................
United
States
18,502,000
18,701,610
RTX
Corp.
,
Senior
Note
,
5
%
,
2/27/26
....................
United
States
14,820,000
14,823,364
176,999,069
Automobiles
3.8%
a
BMW
US
Capital
LLC
,
b
Senior
Note,
144A,
FRN,
4.471%,
(SOFR
Index
+
0.8%),
8/13/26
.........................................
Germany
14,079,000
14,122,628
Senior
Note,
144A,
4.65%,
3/19/27
....................
Germany
27,726,000
27,951,260
b
Senior
Note,
144A,
FRN,
4.591%,
(SOFR
Index
+
0.92%),
8/13/27
.........................................
Germany
36,601,000
36,828,078
b
Senior
Note,
144A,
FRN,
4.595%,
(SOFR
Index
+
0.92%),
3/21/28
.........................................
Germany
46,685,000
47,034,291
a
Hyundai
Capital
America
,
Senior
Note,
144A,
1.65%,
9/17/26
....................
United
States
13,546,000
13,358,031
b
Senior
Note,
144A,
FRN,
4.706%,
(SOFR
+
1.04%),
3/19/27
.
United
States
30,094,000
30,214,865
Senior
Note,
144A,
5.3%,
3/19/27
.....................
United
States
32,399,000
32,853,885
Senior
Note,
144A,
4.85%,
3/25/27
....................
United
States
9,811,000
9,900,591
b
Senior
Note,
144A,
FRN,
4.704%,
(SOFR
+
1.04%),
6/24/27
.
United
States
37,824,000
38,037,275
b
Senior
Note,
144A,
FRN,
4.694%,
(SOFR
+
1.03%),
9/24/27
.
United
States
23,376,000
23,486,152
a
Mercedes-Benz
Finance
North
America
LLC
,
Senior
Note,
144A,
4.8%,
11/13/26
....................
Germany
36,948,000
37,221,177
b
Senior
Note,
144A,
FRN,
4.431%,
(SOFR
+
0.78%),
4/01/27
.
Germany
22,730,000
22,823,549
Senior
Note,
144A,
4.75%,
8/01/27
....................
Germany
14,112,000
14,293,673
Senior
Note,
144A,
4.75%,
3/31/28
....................
Germany
22,730,000
23,084,364
a
Volkswagen
Group
of
America
Finance
LLC
,
b
Senior
Note,
144A,
FRN,
4.505%,
(SOFR
+
0.83%),
3/20/26
.
Germany
47,860,000
47,883,066
Senior
Note,
144A,
4.9%,
8/14/26
.....................
Germany
26,980,000
27,103,911
Senior
Note,
144A,
4.45%,
9/11/27
....................
Germany
19,210,000
19,278,225
465,475,021
Banks
36.9%
a
ABN
AMRO
Bank
NV
,
b
Senior
Non-Preferred
Note,
144A,
FRN,
5.446%,
(SOFR
Index
+
1.78%),
9/18/27
.................................
Netherlands
9,300,000
9,377,380
Senior
Non-Preferred
Note,
144A,
6.339%
to
9/17/26,
FRN
thereafter,
9/18/27
.................................
Netherlands
44,220,000
44,836,338
Senior
Non-Preferred
Note,
144A,
4.988%
to
12/02/27,
FRN
thereafter,
12/03/28
................................
Netherlands
42,189,000
42,902,179
b
Senior
Preferred
Note,
144A,
FRN,
4.409%,
(SOFR
Index
+
0.75%),
7/07/28
..................................
Netherlands
22,340,000
22,449,424
a,b
ANZ
New
Zealand
Int'l
Ltd.
,
Senior
Note
,
144A,
FRN
,
4.263
%
,
(
SOFR
+
0.61
%
),
1/22/29
............................
New
Zealand
25,885,000
25,919,687
a
Australia
&
New
Zealand
Banking
Group
Ltd.
,
b
Senior
Note,
144A,
FRN,
4.336%,
(SOFR
+
0.68%),
7/16/27
.
Australia
36,314,000
36,511,114
b
Senior
Note,
144A,
FRN,
4.322%,
(SOFR
+
0.65%),
9/30/27
.
Australia
29,090,000
29,209,956
b
Senior
Note,
144A,
FRN,
4.286%,
(SOFR
+
0.62%),
6/18/28
.
Australia
28,125,000
28,255,973
b
Senior
Note,
144A,
FRN,
4.27%,
(
SOFR
+
0.59%),
12/08/28
.
Australia
10,430,000
10,465,324
Sub.
Bond,
144A,
4.4%,
5/19/26
......................
Australia
34,697,000
34,742,690
Banco
Bilbao
Vizcaya
Argentaria
SA
,
Senior
Non-Preferred
Note
,
6.138%
to
9/13/27,
FRN
thereafter
,
9/14/28
..............
Spain
28,638,000
29,627,267
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
Banks
(continued)
Banco
Santander
SA
,
Senior
Non-Preferred
Note,
5.552%
to
3/13/27,
FRN
thereafter,
3/14/28
.........................................
Spain
23,850,000
$
24,234,925
Senior
Preferred
Note,
6.527%
to
11/06/26,
FRN
thereafter,
11/07/27
........................................
Spain
25,668,000
26,148,815
b
Senior
Preferred
Note,
FRN,
4.776%,
(SOFR
+
1.12%),
7/15/28
.........................................
Spain
37,800,000
38,027,501
Bank
of
America
Corp.
,
b
Senior
Note,
FRN,
4.744%,
(SOFR
+
1.05%),
2/04/28
......
United
States
14,431,000
14,513,390
b
Senior
Note,
FRN,
4.481%,
(SOFR
+
0.83%),
1/24/29
......
United
States
47,787,000
47,980,207
b
Senior
Note,
FRN,
4.791%,
(SOFR
+
1.11%),
5/09/29
......
United
States
27,300,000
27,557,982
Sub.
Bond,
4.25%,
10/22/26
.........................
United
States
8,735,000
8,756,306
Bank
of
America
NA
,
Senior
Note
,
5.526
%
,
8/18/26
..........
United
States
11,626,000
11,717,595
Bank
of
Montreal
,
b
Senior
Note,
FRN,
4.55%,
(SOFR
Index
+
0.88%),
9/10/27
..
Canada
52,226,000
52,363,953
b
Senior
Note,
FRN,
4.425%,
(SOFR
Index
+
0.75%),
9/22/28
.
Canada
49,550,000
49,645,510
b
Senior
Note,
FRN,
4.521%,
(SOFR
+
1.72%),
1/27/29
......
Canada
42,179,000
42,333,083
J,
Senior
Note,
4.1%
to
12/14/26,
FRN
thereafter,
12/15/27
..
Canada
21,775,000
21,806,133
b
Bank
of
Nova
Scotia
(The)
,
Senior
Note,
FRN,
4.452%,
(SOFR
Index
+
0.78%),
6/04/27
.
Canada
37,930,000
38,110,961
Senior
Note,
FRN,
4.68%,
(SOFR
+
1%),
9/08/28
.........
Canada
37,442,000
37,644,609
Senior
Note,
FRN,
4.57%,
(SOFR
+
0.89%),
2/14/29
.......
Canada
27,545,000
27,601,343
c
Senior
Note,
FRN,
4.397%,
(SOFR
+
0.73%),
2/02/30
......
Canada
26,030,000
26,045,412
I,
Senior
Note,
FRN,
4.438%,
(SOFR
+
0.76%),
9/15/28
....
Canada
26,540,000
26,567,991
a
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note,
144A,
5.896%,
7/13/26
...........
France
23,865,000
24,079,772
Senior
Preferred
Note,
144A,
5.088%,
1/23/27
...........
France
6,705,000
6,785,453
b
Senior
Preferred
Note,
144A,
FRN,
4.759%,
(SOFR
Index
+
1.07%),
2/16/28
..................................
France
43,971,000
44,269,567
Senior
Preferred
Note,
144A,
4.591%,
10/16/28
...........
France
20,026,000
20,258,528
b
Senior
Preferred
Note,
144A,
FRN,
4.646%,
(SOFR
+
0.99%),
10/16/28
........................................
France
26,682,000
26,837,429
Barclays
plc
,
Senior
Note,
5.829%
to
5/08/26,
FRN
thereafter,
5/09/27
....
United
Kingdom
34,275,000
34,431,680
Senior
Note,
6.496%
to
9/12/26,
FRN
thereafter,
9/13/27
....
United
Kingdom
30,870,000
31,316,449
b
Senior
Note,
FRN,
5.159%,
(SOFR
+
2.98%),
3/12/28
......
United
Kingdom
15,749,000
15,902,380
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
....
United
Kingdom
31,151,000
31,811,560
a
BNP
Paribas
SA
,
Senior
Non-Preferred
Bond,
144A,
3.5%,
11/16/27
........
France
53,803,000
53,278,447
Senior
Non-Preferred
Bond,
144A,
4.4%,
8/14/28
.........
France
5,735,000
5,764,167
b
Senior
Non-Preferred
Note,
144A,
FRN,
5.122%,
(SOFR
+
1.43%),
5/09/29
..................................
France
44,985,000
45,466,220
Senior
Preferred
Note,
144A,
5.125%
to
1/12/28,
FRN
thereafter,
1/13/29
.................................
France
13,800,000
14,054,839
a
BPCE
SA
,
Senior
Non-Preferred
Bond,
144A,
3.5%,
10/23/27
........
France
42,433,000
42,026,439
b
Senior
Non-Preferred
Note,
144A,
FRN,
5.644%,
(SOFR
Index
+
1.98%),
10/19/27
................................
France
11,255,000
11,363,730
Senior
Non-Preferred
Note,
144A,
6.612%
to
10/18/26,
FRN
thereafter,
10/19/27
................................
France
28,110,000
28,606,825
Senior
Non-Preferred
Note,
144A,
6.714%
to
10/18/28,
FRN
thereafter,
10/19/29
................................
France
3,863,000
4,095,110
a
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
6.684%
to
9/12/26,
FRN
thereafter,
9/13/27
.................................
Spain
59,860,000
60,805,577
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
Banks
(continued)
a
CaixaBank
SA,
(continued)
Senior
Non-Preferred
Note,
144A,
6.208%
to
1/17/28,
FRN
thereafter,
1/18/29
.................................
Spain
44,427,000
$
46,142,576
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
57,915,000
58,537,647
Canadian
Imperial
Bank
of
Commerce
,
Senior
Note,
5.926%,
10/02/26
.......................
Canada
31,583,000
32,022,826
b
Senior
Note,
FRN,
4.612%,
(SOFR
+
0.94%),
6/28/27
......
Canada
32,980,000
33,250,665
Senior
Note,
4.508%
to
9/10/26,
FRN
thereafter,
9/11/27
....
Canada
11,700,000
11,737,538
b
Senior
Note,
FRN,
4.599%,
(SOFR
Index
+
0.93%),
9/11/27
.
Canada
37,442,000
37,555,623
b
Senior
Note,
FRN,
4.702%,
(SOFR
+
1.03%),
3/30/29
......
Canada
36,270,000
36,488,125
Citibank
NA
,
Senior
Note
,
4.876%
to
11/18/26,
FRN
thereafter
,
11/19/27
........................................
United
States
33,962,000
34,204,984
b
Citigroup,
Inc.
,
Senior
Note,
FRN,
4.448%,
(SOFR
+
0.77%),
6/09/27
......
United
States
26,360,000
26,391,008
Senior
Note,
FRN,
4.825%,
(SOFR
+
1.143%),
5/07/28
.....
United
States
28,535,000
28,725,784
Senior
Note,
FRN,
4.541%,
(SOFR
+
0.87%),
3/04/29
......
United
States
58,488,000
58,628,125
a,b
Commonwealth
Bank
of
Australia
,
Senior
Note,
144A,
FRN,
4.124%,
(SOFR
+
0.46%),
11/27/26
Australia
36,945,000
37,072,721
Senior
Note,
144A,
FRN,
4.318%,
(SOFR
+
0.64%),
3/14/28
.
Australia
24,908,000
25,032,881
Cooperatieve
Rabobank
UA
,
Senior
Bond,
3.75%,
7/21/26
.........................
Netherlands
43,023,000
42,962,511
a
Senior
Non-Preferred
Note,
144A,
3.649%
to
4/05/27,
FRN
thereafter,
4/06/28
.................................
Netherlands
33,817,000
33,683,803
b
Senior
Preferred
Note,
FRN,
4.284%,
(SOFR
Index
+
0.62%),
8/28/26
.........................................
Netherlands
18,730,000
18,771,155
b
Senior
Preferred
Note,
FRN,
4.254%,
(SOFR
+
0.59%),
5/27/27
.........................................
Netherlands
18,025,000
18,096,259
b
Senior
Preferred
Note,
FRN,
4.066%,
(SOFR
+
0.41%),
1/14/28
.........................................
Netherlands
17,385,000
17,400,182
Senior
Preferred
Note,
4.883%,
1/21/28
................
Netherlands
18,165,000
18,575,962
a
Credit
Agricole
SA
,
Senior
Non-Preferred
Note,
144A,
4.631%
to
9/10/27,
FRN
thereafter,
9/11/28
.................................
France
47,688,000
48,059,281
b
Senior
Non-Preferred
Note,
144A,
FRN,
4.879%,
(SOFR
+
1.21%),
9/11/28
...................................
France
17,672,000
17,800,052
Senior
Preferred
Note,
144A,
5.589%,
7/05/26
...........
France
33,415,000
33,654,080
b
Senior
Preferred
Note,
144A,
FRN,
4.539%,
(SOFR
+
0.87%),
3/11/27
.........................................
France
2,750,000
2,762,405
Senior
Preferred
Note,
144A,
5.134%,
3/11/27
............
France
33,674,000
34,122,322
a
Danske
Bank
A/S
,
Senior
Non-Preferred
Bond,
144A,
4.375%,
6/12/28
.......
Denmark
25,156,000
25,318,729
Senior
Non-Preferred
Note,
144A,
4.298%
to
3/31/27,
FRN
thereafter,
4/01/28
.................................
Denmark
44,240,000
44,376,419
Senior
Preferred
Note,
144A,
5.427%
to
2/28/27,
FRN
thereafter,
3/01/28
.................................
Denmark
45,505,000
46,172,386
Fifth
Third
Bancorp
,
Senior
Note
,
6.361%
to
10/26/27,
FRN
thereafter
,
10/27/28
................................
United
States
8,607,000
8,937,555
Fifth
Third
Bank
NA
,
b
Senior
Note,
FRN,
4.461%,
(SOFR
+
0.81%),
1/28/28
......
United
States
20,900,000
20,944,904
Senior
Note,
4.967%
to
1/27/27,
FRN
thereafter,
1/28/28
....
United
States
17,664,000
17,820,023
Huntington
Bancshares,
Inc.
,
Senior
Note
,
4.443%
to
8/03/27,
FRN
thereafter
,
8/04/28
.............................
United
States
7,315,000
7,358,916
Huntington
National
Bank
(The)
,
b
Senior
Note,
FRN,
4.387%,
(SOFR
+
0.72%),
4/12/28
......
United
States
45,485,000
45,525,981
Senior
Note,
4.871%
to
4/11/27,
FRN
thereafter,
4/12/28
....
United
States
11,275,000
11,374,864
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
Banks
(continued)
ING
Groep
NV
,
Senior
Bond,
3.95%,
3/29/27
.........................
Netherlands
5,000,000
$
5,003,852
b
Senior
Note,
FRN,
4.661%,
(SOFR
Index
+
2.02%),
4/01/27
.
Netherlands
10,454,000
10,465,266
b
Senior
Note,
FRN,
5.229%,
(SOFR
Index
+
1.56%),
9/11/27
.
Netherlands
41,064,000
41,348,373
Senior
Note,
6.083%
to
9/10/26,
FRN
thereafter,
9/11/27
....
Netherlands
22,169,000
22,442,506
b
Senior
Note,
FRN,
4.663%,
(SOFR
Index
+
2.02%),
3/25/29
.
Netherlands
46,805,000
46,964,420
Senior
Note,
4.858%
to
3/24/28,
FRN
thereafter,
3/25/29
....
Netherlands
10,000,000
10,161,694
a
Intesa
Sanpaolo
SpA
,
Senior
Preferred
Bond
,
144A,
3.875
%
,
1/12/28
.........................................
Italy
8,705,000
8,661,339
JPMorgan
Chase
&
Co.
,
b
Senior
Note,
FRN,
4.573%,
(SOFR
+
0.92%),
4/22/28
......
United
States
19,779,000
19,894,243
Senior
Note,
5.571%
to
4/21/27,
FRN
thereafter,
4/22/28
....
United
States
35,522,000
36,198,247
Senior
Note,
4.505%
to
10/21/27,
FRN
thereafter,
10/22/28
..
United
States
35,384,000
35,722,494
b
Senior
Note,
FRN,
4.513%,
(SOFR
+
0.86%),
10/22/28
.....
United
States
25,379,000
25,486,139
b
Senior
Note,
FRN,
4.462%,
(SOFR
+
0.8%),
1/24/29
.......
United
States
39,824,000
39,961,572
Lloyds
Banking
Group
plc
,
b
Senior
Note,
FRN,
5.243%,
(
SOFR
Index
+
1.56%),
8/07/27
.
United
Kingdom
17,173,000
17,280,103
Senior
Note,
5.985%
to
8/06/26,
FRN
thereafter,
8/07/27
....
United
Kingdom
29,107,000
29,397,329
Senior
Note,
5.462%
to
1/04/27,
FRN
thereafter,
1/05/28
....
United
Kingdom
30,443,000
30,842,224
b
Senior
Note,
FRN,
4.735%,
(SOFR
Index
+
1.06%),
11/26/28
United
Kingdom
8,775,000
8,831,414
Senior
Note,
5.087%
to
11/25/27,
FRN
thereafter,
11/26/28
..
United
Kingdom
19,928,000
20,294,599
b
Senior
Note,
FRN,
4.728%,
(SOFR
Index
+
1.06%),
6/13/29
.
United
Kingdom
18,045,000
18,158,799
Senior
Note,
4.818%
to
6/12/28,
FRN
thereafter,
6/13/29
....
United
Kingdom
13,085,000
13,300,959
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note,
4.08%
to
4/18/27,
FRN
thereafter,
4/19/28
.....
Japan
9,185,000
9,196,229
Senior
Note,
5.017%
to
7/19/27,
FRN
thereafter,
7/20/28
....
Japan
32,970,000
33,468,796
b
Morgan
Stanley
Bank
NA
,
Senior
Note,
FRN,
4.596%,
(SOFR
+
0.94%),
7/14/28
......
United
States
37,728,000
38,000,881
Senior
Note,
FRN,
4.567%,
(SOFR
+
0.9%),
1/12/29
.......
United
States
13,738,000
13,801,517
National
Australia
Bank
Ltd.
,
Senior
Note,
3.85%,
12/13/28
........................
Australia
26,045,000
26,060,510
a,b
Senior
Note,
144A,
FRN,
4.289%,
(SOFR
+
0.62%),
6/11/27
.
Australia
18,673,000
18,750,377
a,b
Senior
Note,
144A,
FRN,
4.261%,
(SOFR
+
0.6%),
10/26/27
.
Australia
22,921,000
23,031,133
a,b
Senior
Note,
144A,
FRN,
4.18%,
(SOFR
+
0.5%),
3/06/28
...
Australia
13,000,000
13,022,145
a,b
Senior
Note,
144A,
FRN,
4.328%,
(SOFR
+
0.65%),
6/13/28
.
Australia
27,030,000
27,180,124
a,b
Senior
Note,
144A,
FRN,
4.197%,
(SOFR
+
0.53%),
12/13/28
Australia
25,825,000
25,851,144
National
Bank
of
Canada
,
Senior
Note,
4.702%
to
3/04/26,
FRN
thereafter,
3/05/27
....
Canada
27,300,000
27,316,635
b
Senior
Note,
FRN,
4.681%,
(
SOFR
Index
+
1.03%),
7/02/27
.
Canada
18,800,000
18,842,440
Senior
Note,
5.6%
to
7/01/26,
FRN
thereafter,
7/02/27
......
Canada
29,674,000
29,866,638
Senior
Note,
4.166%
to
1/19/28,
FRN
thereafter,
1/20/29
....
Canada
30,405,000
30,480,207
b
Senior
Note,
FRN,
4.434%,
(SOFR
+
0.77%),
1/20/29
......
Canada
21,715,000
21,757,569
NatWest
Group
plc
,
Senior
Note,
5.847%
to
3/01/26,
FRN
thereafter,
3/02/27
....
United
Kingdom
33,439,000
33,485,246
b
Senior
Note,
FRN,
4.903%,
(SOFR
+
1.25%),
3/01/28
......
United
Kingdom
44,560,000
44,707,439
Senior
Note,
5.583%
to
2/28/27,
FRN
thereafter,
3/01/28
....
United
Kingdom
20,520,000
20,871,533
b
Senior
Note,
FRN,
4.786%,
(SOFR
+
1.1%),
5/23/29
.......
United
Kingdom
13,505,000
13,599,230
a,b
Nordea
Bank
Abp
,
Senior
Preferred
Note,
144A,
FRN,
4.406%,
(SOFR
+
0.74%),
3/19/27
.........................................
Finland
14,242,000
14,298,085
Senior
Preferred
Note,
144A,
FRN,
4.367%,
(SOFR
+
0.7%),
3/17/28
.........................................
Finland
22,760,000
22,883,493
PNC
Bank
NA
,
b
Senior
Note,
FRN,
4.394%,
(SOFR
+
0.73%),
7/21/28
......
United
States
10,295,000
10,322,732
Senior
Note,
4.429%
to
7/20/27,
FRN
thereafter,
7/21/28
....
United
States
11,865,000
11,948,981
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
Banks
(continued)
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Note,
5.102%
to
7/22/26,
FRN
thereafter,
7/23/27
....
United
States
19,988,000
$
20,096,192
Senior
Note,
4.075%
to
1/25/28,
FRN
thereafter,
1/26/29
....
United
States
30,340,000
30,389,889
b
Senior
Note,
FRN,
4.282%,
(SOFR
+
0.62%),
1/26/29
......
United
States
26,005,000
26,051,365
b
Royal
Bank
of
Canada
,
Senior
Note,
FRN,
4.443%,
(SOFR
Index
+
0.79%),
7/23/27
.
Canada
42,037,000
42,095,172
Senior
Note,
FRN,
4.384%,
(
SOFR
Index
+
1.44%),
10/18/27
Canada
26,740,000
26,828,079
Senior
Note,
FRN,
4.492%,
(SOFR
Index
+
0.83%),
1/24/29
.
Canada
36,742,000
36,829,203
1,
Senior
Note,
FRN,
4.395%,
(SOFR
+
0.7%),
11/03/28
....
Canada
34,742,000
34,782,813
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
6.534%
to
1/09/28,
FRN
thereafter
,
1/10/29
......................
United
Kingdom
42,000,000
43,855,796
a
Skandinaviska
Enskilda
Banken
AB
,
b
Senior
Preferred
Note,
144A,
FRN,
4.562%,
(SOFR
+
1.78%),
3/05/27
.........................................
Sweden
12,268,000
12,339,558
Senior
Preferred
Note,
144A,
5.125%,
3/05/27
...........
Sweden
23,865,000
24,206,896
b
Senior
Preferred
Note,
144A,
FRN,
4.433%,
(SOFR
+
0.75%),
6/02/28
.........................................
Sweden
36,045,000
36,226,454
a
Societe
Generale
SA
,
Senior
Non-Preferred
Bond,
144A,
4%,
1/12/27
...........
France
19,733,000
19,724,204
b
Senior
Non-Preferred
Note,
144A,
FRN,
4.778%,
(SOFR
+
1.1%),
2/19/27
...................................
France
21,460,000
21,565,014
Senior
Non-Preferred
Note,
144A,
5.25%,
2/19/27
.........
France
51,030,000
51,640,435
Sumitomo
Mitsui
Financial
Group,
Inc.
,
Senior
Note,
1.402%,
9/17/26
........................
Japan
15,987,000
15,754,457
Senior
Note,
5.52%,
1/13/28
.........................
Japan
37,249,000
38,379,312
Senior
Note,
4.108%,
1/15/29
........................
Japan
13,055,000
13,060,414
b
Senior
Note,
FRN,
4.416%,
(SOFR
+
0.76%),
1/15/29
......
Japan
17,480,000
17,502,156
a
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
Senior
Note,
144A,
5.65%,
9/14/26
....................
Japan
9,670,000
9,770,712
Senior
Note,
144A,
5.2%,
3/07/27
.....................
Japan
14,741,000
14,953,193
b
Senior
Note,
144A,
FRN,
4.65%,
(SOFR
+
0.98%),
9/10/27
..
Japan
37,899,000
38,263,429
b
Senior
Note,
144A,
FRN,
4.419%,
(SOFR
+
0.75%),
9/11/28
.
Japan
27,750,000
27,864,438
a,b
Svenska
Handelsbanken
AB
,
Senior
Preferred
Note,
144A,
FRN,
4.324%,
(SOFR
+
1.32%),
5/28/27
.........................................
Sweden
23,375,000
23,467,435
Senior
Preferred
Note,
144A,
FRN,
4.426%,
(SOFR
+
0.74%),
5/23/28
.........................................
Sweden
31,545,000
31,727,498
a
Swedbank
AB
,
Senior
Non-Preferred
Note,
144A,
6.136%,
9/12/26
........
Sweden
26,255,000
26,601,954
Senior
Non-Preferred
Note,
144A,
5.337%,
9/20/27
........
Sweden
34,707,000
35,481,405
Toronto-Dominion
Bank
(The)
,
Senior
Note,
5.532%,
7/17/26
........................
Canada
19,115,000
19,261,558
Senior
Note,
5.264%,
12/11/26
.......................
Canada
5,030,000
5,092,360
b
Senior
Note,
FRN,
4.287%,
(SOFR
+
0.62%),
12/17/26
.....
Canada
32,380,000
32,481,174
b
Senior
Note,
FRN,
4.47%,
(SOFR
+
0.82%),
1/31/28
.......
Canada
34,032,000
34,224,631
Senior
Note,
5.523%,
7/17/28
........................
Canada
17,710,000
18,352,741
b
Senior
Note,
FRN,
4.417%,
(SOFR
+
0.75%),
10/13/28
.....
Canada
35,041,000
35,136,455
b
F,
Senior
Note,
FRN,
4.247%,
(SOFR
+
0.58%),
1/13/28
....
Canada
22,285,000
22,321,762
Truist
Bank
,
Senior
Note,
4.671%
to
5/19/26,
FRN
thereafter,
5/20/27
....
United
States
45,853,000
45,930,533
Senior
Note,
4.42%
to
7/23/27,
FRN
thereafter,
7/24/28
.....
United
States
27,707,000
27,866,320
b
Senior
Note,
FRN,
4.432%,
(SOFR
+
0.77%),
7/24/28
......
United
States
33,354,000
33,467,217
Truist
Financial
Corp.
,
Senior
Note
,
6.047%
to
6/07/26,
FRN
thereafter
,
6/08/27
.................................
United
States
29,472,000
29,676,753
US
Bank
NA
,
b
Senior
Note,
FRN,
4.343%,
(SOFR
+
0.69%),
10/22/27
.....
United
States
10,550,000
10,558,757
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
Banks
(continued)
US
Bank
NA,
(continued)
Senior
Note,
4.507%
to
10/21/26,
FRN
thereafter,
10/22/27
..
United
States
47,828,000
$
48,032,130
b
Senior
Note,
FRN,
4.599%,
(SOFR
+
0.91%),
5/15/28
......
United
States
22,440,000
22,557,333
Senior
Note,
4.73%
to
5/14/27,
FRN
thereafter,
5/15/28
.....
United
States
27,850,000
28,122,887
Wells
Fargo
&
Co.
,
Senior
Note,
3.196%
to
6/16/26,
FRN
thereafter,
6/17/27
....
United
States
12,349,000
12,312,512
b
Senior
Note,
FRN,
4.442%,
(SOFR
+
0.78%),
1/24/28
......
United
States
39,394,000
39,505,757
b
Senior
Note,
FRN,
4.723%,
(SOFR
+
1.07%),
4/22/28
......
United
States
29,439,000
29,604,676
Senior
Note,
5.707%
to
4/21/27,
FRN
thereafter,
4/22/28
....
United
States
17,462,000
17,815,014
b
Senior
Note,
FRN,
5.023%,
(SOFR
+
1.37%),
4/23/29
......
United
States
54,365,000
55,285,079
Westpac
Banking
Corp.
,
b
Senior
Note,
FRN,
4.124%,
(SOFR
+
0.92%),
10/20/26
.....
Australia
46,301,000
46,392,972
4,618,630,262
Building
Products
0.4%
Owens
Corning
,
Senior
Bond,
3.4%,
8/15/26
..........................
United
States
31,196,000
31,083,556
Senior
Note,
5.5%,
6/15/27
..........................
United
States
15,428,000
15,731,296
46,814,852
Capital
Markets
8.1%
Bank
of
New
York
Mellon
(The)
,
Senior
Note
,
4.587%
to
4/19/26,
FRN
thereafter
,
4/20/27
.............................
United
States
13,430,000
13,449,274
Bank
of
New
York
Mellon
Corp.
(The)
,
b
Senior
Note,
FRN,
4.36%,
(SOFR
Index
+
0.68%),
6/09/28
..
United
States
22,475,000
22,547,846
Senior
Note,
4.441%
to
6/08/27,
FRN
thereafter,
6/09/28
....
United
States
13,485,000
13,588,898
b
Senior
Note,
FRN,
4.494%,
(SOFR
Index
+
0.83%),
7/21/28
.
United
States
9,714,000
9,769,311
b
Senior
Note,
FRN,
4.283%,
(SOFR
+
0.63%),
1/22/30
......
United
States
56,335,000
56,331,050
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note,
7.146%
to
7/12/26,
FRN
thereafter,
7/13/27
.........................................
Germany
51,919,000
52,626,981
Senior
Non-Preferred
Note,
2.552%
to
1/06/27,
FRN
thereafter,
1/07/28
.........................................
Germany
22,200,000
21,890,228
b
Senior
Non-Preferred
Note,
FRN,
4.877%,
(SOFR
+
1.21%),
1/10/29
.........................................
Germany
39,085,000
39,365,696
Senior
Non-Preferred
Note,
5.373%
to
1/09/28,
FRN
thereafter,
1/10/29
.........................................
Germany
13,120,000
13,400,801
Goldman
Sachs
Bank
USA
,
b
Senior
Note,
FRN,
4.427%,
(SOFR
+
0.75%),
5/21/27
......
United
States
59,372,000
59,445,898
Senior
Note,
5.414%
to
5/20/26,
FRN
thereafter,
5/21/27
....
United
States
21,870,000
21,965,563
Goldman
Sachs
Group,
Inc.
(The)
,
b
Senior
Bond,
FRN,
5.683%,
(3-month
SOFR
+
2.012%),
10/28/27
........................................
United
States
1,029,000
1,040,155
b
Senior
Note,
FRN,
4.943%,
(
SOFR
+
1.29%),
4/23/28
......
United
States
22,575,000
22,770,526
Senior
Note,
4.148%
to
1/20/28,
FRN
thereafter,
1/21/29
....
United
States
12,970,000
12,982,081
b
Senior
Note,
FRN,
4.374%,
(SOFR
+
0.71%),
1/21/29
......
United
States
25,940,000
25,951,204
b
Senior
Note,
FRN,
4.584%,
(SOFR
+
0.92%),
10/21/29
.....
United
States
30,490,000
30,574,507
Intercontinental
Exchange,
Inc.
,
Senior
Note
,
3.95
%
,
12/01/28
..
United
States
11,530,000
11,542,195
Jefferies
Financial
Group,
Inc.
,
Senior
Note,
4.75%,
8/11/26
.........................
United
States
51,580,000
51,580,617
Senior
Note,
4.5%,
9/15/26
..........................
United
States
48,535,000
48,675,809
a
Macquarie
Bank
Ltd.
,
Senior
Note,
144A,
5.391%,
12/07/26
..................
Australia
14,358,000
14,551,088
b,c
Senior
Note,
144A,
FRN,
4.136%,
(SOFR
+
0.48%),
2/03/28
.
Australia
44,005,000
44,043,031
b
Senior
Note,
144A,
FRN,
4.409%,
(SOFR
+
0.74%),
6/12/28
.
Australia
36,035,000
36,239,909
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
Capital
Markets
(continued)
a,b
Mizuho
Markets
Cayman
LP
,
Senior
Note,
144A,
FRN,
4.16%,
(SOFR
+
0.5%),
5/01/26
...
Japan
27,200,000
$
27,210,763
Senior
Note,
144A,
FRN,
4.189%,
(SOFR
+
0.52%),
10/09/26
Japan
35,215,000
35,261,666
Senior
Note,
144A,
FRN,
4.176%,
(SOFR
+
0.52%),
11/16/26
Japan
36,585,000
36,639,288
Morgan
Stanley
,
Senior
Bond,
3.125%,
7/27/26
........................
United
States
9,596,000
9,561,966
b
Senior
Note,
FRN,
4.676%,
(SOFR
+
1.02%),
4/13/28
......
United
States
19,140,000
19,244,258
b
Senior
Note,
FRN,
5.036%,
(SOFR
+
1.38%),
4/12/29
......
United
States
36,625,000
37,145,757
b
I,
Senior
Note,
FRN,
4.584%,
(SOFR
+
0.92%),
10/18/29
....
United
States
34,870,000
35,062,046
b
State
Street
Bank
&
Trust
Co.
,
Senior
Note
,
FRN
,
4.146
%
,
(
SOFR
+
0.46
%
),
11/25/26
.................................
United
States
13,804,000
13,834,663
b
State
Street
Corp.
,
Senior
Note,
FRN,
4.529%,
(SOFR
+
0.845%),
8/03/26
.....
United
States
19,120,000
19,169,052
Senior
Note,
FRN,
4.293%,
(SOFR
+
0.64%),
10/22/27
.....
United
States
15,722,000
15,802,746
Senior
Note,
FRN,
4.612%,
(SOFR
+
0.95%),
4/24/28
......
United
States
13,530,000
13,613,144
UBS
AG
,
Senior
Note
,
4.864%
to
1/09/27,
FRN
thereafter
,
1/10/28
.........................................
Switzerland
17,235,000
17,388,309
a
UBS
Group
AG
,
Senior
Bond,
144A,
4.282%,
1/09/28
...................
Switzerland
55,035,000
55,162,333
Senior
Bond,
144A,
3.869%
to
1/11/28,
FRN
thereafter,
1/12/29
Switzerland
27,853,000
27,719,374
Senior
Note,
144A,
1.305%
to
2/01/26,
FRN
thereafter,
2/02/27
Switzerland
9,833,000
9,833,000
Senior
Note,
144A,
6.327%
to
12/21/26,
FRN
thereafter,
12/22/27
........................................
Switzerland
18,300,000
18,663,052
Senior
Note,
144A,
6.442%
to
8/10/27,
FRN
thereafter,
8/11/28
Switzerland
26,042,000
26,942,119
1,042,586,204
Commercial
Services
&
Supplies
0.2%
Veralto
Corp.
,
Senior
Note
,
5.5
%
,
9/18/26
.................
United
States
25,729,000
25,964,946
Consumer
Finance
7.3%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
2.45%,
10/29/26
........................
Ireland
37,466,000
37,050,684
Senior
Note,
4.875%,
4/01/28
........................
Ireland
34,746,000
35,314,753
Senior
Note,
3%,
10/29/28
..........................
Ireland
44,898,000
43,565,989
Senior
Note,
4.125%,
2/28/29
........................
Ireland
20,035,000
19,969,593
American
Express
Co.
,
b
Senior
Note,
FRN,
4.621%,
(SOFR
Index
+
0.97%),
7/28/27
.
United
States
15,063,000
15,105,270
b
Senior
Note,
FRN,
4.689%,
(
SOFR
Index
+
1%),
2/16/28
....
United
States
28,255,000
28,339,876
b
Senior
Note,
FRN,
4.592%,
(SOFR
+
0.93%),
7/26/28
......
United
States
18,958,000
19,055,482
b
Senior
Note,
FRN,
4.922%,
(SOFR
+
1.26%),
4/25/29
......
United
States
25,343,000
25,672,763
Senior
Note,
4.351%
to
7/19/28,
FRN
thereafter,
7/20/29
....
United
States
34,727,000
34,947,025
b
American
Honda
Finance
Corp.
,
Senior
Note,
FRN,
4.279%,
(SOFR
+
0.62%),
12/11/26
.....
United
States
18,335,000
18,374,566
Senior
Note,
FRN,
4.401%,
(SOFR
+
0.73%),
8/13/27
......
United
States
26,500,000
26,627,918
Senior
Note,
FRN,
4.373%,
(SOFR
+
0.72%),
10/22/27
.....
United
States
24,840,000
24,946,650
Senior
Note,
FRN,
4.492%,
(SOFR
+
0.82%),
3/03/28
......
United
States
36,865,000
36,955,309
A,
Senior
Note,
FRN,
4.318%,
(SOFR
+
0.65%),
5/20/26
....
United
States
31,945,000
31,989,802
Capital
One
Financial
Corp.
,
Senior
Bond,
3.75%,
3/09/27
.........................
United
States
23,725,000
23,682,852
Senior
Note,
7.149%
to
10/28/26,
FRN
thereafter,
10/29/27
..
United
States
46,765,000
47,776,071
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
....
United
States
32,804,000
33,150,974
Senior
Note,
6.312%
to
6/07/28,
FRN
thereafter,
6/08/29
....
United
States
26,958,000
28,222,112
b
Caterpillar
Financial
Services
Corp.
,
Senior
Note,
FRN,
4.346%,
(SOFR
+
0.69%),
10/16/26
.....
United
States
14,073,000
14,127,628
Senior
Note,
FRN,
4.249%,
(SOFR
+
0.56%),
11/15/27
.....
United
States
36,989,000
37,185,442
Senior
Note,
FRN,
4.26%,
(SOFR
+
0.58%),
11/14/28
......
United
States
34,856,000
35,018,400
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
Consumer
Finance
(continued)
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
5.4%,
4/06/26
..........................
United
States
21,955,000
$
22,012,988
Senior
Note,
1.5%,
6/10/26
..........................
United
States
12,966,000
12,855,048
b
Senior
Note,
FRN,
5.042%,
(SOFR
Index
+
1.35%),
5/08/27
.
United
States
1,850,000
1,862,775
b
Senior
Note,
FRN,
4.706%,
(SOFR
Index
+
1.05%),
7/15/27
.
United
States
21,495,000
21,545,417
b
John
Deere
Capital
Corp.
,
Senior
Note,
FRN,
4.269%,
(SOFR
+
0.6%),
6/11/27
.......
United
States
41,230,000
41,425,291
Senior
Note,
FRN,
4.171%,
(SOFR
+
0.5%),
3/06/28
.......
United
States
37,895,000
38,067,549
Senior
Note,
FRN,
4.249%,
(SOFR
+
0.58%),
9/11/28
......
United
States
26,565,000
26,680,177
Toyota
Motor
Credit
Corp.
,
b
Senior
Note,
FRN,
4.117%,
(SOFR
Index
+
0.45%),
4/10/26
.
United
States
16,141,000
16,150,649
b
Senior
Note,
FRN,
4.453%,
(
SOFR
+
0.77%),
8/07/26
......
United
States
9,386,000
9,413,907
Senior
Note,
4.15%
to
2/17/26,
FRN
thereafter,
11/18/27
....
United
States
35,000,000
35,213,135
b
Senior
Note,
FRN,
4.392%,
(SOFR
+
0.72%),
9/05/28
......
United
States
44,422,000
44,742,408
b
B,
Senior
Note,
FRN,
4.117%,
(SOFR
+
0.45%),
1/12/28
....
United
States
17,400,000
17,425,206
904,473,709
Consumer
Staples
Distribution
&
Retail
0.6%
a
Alimentation
Couche-Tard,
Inc.
,
Senior
Note
,
144A,
4.148
%
,
9/29/28
.........................................
Canada
30,740,000
30,783,821
Kroger
Co.
(The)
,
Senior
Bond
,
2.65
%
,
10/15/26
............
United
States
11,223,000
11,124,711
Target
Corp.
,
Senior
Note
,
4.35
%
,
6/15/28
.................
United
States
18,850,000
19,117,107
61,025,639
Diversified
Telecommunication
Services
0.7%
AT&T,
Inc.
,
Senior
Bond,
4.25%,
3/01/27
.........................
United
States
37,606,000
37,722,109
Senior
Note,
3.8%,
2/15/27
..........................
United
States
23,776,000
23,745,236
Senior
Note,
2.3%,
6/01/27
..........................
United
States
23,573,000
23,098,255
84,565,600
Electric
Utilities
1.0%
Duke
Energy
Corp.
,
Senior
Note
,
4.85
%
,
1/05/27
...........
United
States
23,835,000
24,063,764
a
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.125
%
,
9/30/28
.........................................
Italy
6,555,000
6,556,433
Eversource
Energy
,
Senior
Note
,
4.75
%
,
5/15/26
............
United
States
33,260,000
33,334,138
b
Georgia
Power
Co.
,
Senior
Note
,
FRN
,
3.958
%
,
(
SOFR
Index
+
0.28
%
),
9/15/26
...................................
United
States
13,615,000
13,618,836
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
3.55%,
5/01/27
.........................
United
States
7,304,000
7,270,674
Senior
Note,
4.685%,
9/01/27
........................
United
States
6,105,000
6,176,678
b
Senior
Note,
FRN,
4.494%,
(SOFR
Index
+
0.8%),
2/04/28
..
United
States
18,145,000
18,255,907
Senior
Note,
4.85%,
2/04/28
.........................
United
States
6,350,000
6,464,537
Wisconsin
Electric
Power
Co.
,
Senior
Note
,
3.95
%
,
3/01/29
....
United
States
10,460,000
10,454,309
126,195,276
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.
,
Senior
Note,
3.8%,
11/15/27
.........................
United
States
17,405,000
17,400,995
b
Senior
Note,
FRN,
4.222%,
(SOFR
+
0.53%),
11/15/27
.....
United
States
6,110,000
6,126,545
Senior
Note,
4.375%,
6/12/28
........................
United
States
31,515,000
31,854,275
55,381,815
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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
Corporate
Bonds
(continued)
Entertainment
0.2%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.......................
United
States
5,155,000
$
5,174,205
Senior
Bond,
5.875%,
11/15/28
.......................
United
States
14,540,000
15,254,555
20,428,760
Financial
Services
1.2%
a
Nationwide
Building
Society
,
Senior
Non-Preferred
Note,
144A,
6.557%
to
10/17/26,
FRN
thereafter,
10/18/27
................................
United
Kingdom
52,821,000
53,736,929
b
Senior
Non-Preferred
Note,
144A,
FRN,
4.979%,
(SOFR
+
2.58%),
2/16/28
..................................
United
Kingdom
29,615,000
29,859,656
Senior
Non-Preferred
Note,
144A,
4.649%
to
7/13/28,
FRN
thereafter,
7/14/29
.................................
United
Kingdom
14,858,000
15,018,190
b
Senior
Non-Preferred
Note,
144A,
FRN,
4.726%,
(SOFR
+
1.07%),
7/14/29
..................................
United
Kingdom
27,025,000
27,173,871
b
PayPal
Holdings,
Inc.
,
Senior
Note
,
FRN
,
4.35
%
,
(
SOFR
+
0.67
%
),
3/06/28
...................................
United
States
22,690,000
22,765,505
148,554,151
Food
Products
0.9%
a,b
Cargill,
Inc.
,
Senior
Note
,
144A,
FRN
,
4.301
%
,
(
SOFR
+
0.61
%
),
2/11/28
.........................................
United
States
31,820,000
31,897,871
a
Mars,
Inc.
,
Senior
Note
,
144A,
4.45
%
,
3/01/27
..............
United
States
31,738,000
31,976,842
Mondelez
International,
Inc.
,
Senior
Note
,
4.25
%
,
5/06/28
.....
United
States
39,570,000
39,780,582
103,655,295
Health
Care
Equipment
&
Supplies
0.0%
†
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
4.15
%
,
12/15/28
United
States
6,100,000
6,119,982
Health
Care
Providers
&
Services
0.7%
CVS
Health
Corp.
,
Senior
Bond,
2.875%,
6/01/26
........................
United
States
28,549,000
28,445,311
Senior
Note,
5%,
2/20/26
...........................
United
States
11,793,602
11,796,281
Senior
Note,
3%,
8/15/26
...........................
United
States
40,000,000
39,786,212
b
UnitedHealth
Group,
Inc.
,
Senior
Note
,
FRN
,
4.156
%
,
(
SOFR
+
0.5
%
),
7/15/26
....................................
United
States
18,789,000
18,820,090
98,847,894
Hotels,
Restaurants
&
Leisure
1.3%
Hyatt
Hotels
Corp.
,
Senior
Note
,
5.75
%
,
1/30/27
............
United
States
42,761,000
43,436,709
Marriott
International,
Inc.
,
R,
Senior
Bond,
3.125%,
6/15/26
.....................
United
States
15,266,000
15,222,598
X,
Senior
Bond,
4%,
4/15/28
.........................
United
States
13,174,000
13,166,971
Senior
Note,
5.45%,
9/15/26
.........................
United
States
2,202,000
2,219,970
Senior
Note,
4.2%,
7/15/27
..........................
United
States
24,299,000
24,387,796
a
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
4.25%,
7/01/26
....................
United
States
25,193,000
25,185,518
Senior
Note,
144A,
5.5%,
8/31/26
.....................
United
States
20,568,000
20,589,973
Starbucks
Corp.
,
Senior
Note
,
4.75
%
,
2/15/26
..............
United
States
20,161,000
20,164,883
164,374,418
Household
Durables
0.2%
Lennar
Corp.
,
Senior
Note
,
5.25
%
,
6/01/26
................
United
States
21,737,000
21,761,920
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
0.2%
Constellation
Energy
Generation
LLC
,
Senior
Note,
3.9%,
1/08/28
..........................
United
States
12,400,000
$
12,389,733
b
Senior
Note,
FRN,
4.259%,
(SOFR
+
0.6%),
1/08/28
.......
United
States
13,020,000
13,045,790
25,435,523
Industrial
Conglomerates
0.1%
a,b
Siemens
Funding
BV
,
Senior
Note
,
144A,
FRN
,
4.315
%
,
(
SOFR
+
0.64
%
),
5/26/28
...................................
Germany
13,320,000
13,392,490
Insurance
6.8%
a
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
Netherlands
52,996,000
53,784,894
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.6
%
,
12/15/27
.......
United
States
25,981,000
26,285,535
a
Athene
Global
Funding
,
Secured
Note,
144A,
4.95%,
1/07/27
...................
United
States
35,576,000
35,876,445
Secured
Note,
144A,
5.349%,
7/09/27
..................
United
States
26,457,000
26,911,877
b
Secured
Note,
144A,
FRN,
4.63%,
(SOFR
Index
+
0.95%),
3/06/28
.........................................
United
States
38,701,000
38,891,699
b
Secured
Note,
144A,
FRN,
4.666%,
(SOFR
Index
+
1%),
9/18/28
.........................................
United
States
22,450,000
22,514,446
Senior
Secured
Note,
144A,
4.86%,
8/27/26
.............
United
States
28,083,000
28,219,603
Brown
&
Brown,
Inc.
,
Senior
Note
,
4.6
%
,
12/23/26
...........
United
States
26,610,000
26,771,878
a
CNO
Global
Funding
,
Secured
Note,
144A,
1.75%,
10/07/26
..................
United
States
49,857,000
49,107,268
Secured
Note,
144A,
4.875%,
12/10/27
.................
United
States
11,296,000
11,442,495
a
Corebridge
Global
Funding
,
Secured
Note,
144A,
5.35%,
6/24/26
...................
United
States
23,645,000
23,777,905
b
Senior
Secured
Note,
144A,
FRN,
4.953%,
(SOFR
+
1.3%),
9/25/26
.........................................
United
States
42,912,000
43,196,244
a
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
30,700,000
30,816,262
b
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Note
,
FRN
,
4.392
%
,
(
SOFR
Index
+
0.7
%
),
11/08/27
.............................
United
States
16,405,000
16,485,805
a,b
MassMutual
Global
Funding
II
,
Secured
Note
,
144A,
FRN
,
4.398
%
,
(
SOFR
+
0.74
%
),
4/09/27
.....................
United
States
33,620,000
33,798,656
a
Met
Tower
Global
Funding
,
Senior
Secured
Note,
144A,
4%,
10/01/27
...............
United
States
9,469,000
9,493,743
Senior
Secured
Note,
144A,
4%,
1/14/29
................
United
States
21,755,000
21,723,741
a
Metropolitan
Life
Global
Funding
I
,
b
Secured
Note,
144A,
FRN,
4.369%,
(SOFR
Index
+
0.7%),
6/11/27
.........................................
United
States
30,442,000
30,565,441
Secured
Note,
144A,
4.15%,
8/25/28
...................
United
States
17,750,000
17,840,065
b
Secured
Note,
144A,
FRN,
4.386%,
(SOFR
+
0.7%),
8/25/28
United
States
37,858,000
37,964,558
a
Mutual
of
Omaha
Cos.
Global
Funding
,
Secured
Note
,
144A,
5.8
%
,
7/27/26
....................................
United
States
21,220,000
21,396,310
a,b
New
York
Life
Global
Funding
,
Secured
Note,
144A,
FRN,
4.322%,
(SOFR
+
0.66%),
7/25/28
United
States
26,585,000
26,721,730
Senior
Secured
Note,
144A,
FRN,
4.321%,
(SOFR
+
0.67%),
4/02/27
.........................................
United
States
47,790,000
47,990,453
Senior
Secured
Note,
144A,
FRN,
4.542%,
(SOFR
+
0.88%),
4/25/28
.........................................
United
States
22,555,000
22,767,546
a
Northwestern
Mutual
Global
Funding
,
Secured
Note,
144A,
5.07%,
3/25/27
...................
United
States
14,344,000
14,536,958
b
Secured
Note,
144A,
FRN,
4.346%,
(SOFR
+
0.66%),
8/25/28
United
States
26,580,000
26,655,492
a,b
Pacific
Life
Global
Funding
II
,
Secured
Note
,
144A,
FRN
,
4.534
%
,
(
SOFR
+
0.85
%
),
2/05/27
............................
United
States
2,634,000
2,647,009
a
Principal
Life
Global
Funding
II
,
Secured
Note,
144A,
4.6%,
8/19/27
....................
United
States
9,381,000
9,475,286
b
Secured
Note,
144A,
FRN,
4.499%,
(SOFR
+
0.81%),
8/18/28
United
States
22,125,000
22,154,961
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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
Corporate
Bonds
(continued)
Insurance
(continued)
a
Protective
Life
Global
Funding
,
b
Secured
Note,
144A,
FRN,
4.367%,
(SOFR
+
0.7%),
4/10/26
United
States
28,438,000
$
28,464,125
Secured
Note,
144A,
4.992%,
1/12/27
..................
United
States
14,470,000
14,640,238
Secured
Note,
144A,
4.335%,
9/13/27
..................
United
States
28,010,000
28,216,096
Secured
Note,
144A,
4.161%,
1/15/29
..................
United
States
30,500,000
30,511,047
881,645,811
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Note
,
3.5
%
,
8/15/27
............
United
States
6,865,000
6,853,470
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
18,540,000
18,589,342
Machinery
0.6%
a
Daimler
Truck
Finance
North
America
LLC
,
Senior
Note,
144A,
5%,
1/15/27
......................
Germany
15,725,000
15,903,896
Senior
Note,
144A,
4.3%,
8/12/27
.....................
Germany
14,575,000
14,649,900
b
Senior
Note,
144A,
FRN,
4.623%,
(SOFR
+
0.96%),
9/25/27
.
Germany
24,088,000
24,190,093
b
Senior
Note,
144A,
FRN,
4.507%,
(SOFR
+
0.84%),
1/13/28
.
Germany
13,552,000
13,571,083
Senior
Note,
144A,
4.15%,
1/12/29
....................
Germany
8,670,000
8,670,756
76,985,728
Metals
&
Mining
0.2%
a,b
Glencore
Funding
LLC
,
Senior
Note
,
144A,
FRN
,
4.401
%
,
(
SOFR
Index
+
0.75
%
),
10/01/26
............................
Australia
18,325,000
18,364,249
b
Rio
Tinto
Finance
USA
plc
,
Senior
Note
,
FRN
,
4.518
%
,
(
SOFR
Index
+
0.84
%
),
3/14/28
.............................
Australia
13,620,000
13,735,429
32,099,678
Multi-Utilities
0.8%
Ameren
Corp.
,
Senior
Note
,
5.7
%
,
12/01/26
...............
United
States
26,006,000
26,349,666
Dominion
Energy,
Inc.
,
Senior
Note
,
4.6
%
,
5/15/28
..........
United
States
11,190,000
11,334,793
DTE
Energy
Co.
,
Senior
Note,
4.95%,
7/01/27
.........................
United
States
32,598,000
33,015,016
Senior
Note,
4.875%,
6/01/28
........................
United
States
11,905,000
12,111,677
Southern
Co.
Gas
Capital
Corp.
,
A
,
Senior
Note
,
4.05
%
,
9/15/28
United
States
5,710,000
5,716,544
WEC
Energy
Group,
Inc.
,
Senior
Note
,
5.6
%
,
9/12/26
........
United
States
13,357,000
13,474,115
102,001,811
Office
REITs
0.6%
Boston
Properties
LP
,
Senior
Bond,
3.65%,
2/01/26
.........................
United
States
47,243,000
47,243,000
Senior
Bond,
2.75%,
10/01/26
........................
United
States
32,334,000
32,049,782
79,292,782
Oil,
Gas
&
Consumable
Fuels
0.9%
b
Chevron
USA,
Inc.
,
Senior
Note,
FRN,
4.145%,
(SOFR
Index
+
0.47%),
2/26/28
.
United
States
18,155,000
18,232,006
Senior
Note,
FRN,
4.241%,
(SOFR
+
0.57%),
8/13/28
......
United
States
22,140,000
22,303,972
Energy
Transfer
LP
,
Senior
Bond
,
3.9
%
,
7/15/26
............
United
States
15,140,000
15,138,120
Enterprise
Products
Operating
LLC
,
Senior
Note
,
4.3
%
,
6/20/28
United
States
10,893,000
10,989,394
ONEOK,
Inc.
,
Senior
Note,
5.55%,
11/01/26
........................
United
States
31,282,000
31,611,360
Senior
Note,
5.65%,
11/01/28
........................
United
States
2,243,000
2,330,066
Phillips
66
Co.
,
Senior
Note
,
3.55
%
,
10/01/26
..............
United
States
10,623,000
10,599,411
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
5.875
%
,
6/30/26
.........................................
United
States
458,000
$
458,504
111,662,833
Paper
&
Forest
Products
0.1%
a
Georgia-Pacific
LLC
,
Senior
Note,
144A,
0.95%,
5/15/26
....................
United
States
7,773,000
7,710,595
Senior
Note,
144A,
4.4%,
6/30/28
.....................
United
States
7,815,000
7,899,898
15,610,493
Personal
Care
Products
0.2%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
13,389,000
13,306,389
Kenvue,
Inc.
,
Senior
Note
,
5.35
%
,
3/22/26
.................
United
States
18,000,000
18,011,920
31,318,309
Pharmaceuticals
1.0%
Eli
Lilly
&
Co.
,
Senior
Note,
4%,
10/15/28
..........................
United
States
17,690,000
17,825,585
b
Senior
Note,
FRN,
4.186%,
(SOFR
+
0.53%),
10/15/28
.....
United
States
44,240,000
44,555,485
b
Merck
&
Co.,
Inc.
,
Senior
Note
,
FRN
,
4.242
%
,
(
SOFR
+
0.57
%
),
3/15/29
.........................................
United
States
26,235,000
26,324,017
b
Novartis
Capital
Corp.
,
Senior
Note
,
FRN
,
4.204
%
,
(
SOFR
+
0.52
%
),
11/05/28
..................................
United
States
21,785,000
21,910,053
b
Pfizer,
Inc.
,
Senior
Note
,
FRN
,
4.177
%
,
(
SOFR
+
0.5
%
),
11/15/27
United
States
13,175,000
13,230,798
123,845,938
Residential
REITs
0.4%
Camden
Property
Trust
,
Senior
Note
,
5.85
%
,
11/03/26
........
United
States
41,027,000
41,556,056
Essex
Portfolio
LP
,
Senior
Bond
,
3.375
%
,
4/15/26
...........
United
States
10,138,000
10,124,871
51,680,927
Retail
REITs
0.5%
Realty
Income
Corp.
,
Senior
Note,
0.75%,
3/15/26
.........................
United
States
24,297,000
24,209,695
Senior
Note,
4.875%,
6/01/26
........................
United
States
40,050,000
40,088,264
64,297,959
Semiconductors
&
Semiconductor
Equipment
0.2%
Broadcom,
Inc.
,
Senior
Note,
5.05%,
7/12/27
.........................
United
States
8,157,000
8,304,203
Senior
Note,
4.8%,
4/15/28
..........................
United
States
13,762,000
14,031,787
22,335,990
Software
0.4%
Oracle
Corp.
,
Senior
Note,
1.65%,
3/25/26
.........................
United
States
22,760,000
22,680,292
b
Senior
Note,
FRN,
4.455%,
(SOFR
+
0.76%),
8/03/28
......
United
States
27,827,000
27,375,696
Synopsys,
Inc.
,
Senior
Note
,
4.55
%
,
4/01/27
...............
United
States
6,350,000
6,396,532
56,452,520
Specialized
REITs
0.6%
American
Tower
Corp.
,
Senior
Bond,
3.375%,
10/15/26
.......................
United
States
9,406,000
9,368,754
Senior
Note,
2.75%,
1/15/27
.........................
United
States
10,000,000
9,892,920
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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
Corporate
Bonds
(continued)
Specialized
REITs
(continued)
American
Tower
Corp.,
(continued)
Senior
Note,
3.65%,
3/15/27
.........................
United
States
14,852,000
$
14,801,878
b
Public
Storage
Operating
Co.
,
Senior
Note
,
FRN
,
4.356
%
,
(
SOFR
Index
+
0.7
%
),
4/16/27
..............................
United
States
36,921,000
37,054,931
71,118,483
Specialty
Retail
0.5%
Home
Depot,
Inc.
(The)
,
Senior
Note
,
3.75
%
,
9/15/28
........
United
States
8,840,000
8,848,203
Lowe's
Cos.,
Inc.
,
Senior
Note,
3.95%,
10/15/27
........................
United
States
24,226,000
24,294,811
Senior
Note,
4%,
10/15/28
..........................
United
States
30,403,000
30,445,396
63,588,410
Tobacco
1.1%
BAT
Capital
Corp.
,
Senior
Note
,
3.215
%
,
9/06/26
...........
United
Kingdom
21,935,000
21,848,448
BAT
International
Finance
plc
,
Senior
Note
,
1.668
%
,
3/25/26
...
United
Kingdom
15,263,000
15,212,578
Philip
Morris
International,
Inc.
,
Senior
Note,
4.375%,
11/01/27
.......................
United
States
24,295,000
24,537,390
b
Senior
Note,
FRN,
4.481%,
(SOFR
+
0.83%),
4/28/28
......
United
States
45,700,000
45,995,895
b
Senior
Note,
FRN,
4.321%,
(SOFR
+
0.66%),
10/27/28
.....
United
States
29,984,000
30,098,192
137,692,503
Trading
Companies
&
Distributors
0.3%
Air
Lease
Corp.
,
Senior
Note
,
5.3
%
,
6/25/26
...............
United
States
36,850,000
37,023,613
Total
Corporate
Bonds
(Cost
$10,147,726,692)
................................
10,194,779,426
U.S.
Government
and
Agency
Securities
0.4%
U.S.
Treasury
Notes
,
4.875
%,
4/30/26
....................
United
States
48,372,000
48,506,436
Total
U.S.
Government
and
Agency
Securities
(Cost
$48,360,294)
...............
48,506,436
Asset-Backed
Securities
3.8%
Automobiles
0.3%
Volkswagen
Auto
Loan
Enhanced
Trust
,
2023-1,
A3,
5.02%,
6/20/28
..........................
United
States
3,517,649
3,538,134
2024-1,
A2A,
4.65%,
11/22/27
........................
United
States
6,702,032
6,717,691
d
2025-1,
A2B,
FRN,
4.143%,
(30-day
SOFR
Average
+
0.44%),
1/20/28
.........................................
United
States
9,086,869
9,093,584
d
2025-2,
A2B,
FRN,
4.073%,
(30-day
SOFR
Average
+
0.37%),
8/21/28
.........................................
United
States
24,148,000
24,176,876
43,526,285
a
a
a
a
a
a
Banks
0.2%
Capital
One
Multi-Asset
Execution
Trust
,
2019-A3
,
A3
,
2.06
%
,
8/15/28
.
.........................................
United
States
28,683,000
28,417,570
Consumer
Finance
2.4%
American
Express
Credit
Account
Master
Trust
,
2023-3
,
A
,
5.23
%
,
9/15/28
.
.........................................
United
States
30,741,000
31,016,818
Capital
One
Prime
Auto
Receivables
Trust
,
2022-1,
A3,
3.17%,
4/15/27
..........................
United
States
226,418
226,346
2023-1,
A3,
4.87%,
2/15/28
..........................
United
States
3,302,951
3,315,639
2024-1,
A2A,
4.61%,
10/15/27
........................
United
States
2,627,050
2,630,158
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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
Asset-Backed
Securities
(continued)
Consumer
Finance
(continued)
Capital
One
Prime
Auto
Receivables
Trust,
(continued)
d
2025-1,
A2B,
FRN,
4.037%,
(30-day
SOFR
Average
+
0.33%),
1/16/29
.........................................
United
States
57,653,000
$
57,688,941
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-2,
A3,
4.47%,
2/16/28
..........................
United
States
7,857,605
7,871,454
2024-1,
A3
,
4.85%,
12/18/28
.........................
United
States
8,313,092
8,368,627
d
2024-4,
A2B,
FRN,
4.107%,
(30-day
SOFR
Average
+
0.4%),
10/18/27
........................................
United
States
2,254,474
2,255,023
d
Harley-Davidson
Motorcycle
Trust
,
2025-A
,
A2B
,
FRN
,
4.367
%
,
(
30-day
SOFR
Average
+
0.66
%
),
7/17/28
.
...............
United
States
12,048,439
12,067,403
Hyundai
Auto
Receivables
Trust
,
2023-A,
A3,
4.58%,
4/15/27
..........................
United
States
1,944,046
1,945,290
2023-B,
A3,
5.48%,
4/17/28
..........................
United
States
18,341,367
18,465,371
d
2024-C,
A2B,
FRN,
4.107%,
(30-day
SOFR
Average
+
0.4%),
9/15/27
.........................................
United
States
3,140,400
3,141,661
2025-B,
A2A,
4.45%,
8/15/28
.........................
United
States
2,662,128
2,670,134
d
2025-B,
A2B,
FRN,
4.087%,
(30-day
SOFR
Average
+
0.38%),
8/15/28
.........................................
United
States
12,100,580
12,110,652
Nissan
Auto
Receivables
Owner
Trust
,
2022-B,
A3,
4.46%,
5/17/27
..........................
United
States
1,384,767
1,386,116
d
2025-A,
A2B,
FRN,
4.157%,
(30-day
SOFR
Average
+
0.45%),
2/15/28
.........................................
United
States
18,632,773
18,653,769
2025-B,
A2A,
4%,
7/17/28
...........................
United
States
33,989,000
34,059,840
Toyota
Auto
Receivables
Owner
Trust
,
2022-C,
A3,
3.76%,
4/15/27
..........................
United
States
511,726
511,385
2023-B,
A3,
4.71%,
2/15/28
..........................
United
States
5,411,667
5,432,487
d
2024-D,
A2B,
FRN,
4.097%,
(30-day
SOFR
Average
+
0.39%),
8/16/27
.........................................
United
States
1,658,409
1,659,123
d
2025-D,
A2B,
FRN,
4.027%,
(30-day
SOFR
Average
+
0.32%),
8/15/28
.........................................
United
States
34,777,000
34,800,673
2026-A,
A2A,
3.8%,
12/15/28
.........................
United
States
25,153,000
25,170,265
World
Omni
Auto
Receivables
Trust
,
2024-A
,
A3
,
4.86
%
,
3/15/29
.
United
States
10,186,947
10,251,474
295,698,649
a
a
a
a
a
a
Financial
Services
0.9%
d
Ameriquest
Mortgage
Securities,
Inc.
,
2004-R5,
M1,
FRN,
4.657%,
(1-month
SOFR
+
0.984%),
7/25/34
.........................................
United
States
16,736
16,733
2005-R9,
M1,
FRN,
4.492%,
(1-month
SOFR
+
0.819%),
11/25/35
........................................
United
States
1,461,533
1,453,566
a,d
BofA
Auto
Trust
,
2025-1A
,
A2B
,
144A,
FRN
,
4.253
%
,
(
30-day
SOFR
Average
+
0.55
%
),
11/22/27
.
....................
United
States
2,522,654
2,524,476
d
Carrington
Mortgage
Loan
Trust
,
2007-HE1
,
A3
,
FRN
,
3.977
%
,
(
1-month
SOFR
+
0.494
%
),
6/25/37
.
...................
United
States
748,843
745,162
d
First
Franklin
Mortgage
Loan
Trust
,
2006-FF7
,
1A
,
FRN
,
4.067
%
,
(
1-month
SOFR
+
0.394
%
),
5/25/36
.
...................
United
States
280,901
280,516
d
Ford
Credit
Auto
Owner
Trust
,
2025-B
,
A2B
,
FRN
,
4.007
%
,
(
30-
day
SOFR
Average
+
0.3
%
),
6/15/28
.
...................
United
States
22,783,000
22,791,649
Honda
Auto
Receivables
Owner
Trust
,
2023-1,
A3,
5.04%,
4/21/27
..........................
United
States
1,473,250
1,476,244
2024-1,
A3,
5.21%,
8/15/28
..........................
United
States
5,673,265
5,722,067
2024-4,
A2,
4.56%,
3/15/27
..........................
United
States
2,319,616
2,321,444
2025-4,
A2A,
4.04%,
6/15/28
.........................
United
States
50,983,000
51,121,450
d
Long
Beach
Mortgage
Loan
Trust
,
2004-1,
M1,
FRN,
4.537%,
(1-month
SOFR
+
0.864%),
2/25/34
United
States
159,335
157,929
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d
Long
Beach
Mortgage
Loan
Trust,
(continued)
2005-2,
M5,
FRN,
4.762%,
(1-month
SOFR
+
1.089%),
4/25/35
United
States
99,309
$
99,254
d
Nationstar
Home
Equity
Loan
Trust
,
2007-B
,
2AV4
,
FRN
,
4.427
%
,
(
1-month
SOFR
+
0.754
%
),
4/25/37
.
...................
United
States
1,924,446
1,918,049
d
RAMP
Trust
,
2006-EFC2
,
A4
,
FRN
,
4.227
%
,
(
1-month
SOFR
+
0.554
%
),
12/25/36
.
.................................
United
States
61,671
61,573
d
RASC
Trust
,
2005-KS1,
M2,
FRN,
4.912%,
(1-month
SOFR
+
0.864%),
2/25/35
.........................................
United
States
335,062
333,947
2006-KS3,
M1,
FRN,
4.282%,
(1-month
SOFR
+
0.444%),
4/25/36
.........................................
United
States
213,457
212,851
d
Soundview
Home
Loan
Trust
,
2005-OPT3
,
M1
,
FRN
,
4.492
%
,
(
1-month
SOFR
+
0.819
%
),
11/25/35
.
...................
United
States
4,895
4,896
d
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
,
2005-
NC2
,
M5
,
FRN
,
4.717
%
,
(
1-month
SOFR
+
1.044
%
),
5/25/35
.
United
States
167,888
217,213
a
Toyota
Auto
Loan
Extended
Note
Trust
,
2021-1A
,
A
,
144A,
1.07
%
,
2/27/34
.
.........................................
United
States
9,021,000
9,004,601
a
USB
Auto
Owner
Trust
,
2025-1A
,
A2
,
144A,
4.51
%
,
6/15/28
.
...
United
States
10,612,605
10,634,509
111,098,129
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$477,870,474)
............................
478,740,633
Residential
Mortgage-Backed
Securities
1.7%
Financial
Services
1.7%
a,e
Angel
Oak
Mortgage
Trust
,
2019-5,
A1,
144A,
FRN,
2.593%,
10/25/49
...............
United
States
162,101
160,777
2020-3,
A1,
144A,
FRN,
1.691%,
4/25/65
................
United
States
5,129,134
4,947,222
a,e
Arroyo
Mortgage
Trust
,
2019-2,
A1,
144A,
FRN,
3.347%,
4/25/49
................
United
States
1,685,342
1,651,373
2019-3,
A1,
144A,
FRN,
2.962%,
10/25/48
...............
United
States
2,540,419
2,451,507
a
BRAVO
Residential
Funding
Trust
,
e
2020-NQM1,
A1,
144A,
FRN,
1.449%,
5/25/60
............
United
States
1,027,058
1,011,435
e
2021-NQM1,
A1,
144A,
FRN,
0.941%,
2/25/49
............
United
States
1,776,010
1,647,375
e
2021-NQM2,
A1,
144A,
FRN,
0.97%,
3/25/60
.............
United
States
983,015
968,055
2023-NQM4,
A1,
144A,
6.435%,
5/25/63
................
United
States
9,250,995
9,288,224
2024-NQM5,
A1,
144A,
5.803%,
6/25/64
................
United
States
7,335,957
7,432,039
a,e
COLT
Funding
LLC
,
2021-3R
,
A1
,
144A,
FRN
,
1.051
%
,
12/25/64
United
States
1,303,570
1,217,497
a
CSMC
Trust
,
2019-NQM1,
A1,
144A,
3.656%,
10/25/59
...............
United
States
763,816
759,527
e
2020-AFC1,
A1,
144A,
FRN,
3.24%,
2/25/50
.............
United
States
5,005,226
4,830,997
a
Ellington
Financial
Mortgage
Trust
,
e
2019-2,
A1,
144A,
FRN,
2.739%,
11/25/59
...............
United
States
1,080,825
1,055,660
e
2020-2,
A1,
144A,
FRN,
1.178%,
10/25/65
...............
United
States
692,769
661,341
2024-INV1,
A1A,
144A,
6.557%,
3/25/69
................
United
States
2,509,824
2,554,367
a,d
FHLMC
STACR
REMIC
Trust
,
2025-DNA3
,
A1
,
144A,
FRN
,
4.647
%
,
(
30-day
SOFR
Average
+
0.95
%
),
9/25/45
........
United
States
11,998,600
12,019,959
a,d
FNMA
Connecticut
Avenue
Securities
Trust
,
2025-R04
,
1A1
,
144A,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
5/25/45
.
United
States
2,128,868
2,131,881
a,e
Galton
Funding
Mortgage
Trust
,
2019-2
,
A22
,
144A,
FRN
,
3.5
%
,
6/25/59
.........................................
United
States
1,376,791
1,265,515
a,e
GCAT
Trust
,
2019-NQM3
,
A1
,
144A,
FRN
,
3.686
%
,
11/25/59
...
United
States
877,197
865,804
a,e
GS
Mortgage-Backed
Securities
Trust
,
2020-NQM1
,
A1
,
144A,
FRN
,
1.382
%
,
9/27/60
..............................
United
States
672,453
644,551
a
Imperial
Fund
Mortgage
Trust
,
2022-NQM2,
A1,
144A,
3.638%,
3/25/67
................
United
States
6,253,606
6,043,037
2023-NQM1,
A1,
144A,
5.941%,
2/25/68
................
United
States
7,412,024
7,394,180
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
a,e
MFA
Trust
,
2020-NQM1,
A1,
144A,
FRN,
2.479%,
3/25/65
............
United
States
470,333
$
460,193
2021-NQM1,
A1,
144A,
FRN,
1.153%,
4/25/65
............
United
States
3,018,587
2,852,992
a
New
Residential
Mortgage
Loan
Trust
,
d
2018-4A,
A1S,
144A,
FRN,
4.537%,
(1-month
SOFR
+
0.864%),
1/25/48
.........................................
United
States
1,946,771
1,920,956
e
2019-NQM4,
A1,
144A,
FRN,
2.492%,
9/25/59
............
United
States
1,061,765
1,027,694
e
2020-NQM1,
A1,
144A,
FRN,
2.464%,
1/26/60
............
United
States
820,088
777,746
a
OBX
Trust
,
e
2020-EXP2,
A8,
144A,
FRN,
3%,
5/25/60
................
United
States
803,348
717,499
d
2020-EXP3,
2A1,
144A,
FRN,
4.687%,
(1-month
SOFR
+
1.014%),
1/25/60
..................................
United
States
150,742
150,718
a,e
SG
Residential
Mortgage
Trust
,
2022-1
,
A1
,
144A,
FRN
,
3.166
%
,
3/27/62
.........................................
United
States
2,230,205
2,120,255
a,e
STAR
Trust
,
2021-1
,
A1
,
144A,
FRN
,
1.219
%
,
5/25/65
........
United
States
2,630,976
2,491,314
a,e
Starwood
Mortgage
Residential
Trust
,
2021-4,
A1,
144A,
FRN,
1.162%,
8/25/56
................
United
States
5,948,177
5,381,442
2022-2,
A1,
144A,
FRN,
3.169%,
2/25/67
................
United
States
5,931,917
5,747,800
a,d
Station
Place
Securitization
Trust
,
2025-1,
A,
144A,
FRN,
4.573%,
(1-month
SOFR
+
0.9%),
7/23/26
.........................................
United
States
37,853,000
38,315,071
2025-3,
A,
144A,
FRN,
4.573%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
37,820,000
37,949,114
2025-7,
A,
144A,
FRN,
4.573%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
41,468,000
41,570,343
a
Towd
Point
Mortgage
Trust
,
e
2018-1,
A1,
144A,
FRN,
3%,
1/25/58
...................
United
States
509,195
506,769
d
2019-HY1,
A1,
144A,
FRN,
4.787%,
(1-month
SOFR
+
1.114%),
10/25/48
........................................
United
States
1,766,287
1,772,057
d
2019-HY2,
A1,
144A,
FRN,
4.787%,
(1-month
SOFR
+
1.114%),
5/25/58
.........................................
United
States
251,035
257,049
e
2022-SJ1,
A1B,
144A,
FRN,
3.612%,
3/25/62
.............
United
States
2,158,250
2,127,006
217,148,341
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$219,086,522)
..............
217,148,341
Agency
Commercial
Mortgage-Backed
Securities
0.0%
†
Financial
Services
0.0%
†
FHLMC
,
3316,
CD,
5.5%,
5/15/37
............................
United
States
15,653
16,308
3539,
PM,
4.5%,
5/15/37
............................
United
States
3,571
3,428
3611,
Strip,
7/15/34
................................
United
States
11,014
9,880
3724,
CM,
5.5%,
6/15/37
............................
United
States
39,853
41,997
FNMA
,
d
2005-63,
FC,
FRN,
4.062%,
(30-day
SOFR
Average
+
0.364%),
10/25/31
........................................
United
States
124,673
123,931
d
2006-74,
FL,
FRN,
4.162%,
(
30-day
SOFR
Average
+
0.464%),
8/25/36
.........................................
United
States
50,298
49,959
2010-81,
AP,
2.5%,
7/25/40
..........................
United
States
8,405
8,121
d
2010-90,
GF,
FRN,
4.312%,
(30-day
SOFR
Average
+
0.614%),
8/25/40
.........................................
United
States
136,188
135,715
2011-60,
PA,
4%,
10/25/39
...........................
United
States
2,861
2,708
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
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)
GNMA
,
2009-32
,
AB
,
4
%
,
5/16/39
.......................
United
States
2,776
$
2,759
394,806
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$399,964)
.........
394,806
Total
Long
Term
Investments
(Cost
$10,893,443,946)
..........................
10,939,569,642
a
Short
Term
Investments
13.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Certificates
of
Deposit
0.9%
Intesa
Sanpaolo
SpA
,
4.4%,
8/19/26
......................................
Italy
44,205,000
44,272,921
4.06%,
10/09/26
....................................
Italy
23,500,000
23,495,037
4.05%,
1/14/27
.....................................
Italy
46,645,000
46,656,376
114,424,334
Total
Certificates
of
Deposit
(Cost
$114,350,000)
..............................
114,424,334
a
a
a
Commercial
Papers
12.3%
a,f
AES
Corp.
(The)
,
144A,
5.92%
,
2/02/26
..................
United
States
55,330,000
55,311,802
a,f
Agree
LP
,
144A,
4.84%
,
2/05/26
........................
United
States
40,650,000
40,622,667
a,f
Air
Lease
Corp.
,
144A,
5.99%,
2/02/26
................................
United
States
25,170,000
25,161,628
144A,
8.154%,
2/17/26
...............................
United
States
17,455,000
17,419,411
42,581,039
a,f
Alimentation
Couche-Tard,
Inc.
,
144A,
5.77%
,
2/02/26
........
Canada
23,100,000
23,092,594
a,f
Arrow
Electronics,
Inc.
,
144A,
4.98%,
2/04/26
................................
United
States
33,115,000
33,096,701
144A,
4.66%,
2/06/26
................................
United
States
33,240,000
33,214,212
66,310,913
a,f
AutoNation,
Inc.
,
144A,
6.03%
,
2/02/26
...................
United
States
71,400,000
71,376,081
a,f
AvalonBay
Communities,
Inc.
,
144A,
5.67%,
2/02/26
................................
United
States
35,015,000
35,003,977
144A,
4.19%,
2/10/26
................................
United
States
29,130,000
29,096,116
144A,
4.13%,
2/12/26
................................
United
States
15,820,000
15,798,232
79,898,325
a,f
Bayer
Corp.
,
144A,
3.89%,
7/20/26
................................
United
States
53,930,000
52,956,051
144A,
3.89%,
12/09/26
...............................
United
States
25,140,000
24,319,136
77,275,187
a,f
Boston
Properties
LP
,
144A,
4.23%,
2/11/26
................................
United
States
8,930,000
8,918,484
144A,
4.1%,
2/19/26
.................................
United
States
17,545,000
17,507,156
144A,
4.03%,
3/04/26
................................
United
States
22,745,000
22,663,875
49,089,515
a,f
Bunge
Ltd.
Finance
Corp.
,
144A,
5.06%,
2/03/26
................................
United
States
29,185,000
29,172,704
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
a,f
Bunge
Ltd.
Finance
Corp.,
(continued)
144A,
4.24%,
2/09/26
................................
United
States
41,895,000
$
41,850,642
71,023,346
a,f
Conagra
Brands,
Inc.
,
144A,
5.89%
,
2/02/26
...............
United
States
70,615,000
70,591,888
a,f
Enbridge
US,
Inc.
,
144A,
5.64%
,
2/02/26
..................
United
States
21,080,000
21,073,398
a,f
Enel
Finance
America
LLC
,
144A,
3.91%
,
4/27/26
...........
Italy
14,305,000
14,172,630
a,f
Energy
Transfer
LP
,
144A,
5.72%
,
2/02/26
.................
United
States
23,485,000
23,477,546
a,f
ERAC
USA
Finance
LLC
,
144A,
4.13%,
2/17/26
................................
United
States
42,525,000
42,442,225
144A,
4.13%,
2/18/26
................................
United
States
28,440,000
28,381,456
70,823,681
a,f
Extra
Space
Storage
LP
,
144A,
5.02%,
2/03/26
................................
United
States
16,690,000
16,683,025
144A,
4.18%,
2/10/26
................................
United
States
29,515,000
29,480,769
144A,
4.02%,
2/26/26
................................
United
States
20,725,000
20,664,976
144A,
3.97%,
3/12/26
................................
United
States
21,440,000
21,345,771
88,174,541
a,f
General
Motors
Financial
Co.,
Inc.
,
144A,
5.65%,
2/02/26
................................
United
States
11,770,000
11,766,304
144A,
4.54%,
2/05/26
................................
United
States
2,000,000
1,998,741
144A,
4.01%,
3/06/26
................................
United
States
9,045,000
9,010,836
144A,
4.04%,
5/05/26
................................
United
States
7,925,000
7,842,323
144A,
4.12%,
6/03/26
................................
United
States
21,950,000
21,645,512
144A,
4.09%,
7/17/26
................................
United
States
9,020,000
8,852,217
61,115,933
a,f
Intercontinental
Exchange,
Inc.
,
144A,
4.59%,
2/05/26
................................
United
States
20,000,000
19,987,270
144A,
4.31%,
2/09/26
................................
United
States
27,825,000
27,795,036
144A,
4.12%,
2/13/26
................................
United
States
25,650,000
25,611,910
73,394,216
a,f
Jackson
National
Life
Short
Term
Funding
LLC
,
144A,
3.99%
,
2/13/26
...........................................
United
States
13,690,000
13,670,328
a,b
Macquarie
Bank
Ltd.
,
144A,
4.01%,
5/14/26
................................
Australia
15,730,000
15,741,448
144A,
3.99%,
5/20/26
................................
Australia
13,267,000
13,275,592
29,017,040
f
Macquarie
Group
Ltd.
,
3.97%,
3/19/26
.....................................
Australia
9,745,000
9,694,794
3.95%,
4/06/26
.....................................
Australia
18,005,000
17,877,618
27,572,412
a,f
Mid-America
Apartments
LP
,
144A,
5.05%,
2/03/26
................................
United
States
15,205,000
15,198,609
144A,
4.03%,
2/19/26
................................
United
States
20,520,000
20,476,422
35,675,031
a,f
ONEOK,
Inc.
,
144A,
4.23%
,
2/09/26
.....................
United
States
22,590,000
22,566,129
a,f
Ovintiv,
Inc.
,
144A,
4.38%
,
2/20/26
......................
United
States
3,575,000
3,566,318
f
Penske
Truck
Leasing
Co.
LP
,
4.16%,
2/19/26
.....................................
United
States
20,000,000
19,956,194
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
See
Abbreviations
on
page
41
.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
f
Penske
Truck
Leasing
Co.
LP,
(continued)
4.15%,
2/20/26
.....................................
United
States
23,550,000
$
23,495,814
4.13%,
3/24/26
.....................................
United
States
16,720,000
16,620,874
60,072,882
a,f
Phillips
66
,
144A,
4.17%
,
2/12/26
.......................
United
States
19,425,000
19,398,061
a,f
Plains
All
American
Pipeline
LP
,
144A,
4.4%,
2/06/26
.................................
United
States
36,700,000
36,673,095
144A,
4.21%,
2/09/26
................................
United
States
29,570,000
29,538,937
144A,
4.17%,
2/10/26
................................
United
States
29,680,000
29,645,669
95,857,701
a,b
Sumitomo
Mitsui
Banking
Corp.
,
144A,
4.05
%
,
12/11/26
......
Japan
35,650,000
35,652,872
a,f
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
144A,
3.84%
,
3/09/26
......
Japan
38,420,000
38,269,117
a,f
Targa
Resources
Corp.
,
144A,
5.77%,
2/02/26
................................
United
States
58,490,000
58,471,242
144A,
4.51%,
2/06/26
................................
United
States
32,330,000
32,305,733
144A,
4.21%,
2/11/26
................................
United
States
22,340,000
22,311,295
144A,
4.18%,
2/12/26
................................
United
States
12,530,000
12,512,565
125,600,835
a,f
UDR,
Inc.
,
144A,
5.02%,
2/03/26
................................
United
States
20,170,000
20,161,571
144A,
4.14%,
2/11/26
................................
United
States
20,000,000
19,974,736
40,136,307
Total
Commercial
Papers
(Cost
$1,546,533,055)
...............................
1,546,460,335
Shares
Management
Investment
Companies
0.0%
†
g,h
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
.......
United
States
14,687
14,687
Total
Management
Investment
Companies
(Cost
$14,687)
......................
14,687
Principal
Amount
*
Repurchase
Agreements
0.2%
i
Tri-party
repurchase
agreement,
3.85%,
2/02/26
(Maturity
Value
$25,008,021)
RBC
Capital
Markets
LLC
(perpetual
maturity)
Collateralized
by
Corporate
Bonds,
1.75%
-
6.75%,
3/3/28
-
3/15/55,
and
Commercial
Paper,
3.65%,
4/29/26
(valued
at
$26,258,422)
.....................................
25,000,000
25,000,000
Total
Repurchase
Agreements
(Cost
$25,000,000)
.............................
25,000,000
Total
Short
Term
Investments
(Cost
$1,685,897,742
)
...........................
1,685,899,356
a
Total
Investments
(Cost
$12,579,341,688)
100.3%
.............................
$12,625,468,998
Other
Assets,
less
Liabilities
(0.3)%
.........................................
(38,139,836)
Net
Assets
100.0%
.........................................................
$12,587,329,162
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
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
$5,371,265,135,
representing
42.7%
of
net
assets.
b
The
coupon
rate
shown
represents
the
rate
at
period
end.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(d).
d
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
e
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.
f
The
rate
shown
represents
the
yield
at
period
end.
g
See
Note
3(g)
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
i
See
Note
1(b)
regarding
repurchase
agreement.
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Putnam
Ultra
Short
Duration
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$12,554,327,001
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
14,687
Cost
-
Unaffiliated
repurchase
agreements
......................................................
25,000,000
Value
-
Unaffiliated
issuers
..................................................................
$12,600,454,311
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
14,687
Value
-
Unaffiliated
repurchase
agreements
......................................................
25,000,000
Cash
....................................................................................
2,089,578
Receivables:
Capital
shares
sold
........................................................................
32,338,250
Dividends
and
interest
.....................................................................
89,681,439
Prepaid
expenses
..........................................................................
596,409
Total
assets
..........................................................................
12,750,174,674
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
93,124,282
Capital
shares
redeemed
...................................................................
63,063,832
Management
fees
.........................................................................
2,176,248
Administrative
fees
........................................................................
30,375
Distribution
fees
..........................................................................
319,846
Transfer
agent
fees
........................................................................
1,264,789
Trustees'
fees
and
expenses
.................................................................
451,523
Distributions
to
shareholders
.................................................................
1,829,184
Accrued
expenses
and
other
liabilities
...........................................................
585,433
Total
liabilities
.........................................................................
162,845,512
Net
assets,
at
value
.................................................................
$12,587,329,162
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$12,562,167,427
Total
distributable
earnings
(losses)
.............................................................
25,161,735
Net
assets,
at
value
.................................................................
$12,587,329,162
Putnam
Funds
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
January
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
Putnam
Ultra
Short
Duration
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$3,661,030,283
Shares
outstanding
........................................................................
360,928,020
Net
asset
value
per
share
a
,b
..................................................................
$10.14
Class
C:
Net
assets,
at
value
.......................................................................
$17,601,637
Shares
outstanding
........................................................................
1,737,171
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$10.13
Class
N:
Net
assets,
at
value
.......................................................................
$15,603,624
Shares
outstanding
........................................................................
1,540,049
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.13
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
98
.00
%
)
b
................................
$10.34
Class
R:
Net
assets,
at
value
.......................................................................
$3,919,938
Shares
outstanding
........................................................................
387,059
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.13
Class
R6:
Net
assets,
at
value
.......................................................................
$2,279,089,565
Shares
outstanding
........................................................................
224,411,884
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.16
Class
Y:
Net
assets,
at
value
.......................................................................
$6,610,084,115
Shares
outstanding
........................................................................
650,980,583
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.15
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
January
31,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Putnam
Ultra
Short
Duration
Income
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
........................................................................
$45,458
Non-controlled
affiliates
(Note
3
g
)
.............................................................
169,592
Interest:
Unaffiliated
issuers
........................................................................
284,056,876
Total
investment
income
...................................................................
284,271,926
Expenses:
Management
fees
(Note
3
a
)
...................................................................
13,642,566
Administrative
fees
(Note
3
b
)
..................................................................
146,641
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
1,745,838
Class
C
................................................................................
39,348
Class
N
................................................................................
15,428
Class
R
................................................................................
10,689
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
1,220,387
Class
C
................................................................................
5,484
Class
N
................................................................................
4,535
Class
R
................................................................................
1,494
Class
R6
...............................................................................
461,955
Class
Y
................................................................................
2,343,555
Custodian
fee
s
.............................................................................
26,228
Reports
to
shareholders
fees
..................................................................
120,271
Registration
and
filing
fees
....................................................................
274,572
Professional
fees
...........................................................................
435,586
Trustees'
fees
and
expenses
(Note
3
f
)
...........................................................
227,491
Other
....................................................................................
126,959
Total
expenses
.........................................................................
20,849,027
Expense
reductions
(Note
4
)
...............................................................
(23,286)
Expenses
waived/paid
by
affiliates
(Note
3
g
and
3
h
)
..............................................
(509,881)
Net
expenses
.........................................................................
20,315,860
Net
investment
income
................................................................
263,956,066
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
2,215,853
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
17,512,943
Net
realized
and
unrealized
gain
(loss)
............................................................
19,728,796
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$283,684,862
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
31
Putnam
Ultra
Short
Duration
Income
Fund
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$263,956,066
$485,674,672
Net
realized
gain
(loss)
.................................................
2,215,853
8,554,428
Net
change
in
unrealized
appreciation
(depreciation)
...........................
17,512,943
7,099,214
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
283,684,862
501,328,314
Distributions
to
shareholders:
Class
A
.............................................................
(75,922,585)
(150,196,941)
Class
C
.............................................................
(310,356)
(527,956)
Class
N
.............................................................
(257,489)
(327,759)
Class
R
.............................................................
(84,392)
(161,842)
Class
R6
............................................................
(41,025,708)
(27,582,211)
Class
Y
.............................................................
(148,973,785)
(307,421,257)
Total
distributions
to
shareholders
..........................................
(266,574,315)
(486,217,966)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
326,656,509
407,570,037
Class
C
.............................................................
3,908,193
2,178,224
Class
N
.............................................................
7,326,121
(667,895)
Class
R
.............................................................
109,584
417,550
Class
R6
............................................................
1,248,680,997
541,813,497
Class
Y
.............................................................
47,205,673
329,462,996
Total
capital
share
transactions
............................................
1,633,887,077
1,280,774,409
Net
increase
(decrease)
in
net
assets
...................................
1,650,997,624
1,295,884,757
Net
assets:
Beginning
of
period
.....................................................
10,936,331,538
9,640,446,781
End
of
period
..........................................................
$12,587,329,162
$10,936,331,538
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
Putnam
Ultra
Short
Duration
Income
Fund
32
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
Ultra
Short
Duration
Income
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers six
classes
of
shares:
Class
A,
Class
C,
Class
N,
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.
Debt
securities
generally
trade
in
the over-the-counter
(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.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
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
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.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Joint
Repurchase
Agreement
The
Fund
enters
into
a
joint
repurchase
agreement
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.
A
repurchase
agreement
is
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
funds,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
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.
The
joint
repurchase
agreement
held
by
the Fund
at
period
end,
as
indicated
in
the
Schedule
of
Investments,
had
been
entered
into
on January
30,
2026.
c.
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.
d.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
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.
e.
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
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
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.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
When
a
capital
gain
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
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
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.
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.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
income
are
normally
declared
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.
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
Taxes
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
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
were
as
follows:
Six
Months
Ended
January
31,
2026
Year
Ended
July
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
102,213,931
$1,036,606,827
169,221,123
$1,712,881,390
Shares
issued
in
reinvestment
of
distributions
..........
7,431,710
75,357,542
14,646,367
148,291,399
Shares
redeemed
...............................
(77,435,557)
(785,307,860)
(143,618,484)
(1,453,602,752)
Net
increase
(decrease)
..........................
32,210,084
$326,656,509
40,249,006
$407,570,037
Class
C
Shares:
Shares
sold
...................................
871,546
$8,829,063
802,791
$8,116,065
Shares
issued
in
reinvestment
of
distributions
..........
30,644
310,356
51,779
523,700
Shares
redeemed
a
..............................
(516,413)
(5,231,226)
(639,101)
(6,461,541)
Net
increase
(decrease)
..........................
385,777
$3,908,193
215,469
$2,178,224
Class
N
Shares:
Shares
sold
...................................
735,295
$7,450,243
507,591
$5,130,947
Shares
issued
in
reinvestment
of
distributions
..........
25,577
257,489
32,472
328,452
Shares
redeemed
...............................
(37,671)
(381,611)
(605,954)
(6,127,294)
Net
increase
(decrease)
..........................
723,201
$7,326,121
(65,891)
$(667,895)
Class
R
Shares:
Shares
sold
...................................
109,635
$1,110,916
203,922
$2,059,391
Shares
issued
in
reinvestment
of
distributions
..........
8,368
84,392
16,013
161,842
Shares
redeemed
...............................
(107,205)
(1,085,724)
(178,487)
(1,803,683)
Net
increase
(decrease)
..........................
10,798
$109,584
41,448
$417,550
Class
R6
Shares:
Shares
sold
...................................
170,329,159
$1,729,362,684
79,819,988
$808,165,223
Shares
issued
in
reinvestment
of
distributions
..........
3,689,620
37,461,837
1,793,333
18,178,857
Shares
redeemed
...............................
(51,031,498)
(518,143,524)
(28,066,877)
(284,530,583)
Net
increase
(decrease)
..........................
122,987,281
$1,248,680,997
53,546,444
$541,813,497
Class
Y
Shares:
Shares
sold
...................................
170,708,676
$1,733,002,478
376,810,817
$3,817,782,649
Shares
issued
in
reinvestment
of
distributions
..........
13,186,608
133,844,070
26,934,189
272,972,817
Shares
redeemed
...............................
(179,247,439)
(1,819,640,875)
(371,239,903)
(3,761,292,470)
Net
increase
(decrease)
..........................
4,647,845
$47,205,673
32,505,103
$329,462,996
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
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
a
management
fee
(based
on
the
Fund's
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
"double
counting"
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
January
31,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.226%
of
the
Fund's
average daily
net
assets.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
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.
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
Annualized
Fee
Rate
Net
Assets
0.440%
of
the
first
$5
billion,
0.390%
of
the
next
$5
billion,
0.340%
of
the
next
$10
billion,
0.290%
of
the
next
$10
billion,
0.240%
of
the
next
$50
billion,
0.220%
of
the
next
$50
billion,
0.210%
of
the
next
$100
billion
and
0.205%
of
any
excess
thereafter.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b-1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
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,
Class
N
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%.
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,
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.10%
Class
C
...................................................................
1.00%
0.50%
Class
N
...................................................................
0.25%
0.25%
Class
R
...................................................................
1.00%
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$50
3.
Transactions
with
Affiliates
(continued)
b.
Administrative
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
g.
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
January
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
h.
Waiver
and
Expense
Reimbursements
Advisers has
contractually
agreed,
through
November
30,
2026,
to
waive
fees
and/or
reimburse
the
Fund's
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund's
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund's
average
net
assets
over
such
fiscal
year-to-date
period.
Advisers has
also
contractually
agreed
to
waive
fees
(and,
to
the
extent
necessary,
bear
other
expenses)
of
the
Fund
through
November
30,
2026,
to
the
extent
that
total
expenses
of
the
Fund
(excluding
brokerage,
interest,
taxes,
investment-related
expenses,
payments
under
distribution
plans,
extraordinary
expenses,
payments
under
the
Fund's
investor
servicing
contract
and
acquired
fund
fees
and
expenses,
but
including
payments
under
the
Fund's
investment
management
contract)
would
exceed
an
annual
rate
of
0.24%
of
the
Fund's
average
net
assets.
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,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
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
Ultra
Short
Duration
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
$3,928
$705,385,336
$(705,374,577)
$-
$-
$14,687
14,687
$169,592
Total
Affiliated
Securities
...
$3,928
$705,385,336
$(705,374,577)
$-
$-
$14,687
$169,592
3.
Transactions
with
Affiliates
(continued)
f.
Trustee
Fees
(continued)
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
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
$3,859,453,651 and
$2,260,094,737,
respectively.
7.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
8.
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
January
31,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
12,790,008
Long
term
................................................................................
7,419,191
Total
capital
loss
carryforwards
...............................................................
$20,209,199
Cost
of
investments
..........................................................................
$12,579,341,688
Unrealized
appreciation
........................................................................
$51,465,716
Unrealized
depreciation
........................................................................
(5,338,406)
Net
unrealized
appreciation
(depreciation)
..........................................................
$46,127,310
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
9.
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
January
31,
2026,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
10.
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.
11.
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.
Level
1
Level
2
Level
3
Total
Putnam
Ultra
Short
Duration
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
-
$
10,194,779,426
$
-
$
10,194,779,426
U.S.
Government
and
Agency
Securities
.......
-
48,506,436
-
48,506,436
Asset-Backed
Securities
...................
-
478,740,633
-
478,740,633
Residential
Mortgage-Backed
Securities
.......
-
217,148,341
-
217,148,341
Agency
Commercial
Mortgage-Backed
Securities
-
394,806
-
394,806
Short
Term
Investments
...................
14,687
1,685,884,669
-
1,685,899,356
Total
Investments
in
Securities
...........
$14,687
$12,625,454,311
$-
$12,625,468,998
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Putnam
Funds
Trust
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
Putnam
Ultra
Short
Duration
Income
Fund
(continued)
Abbreviations
Selected
Portfolio
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
Putnam
Funds
Trust
42
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.
39200-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 18:58 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]