# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-26-009616
**Filing Date:** 2026-6
**Character Count:** 216620
**Document Hash:** f02330355c5bbd3aabbc29246cea2b4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009616.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001133228-26-009616

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 261121793

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Putnam Core Bond Fund (Series ID: S000024275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000071712 | Class R      |  |
| C000071713 | Class Y      |  |
| C000071714 | Class A      |  |
| C000071716 | Class C      |  |
| C000118006 | Class R6     |  |

?xml version='1.0' encoding='ASCII'? 2026-05-1974200166300_PutnamCoreBondFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-07513**

**Putnam Funds Trust**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: **October 31**

Date of reporting period: **April 30, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PTRNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $32 | 0.64% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1578228611 |
| **Total Number of Portfolio Holdings** | 950 |
| **Portfolio Turnover Rate** | 190% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7346img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSA-0626

28.123.121.96.64.94.32.41.40.80.16.4 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PTRGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $69 | 1.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1578228611 |
| **Total Number of Portfolio Holdings** | 950 |
| **Portfolio Turnover Rate** | 190% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7347img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSC-0626

28.123.121.96.64.94.32.41.40.80.16.4 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PTRKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $44 | 0.89% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1578228611 |
| **Total Number of Portfolio Holdings** | 950 |
| **Portfolio Turnover Rate** | 190% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7348img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSR-0626

28.123.121.96.64.94.32.41.40.80.16.4 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PTREX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $19 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1578228611 |
| **Total Number of Portfolio Holdings** | 950 |
| **Portfolio Turnover Rate** | 190% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7349img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSR6-0626

28.123.121.96.64.94.32.41.40.80.16.4 ------

---

| | |
|:---|:---|
| **Putnam Core Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PYTRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Core Bond Fund for the period November 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $19 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1578228611 |
| **Total Number of Portfolio Holdings** | 950 |
| **Portfolio Turnover Rate** | 190% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7350img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Core Bond Fund PAGE 1 39114-STSY-0626

28.123.121.96.64.94.32.41.40.80.16.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Core

#### Bond

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 36
Notes

to

Financial

Statements

#### 40
Changes

In

and

Disagreements

with

Accountants

#### 49
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.31

$8.17

$7.68

$8.30

$9.04

$9.40

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.17 0.35 0.38 0.39 0.37 0.32 Net

realized

and

unrealized

gains

(losses)

(0.12)

0.14 0.48 (0.49)

(0.68)

(0.38)

Total

from

investment

operations

........

0.05 0.49 0.86 (0.10)

(0.31)

(0.06)

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.35)

(0.37)

(0.52)

(0.43)

(0.30)

Net

asset

value,

end

of

period

..........

$8.19

$8.31

$8.17

$7.68

$8.30

$9.04

Total

return

c

.......................

0.56%

6.16%

11.35%

(1.51)%

(3.51)%

(0.73)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.64%

f

0.64%

f

0.64%

0.66%

0.71%

0.77%

Net

investment

income

...............

4.06%

4.28%

4.63%

4.79%

4.30%

3.42%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$201,878

$190,884

$158,169

$115,240

$105,223

$133,135

Portfolio

turnover

rate

................

190%

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.27

$8.14

$7.66

$8.27

$9.00

$9.36

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.14 0.29 0.31 0.32 0.29 0.24 Net

realized

and

unrealized

gains

(losses)

(0.12)

0.13 0.48 (0.48)

(0.65)

(0.37)

Total

from

investment

operations

........

0.02 0.42 0.79 (0.16)

(0.36)

(0.13)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.29)

(0.31)

(0.45)

(0.37)

(0.23)

Net

asset

value,

end

of

period

..........

$8.15

$8.27

$8.14

$7.66

$8.27

$9.00

Total

return

c

.......................

0.19%

5.27%

10.44%

(2.14)%

(4.16)%

(1.52)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.39%

f

1.39%

f

1.39%

1.41%

1.46%

1.52%

Net

investment

income

...............

3.31%

3.53%

3.87%

3.90%

3.38%

2.53%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$10,052

$9,568

$8,206

$4,580

$5,097

$9,014

Portfolio

turnover

rate

................

190%

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.37

$8.23

$7.74

$8.35

$9.09

$9.45

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.16 0.33 0.34 0.37 0.36 0.30 Net

realized

and

unrealized

gains

(losses)

(0.12)

0.14 0.50 (0.49)

(0.69)

(0.38)

Total

from

investment

operations

........

0.04 0.47 0.84 (0.12)

(0.33)

(0.08)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.33)

(0.35)

(0.49)

(0.41)

(0.28)

Net

asset

value,

end

of

period

..........

$8.25

$8.37

$8.23

$7.74

$8.35

$9.09

Total

return

c

.......................

0.43%

5.84%

10.97%

(1.66)%

(3.76)%

(0.97)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.89%

f

0.89%

f

0.88%

0.91%

0.96%

1.02%

Net

investment

income

...............

3.81%

4.03%

4.10%

4.52%

4.12%

3.15%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$9,811

$8,345

$4,090

$607

$392

$334

Portfolio

turnover

rate

................

190%

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.33

$8.19

$7.71

$8.33

$9.07

$9.43

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.18 0.37 0.39 0.41 0.40 0.35 Net

realized

and

unrealized

gains

(losses)

(0.12)

0.14 0.49 (0.49)

(0.68)

(0.39)

Total

from

investment

operations

........

0.06 0.51 0.88 (0.08)

(0.28)

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.37)

(0.40)

(0.54)

(0.46)

(0.32)

Net

asset

value,

end

of

period

..........

$8.21

$8.33

$8.19

$7.71

$8.33

$9.07

Total

return

c

.......................

0.68%

6.43%

11.50%

(1.22)%

(3.24)%

(0.47)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.39%

f

0.39%

f

0.39%

0.41%

0.46%

0.52%

Net

investment

income

...............

4.30%

4.53%

4.72%

5.01%

4.59%

3.66%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$99,775

$59,431

$18,112

$2,896

$1,214

$1,509

Portfolio

turnover

rate

................

190%

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.30

$8.17

$7.68

$8.30

$9.04

$9.40

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.18 0.37 0.39 0.41 0.40 0.35 Net

realized

and

unrealized

gains

(losses)

(0.12)

0.13 0.50 (0.49)

(0.68)

(0.39)

Total

from

investment

operations

........

0.06 0.50 0.89 (0.08)

(0.28)

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.37)

(0.40)

(0.54)

(0.46)

(0.32)

Net

asset

value,

end

of

period

..........

$8.18

$8.30

$8.17

$7.68

$8.30

$9.04

Total

return

c

.......................

0.68%

6.33%

11.68%

(1.22)%

(3.25)%

(0.48)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.39%

f

0.39%

f

0.39%

0.41%

0.46%

0.52%

Net

investment

income

...............

4.31%

4.53%

4.83%

5.01%

4.59%

3.70%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,256,712

$1,117,675

$539,569

$218,629

$67,037

$101,933

Portfolio

turnover

rate

................

190%

389%

372%

967%

997%

908%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Putnam

#### Core

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 1.7%

#### Capital

#### Markets

#### 1.7%
a

Franklin

Ultra

Short

Bond

ETF

..........................

United

States

1,113,980

$

27,871,780

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $27,720,882)
..................

#### 27,871,780

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 28.4%

#### Aerospace

#### &

#### Defense

#### 1.5%
b

BAE

Systems

plc

,

Senior

Bond,

144A,

5.3%,

3/26/34

.....................

United

Kingdom

2,650,000

2,706,596

Senior

Note,

144A,

5.125%,

3/26/29

...................

United

Kingdom

745,000

760,579

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

1,633,000

1,543,681

Senior

Bond,

6.125%,

2/15/33

........................

United

States

943,000

1,008,545

Senior

Bond,

3.6%,

5/01/34

..........................

United

States

504,000

453,141

Senior

Bond,

3.25%,

2/01/35

.........................

United

States

389,000

336,700

Senior

Bond,

3.5%,

3/01/39

..........................

United

States

795,000

642,038

Senior

Bond,

6.875%,

3/15/39

........................

United

States

870,000

964,697

Senior

Bond,

3.9%,

5/01/49

..........................

United

States

862,000

633,846

Senior

Bond,

6.858%,

5/01/54

........................

United

States

333,000

370,150

Senior

Bond,

3.95%,

8/01/59

.........................

United

States

730,000

507,431

Senior

Note,

2.7%,

2/01/27

..........................

United

States

1,183,000

1,169,446

Senior

Note,

6.259%,

5/01/27

........................

United

States

39,000

39,666

Senior

Note,

6.298%,

5/01/29

........................

United

States

60,000

62,941

Senior

Note,

5.15%,

5/01/30

.........................

United

States

3,365,000

3,420,236

b

Honeywell

Aerospace,

Inc.

,

Senior

Bond,

144A,

4.95%,

3/16/36

....................

United

States

1,150,000

1,137,386

Senior

Bond,

144A,

5.732%,

3/16/56

...................

United

States

650,000

639,755

Senior

Bond,

144A,

5.852%,

3/16/66

...................

United

States

435,000

428,500

Senior

Note,

144A,

4.6%,

3/16/33

.....................

United

States

575,000

567,933

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

.........................

United

States

500,000

519,893

Senior

Bond,

5.95%,

2/01/37

.........................

United

States

915,000

973,855

Senior

Note,

3%,

1/15/29

...........................

United

States

4,584,000

4,421,742

23,308,757

#### Automobiles

#### 0.3%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

60,000

63,067

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

1,565,000

1,572,488

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

1,530,000

1,598,408

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

959,000

976,468

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

158,000

161,142

4,371,573

#### Banks

#### 3.1%
b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

..............

Australia

200,000

179,640

Banco

Santander

SA

,

Sub.

Bond

,

6.921 %

,

8/08/33

..........

Spain

1,200,000

1,301,164

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

1,880,000

1,741,372

Senior

Bond,

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

...

United

States

90,000

91,979

Senior

Bond,

5.511%

to

1/23/35,

FRN

thereafter,

1/24/36

...

United

States

1,549,000

1,584,858

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

1,020,000

1,046,834

Senior

Note,

5.162%

to

1/23/30,

FRN

thereafter,

1/24/31

....

United

States

1,551,000

1,580,203

Sub.

Bond,

5.425%

to

8/14/34,

FRN

thereafter,

8/15/35

.....

United

States

1,945,000

1,952,481

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,729,000

1,606,696

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Bank

of

America

Corp.,

(continued)

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

450,000

$

449,128

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

1,665,000

1,724,487

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.541 %

,

1/15/31

..............................

France

1,160,000

1,146,800

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

1,250,000

1,272,690

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

1,140,000

1,141,250

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

950,000

974,558

Citigroup,

Inc.

,

c

Junior

Sub.

Bond,

6.625%

to

2/14/31,

FRN

thereafter,

Perpetual

.......................................

United

States

1,230,000

1,245,802

c

CC,

Junior

Sub.

Bond,

7.125%

to

8/14/29,

FRN

thereafter,

Perpetual

.......................................

United

States

567,000

575,685

c

GG,

Junior

Sub.

Bond,

6.875%

to

8/14/30,

FRN

thereafter,

Perpetual

.......................................

United

States

2,231,000

2,266,589

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

3,120,000

3,085,843

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

918,000

918,529

Sub.

Bond,

6.174%

to

5/24/33,

FRN

thereafter,

5/25/34

.....

United

States

923,000

961,899

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

90,000

76,208

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond,

144A,

2.688%,

3/11/31

....................

Australia

1,790,000

1,621,219

Sub.

Bond,

144A,

5.837%,

3/13/34

....................

Australia

960,000

994,901

b

Credit

Agricole

SA

,

Sub.

Bond

,

144A,

4%

to

1/09/28,

FRN

thereafter

,

1/10/33

.................................

France

250,000

246,192

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

930,000

963,301

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

360,000

361,421

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

505,000

507,786

JPMorgan

Chase

&

Co.

,

Senior

Bond,

4.946%

to

10/21/34,

FRN

thereafter,

10/22/35

.

United

States

2,790,000

2,759,594

Senior

Bond,

5.502%

to

1/23/35,

FRN

thereafter,

1/24/36

...

United

States

650,000

665,855

Senior

Note,

4.323%

to

4/25/27,

FRN

thereafter,

4/26/28

....

United

States

445,000

444,832

Senior

Note,

4.603%

to

10/21/29,

FRN

thereafter,

10/22/30

..

United

States

2,790,000

2,797,554

Senior

Note,

5.14%

to

1/23/30,

FRN

thereafter,

1/24/31

.....

United

States

1,655,000

1,684,769

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

2,695,000

2,515,724

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

1,471,000

1,526,784

Sub.

Bond,

5.576%

to

7/22/35,

FRN

thereafter,

7/23/36

.....

United

States

500,000

507,495

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

340,000

341,837

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

2,530,000

2,462,218

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

.....................

Canada

465,000

483,979

d

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

420,000

417,387

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

.................................

United

States

576,000

592,944

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

324,000

281,667

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

.................................

United

States

1,380,000

1,410,573

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Wells

Fargo

Bank

NA

,

Sub.

Bond

,

6.6 %

,

1/15/38

............

United

States

330,000

$

361,954

Westpac

Banking

Corp.

,

Sub.

Bond,

4.421%,

7/24/39

.........................

Australia

108,000

97,276

Sub.

Bond,

2.963%,

11/16/40

........................

Australia

131,000

97,114

51,069,071

#### Beverages

#### 0.0%

#### †
Keurig

Dr.

Pepper,

Inc.

,

Senior

Bond

,

5.3 %

,

3/15/34

.........

United

States

765,000

763,510

#### Biotechnology

#### 0.6%
AbbVie,

Inc.

,

Senior

Bond,

4.75%,

3/15/36

.........................

United

States

295,000

288,576

Senior

Note,

4.4%,

3/15/33

..........................

United

States

855,000

839,597

Amgen,

Inc.

,

Senior

Bond,

5.25%,

3/02/33

.........................

United

States

900,000

921,279

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

659,000

634,137

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

450,000

430,409

Senior

Note,

5.25%,

3/02/30

.........................

United

States

1,886,000

1,934,093

Biogen,

Inc.

,

Senior

Bond

,

2.25 %

,

5/01/30

.................

United

States

2,084,000

1,906,754

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75 %

,

9/15/30

United

States

3,365,000

2,991,736

9,946,581

#### Broadline

#### Retail

#### 0.2%
Amazon.com,

Inc.

,

Senior

Bond,

4.875%,

3/13/36

........................

United

States

1,037,000

1,022,189

Senior

Bond,

5.8%,

3/13/56

..........................

United

States

145,000

142,815

Senior

Bond,

6.05%,

3/13/76

.........................

United

States

929,000

916,081

Senior

Note,

4.55%,

3/13/33

.........................

United

States

700,000

691,818

2,772,903

#### Building

#### Products

#### 0.0%

#### †
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

............

United

States

580,000

583,139

#### Capital

#### Markets

#### 1.9%
Ares

Capital

Corp.

,

Senior

Note

,

%

,

1/15/27

..............

United

States

605,000

613,075

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

1,525,000

1,500,488

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note

,

2.311%

to

11/15/26,

FRN

thereafter

,

11/16/27

.....................

Germany

584,000

577,115

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

665,000

660,793

Senior

Bond,

5.065%

to

1/20/36,

FRN

thereafter,

1/21/37

...

United

States

580,000

567,244

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

1,501,000

1,485,533

Senior

Note,

5.094%

to

4/19/33,

FRN

thereafter,

4/20/34

....

United

States

510,000

508,945

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

103,000

87,162

Senior

Note,

4.35%,

6/15/29

.........................

United

States

146,000

145,757

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

...............................

United

States

1,410,000

1,449,270

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

1,730,000

1,731,119

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

.........................................

United

States

1,022,000

992,763

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

300,000

314,131

Senior

Note,

5.2%,

3/15/30

..........................

United

States

1,461,000

1,475,641

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

LPL

Holdings,

Inc.,

(continued)

b

Senior

Note,

144A,

4%,

3/15/29

......................

United

States

1,155,000

$

1,125,215

Morgan

Stanley

,

Senior

Bond,

5.073%

to

1/29/36,

FRN

thereafter,

1/30/37

...

United

States

895,000

876,058

Senior

Bond,

5.9%

to

3/12/46,

FRN

thereafter,

3/13/47

.....

United

States

920,000

922,239

Senior

Note,

2.475%

to

1/20/27,

FRN

thereafter,

1/21/28

....

United

States

3,000,000

2,958,253

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

2,085,000

2,106,848

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

1,530,000

1,543,212

Senior

Note,

5.23%

to

1/14/30,

FRN

thereafter,

1/15/31

.....

United

States

820,000

833,801

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

865,000

851,327

Senior

Note,

4.708%

to

3/11/31,

FRN

thereafter,

3/12/32

....

United

States

1,315,000

1,305,142

Sub.

Bond,

4.35%,

9/08/26

..........................

United

States

1,270,000

1,269,765

Sub.

Bond,

5.948%

to

1/18/33,

FRN

thereafter,

1/19/38

.....

United

States

214,000

220,538

Sub.

Bond,

5.942%

to

2/06/34,

FRN

thereafter,

2/07/39

.....

United

States

459,000

472,814

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

1,980,000

1,874,813

Nasdaq,

Inc.

,

Senior

Bond

,

5.55 %

,

2/15/34

................

United

States

58,000

59,936

S&P

Global,

Inc.

,

Senior

Bond

,

2.5 %

,

12/01/29

.............

United

States

1,880,000

1,764,636

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

.................................

Switzerland

815,000

831,934

31,125,567

#### Chemicals

#### 0.0%

#### †
FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

855,000

567,219

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

1,095,000

1,118,203

Waste

Connections,

Inc.

,

Senior

Bond,

5%,

3/01/34

...........................

United

States

1,948,000

1,963,178

Senior

Bond,

4.8%,

7/15/36

..........................

United

States

1,070,000

1,047,864

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

397,000

403,218

4,532,463

#### Communications

#### Equipment

#### 0.1%
Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

290,000

262,088

Senior

Bond,

5.4%,

4/15/34

..........................

United

States

1,550,000

1,571,186

Senior

Note,

4.85%,

8/15/30

.........................

United

States

333,000

335,790

2,169,064

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
MasTec,

Inc.

,

Senior

Note

,

5.9 %

,

6/15/29

.................

United

States

765,000

788,923

#### Consumer

#### Finance

#### 1.2%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

2,195,000

2,006,827

Senior

Note,

5.1%,

1/19/29

..........................

Ireland

1,435,000

1,453,561

Senior

Note,

4.125%,

2/28/29

........................

Ireland

395,000

390,201

b

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25 %

,

3/15/30

.........................................

United

States

695,000

702,218

Ally

Financial,

Inc.

,

Senior

Bond

,

%

,

11/01/31

.............

United

States

486,000

543,034

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

.................................

United

States

1,000,000

1,006,003

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

1,437,000

1,472,957

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

b

Avolon

Holdings

Funding

Ltd.,

(continued)

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

1,465,000

$

1,457,889

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

1,095,000

1,077,657

Senior

Note,

7.624%

to

10/29/30,

FRN

thereafter,

10/30/31

..

United

States

465,000

513,469

Senior

Note,

4.722%

to

1/29/31,

FRN

thereafter,

1/30/32

....

United

States

1,115,000

1,102,000

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

211,000

181,918

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

5.8%,

3/05/27

..........................

United

States

720,000

725,218

Senior

Note,

4.125%,

8/17/27

........................

United

States

290,000

286,630

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond,

5.45%,

9/06/34

.........................

United

States

630,000

630,039

Senior

Note,

4.2%,

10/27/28

.........................

United

States

450,000

446,404

Senior

Note,

5.8%,

1/07/29

..........................

United

States

465,000

478,545

Senior

Note,

4.9%,

10/06/29

.........................

United

States

380,000

382,535

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

6.4%,

3/26/29

.....................

United

Kingdom

2,345,000

2,425,618

Senior

Note,

144A,

5.15%,

3/17/30

....................

United

Kingdom

49,000

48,824

Senior

Note,

144A,

6.5%,

3/26/31

.....................

United

Kingdom

38,000

39,734

17,371,281

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
b

7-Eleven,

Inc.

,

Senior

Bond,

144A,

1.8%,

2/10/31

.....................

United

States

296,000

257,953

Senior

Note,

144A,

1.3%,

2/10/28

.....................

United

States

2,322,000

2,198,385

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55 %

,

7/26/27

.........................................

Canada

150,000

148,454

2,604,792

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

.............

United

States

775,000

769,781

WestRock

MWV

LLC

,

Senior

Bond

,

8.2 %

,

1/15/30

...........

United

States

103,000

115,378

885,159

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

140,000

130,300

#### Diversified

#### REITs

#### 0.4%
Equinix

Asia

Financing

Corp.

Pte.

Ltd.

,

Senior

Note

,

4.4 %

,

3/15/31

.........................................

United

States

1,095,000

1,075,412

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

140,000

140,243

Senior

Note,

5.125%,

11/15/31

.......................

United

States

815,000

812,850

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

3.75%,

2/15/27

....................

United

States

1,607,000

1,595,844

Senior

Note,

144A,

4.5%,

1/15/28

.....................

United

States

1,485,000

1,476,563

Senior

Note,

144A,

3.875%,

2/15/29

...................

United

States

640,000

623,545

5,724,457

#### Diversified

#### Telecommunication

#### Services

#### 0.8%
AT&T,

Inc.

,

Senior

Bond,

4.35%,

3/01/29

.........................

United

States

430,000

429,655

Senior

Bond,

2.55%,

12/01/33

........................

United

States

2,361,000

1,996,922

Senior

Bond,

5.125%,

4/30/36

........................

United

States

745,000

733,067

Senior

Bond,

6.2%,

10/30/56

.........................

United

States

655,000

649,290

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

AT&T,

Inc.,

(continued)

Senior

Note,

4.1%,

2/15/28

..........................

United

States

430,000

$

428,470

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

........................................

United

States

3,190,000

3,310,452

b

RD

Michigan

Property

Owner

I

LLC

,

Senior

Secured

Bond

,

144A,

7.5 %

,

3/30/45

....................................

United

States

2,225,000

2,225,672

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

265,000

279,838

b

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

...................................

United

States

1,050,000

1,030,889

Verizon

Communications,

Inc.

,

Senior

Bond,

5.25%,

4/02/35

.........................

United

States

348,000

348,062

Senior

Bond,

5.875%,

11/30/55

.......................

United

States

505,000

488,383

Senior

Note,

4.75%,

1/15/33

.........................

United

States

693,000

684,069

12,604,769

#### Electric

#### Utilities

#### 2.7%
American

Electric

Power

Co.,

Inc.

,

C,

Junior

Sub.

Bond,

5.8%

to

3/14/31,

FRN

thereafter,

3/15/56

United

States

1,675,000

1,666,723

D,

Junior

Sub.

Bond,

6.05%

to

3/14/36,

FRN

thereafter,

3/15/56

.........................................

United

States

560,000

558,484

J,

Senior

Bond,

4.3%,

12/01/28

.......................

United

States

305,000

304,459

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

1,694,000

1,519,479

DTE

Electric

Co.

,

Senior

Bond,

5.25%,

5/15/35

.........................

United

States

1,350,000

1,369,664

A,

Senior

Bond,

4.85%,

3/01/36

.......................

United

States

865,000

846,111

Duke

Energy

Corp.

,

Senior

Bond,

5.75%,

9/15/33

.........................

United

States

157,000

164,237

Senior

Bond,

5.8%,

6/15/54

..........................

United

States

113,000

108,180

Senior

Note,

4.85%,

1/05/29

.........................

United

States

400,000

403,991

Duke

Energy

Indiana

LLC

,

DDDD

,

Senior

Bond

,

4.95 %

,

3/15/36

United

States

725,000

712,771

Duke

Energy

Ohio,

Inc.

,

Senior

Bond,

3.65%,

2/01/29

.........................

United

States

89,000

87,476

Senior

Bond,

5.25%,

4/01/33

.........................

United

States

900,000

920,238

b

Enel

Finance

International

NV

,

Senior

Bond,

144A,

7.5%,

10/14/32

....................

Italy

600,000

677,804

Senior

Note,

144A,

4.375%,

9/30/30

...................

Italy

1,105,000

1,087,236

Entergy

Mississippi

LLC

,

Senior

Bond

,

5.05 %

,

4/15/36

.......

United

States

985,000

969,111

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

290,000

292,576

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

874,000

887,338

Exelon

Corp.

,

Senior

Bond,

5.625%,

6/15/35

........................

United

States

1,427,000

1,464,287

Senior

Note,

5.15%,

3/15/29

.........................

United

States

1,090,000

1,110,511

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

215,000

214,885

Georgia

Power

Co.

,

Senior

Bond,

4.95%,

5/17/33

.........................

United

States

252,000

253,886

Senior

Bond,

5.25%,

3/15/34

.........................

United

States

653,000

665,648

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

3.55%,

5/01/27

.........................

United

States

1,194,000

1,185,958

Senior

Bond,

5.9%,

3/15/55

..........................

United

States

445,000

436,327

Senior

Note,

5.3%,

3/15/32

..........................

United

States

1,390,000

1,426,546

Northern

States

Power

Co.

,

Senior

Bond

,

5.05 %

,

5/15/35

.....

United

States

700,000

705,369

b

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

2.45 %

,

12/02/27

United

States

3,400,000

3,286,457

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

4.95%,

9/15/52

..................

United

States

383,000

$

335,601

Senior

Secured

Note,

3.7%,

11/15/28

..................

United

States

300,000

295,773

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

5.9%,

6/15/32

..........................

United

States

1,227,000

1,275,028

Senior

Bond,

5.2%,

5/01/36

..........................

United

States

415,000

404,388

Senior

Bond,

4.95%,

7/01/50

.........................

United

States

162,000

134,640

Senior

Bond,

6.75%,

1/15/53

.........................

United

States

1,915,000

2,001,052

Senior

Note,

6.1%,

1/15/29

..........................

United

States

450,000

465,157

Southern

Co.

(The)

,

Senior

Bond,

5.7%,

3/15/34

..........................

United

States

594,000

616,121

Senior

Note,

5.5%,

3/15/29

..........................

United

States

70,000

71,988

Virginia

Electric

and

Power

Co.

,

Senior

Bond,

5.05%,

8/15/34

.........................

United

States

1,460,000

1,462,985

Senior

Bond,

4.95%,

3/15/36

.........................

United

States

1,680,000

1,638,479

C,

Senior

Bond,

4.9%,

9/15/35

.......................

United

States

1,310,000

1,282,116

b

Vistra

Operations

Co.

LLC

,

Senior

Bond,

144A,

6.95%,

10/15/33

...................

United

States

604,000

658,166

Senior

Bond,

144A,

6%,

4/15/34

......................

United

States

517,000

533,896

Senior

Bond,

144A,

5.7%,

12/30/34

....................

United

States

1,895,000

1,914,791

Senior

Bond,

144A,

5.25%,

10/15/35

...................

United

States

575,000

558,346

Senior

Note,

144A,

3.7%,

1/30/27

.....................

United

States

650,000

646,860

Senior

Note,

144A,

4.6%,

10/15/30

....................

United

States

545,000

535,248

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

1,015,000

996,373

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6 %

,

10/01/34

...

United

States

813,000

803,840

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.6 %

,

4/15/35

..............

United

States

1,700,000

1,732,061

41,688,661

#### Electrical

#### Equipment

#### 0.7%
Eaton

Corp.

,

Senior

Bond

,

4.8 %

,

3/06/36

.................

United

States

1,000,000

984,854

Regal

Rexnord

Corp.

,

Senior

Note

,

6.05 %

,

4/15/28

..........

United

States

2,580,000

2,645,702

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

........................................

United

States

4,050,000

4,003,966

Vertiv

Holdings

Co.

,

Senior

Bond,

4.85%,

3/15/36

.........................

United

States

1,512,000

1,472,470

Senior

Bond,

5.8%,

3/15/56

..........................

United

States

350,000

339,673

9,446,665

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Amphenol

Corp.

,

Senior

Note

,

4.4 %

,

2/15/33

...............

United

States

1,425,000

1,393,492

#### Entertainment

#### 0.1%
b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

..........

United

States

1,230,000

1,264,062

#### Financial

#### Services

#### 0.0%

#### †
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

615,000

602,231

#### Food

#### Products

#### 1.0%
JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

b

Senior

Bond,

144A,

5.625%,

3/10/37

...................

United

States

340,000

339,590

b

Senior

Bond,

144A,

6.4%,

5/10/57

.....................

United

States

330,000

324,944

Senior

Note,

3%,

2/02/29

...........................

United

States

1,583,000

1,521,352

Senior

Note,

5.75%,

4/01/33

.........................

United

States

106,000

109,198

Senior

Note,

6.75%,

3/15/34

.........................

United

States

125,000

135,926

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products
(continued)

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings,

(continued)

Senior

Note,

5.95%,

4/20/35

.........................

United

States

315,000

$

326,423

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

159,000

135,970

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

1,627,000

1,832,665

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

420,000

457,567

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

420,000

371,367

Senior

Bond,

5%,

6/04/42

...........................

United

States

1,760,000

1,557,014

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

3,430,000

3,377,755

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

1,415,000

1,377,805

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

325,000

318,893

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

854,000

860,920

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

180,000

182,647

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

1,045,000

1,054,687

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5 %

,

3/01/32

...........

United

States

609,000

556,616

14,841,339

#### Gas

#### Utilities

#### 0.0%

#### †
CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4 %

,

7/01/34

.........................................

United

States

342,000

350,404

#### Ground

#### Transportation

#### 0.3%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

305,000

303,275

Senior

Bond,

144A,

5.95%,

10/15/33

...................

United

Kingdom

1,890,000

1,963,114

Senior

Bond,

144A,

5.8%,

4/15/34

.....................

United

Kingdom

375,000

384,907

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.55 %

,

3/15/56

United

States

680,000

658,321

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

4.4 %

,

7/01/27

...............................

United

States

150,000

149,744

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

700,000

710,115

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note,

144A,

5.3%,

4/03/29

.....................

Ireland

575,000

583,414

Senior

Note,

144A,

5.1%,

4/01/30

.....................

Ireland

1,600,000

1,613,560

6,366,450

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

155,000

157,849

Senior

Note,

4.8%,

8/14/29

..........................

United

States

240,000

241,919

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

.........................................

United

States

5,595,000

5,438,689

5,838,457

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.7%
CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

1,465,000

1,520,944

Senior

Bond,

1.875%,

2/28/31

........................

United

States

555,000

486,783

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

1,726,000

1,600,311

Senior

Note,

5.4%,

6/01/29

..........................

United

States

3,000,000

3,071,159

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

150,000

150,008

Senior

Bond,

5.6%,

4/01/34

..........................

United

States

527,000

540,361

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

HCA,

Inc.,

(continued)

Senior

Bond,

6%,

4/01/54

...........................

United

States

692,000

$

667,776

Senior

Note,

3.625%,

3/15/32

........................

United

States

77,000

71,896

Senior

Note,

4.6%,

11/15/32

.........................

United

States

690,000

673,421

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

................

United

States

285,000

290,642

Icon

Investments

Six

DAC

,

Senior

Secured

Note,

5.809%,

5/08/27

.................

United

States

300,000

302,362

Senior

Secured

Note,

5.849%,

5/08/29

.................

United

States

582,000

593,137

UnitedHealth

Group,

Inc.

,

Senior

Bond,

4.625%,

7/15/35

........................

United

States

270,000

262,220

Senior

Bond,

5.875%,

2/15/53

........................

United

States

574,000

569,404

10,800,424

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.8%
Airbnb,

Inc.

,

Senior

Bond,

5.25%,

3/16/36

.........................

United

States

345,000

344,201

Senior

Note,

4.65%,

3/16/31

.........................

United

States

685,000

684,037

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

1,725,000

1,720,727

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

1,815,000

1,842,305

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

1,650,000

1,660,359

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

3,374,000

3,296,297

Hyatt

Hotels

Corp.

,

Senior

Note,

5.75%,

1/30/27

.........................

United

States

664,000

669,961

Senior

Note,

5.25%,

6/30/29

.........................

United

States

495,000

502,884

Senior

Note,

5.375%,

12/15/31

.......................

United

States

335,000

341,547

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.5 %

,

8/18/26

.........

United

States

635,000

633,423

Marriott

International,

Inc.

,

Senior

Note

,

4.5 %

,

5/01/33

........

United

States

930,000

901,673

12,597,414

#### Household

#### Durables

#### 0.1%
DR

Horton,

Inc.

,

Senior

Bond

,

%

,

10/15/34

...............

United

States

535,000

529,911

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

.........................

United

States

987,000

983,513

Senior

Bond,

3.8%,

11/01/29

.........................

United

States

1,355,000

1,320,649

2,834,073

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.5%
b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

1,060,000

1,115,784

Constellation

Energy

Generation

LLC

,

Senior

Bond,

6.125%,

1/15/34

........................

United

States

229,000

245,470

Senior

Bond,

6.5%,

10/01/53

.........................

United

States

558,000

593,131

Senior

Bond,

5.75%,

3/15/54

.........................

United

States

450,000

439,894

Senior

Note,

5.6%,

3/01/28

..........................

United

States

1,005,000

1,025,596

Senior

Note,

4.4%,

1/15/31

..........................

United

States

620,000

613,700

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

760,000

736,437

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

2,100,000

2,075,694

6,845,706

#### Insurance

#### 0.6%
Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

695,000

701,906

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

810,000

$

814,531

Secured

Note,

144A,

5.322%,

11/13/31

.................

United

States

935,000

932,078

Senior

Secured

Bond,

144A,

5.543%,

8/22/35

............

United

States

1,285,000

1,263,035

Athene

Holding

Ltd.

,

Senior

Bond,

5.875%,

1/15/34

........................

United

States

505,000

508,406

Senior

Bond,

6.25%,

4/01/54

.........................

United

States

306,000

281,583

Brown

&

Brown,

Inc.

,

Senior

Note,

4.9%,

6/23/30

..........................

United

States

1,310,000

1,308,742

Senior

Note,

5.25%,

6/23/32

.........................

United

States

471,000

470,226

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

368,000

365,146

b

CNO

Global

Funding

,

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

642,000

609,334

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

797,000

803,105

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

950,000

961,625

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

220,000

221,366

b

Metropolitan

Life

Global

Funding

I

,

Senior

Secured

Bond

,

144A,

2.95 %

,

4/09/30

...................................

United

States

360,000

339,114

b

Mutual

of

Omaha

Cos.

Global

Funding

,

Secured

Note

,

144A,

5.8 %

,

7/27/26

....................................

United

States

250,000

250,962

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

595,000

608,130

10,439,289

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Meta

Platforms,

Inc.

,

Senior

Bond,

5.25%,

5/15/36

.........................

United

States

1,025,000

1,023,310

Senior

Bond,

6.3%,

5/15/56

..........................

United

States

735,000

737,609

1,760,919

#### IT

#### Services

#### 0.1%
b

Beignet

Investor

LLC

,

Senior

Secured

Bond

,

144A,

6.581 %

,

5/30/49

.........................................

United

States

883,000

912,704

#### Leisure

#### Products

#### 0.1%
Brunswick

Corp.

,

Senior

Bond,

2.4%,

8/18/31

..........................

United

States

1,232,000

1,074,122

Senior

Note,

5.85%,

3/18/29

.........................

United

States

375,000

385,011

1,459,133

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

431,000

431,291

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

4.902 %

,

2/12/36

...

United

States

780,000

772,454

1,203,745

#### Media

#### 0.4%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

630,000

615,058

Senior

Secured

Bond,

3.5%,

6/01/41

...................

United

States

1,500,000

1,041,383

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

59,000

43,401

Omnicom

Group,

Inc.

,

Senior

Note

,

2.4 %

,

3/01/31

...........

United

States

98,000

87,624

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

3,560,000

$

4,033,627

5,821,093

#### Metals

#### &

#### Mining

#### 0.3%
b

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

%

,

3/21/33

...

South

Africa

1,225,000

1,211,950

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

396,000

360,639

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

936,000

962,320

Senior

Bond,

144A,

5.508%,

4/01/36

...................

Australia

1,250,000

1,259,256

Senior

Note,

144A,

6.375%,

10/06/30

..................

Australia

422,000

447,514

4,241,679

#### Multi-Utilities

#### 0.4%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

565,000

573,612

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

.................................

United

States

820,000

821,925

DTE

Energy

Co.

,

Senior

Bond,

5.85%,

6/01/34

.........................

United

States

160,000

167,742

Senior

Note,

4.95%,

7/01/27

.........................

United

States

2,190,000

2,203,978

NiSource,

Inc.

,

Senior

Note

,

5.2 %

,

7/01/29

................

United

States

755,000

769,803

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

170,000

161,097

Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

.................

United

States

301,000

310,207

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

810,000

799,071

5,807,435

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.7%
b

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

1,520,000

1,399,074

Canadian

Natural

Resources

Ltd.

,

Senior

Bond,

7.2%,

1/15/32

..........................

Canada

621,000

692,284

Senior

Note,

5%,

12/15/29

..........................

Canada

1,144,000

1,160,748

Cheniere

Energy

Partners

LP

,

Senior

Bond,

3.25%,

1/31/32

.........................

United

States

2,767,000

2,533,141

Senior

Note,

4.5%,

10/01/29

.........................

United

States

910,000

905,506

b

Cheniere

Energy,

Inc.

,

Senior

Bond

,

144A,

5.2 %

,

7/30/36

.....

United

States

245,000

242,303

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

229,000

239,675

b

DT

Midstream,

Inc.

,

Senior

Bond

,

144A,

5.8 %

,

12/15/34

......

United

States

1,485,000

1,531,099

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond,

5.8%,

1/15/35

..........................

United

States

989,000

1,029,479

Senior

Bond,

5.65%,

10/15/54

........................

United

States

376,000

354,670

Energy

Transfer

LP

,

c

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

1,471,000

1,488,637

Senior

Note,

5.25%,

7/01/29

.........................

United

States

1,190,000

1,215,697

Senior

Note,

5.2%,

4/01/30

..........................

United

States

1,389,000

1,419,223

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

1,683,000

1,928,083

Senior

Note,

5%,

2/01/29

...........................

United

States

205,000

208,137

Occidental

Petroleum

Corp.

,

Senior

Bond

,

7.5 %

,

5/01/31

......

United

States

486,000

541,490

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

1,115,000

1,108,425

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

1,475,000

1,485,808

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

745,000

730,519

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond,

5%,

1/15/28

...........................

United

States

840,000

$

838,923

Senior

Bond,

4.875%,

2/01/31

........................

United

States

221,000

220,955

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Note

,

5.1 %

,

3/15/36

.........................................

United

States

795,000

789,125

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

6%,

5/01/36

...............

United

States

615,000

620,076

Senior

Secured

Note,

144A,

6.25%,

1/15/30

.............

United

States

2,360,000

2,430,219

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

706,000

717,108

Senior

Note,

4.9%,

8/01/30

..........................

United

States

740,000

739,946

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

992,000

1,016,917

27,587,267

#### Paper

#### &

#### Forest

#### Products

#### 0.2%
b

Georgia-Pacific

LLC

,

Senior

Note,

144A,

4.95%,

6/30/32

....................

United

States

1,440,000

1,459,597

Senior

Note,

144A,

4.9%,

5/15/33

.....................

United

States

1,180,000

1,177,968

2,637,565

#### Passenger

#### Airlines

#### 0.2%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

2,500,000

2,475,067

#### Personal

#### Care

#### Products

#### 0.3%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

1,315,000

1,304,307

Kenvue,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

1,475,000

1,492,695

Senior

Note,

4.9%,

3/22/33

..........................

United

States

1,034,000

1,041,302

3,838,304

#### Pharmaceuticals

#### 1.3%
Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

4.125 %

,

6/15/39

......

United

States

2,180,000

1,943,427

Merck

&

Co.,

Inc.

,

Senior

Bond,

4.75%,

12/04/35

........................

United

States

595,000

582,661

Senior

Note,

4.45%,

12/04/32

........................

United

States

370,000

366,627

Novartis

Capital

Corp.

,

Senior

Bond,

4.9%,

3/18/36

..........................

United

States

1,015,000

1,008,363

Senior

Bond,

5.7%,

3/18/56

..........................

United

States

545,000

546,288

Senior

Note,

4.1%,

11/05/30

.........................

United

States

2,655,000

2,620,993

Senior

Note,

4.6%,

3/18/33

..........................

United

States

820,000

814,575

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

1,230,000

1,225,168

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

1,474,000

1,366,447

Senior

Note,

4.45%,

5/19/28

.........................

United

States

234,000

235,116

Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

..............

United

States

295,000

311,544

Royalty

Pharma

plc

,

Senior

Bond,

5.4%,

9/02/34

..........................

United

States

974,000

987,401

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

845,000

837,694

Senior

Note,

2.2%,

9/02/30

..........................

United

States

967,000

873,563

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Bond

,

4.1 %

,

10/01/46

...................................

Israel

1,550,000

1,195,448

Zoetis,

Inc.

,

Senior

Bond,

2%,

5/15/30

...........................

United

States

2,646,000

2,405,337

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Zoetis,

Inc.,

(continued)

Senior

Bond,

5%,

8/17/35

...........................

United

States

2,910,000

$

2,898,770

20,219,422

#### Professional

#### Services

#### 0.1%
Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

1,650,000

1,668,288

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.1%
Broadcom,

Inc.

,

Senior

Bond,

4.15%,

11/15/30

........................

United

States

288,000

283,700

Senior

Bond,

4.95%,

1/15/36

.........................

United

States

690,000

683,481

Senior

Bond,

5.7%,

1/15/56

..........................

United

States

100,000

99,486

b

Senior

Bond,

144A,

4.926%,

5/15/37

...................

United

States

2,606,000

2,539,998

Senior

Note,

5.05%,

7/12/29

.........................

United

States

2,275,000

2,319,517

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond,

144A,

6.4%,

1/25/38

..............

United

States

735,000

786,015

Senior

Secured

Note,

144A,

5.5%,

1/25/31

..............

United

States

380,000

390,075

Senior

Secured

Note,

144A,

6.15%,

1/25/32

.............

United

States

2,424,000

2,551,969

Senior

Secured

Note,

144A,

5.9%,

1/25/33

..............

United

States

575,000

598,736

Intel

Corp.

,

Senior

Bond,

4.15%,

8/05/32

.........................

United

States

2,075,000

1,996,472

Senior

Bond,

5.3%,

5/15/36

..........................

United

States

751,984

749,116

Senior

Bond,

6.125%,

5/15/56

........................

United

States

462,936

459,809

Marvell

Technology,

Inc.

,

Senior

Bond,

5.3%,

4/15/36

..........................

United

States

1,395,000

1,396,299

Senior

Note,

5.75%,

2/15/29

.........................

United

States

400,000

412,943

Senior

Note,

4.75%,

7/15/30

.........................

United

States

265,000

266,271

Senior

Note,

5.95%,

9/15/33

.........................

United

States

368,000

388,859

15,922,746

#### Software

#### 0.7%
Oracle

Corp.

,

Senior

Bond,

4.3%,

7/08/34

..........................

United

States

923,000

821,343

Senior

Bond,

5.7%,

2/04/36

..........................

United

States

1,605,000

1,542,168

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

258,000

183,177

Senior

Bond,

6.7%,

2/04/56

..........................

United

States

525,000

484,228

Senior

Note,

4.45%,

9/26/30

.........................

United

States

745,000

718,733

Senior

Note,

4.95%,

2/04/31

.........................

United

States

1,715,000

1,678,017

Senior

Note,

4.8%,

9/26/32

..........................

United

States

1,000,000

951,241

Salesforce,

Inc.

,

Senior

Note

,

5.2 %

,

3/15/33

...............

United

States

1,990,000

1,987,010

Synopsys,

Inc.

,

Senior

Bond,

5.15%,

4/01/35

.........................

United

States

2,940,000

2,941,356

Senior

Bond,

5.7%,

4/01/55

..........................

United

States

90,000

86,494

11,393,767

#### Specialized

#### REITs

#### 0.6%
American

Tower

Corp.

,

Senior

Bond,

3.95%,

3/15/29

.........................

United

States

925,000

911,335

Senior

Bond,

3.8%,

8/15/29

..........................

United

States

600,000

586,763

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

481,000

452,897

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

1,670,000

1,519,183

Senior

Note,

5.5%,

3/15/28

..........................

United

States

225,000

229,114

Senior

Note,

4.7%,

12/15/32

.........................

United

States

465,000

459,406

Crown

Castle,

Inc.

,

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

505,000

499,496

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialized

#### REITs
(continued)

Crown

Castle,

Inc.,

(continued)

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

125,000

$

123,325

Senior

Note,

4.9%,

9/01/29

..........................

United

States

3,825,000

3,844,331

EPR

Properties

,

Senior

Bond

,

4.5 %

,

6/01/27

...............

United

States

144,000

143,605

Equinix,

Inc.

,

Senior

Bond

,

3.2 %

,

11/18/29

................

United

States

760,000

725,646

9,495,101

#### Specialty

#### Retail

#### 0.1%
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

.........................

United

States

325,000

296,253

Senior

Bond,

4.1%,

1/15/52

..........................

United

States

1,960,000

1,392,475

1,688,728

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

435,000

433,526

Senior

Note,

4.85%,

10/15/31

........................

United

States

1,506,000

1,497,783

1,931,309

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
Tapestry,

Inc.

,

Senior

Bond,

3.05%,

3/15/32

.........................

United

States

319,000

287,880

Senior

Bond,

5.5%,

3/11/35

..........................

United

States

824,000

828,200

Senior

Note,

5.1%,

3/11/30

..........................

United

States

691,000

699,586

1,815,666

#### Tobacco

#### 0.5%
BAT

Capital

Corp.

,

Senior

Bond,

4.39%,

8/15/37

.........................

United

Kingdom

850,000

774,527

Senior

Note,

4.625%,

3/22/33

........................

United

Kingdom

3,120,000

3,058,383

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

2,013,000

2,056,271

Senior

Note,

4.75%,

11/01/31

........................

United

States

2,460,000

2,475,631

8,364,812

#### Trading

#### Companies

#### &

#### Distributors

#### 0.5%
b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

............

United

States

3,265,000

3,380,469

b

Aviation

Capital

Group

LLC

,

Senior

Note,

144A,

5.375%,

7/15/29

...................

United

States

1,920,000

1,952,033

Senior

Note,

144A,

5.125%,

4/10/30

...................

United

States

770,000

775,862

Sumisho

Air

Lease

Corp.

,

Senior

Note

,

5.85 %

,

12/15/27

......

United

States

805,000

820,523

6,928,887

#### Water

#### Utilities

#### 0.1%
Essential

Utilities,

Inc.

,

Senior

Bond

,

5.125 %

,

3/15/36

........

United

States

1,035,000

1,019,904

#### Wireless

#### Telecommunication

#### Services

#### 0.9%
Rogers

Communications,

Inc.

,

Senior

Note,

5%,

2/15/29

...........................

Canada

740,000

746,366

Senior

Note,

3.8%,

3/15/32

..........................

Canada

2,653,000

2,479,614

Sub.

Bond,

7.125%

to

4/14/35,

FRN

thereafter,

4/15/55

.....

Canada

790,000

815,480

NC5,

Sub.

Bond,

7%

to

4/14/30,

FRN

thereafter,

4/15/55

....

Canada

1,570,000

1,603,378

T-Mobile

USA,

Inc.

,

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

497,000

499,446

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Bond,

4.95%,

11/15/35

........................

United

States

1,940,000

$

1,895,885

Senior

Bond,

5%,

2/15/36

...........................

United

States

1,390,000

1,360,731

Senior

Note,

2.05%,

2/15/28

.........................

United

States

595,000

571,333

Senior

Note,

3.375%,

4/15/29

........................

United

States

460,000

446,513

Senior

Note,

5.125%,

5/15/32

........................

United

States

1,410,000

1,427,233

Senior

Note,

6.7%,

12/15/33

.........................

United

States

1,050,000

1,152,521

12,998,500

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $445,643,016)
...................................

#### 447,820,236

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
b,c

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

.....................

France

900,000

1,049,797

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $1,049,716)
.............

#### 1,049,797

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 34.6%
U.S.

Treasury

Bonds

,

4.375%,

11/15/39

.................................

United

States

27,070,000

26,230,407

4.25%,

11/15/40

..................................

United

States

1,570,000

1,485,919

3.375%,

8/15/42

..................................

United

States

5,220,000

4,330,765

5%,

5/15/45

.....................................

United

States

3,870,000

3,886,327

4.625%,

2/15/46

..................................

United

States

68,810,000

65,718,926

1.875%,

11/15/51

.................................

United

States

23,870,000

12,947,610

e

2.875%,

5/15/52

..................................

United

States

80,230,000

54,940,313

3%,

8/15/52

.....................................

United

States

11,530,000

8,094,420

4.75%,

8/15/55

...................................

United

States

15,660,000

15,067,856

4.625%,

11/15/55

.................................

United

States

11,110,000

10,478,987

U.S.

Treasury

Notes

,

1.875%,

2/28/29

..................................

United

States

1,520,000

1,437,795

3.5%,

3/15/29

....................................

United

States

104,580,000

103,440,241

3.25%,

6/30/29

...................................

United

States

56,230,000

55,118,579

3.125%,

8/31/29

..................................

United

States

5,080,000

4,951,810

3.625%,

12/31/30

.................................

United

States

30,740,000

30,239,274

3.5%,

2/28/31

....................................

United

States

68,730,000

67,199,684

4.125%,

2/29/32

..................................

United

States

5,290,000

5,292,480

4%,

2/15/34

.....................................

United

States

2,750,000

2,701,821

4.25 %,

11/15/34

..................................

United

States

1,100,000

1,094,629

4.625%,

2/15/35

..................................

United

States

69,140,000

70,601,123

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $555,570,171)
..............

#### 545,258,966

#### Asset-Backed

#### Securities

#### 8.1%

#### Automobiles

#### 0.0%

#### †
Volkswagen

Auto

Loan

Enhanced

Trust

,

2025-1

,

A2A

,

4.51 %

,

1/20/28

.

.........................................

United

States

550,486

551,292

#### Banks

#### 0.0%

#### †
Capital

One

Multi-Asset

Execution

Trust

,

2023-A1

,

A

,

4.42 %

,

5/15/28

.

.........................................

United

States

500,000

500,114

#### Capital

#### Markets

#### 0.2%
b,f

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.123 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

3,200,000

3,209,728

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Consumer

#### Finance

#### 1.1%
Capital

One

Prime

Auto

Receivables

Trust

,

2024-1,

A2A,

4.61%,

10/15/27

........................

United

States

86,882

$

86,912

2025-1,

A3,

3.85%,

7/15/30

..........................

United

States

2,013,000

2,000,016

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-3

,

A3

,

5.45 %

,

6/16/28

.

................................

United

States

744,848

748,843

Harley-Davidson

Motorcycle

Trust

,

2023-B

,

A3

,

5.69 %

,

8/15/28

.

United

States

386,654

389,315

Hyundai

Auto

Receivables

Trust

,

2023-B,

A3,

5.48%,

4/17/28

..........................

United

States

697,362

700,720

f

2025-C,

A2B,

FRN,

3.99%,

(30-day

SOFR

Average

+

0.35%),

7/17/28

.........................................

United

States

4,607,646

4,606,787

f

2026-A,

A2B,

FRN,

3.98%,

(30-day

SOFR

Average

+

0.34%),

2/15/29

.........................................

United

States

4,540,000

4,538,120

Toyota

Auto

Receivables

Owner

Trust

,

2023-B,

A3,

4.71%,

2/15/28

..........................

United

States

97,190

97,433

2023-C,

A3,

5.16%,

4/17/28

..........................

United

States

230,228

231,241

f

2025-D,

A2B,

FRN,

3.96%,

(30-day

SOFR

Average

+

0.32%),

8/15/28

.........................................

United

States

1,743,351

1,743,917

2026-A,

A3,

3.86%,

9/16/30

..........................

United

States

1,011,000

1,005,089

World

Omni

Auto

Receivables

Trust

,

2024-A,

A3,

4.86%,

3/15/29

..........................

United

States

320,582

322,069

2026-A,

A3,

3.86%,

5/15/31

..........................

United

States

1,579,000

1,568,804

18,039,266

a

a

a

a

a

a

#### Financial

#### Services

#### 6.8%
b,f

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.112 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

....................

United

States

450,000

451,382

b,f

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.445 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

................

United

States

516,422

519,299

b,f

Apex

Credit

CLO

LLC

,

2021-2A

,

A1AR

,

144A,

FRN

,

4.855 %

,

(3-month

SOFR

+

1.18 %),

10/20/34

.

...................

United

States

5,650,000

5,656,542

b,f

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

4.814 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

500,000

500,495

b

Bank

of

America

Auto

Trust

,

2023-2A

,

A4

,

144A,

5.66 %

,

11/15/29

.

United

States

1,075,000

1,088,713

b,f

Battalion

CLO

X

Ltd.

,

2016-10A

,

A1R3

,

144A,

FRN

,

4.807 %

,

(3-month

SOFR

+

1.14 %),

1/24/35

.

....................

United

States

1,990,080

1,992,233

b

Bayview

Opportunity

Master

Fund

VII

Trust

,

2023-1A

,

A

,

144A,

6.93 %

,

10/28/60

.

..................................

United

States

188,878

192,577

b,f

Beechwood

Park

CLO

Ltd.

,

2019-1A

,

A2RR

,

144A,

FRN

,

5.01 %

,

(3-month

SOFR

+

1.33 %),

1/17/35

.

....................

Jersey

2,750,000

2,751,312

b,f

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.075 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

700,000

702,183

b,f

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

4.914 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

....................

United

States

250,000

250,344

BMW

Vehicle

Owner

Trust

,

2023-A

,

A3

,

5.47 %

,

2/25/28

.

......

United

States

123,233

123,821

b

BofA

Auto

Trust

,

2024-1A

,

A3

,

144A,

5.35 %

,

11/15/28

.

........

United

States

545,401

549,229

b

BRAVO

Residential

Funding

Trust

,

2024-CES1,

A1A,

144A,

6.377%,

4/25/54

................

United

States

1,580,002

1,594,520

f

2025-HE1,

A1,

144A,

FRN,

4.995%,

(30-day

SOFR

Average

+

1.35%),

9/25/72

...................................

United

States

1,308,456

1,312,170

b,f

Carlyle

US

CLO

Ltd.

,

2021-11A

,

A1R

,

144A,

FRN

,

5.077 %

,

(3-month

SOFR

+

1.41 %),

7/25/37

.

....................

United

States

1,250,000

1,251,496

CarMax

Auto

Owner

Trust

,

2026-1,

A2A,

3.87%,

4/16/29

.........................

United

States

901,000

899,741

2026-1,

A3,

4.04%,

3/17/31

..........................

United

States

721,000

717,919

2026-2,

A3,

4.22%,

6/16/31

..........................

United

States

850,000

850,558

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,f

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1R

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

1.13 %),

1/20/35

.

....................

United

States

1,540,000

$

1,541,248

b

Chase

Auto

Owner

Trust

,

2022-AA,

A4,

144A,

3.99%,

3/27/28

....................

United

States

105,052

105,037

2025-1A,

A3,

144A,

4.29%,

6/25/30

....................

United

States

1,352,000

1,354,239

b,f

CIFC

Funding

Ltd.

,

2020-1A,

A1R,

144A,

FRN,

5.085%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

2,720,000

2,724,998

2021-4A,

AR,

144A,

FRN,

5.026%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

500,000

501,324

b

Citizens

Auto

Receivables

Trust

,

2024-1

,

A3

,

144A,

5.11 %

,

4/17/28

.

.........................................

United

States

1,863,755

1,870,984

b

Compass

Datacenters

Issuer

II

LLC

,

2024-2A,

A1,

144A,

5.022%,

8/25/49

...................

United

States

2,072,000

2,071,437

2025-2A,

A1,

144A,

4.926%,

11/25/50

..................

United

States

3,370,000

3,312,698

b,f

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.107 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

500,000

500,904

b,f

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.032 %

,

(3-month

SOFR

+

1.36 %),

10/21/37

.

...................

Jersey

2,510,000

2,516,781

b,f

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.155 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

500,000

500,874

b,f

Elevation

CLO

Ltd.

,

2021-13A

,

A1R

,

144A,

FRN

,

4.733 %

,

(3-month

SOFR

+

1.06 %),

7/15/34

.

....................

United

States

500,000

500,368

b,f

Elmwood

CLO

Ltd.

,

2022-3A

,

BRR

,

144A,

FRN

,

5.125 %

,

(3-month

SOFR

+

1.45 %),

4/20/37

.

....................

United

States

3,025,000

3,036,831

b,f

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.052 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

...................

United

States

750,000

752,031

b,f

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1R3

,

144A,

FRN

,

4.795 %

,

(3-month

SOFR

+

1.12 %),

4/20/37

.

....................

United

States

1,000,000

998,015

b,f

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.055 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

850,000

852,248

b

FIGRE

Trust

,

2025-FL1,

A1,

144A,

5.265%,

7/25/55

..................

United

States

770,863

770,962

g

2025-HE3,

A,

144A,

FRN,

5.56%,

5/25/55

...............

United

States

288,853

290,807

g

2025-HE4,

A,

144A,

FRN,

5.408%,

7/25/55

..............

United

States

290,526

291,422

f

Ford

Credit

Auto

Owner

Trust

,

2025-B

,

A2B

,

FRN

,

3.94 %

,

(30-day

SOFR

Average

+

0.3 %),

6/15/28

.

......................

United

States

501,361

501,226

b

GM

Financial

Revolving

Receivables

Trust

,

2024-1

,

A

,

144A,

4.98 %

,

12/11/36

.

..................................

United

States

1,868,000

1,903,588

b,f

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.755 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

7,500,000

7,504,923

b,f

HalseyPoint

CLO

Ltd.

,

2020-3A

,

A1R

,

144A,

FRN

,

5.143 %

,

(3-month

SOFR

+

1.48 %),

7/30/37

.

....................

United

States

3,152,000

3,161,618

Honda

Auto

Receivables

Owner

Trust

,

2023-3,

A3,

5.41%,

2/18/28

..........................

United

States

576,304

579,202

2025-4,

A2A,

4.04%,

6/15/28

.........................

United

States

3,799,000

3,800,866

2026-1,

A2A,

3.71%,

9/21/28

.........................

United

States

2,555,000

2,550,141

b

J.P.

Morgan

Mortgage

Trust

,

f

2023-HE1,

A1,

144A,

FRN,

5.39%,

(30-day

SOFR

Average

+

1.75%),

11/25/53

..................................

United

States

116,043

116,250

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

399,664

401,677

f

2024-HE3,

A1,

144A,

FRN,

4.84%,

(30-day

SOFR

Average

+

1.2%),

2/25/55

....................................

United

States

460,087

460,119

f

2026-HE1,

A1,

144A,

FRN,

4.895%,

(30-day

SOFR

Average

+

1.25%),

9/20/56

...................................

United

States

378,000

379,241

b,f

KKR

CLO

Ltd.

,

2022-43A

,

A1R2

,

144A,

FRN

,

4.771 %

,

(3-month

SOFR

+

1.1 %),

4/15/38

.

.....................

Jersey

300,000

299,283

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,f

KKR

CLO

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

4.993 %

,

(3-month

SOFR

+

1.32 %),

1/15/38

.

............................

United

States

2,275,000

$

2,279,240

b,f

LCM

Ltd.

,

39A

,

A2R2

,

144A,

FRN

,

4.973 %

,

(3-month

SOFR

+

1.3 %),

10/15/34

.

..................................

Jersey

1,000,000

999,959

b

Lendbuzz

Securitization

Trust

,

2024-3A

,

A2

,

144A,

4.97 %

,

10/15/29

.

........................................

United

States

870,201

871,509

b,f

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.04 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

...............

United

States

1,180,000

1,183,121

b,f

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.225 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

................................

United

States

245,417

245,918

b,f

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-48A

,

A2R

,

144A,

FRN

,

5.117 %

,

(3-month

SOFR

+

1.45 %),

4/25/36

.

....

United

States

400,000

400,534

b,f

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-51A,

AR2,

144A,

FRN,

4.666%,

(3-month

SOFR

+

1%),

10/23/36

........................................

Jersey

1,200,000

1,197,517

2022-51A,

BR2,

144A,

FRN,

5.066%,

(3-month

SOFR

+

1.4%),

10/23/36

........................................

Jersey

2,850,000

2,857,546

b,f

Oaktree

CLO

Ltd.

,

2019-4A,

ARR,

144A,

FRN,

5.185%,

(3-month

SOFR

+

1.51%),

7/20/37

.........................................

United

States

500,000

501,738

2021-1A,

A1R,

144A,

FRN,

5.023%,

(3-month

SOFR

+

1.35%),

1/15/38

.........................................

United

States

938,000

939,745

b

OCCU

Auto

Receivables

Trust

,

2025-1A

,

A3

,

144A,

4.81 %

,

11/15/29

.

........................................

United

States

561,000

564,243

b,f

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.135 %

,

(3-month

SOFR

+

1.46 %),

7/20/37

.

....................

United

States

2,043,000

2,049,234

b

PK

ALIFT

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

United

States

576,496

571,085

b

PK

ALIFT

Loan

Funding

LP

,

2026-1

,

A

,

144A,

4.614 %

,

9/15/43

.

United

States

1,144,000

1,122,069

b,f

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.104 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

...............

United

States

553,164

553,230

b,f

RR

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.055 %

,

(3-month

SOFR

+

1.382 %),

4/15/36

.

................................

United

States

1,000,000

1,001,590

b,f

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.217 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

....................

United

States

600,000

601,999

b,f

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.697 %

,

(3-month

SOFR

+

1.03 %),

10/25/34

.

...................

United

States

500,000

500,237

b,f

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.573 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

781,478

781,494

b,f

TCW

CLO

Ltd.

,

2020-1A

,

A1R3

,

144A,

FRN

,

4.725 %

,

(3-month

SOFR

+

1.05 %),

4/20/34

.

............................

United

States

8,400,000

8,406,664

b

Towd

Point

Mortgage

Trust

,

2024-CES4,

A1,

144A,

5.122%,

9/25/64

.................

United

States

269,894

269,554

f

2025-HE1,

A1A,

144A,

FRN,

4.995%,

(30-day

SOFR

Average

+

1.35%),

7/25/65

...................................

United

States

670,661

672,650

b,f

Trinitas

CLO

XV

Ltd.

,

2021-15A

,

A1R

,

144A,

FRN

,

4.784 %

,

(3-month

SOFR

+

1.12 %),

4/22/34

.

....................

United

States

2,900,000

2,903,124

b,f

Trinitas

CLO

XVII

Ltd.

,

2021-17A

,

B1R

,

144A,

FRN

,

5.325 %

,

(3-month

SOFR

+

1.65 %),

10/20/34

.

...................

United

States

3,000,000

3,009,360

b,f

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.115 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

138,282

138,285

b,f

Venture

XXVII

CLO

Ltd.

,

2017-27A

,

BR

,

144A,

FRN

,

5.537 %

,

(3-month

SOFR

+

1.862 %),

7/20/30

.

...................

United

States

159,668

159,889

b,f

Warwick

Capital

CLO

Ltd.

,

2024-3A

,

A1

,

144A,

FRN

,

5.325 %

,

(3-month

SOFR

+

1.65 %),

4/20/37

.

....................

Jersey

800,000

802,993

b,f

Wind

River

CLO

Ltd.

,

2021-1A

,

A2R

,

144A,

FRN

,

5.375 %

,

(3-month

SOFR

+

1.7 %),

7/20/37

.

.....................

United

States

350,000

351,240

b,f

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.133 %

,

(3-month

SOFR

+

1.46 %),

7/15/37

.

.................................

United

States

750,000

752,269

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,f

Zais

CLO

Ltd.

,

2020-16A

,

A1R2

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

1.13 %),

10/20/34

.

...................

United

States

1,560,000

$

1,561,623

105,805,535

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $128,168,847)
............................

#### 128,105,935

#### Commercial

#### Mortgage-Backed

#### Securities

#### 5.3%

#### Financial

#### Services

#### 5.3%
b,g

1301

Trust

,

2025-1301

,

A

,

144A,

FRN

,

5.227 %

,

8/11/42

.......

United

States

1,878,000

1,888,087

b,f

AREIT

Trust

,

2022-CRE6

,

A

,

144A,

FRN

,

4.89 %

,

(30-day

SOFR

Average

+

1.25 %),

1/20/37

...........................

United

States

229,881

230,229

g

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.429 %

,

9/15/48

..............................

United

States

1,185,048

1,173,591

BANK

,

g,h

2017-BNK9,

XA,

IO,

FRN,

0.847%,

11/15/54

.............

United

States

29,674,004

261,048

g,h

2018-BN10,

XA,

IO,

FRN,

0.827%,

2/15/61

..............

United

States

37,103,057

353,663

2019-BN18,

A2,

3.474%,

5/15/62

......................

United

States

1,209,000

1,176,003

BANK5

Trust

,

g,h

2024-5YR10,

XA,

IO,

FRN,

1.4%,

10/15/57

..............

United

States

17,488,023

616,236

g,h

2024-5YR12,

XA,

IO,

FRN,

0.694%,

12/15/57

.............

United

States

113,232,135

1,842,610

2026-5YR20,

AS,

5.336%,

2/15/59

.....................

United

States

899,000

910,545

Barclays

Commercial

Mortgage

Trust

,

2019-C3,

A2,

3.438%,

5/15/52

........................

United

States

565,635

556,243

2019-C5,

C,

3.71%,

11/15/52

.........................

United

States

3,072,000

2,784,583

g

BBCMS

Mortgage

Trust

,

2023-C21,

A3,

FRN,

6.506%,

9/15/56

...................

United

States

1,014,000

1,058,836

h

2024-5C29,

XA,

IO,

FRN,

1.819%,

9/15/57

...............

United

States

28,012,563

1,305,102

h

2024-5C31,

XA,

IO,

FRN,

1.281%,

12/15/57

..............

United

States

15,163,628

510,625

2025-5C37,

AS,

FRN,

5.382%,

9/15/58

.................

United

States

1,752,000

1,771,274

Benchmark

Mortgage

Trust

,

2019-B13,

A2,

2.889%,

8/15/57

.......................

United

States

3,053,609

2,937,442

2019-B14,

A2,

2.915%,

12/15/62

......................

United

States

984,204

958,631

2019-B15,

A2,

2.914%,

12/15/72

......................

United

States

2,041,948

2,003,805

2020-B17,

A2,

2.211%,

3/15/53

.......................

United

States

1,460,969

1,387,869

2020-B19,

AS,

2.148%,

9/15/53

.......................

United

States

1,741,000

1,471,305

2026-V20,

AM,

5.436%,

2/15/59

.......................

United

States

1,760,000

1,786,346

2026-V21,

AS,

5.506%,

3/15/59

.......................

United

States

2,836,000

2,888,483

g,h

2026-V21,

XA,

IO,

FRN,

1.648%,

3/15/59

................

United

States

13,698,354

842,987

g,h

BMO

Mortgage

Trust

,

2024-5C8

,

XA

,

IO,

FRN

,

1.239 %

,

12/15/57

United

States

18,564,822

620,800

b,f

BX

Commercial

Mortgage

Trust

,

2026-CSMO

,

A

,

144A,

FRN

,

5.055 %

,

(1-month

SOFR

+

1.4 %),

2/15/43

...............

United

States

2,236,000

2,240,667

b

BX

Trust

,

g

2025-ARIA,

A,

144A,

FRN,

5.199%,

12/13/42

.............

United

States

2,046,000

2,061,786

g

2025-ARIA,

B,

144A,

FRN,

5.35%,

12/13/42

..............

United

States

1,574,000

1,578,883

f

2025-VOLT,

A,

144A,

FRN,

5.355%,

(1-month

SOFR

+

1.7%),

12/15/44

........................................

United

States

851,000

851,948

g,h

Cantor

Commercial

Real

Estate

Lending

LP

,

2019-CF3

,

XA

,

IO,

FRN

,

0.791 %

,

1/15/53

..............................

United

States

8,104,156

164,165

CD

Mortgage

Trust

,

2016-CD1

,

A4

,

2.724 %

,

8/10/49

.........

United

States

1,350,000

1,334,293

g,h

CFCRE

Commercial

Mortgage

Trust

,

2016-C4

,

XA

,

IO,

FRN

,

1.044 %

,

5/10/58

...................................

United

States

497,415

g

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711 %

,

8/15/50

.........................................

United

States

1,136,000

1,113,118

Citigroup

Commercial

Mortgage

Trust

,

2016-C3,

A4,

3.154%,

11/15/49

.......................

United

States

1,960,000

1,946,728

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Citigroup

Commercial

Mortgage

Trust,

(continued)

g

2016-P6,

A5,

FRN,

3.72%,

12/10/49

....................

United

States

423,000

$

418,862

2020-GC46,

A2,

2.708%,

2/15/53

......................

United

States

993,911

938,211

COMM

Mortgage

Trust

,

g

2014-CR14,

B,

FRN,

3.246%,

2/10/47

..................

United

States

306,875

303,519

g

2014-CR17,

C,

FRN,

4.942%,

5/10/47

..................

United

States

989,000

935,313

2014-UBS4,

AM,

3.968%,

8/10/47

.....................

United

States

464,197

459,705

g,h

2014-UBS4,

XA,

IO,

FRN,

0.902%,

8/10/47

..............

United

States

506,571

2015-DC1,

AM,

3.724%,

2/10/48

......................

United

States

934,880

920,774

g

2015-LC19,

C,

FRN,

4.567%,

2/10/48

..................

United

States

303,963

296,567

CSAIL

Commercial

Mortgage

Trust

,

2016-C6,

AS,

3.346%,

1/15/49

........................

United

States

178,819

178,290

2017-CX10,

A3,

3.398%,

11/15/50

.....................

United

States

750,471

749,443

g

2019-C17,

C,

FRN,

3.934%,

9/15/52

...................

United

States

213,000

170,962

2019-C18,

A2,

2.845%,

12/15/52

......................

United

States

1,201,807

1,146,642

g

CSMC

Trust

,

2016-NXSR

,

AS

,

FRN

,

4.049 %

,

12/15/49

.......

United

States

651,000

639,711

b,g

CSTL

Commercial

Mortgage

Trust

,

2025-GATE2

,

A

,

144A,

FRN

,

4.712 %

,

11/10/42

..................................

United

States

1,846,000

1,818,529

b,g

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.535 %

,

8/10/44

.........................................

United

States

1,046,710

1,023,782

GS

Mortgage

Securities

Trust

,

g

2016-GS2,

B,

FRN,

3.759%,

5/10/49

...................

United

States

544,000

524,326

g,h

2019-GC38,

XA,

IO,

FRN,

1.168%,

2/10/52

..............

United

States

34,103,666

806,115

2019-GC42,

A2,

2.933%,

9/10/52

......................

United

States

1,754,327

1,685,282

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b,g

2007-CB20,

E,

144A,

FRN,

7.608%,

2/12/51

.............

United

States

7,309

10,323

2016-JP3,

AS,

3.144%,

8/15/49

.......................

United

States

1,400,000

1,357,773

g

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C23,

B,

FRN,

4.673%,

9/15/47

...................

United

States

1,113,057

1,100,115

h

2014-C24,

XA,

IO,

FRN,

0.849%,

11/15/47

...............

United

States

4,509,038

JPMCC

Commercial

Mortgage

Securities

Trust

,

2019-COR5

,

A2

,

3.15 %

,

6/13/52

...................................

United

States

59,258

59,075

JPMDB

Commercial

Mortgage

Securities

Trust

,

g

2018-C8,

C,

FRN,

4.913%,

6/15/51

....................

United

States

358,000

329,175

2019-COR6,

A2,

2.946%,

11/13/52

.....................

United

States

2,435,627

2,375,425

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

1,537,000

1,525,765

b,g

MAD

Commercial

Mortgage

Trust

,

2025-11MD,

A,

144A,

FRN,

4.912%,

10/15/42

............

United

States

1,790,000

1,783,449

2025-11MD,

C,

144A,

FRN,

5.818%,

10/15/42

............

United

States

2,181,000

2,199,658

2025-11MD,

D,

144A,

FRN,

6.571%,

10/15/42

............

United

States

750,000

759,618

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.819%,

8/15/45

...............

United

States

106,602

106,142

2013-C10,

B,

FRN,

4.082%,

7/15/46

...................

United

States

1,292,464

1,229,786

b

2013-C10,

F,

144A,

FRN,

4.082%,

7/15/46

...............

United

States

1,661,000

270,658

2015-C22,

B,

FRN,

3.883%,

4/15/48

...................

United

States

506,000

462,863

2015-C22,

C,

FRN,

4.104%,

4/15/48

...................

United

States

910,000

773,504

2016-C32,

AS,

FRN,

3.994%,

12/15/49

.................

United

States

983,000

966,277

Morgan

Stanley

Capital

I

Trust

,

2016-BNK2,

A4,

3.049%,

11/15/49

.....................

United

States

875,000

864,041

g,h

2016-UB12,

XA,

IO,

FRN,

0.759%,

12/15/49

.............

United

States

19,100,187

8,925

g

2018-L1,

C,

FRN,

4.926%,

10/15/51

....................

United

States

1,150,056

1,049,833

b

One

Bryant

Park

Trust

,

2019-OBP

,

A

,

144A,

2.516 %

,

9/15/54

..

United

States

1,554,000

1,439,415

b,f

SDR

Commercial

Mortgage

Trust

,

2024-DSNY

,

A

,

144A,

FRN

,

5.046 %

,

(1-month

SOFR

+

1.392 %),

5/15/39

.............

United

States

1,485,000

1,487,352

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,f

SHRN

Trust

,

2025-MF18

,

A

,

144A,

FRN

,

4.855 %

,

(1-month

SOFR

+

1.2 %),

10/15/40

.................................

United

States

1,900,000

$

1,899,952

UBS

Commercial

Mortgage

Trust

,

2017-C1,

AS,

3.724%,

6/15/50

........................

United

States

472,000

463,742

g,h

2017-C7,

XA,

IO,

FRN,

1.115%,

12/15/50

................

United

States

11,764,098

148,150

2018-C10,

A4,

4.313%,

5/15/51

.......................

United

States

366,000

363,355

2018-C14,

A4,

4.448%,

12/15/51

......................

United

States

681,000

677,663

g,h

2018-C8,

XA,

IO,

FRN,

0.963%,

2/15/51

.................

United

States

25,202,600

292,718

g

2019-C16,

B,

FRN,

4.32%,

4/15/52

....................

United

States

727,000

673,879

g,h

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

..................................

United

States

21,857

Wells

Fargo

Commercial

Mortgage

Trust

,

2017-C39,

B,

4.025%,

9/15/50

........................

United

States

1,077,000

1,038,214

2017-RC1,

AS,

3.844%,

1/15/60

.......................

United

States

762,000

754,670

g,h

2018-C43,

XA,

IO,

FRN,

0.718%,

3/15/51

................

United

States

26,602,631

242,297

2019-C50,

AS,

4.021%,

5/15/52

.......................

United

States

427,000

412,896

2019-C52,

A5,

2.892%,

8/15/52

.......................

United

States

261,000

246,633

g,h

2024-5C2,

XA,

IO,

FRN,

0.743%,

11/15/57

...............

United

States

40,422,197

693,269

g,h

2025-5C3,

XA,

IO,

FRN,

1.044%,

1/15/58

................

United

States

15,337,128

420,385

b,g

WFRBS

Commercial

Mortgage

Trust

,

2011-C4

,

D

,

144A,

FRN

,

5.15 %

,

6/15/44

...................................

United

States

229,091

225,888

84,357,039

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $85,215,637)
..............

#### 84,357,039

#### Mortgage-Backed

#### Securities

#### 27.5%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 1.5%
FHLMC

Pool,

Year,

2%,

9/01/35

......................

United

States

521,198

479,746

FHLMC

Pool,

Year,

2%,

3/01/51

-

1/01/52

...............

United

States

3,555,059

2,867,874

FHLMC

Pool,

Year,

2.5%,

10/01/50

-

4/01/52

............

United

States

5,857,460

5,025,130

FHLMC

Pool,

Year,

3%,

8/01/50

-

3/01/52

...............

United

States

2,190,620

1,951,051

FHLMC

Pool,

Year,

3.5%,

7/01/52

.....................

United

States

8,229,558

7,516,604

FHLMC

Pool,

Year,

4%,

4/01/52

......................

United

States

727,920

686,453

FHLMC

Pool,

Year,

4.5%,

2/01/53

.....................

United

States

263,630

255,231

FHLMC

Pool,

Year,

5.5%,

7/01/49

-

11/01/53

............

United

States

3,411,718

3,470,098

FHLMC

Pool,

Year,

6%,

5/01/53

......................

United

States

911,500

942,815

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

27,217

28,242

23,223,244

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 20.9%
FNMA,

Year,

2%,

3/01/37

...........................

United

States

2,139,513

1,966,502

FNMA,

Year,

2%,

9/01/50

-

3/01/52

....................

United

States

9,136,897

7,411,312

FNMA,

Year,

2.5%,

3/01/51

-

3/01/52

..................

United

States

2,092,799

1,794,733

FNMA,

Year,

3%,

9/01/50

-

4/01/51

....................

United

States

1,592,915

1,413,489

FNMA,

Year,

3.5%,

7/01/50

-

4/01/52

..................

United

States

4,446,210

4,084,496

FNMA,

Year,

4%,

5/01/52

-

5/01/53

....................

United

States

2,395,143

2,265,344

FNMA,

Year,

4.5%,

1/01/53

-

5/01/53

..................

United

States

2,353,140

2,282,884

FNMA,

Year,

5%,

1/01/49

-

8/01/49

....................

United

States

60,424

60,597

FNMA,

Year,

5.5%,

4/01/50

-

9/01/53

..................

United

States

1,548,486

1,580,955

FNMA,

Year,

5.5%,

11/01/53

.........................

United

States

6,296,796

6,415,282

FNMA,

Year,

6%,

4/01/53

-

10/01/53

...................

United

States

2,348,891

2,435,991

FNMA,

Year,

6.5%,

4/01/53

-

7/01/54

..................

United

States

1,235,983

1,290,141

i

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

5/25/41

.....

United

States

5,500,000

4,935,220

i

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

5/25/41

......

United

States

7,500,000

6,879,846

i

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

5/25/56

......

United

States

56,500,000

45,220,468

i

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

5/25/41

.....

United

States

2,500,000

2,353,427

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate
(continued)

i

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

5/25/56

.....

United

States

50,000,000

$

41,875,767

i

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

5/25/56

......

United

States

19,500,000

17,074,298

i

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

5/25/56

.....

United

States

6,000,000

5,462,224

i

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

5/25/56

......

United

States

13,500,000

12,662,053

i

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

5/25/41

.....

United

States

500,000

496,153

i

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

5/25/56

.....

United

States

27,500,000

26,456,102

i

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

5/25/41

......

United

States

3,500,000

3,525,902

i

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

5/25/56

......

United

States

28,960,000

28,535,001

i

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

5/25/56

.....

United

States

13,840,000

13,911,008

i

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

5/25/56

......

United

States

36,000,000

36,755,596

i

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

5/25/56

.....

United

States

49,000,000

50,843,659

329,988,450

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 5.1%
GNMA

II,

Year,

3%,

6/20/50

-

4/20/52

..................

United

States

845,234

756,223

GNMA

II,

Year,

5.5%,

7/20/53

........................

United

States

762,104

783,635

i

GNMA

II,

Single-family,

Year,

2%,

5/15/56

...............

United

States

12,500,000

10,287,732

i

GNMA

II,

Single-family,

Year,

2.5%,

5/15/56

.............

United

States

19,500,000

16,706,315

GNMA

II,

Single-family,

Year,

3%,

7/20/50

-

1/20/54

.......

United

States

4,756,695

4,253,445

GNMA

II,

Single-family,

Year,

3.5%,

10/20/49

-

11/20/49

....

United

States

66,985

59,906

i

GNMA

II,

Single-family,

Year,

3.5%,

5/15/56

.............

United

States

6,960,000

6,292,547

GNMA

II,

Single-family,

Year,

4%,

6/20/49

-

1/20/51

.......

United

States

3,702,957

3,518,547

i

GNMA

II,

Single-family,

Year,

4%,

5/15/56

...............

United

States

1,000,000

933,223

GNMA

II,

Single-family,

Year,

4.5%,

11/20/54

-

12/20/54

....

United

States

5,577,912

5,393,106

i

GNMA

II,

Single-family,

Year,

4.5%,

5/15/56

.............

United

States

1,000,000

964,531

GNMA

II,

Single-family,

Year,

5%,

5/20/49

-

8/20/53

.......

United

States

810,180

809,383

i

GNMA

II,

Single-family,

Year,

5%,

5/15/56

...............

United

States

8,500,000

8,427,542

GNMA

II,

Single-family,

Year,

5.5%,

5/20/49

-

7/20/53

......

United

States

1,254,350

1,281,712

i

GNMA

II,

Single-family,

Year,

5.5%,

5/15/56

.............

United

States

13,420,000

13,516,402

GNMA

II,

Single-family,

Year,

6%,

2/20/53

-

7/20/54

.......

United

States

3,780,915

3,923,736

GNMA

II,

Single-family,

Year,

6.5%,

9/20/53

-

11/20/53

.....

United

States

2,129,563

2,250,354

80,158,339

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $433,518,363)
.........................

#### 433,370,033

#### Residential

#### Mortgage-Backed

#### Securities

#### 6.0%

#### Financial

#### Services

#### 6.0%
b

A&D

Mortgage

Trust

,

2023-NQM2,

A1,

144A,

6.132%,

5/25/68

................

United

States

702,007

700,408

2023-NQM3,

A1,

144A,

6.733%,

7/25/68

................

United

States

1,016,712

1,019,601

2023-NQM5,

A1,

144A,

7.049%,

11/25/68

...............

United

States

2,988,340

3,014,538

2024-NQM3,

A1,

144A,

6.451%,

7/25/69

................

United

States

2,790,815

2,826,266

g

Alternative

Loan

Trust

,

2006-OA7

,

1A1

,

FRN

,

3.021 %

,

6/25/46

.

United

States

301,818

283,074

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

.

United

States

588,053

588,349

b,g

Arroyo

Mortgage

Trust

,

2019-1

,

A3

,

144A,

FRN

,

4.208 %

,

1/25/49

United

States

74,014

72,632

b

BRAVO

Residential

Funding

Trust

,

2023-NQM5,

A1,

144A,

6.505%,

6/25/63

................

United

States

501,049

501,518

2023-NQM6,

A1,

144A,

6.602%,

9/25/63

................

United

States

553,798

555,236

2024-NQM2,

A1,

144A,

6.285%,

2/25/64

................

United

States

1,203,585

1,212,224

2024-NQM3,

A1,

144A,

6.191%,

3/25/64

................

United

States

1,645,099

1,657,618

2024-NQM5,

A1,

144A,

5.803%,

6/25/64

................

United

States

601,404

605,545

b

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684 %

,

5/28/40

.....

United

States

425,000

426,771

b,f

Chase

Home

Lending

Mortgage

Trust

,

2024-10,

A11,

144A,

FRN,

4.895%,

(30-day

SOFR

Average

+

1.25%),

10/25/55

..................................

United

States

2,647,126

2,654,194

2025-10,

A11,

144A,

FRN,

4.945%,

(30-day

SOFR

Average

+

1.3%),

7/25/56

....................................

United

States

500,499

501,886

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,f

Chase

Home

Lending

Mortgage

Trust,

(continued)

2025-3,

A11,

144A,

FRN,

4.945%,

(30-day

SOFR

Average

+

1.3%),

2/25/56

....................................

United

States

680,716

$

680,145

2025-7,

A11,

144A,

FRN,

5.045%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

431,579

433,238

2026-1,

A11,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

11/25/56

...................................

United

States

4,256,225

4,229,769

b,g

CIM

Trust

,

2023-R4

,

A1

,

144A,

FRN

,

%

,

5/25/62

...........

United

States

358,351

356,516

b,f

Citigroup

Mortgage

Loan

Trust

,

2025-4

,

A28

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

10/25/55

...............

United

States

666,428

668,710

b

Cross

Mortgage

Trust

,

2024-H1,

A1,

144A,

6.085%,

12/25/68

..................

United

States

2,551,090

2,565,205

2024-H4,

A1,

144A,

6.147%,

7/25/69

...................

United

States

2,467,693

2,490,880

2024-H5,

A1,

144A,

5.854%,

8/26/69

...................

United

States

643,804

648,548

b,f

EFMT

,

2025-NQM4

,

A1F

,

144A,

FRN

,

4.845 %

,

(30-day

SOFR

Average

+

1.2 %),

9/25/70

............................

United

States

1,189,798

1,192,859

f

FHLMC

STACR

Debt

Notes

,

2017-DNA3

,

M2B

,

FRN

,

6.26 %

,

(30-

day

SOFR

Average

+

2.614 %),

3/25/30

.................

United

States

273,792

278,547

b,f

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.295%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

67,801

67,977

2021-DNA6,

M2,

144A,

FRN,

5.145%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

543,952

545,226

2021-DNA7,

M1,

144A,

FRN,

4.495%,

(30-day

SOFR

Average

+

0.85%),

11/25/41

.................................

United

States

26,644

26,629

2021-DNA7,

M2,

144A,

FRN,

5.445%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

4,286,351

4,307,630

2022-DNA2,

M1A,

144A,

FRN,

4.945%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

22,660

22,669

2022-DNA3,

M1B,

144A,

FRN,

6.545%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

16,000

16,281

2022-DNA5,

M1A,

144A,

FRN,

6.595%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

156,713

158,642

2022-DNA6,

M1A,

144A,

FRN,

5.795%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

157,327

157,682

2022-DNA6,

M1B,

144A,

FRN,

7.345%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

42,000

43,431

2022-HQA1,

M1A,

144A,

FRN,

5.745%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

952

952

2023-DNA1,

M1A,

144A,

FRN,

5.746%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

267,154

270,323

2023-HQA2,

M1A,

144A,

FRN,

5.645%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

32,086

32,119

2023-HQA3,

A1,

144A,

FRN,

5.495%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

174,880

175,965

2023-HQA3,

M1,

144A,

FRN,

5.495%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

19,348

19,460

2024-DNA1,

A1,

144A,

FRN,

4.995%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

...................................

United

States

186,720

187,603

2024-DNA2,

A1,

144A,

FRN,

4.895%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

...................................

United

States

166,842

167,591

2024-DNA2,

M2,

144A,

FRN,

5.345%,

(30-day

SOFR

Average

+

1.7%),

5/25/44

..................................

United

States

38,000

38,226

2025-DNA1,

A1,

144A,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

333,200

333,564

2025-DNA2,

A1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

5/25/45

....................................

United

States

272,013

273,036

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,f

FHLMC

STACR

REMIC

Trust,

(continued)

2025-DNA3,

M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

1,290,199

$

1,290,835

2025-DNA4,

M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

10/25/45

.................................

United

States

938,430

939,310

b,f

FHLMC

STACR

Trust

,

2019-HQA2

,

M2

,

144A,

FRN

,

5.81 %

,

(30-

day

SOFR

Average

+

2.164 %),

4/25/49

.................

United

States

2,927

2,969

f

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C07,

2M2,

FRN,

8.11%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

226,503

230,192

2017-C07,

2M2,

FRN,

6.26%,

(30-day

SOFR

Average

+

2.614%),

5/25/30

..................................

United

States

10,980

11,191

2018-C02,

2M2,

FRN,

5.96%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

..................................

United

States

28,557

28,933

b

2021-R01,

1M2,

144A,

FRN,

5.195%,

(30-day

SOFR

Average

+

1.55%),

10/25/41

..................................

United

States

33,217

33,264

b

2021-R03,

1M2,

144A,

FRN,

5.295%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

576,970

579,302

b

2022-R03,

1M2,

144A,

FRN,

7.145%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

390,000

398,535

b

2022-R04,

1M2,

144A,

FRN,

6.745%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

390,000

396,728

b

2022-R05,

2M1,

144A,

FRN,

5.545%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

69,987

70,010

b

2022-R09,

2M1,

144A,

FRN,

6.145%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

33,487

33,752

b

2023-R03,

2M1,

144A,

FRN,

6.145%,

(30-day

SOFR

Average

+

2.5%),

4/25/43

....................................

United

States

1,151,397

1,159,351

b

2023-R06,

1M1,

144A,

FRN,

5.345%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

160,423

160,805

b

2023-R07,

2M1,

144A,

FRN,

5.595%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

24,546

24,595

b

2024-R02,

1M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

....................................

United

States

4,782

4,783

b

2024-R03,

2M1,

144A,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

27,401

27,405

b

2024-R04,

1M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

31,337

31,340

b

2024-R06,

1A1,

144A,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

128,084

128,533

b

2025-R01,

1A1,

144A,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

310,861

311,180

b

2025-R01,

1M1,

144A,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

179,656

179,727

b

2025-R02,

1A1,

144A,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

459,045

459,949

b

2025-R02,

1M1,

144A,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

630,369

630,763

b

2025-R03,

2A1,

144A,

FRN,

5.095%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

703,210

707,340

b

2025-R04,

1A1,

144A,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

422,982

423,697

b

2025-R04,

1M1,

144A,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

867,552

868,483

b

2025-R06,

1A1,

144A,

FRN,

4.545%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

....................................

United

States

1,404,347

1,405,891

b

2026-R01,

2A1,

144A,

FRN,

4.495%,

(30-day

SOFR

Average

+

0.85%),

1/25/46

...................................

United

States

2,864,931

2,865,849

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

f

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2026-R01,

2M1,

144A,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

1/25/46

.....................................

United

States

3,079,847

$

3,081,780

b

2026-R02,

1M1,

144A,

FRN,

4.695%,

(30-day

SOFR

Average

+

1.05%),

2/25/46

...................................

United

States

1,741,354

1,742,402

b

2026-R03,

2A1,

144A,

FRN,

4.74%,

(30-day

SOFR

Average

+

1.1%),

4/25/46

....................................

United

States

2,602,000

2,620,730

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

236,905

232,001

b

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

......

United

States

2,157,003

2,171,771

b

J.P.

Morgan

Mortgage

Trust

,

f

2024-10,

A11,

144A,

FRN,

4.895%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

...................................

United

States

1,396,770

1,398,363

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

330,289

332,553

f

2025-1,

A11,

144A,

FRN,

4.895%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

849,309

848,371

b,g

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

.........................................

United

States

670,000

673,400

b

MFA

Trust

,

2023-INV2

,

A1

,

144A,

6.775 %

,

10/25/58

.........

United

States

846,798

851,196

b,f

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-3,

AF,

144A,

FRN,

4.995%,

(30-day

SOFR

Average

+

1.35%),

7/25/54

...................................

United

States

1,735,207

1,739,451

2026-INV1,

A9,

144A,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

2/25/61

...................................

United

States

4,918,391

4,925,814

b

OBX

Trust

,

2023-NQM7,

A1,

144A,

6.844%,

4/25/63

................

United

States

289,481

290,935

f

2025-J2,

AF,

144A,

FRN,

4.945%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

....................................

United

States

622,082

624,254

f

2025-NQM14,

A1F,

144A,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

7/25/65

............................

United

States

825,249

827,343

b,g

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

127,874

125,577

b

PRKCM

Trust

,

2023-AFC2

,

A1

,

144A,

6.482 %

,

6/25/58

.......

United

States

912,966

910,894

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327 %

,

6/25/69

........

United

States

282,594

285,453

b,f

Radian

Mortgage

Capital

Trust

,

2025-J3

,

A25

,

144A,

FRN

,

5.145 %

,

(30-day

SOFR

Average

+

1.5 %),

12/25/55

........

United

States

899,547

904,373

f

RALI

Trust

,

2006-QO5

,

1A1

,

FRN

,

4.199 %

,

(1-month

SOFR

+

0.544 %),

5/25/46

..................................

United

States

533,878

482,245

b,g

Residential

Mortgage

Loan

Trust

,

2020-2

,

A3

,

144A,

FRN

,

2.911 %

,

5/25/60

...................................

United

States

366,554

362,002

b,f

Sequoia

Mortgage

Trust

,

2026-2

,

A26F

,

144A,

FRN

,

4.795 %

,

(30-

day

SOFR

Average

+

1.15 %),

3/25/56

..................

United

States

2,896,267

2,886,450

b,f

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.552%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

3,921,000

3,923,460

2025-3,

A,

144A,

FRN,

4.552%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

4,030,000

4,047,700

2025-7,

A,

144A,

FRN,

4.552%,

(1-month

SOFR

+

0.9%),

11/24/26

........................................

United

States

4,495,000

4,520,265

b,f

Structured

Agency

Credit

Risk

,

2026-DNA1

,

M1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

2/25/46

...........

United

States

551,902

551,717

b

Verus

Securitization

Trust

,

2023-6,

A1,

144A,

6.665%,

9/25/68

....................

United

States

474,042

476,117

2023-INV2,

A1,

144A,

6.443%,

8/25/68

.................

United

States

1,575,156

1,576,670

2024-2,

A1,

144A,

6.095%,

2/25/69

....................

United

States

165,430

166,510

2024-5,

A1,

144A,

6.192%,

6/25/69

....................

United

States

390,742

394,597

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

Verus

Securitization

Trust,

(continued)

f

2026-2,

A1F,

144A,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

2/25/71

...................................

United

States

1,032,617

$

1,033,186

95,421,575

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $95,197,205)
...............

#### 95,421,575

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.0%

#### Financial

#### Services

#### 3.0%
f

FHLMC

,

413,

F23,

FRN,

4.695%,

(30-day

SOFR

Average

+

1.05%),

5/25/54

.........................................

United

States

2,092,838

2,108,374

5387,

DF,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

3/25/54

.........................................

United

States

2,006,295

2,028,484

5391,

FC,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

3/25/54

.........................................

United

States

894,530

902,846

5393,

FA,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

12/25/53

........................................

United

States

2,136,716

2,160,337

5396,

FG,

FRN,

4.645%,

(30-day

SOFR

Average

+

1%),

4/25/54

.........................................

United

States

1,205,795

1,213,218

5440,

FH,

FRN,

4.745%,

(30-day

SOFR

Average

+

1.1%),

7/25/54

.........................................

United

States

2,786,947

2,811,233

5446,

DF,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

8/25/54

.........................................

United

States

2,016,072

2,036,127

5466,

FG,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

10/25/54

........................................

United

States

9,229,558

9,274,625

5471,

FD,

FRN,

4.495%,

(30-day

SOFR

Average

+

0.85%),

11/25/54

........................................

United

States

1,026,946

1,031,614

g,h

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

K743

,

X1

,

IO,

FRN

,

1.003 %

,

5/25/28

........................

United

States

10,019,542

161,307

f

FNMA

,

2024-77,

DF,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

10/25/53

........................................

United

States

1,586,320

1,606,057

2024-82,

FE,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

........................................

United

States

1,919,076

1,928,472

2024-89,

FA,

FRN,

4.845%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

3,641,955

3,682,183

2024-93,

FD,

FRN,

4.695%,

(30-day

SOFR

Average

+

1.05%),

12/25/54

........................................

United

States

2,558,037

2,577,027

2024-98,

FA,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

1,914,097

1,932,910

2025-25,

FB,

FRN,

4.595%,

(30-day

SOFR

Average

+

0.95%),

4/25/55

.........................................

United

States

1,599,781

1,608,200

2025-41,

FA,

FRN,

4.795%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

2,404,561

2,431,133

GNMA

,

g,h

2020-190,

IO,

FRN,

1.051%,

11/16/62

..................

United

States

5,226,468

392,229

g,h

2021-17,

IO,

FRN,

1.053%,

1/16/61

....................

United

States

5,576,974

429,963

f

2024-78,

QF,

FRN,

4.74%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

5,420,122

5,457,857

f

2025-169,

FC,

FRN,

4.64%,

(30-day

SOFR

Average

+

1%),

10/20/55

........................................

United

States

1,396,851

1,406,166

47,180,362

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $46,806,447)
.......

#### 47,180,362
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds

#### 0.9%

#### California

#### 0.4%
California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.19 %

,

6/01/37

......

United

States

1,625,000

$

1,522,281

City

of

Orange

,

Revenue

,

2021

,

Refunding

,

2.65 %

,

6/01/34

....

United

States

735,000

630,441

City

of

Pomona

,

Revenue

,

2020

BJ

,

3.716 %

,

8/01/40

........

United

States

450,000

386,954

County

of

Fresno

,

Revenue

,

2004

A

,

NATL

Insured

,

4.71 %,

8/15/32

.........................................

United

States

965,000

722,370

County

of

Tulare

,

Revenue

,

2018

,

4.445 %

,

6/01/37

..........

United

States

1,410,000

1,343,351

State

of

California

,

GO

,

4.35 %

,

11/01/32

..................

United

States

2,015,000

2,012,709

6,618,106

#### Florida

#### 0.1%
State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526 %

,

7/01/34

......

United

States

1,450,000

1,516,599

#### Georgia

#### 0.0%

#### †
Georgia

Higher

Education

Facilities

Authority

,

University

System

of

Georgia

,

Revenue

,

2026

A

,

5.273 %

,

1/01/40

...........

United

States

345,000

344,978

#### Illinois

#### 0.1%
State

of

Illinois

,

GO

,

2026

A

,

4.954 %

,

4/01/33

..............

United

States

1,350,000

1,365,692

#### New

#### Jersey

#### 0.0%

#### †
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2010

B

,

6.561 %

,

12/15/40

.............

United

States

300,000

328,732

#### New

#### York

#### 0.1%
New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2026

,

4.66 %

,

2/01/36

....................

United

States

1,085,000

1,063,746

#### Ohio

#### 0.0%

#### †
JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2020

A

,

ETM,

2.833 %

,

1/01/38

...................................

United

States

890,000

743,871

#### Pennsylvania

#### 0.2%
Pennsylvania

Economic

Development

Financing

Authority

,

Revenue

,

2025

,

5.689 %

,

6/01/54

......................

United

States

1,045,000

1,049,327

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

5.002 %

,

11/01/38

.........

United

States

1,635,000

1,611,274

2,660,601

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $14,888,038)
....................................

#### 14,642,325

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $1,833,778,322)

#### ...........................

#### 1,825,078,048

#### a

#### Short

#### Term

#### Investments

#### 7.9%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 3.9%
b,j

Agree

LP

,

144A,

4.14%

,

5/01/26

........................

United

States

9,020,000

9,018,963

b,j

AutoNation,

Inc.

,

144A,

4.05%

,

5/01/26

...................

United

States

14,580,000

14,578,360

b,j

AvalonBay

Communities,

Inc.

,

144A,

3.97%

,

5/12/26

.........

United

States

5,530,000

5,522,690

b,j

Energy

Transfer

LP

,

144A,

3.99%

,

5/01/26

.................

United

States

9,360,000

9,358,962

b,j

Essex

Portfolio

LP

,

144A,

4.01%

,

5/05/26

.................

United

States

3,885,000

3,882,839

b,j

Intercontinental

Exchange,

Inc.

,

144A,

4.1%,

5/13/26

.................................

United

States

3,040,000

3,035,500

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

b,j

Intercontinental

Exchange,

Inc.,

(continued)

144A,

4.06%,

5/26/26

................................

United

States

2,290,000

$

2,283,301

5,318,801

b,j

Mid-America

Apartments

LP

,

144A,

3.97%

,

5/14/26

..........

United

States

3,370,000

3,364,805

b,j

Plains

All

American

Pipeline

LP

,

144A,

3.94%

,

5/01/26

........

United

States

2,285,000

2,284,750

b,j

Targa

Resources

Corp.

,

144A,

4.03%

,

5/01/26

.............

United

States

4,735,000

4,734,469

b,j

Vulcan

Materials

Co.

,

144A,

3.96%

,

5/01/26

...............

United

States

4,150,000

4,149,543

#### Total

#### Commercial

#### Papers

#### (Cost

#### $62,221,070)

#### .................................

#### 62,214,182

#### Shares

#### Management

#### Investment

#### Companies

#### 4.0%
a,k

Putnam

Short

Term

Investment

Fund,

Class

P,

3.843%

.......

United

States

62,996,214

62,996,214

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $62,996,214)

#### ..................

#### 62,996,214

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $125,217,284

####)
.............................

#### 125,210,396

#### a

#### Total

#### Investments

#### (Cost

#### $1,958,995,606)

#### 123.5%

#### ..............................

#### $1,950,288,444

#### TBA

#### Sale

#### Commitments

#### (0.5)%

#### ..............................................

#### (8,207,021)

#### Other

#### Assets,

#### less

#### Liabilities

#### (23.0)%

#### ........................................

#### (363,852,812)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,578,228,611

#### a

#### Principal

#### Amount

#### \*
l

#### TBA

#### Sale

#### Commitments

#### (0.5)%

#### Mortgage-Backed

#### Securities

#### (0.5)%

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.5)%
GNMA

II,

Single-family,

Year

,

6%,

5/15/56

......................................

United

States

(6,000,000)

(6,117,684)

6.5%,

5/15/56

....................................

United

States

(2,000,000)

(2,089,337)

(8,207,021)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(8,207,344))

#### .........................

#### $(8,207,021)
Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$403,180,749,

representing

25.5%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

TBA

securities.

At

April

30,

2026,

the

value

of

this

security

pledged

amounted

to

$1,746,339,

representing

0.1%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

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.

h

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

i

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(c).

j

The

rate

shown

represents

the

yield

at

period

end.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

l

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

(c).

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Core

#### Bond

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,868,278,510

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

90,717,096

Value

-

Unaffiliated

issuers

..................................................................

$1,859,420,450

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

90,867,994

Cash

....................................................................................

313,522

Receivables:

Receivable

for

sales

of

TBA

securities

(Note

c)

..................................................

8,207,344

Capital

shares

sold

........................................................................

4,126,813

Dividends

and

interest

.....................................................................

12,478,381

Prepaid

expenses

..........................................................................

45,101

Total

assets

..........................................................................

1,975,459,605

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

32,187,091

Payable

for

purchases

of

TBA

securities

(Note

c)

.................................................

355,423,816

Capital

shares

redeemed

...................................................................

627,623

Management

fees

.........................................................................

498,138

Distribution

fees

..........................................................................

53,486

Transfer

agent

fees

........................................................................

14,838

Trustees'

fees

and

expenses

.................................................................

78,990

Deposits

from

brokers

for:

TBA

transactions

........................................................................

141,000

TBA

sale

commitments,

at

value

(proceeds

$8,207,344)

(Note

1c)

......................................

8,207,021

Accrued

expenses

and

other

liabilities

...........................................................

(1,009)

Total

liabilities

.........................................................................

397,230,994

Net

assets,

at

value

.................................................................

$1,578,228,611

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,775,779,802

Total

distributable

earnings

(losses)

.............................................................

(197,551,191)

Net

assets,

at

value

.................................................................

$1,578,228,611

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$201,877,969

Shares

outstanding

........................................................................

24,662,229

Net

asset

value

per

share

a

,b

..................................................................

$8.19

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.00

%)

b

................................

$8.53

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$10,052,335

Shares

outstanding

........................................................................

1,233,101

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$8.15

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$9,810,605

Shares

outstanding

........................................................................

1,189,003

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$8.25

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$99,775,287

Shares

outstanding

........................................................................

12,151,646

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$8.21

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$1,256,712,415

Shares

outstanding

........................................................................

153,614,294

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$8.18

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Core

#### Bond

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

.............................................................

$1,706,410

Interest:

Unaffiliated

issuers

........................................................................

32,966,877

Total

investment

income

...................................................................

34,673,287

Expenses:

Management

fees

(Note

a)

...................................................................

2,878,858

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

243,205

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

49,222

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

23,516

Total

expenses

.........................................................................

3,194,801

Expense

reductions

(Note

4)

...............................................................

(744) Expenses

waived/paid

by

affiliates

(Note

3g)

...................................................

(20,728)

Net

expenses

.........................................................................

3,173,329

Net

investment

income

................................................................

31,499,958

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(2,574,078)

Foreign

currency

transactions

................................................................

TBA

sale

commitments

.....................................................................

195,843

Net

realized

gain

(loss)

..................................................................

(2,378,226)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(20,231,301)

Non-controlled

affiliates

(Note

g)

...........................................................

(66,838)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

TBA

sale

commitments

.....................................................................

5,195

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(20,292,919)

Net

realized

and

unrealized

gain

(loss)

............................................................

(22,671,145)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$8,828,813

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

#### Putnam

#### Core

#### Bond

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$31,499,958

$50,097,283

Net

realized

gain

(loss)

.................................................

(2,378,226)

1,546,056

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(20,292,919)

19,766,109

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

8,828,813

71,409,448

Distributions

to

shareholders:

Class

A

.............................................................

(3,958,577)

(7,378,526)

Class

C

.............................................................

(163,850)

(310,309)

Class

R

.............................................................

(178,891)

(258,237)

Class

R6

............................................................

(1,900,291)

(2,167,459)

Class

Y

.............................................................

(25,502,403)

(40,593,174)

Total

distributions

to

shareholders

..........................................

(31,704,012)

(50,707,705)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

13,935,033

29,715,115

Class

C

.............................................................

630,931

1,223,443

Class

R

.............................................................

1,613,715

4,076,464

Class

R6

............................................................

41,792,107

40,150,197

Class

Y

.............................................................

157,229,280

561,889,043

Total

capital

share

transactions

............................................

215,201,066

637,054,262

Net

increase

(decrease)

in

net

assets

...................................

192,325,867

657,756,005

Net

assets:

Beginning

of

period

.....................................................

1,385,902,744

728,146,739

End

of

period

..........................................................

$1,578,228,611

$1,385,902,744

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### Core

#### Bond

#### Fund

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

Core

Bond

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

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

as

of

p.m.

Eastern

time

each

day

the

New

York

Stock

Exchange

(NYSE)

is

open

for

trading.

Under

compliance

policies

and

procedures

approved

by

the

Fund's Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).The Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

exchange

traded

funds listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

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.

b. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when

issued,

forward

commitment

or

delayed

delivery

and

to-be-

announced

(TBA)

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.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

d. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

e. #### 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.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Stripped

#### Securities
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

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.

f. #### 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.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

5,143,545

$42,581,710

10,614,126

$86,799,845

Shares

issued

in

reinvestment

of

distributions

..........

466,437

3,855,150

884,544

7,206,051

Shares

redeemed

...............................

(3,928,003)

(32,501,827)

(7,880,446)

(64,290,781)

Net

increase

(decrease)

..........................

1,681,979

$13,935,033

3,618,224

$29,715,115

#### Class

#### C

#### Shares:
Shares

sold

...................................

251,329

$2,073,560

554,108

$4,519,780

Shares

issued

in

reinvestment

of

distributions

..........

19,783

162,840

37,988

308,289

Shares

redeemed

a

..............................

(194,504)

(1,605,469)

(443,900)

(3,604,626)

Net

increase

(decrease)

..........................

76,608

$630,931

148,196

$1,223,443

#### Class

#### R

#### Shares:
Shares

sold

...................................

307,816

$2,575,735

908,004

$7,448,467

Shares

issued

in

reinvestment

of

distributions

..........

21,472

178,891

31,415

258,237

Shares

redeemed

...............................

(137,059)

(1,140,911)

(439,669)

(3,630,240)

Net

increase

(decrease)

..........................

192,229

$1,613,715

499,750

$4,076,464

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers

and/or

directors of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

Advisers

a

monthly

base

fee

equal

to

0.39%

of

the

monthly

average

of

the

Fund's

net

asset

value.

In

return

for

this

fee,

Advisers

provides

investment

management

and

investor

servicing

and

bears

the

Fund's

organizational

and

operating

expenses,

excluding

performance

fee

adjustments,

payments

under

the

Fund's

distribution

plan,

brokerage,

interest,

taxes,

investment

related

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Shares

sold

...................................

7,201,485

$59,965,016

7,783,686

$63,807,148

Shares

issued

in

reinvestment

of

distributions

..........

218,814

1,813,489

262,084

2,143,082

Shares

redeemed

...............................

(2,402,910)

(19,986,398)

(3,122,245)

(25,800,033)

Net

increase

(decrease)

..........................

5,017,389

$41,792,107

4,923,525

$40,150,197

#### Class

#### Y

#### Shares:
Shares

sold

...................................

33,682,570

$278,798,092

102,446,958

$837,503,697

Shares

issued

in

reinvestment

of

distributions

..........

3,073,530

25,388,447

4,976,245

40,522,902

Shares

redeemed

...............................

(17,778,140)

(146,957,259)

(38,850,640)

(316,137,556)

Net

increase

(decrease)

..........................

18,977,960

$157,229,280

68,572,563

$561,889,043

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### 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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### 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.

These

fees

are

paid

by

Advisors

as

part

of

the

management

contract.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R

and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

These

fees

are

being

paid

by

Advisers

as

part

of

the

management

contract.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

#### Maximum

#### %

#### Approved

#### %
Class

A

...................................................................

0.35%

0.25%

Class

C

...................................................................

1.00%

1.00%

Class

R

...................................................................

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$7,972

CDSC

retained

..............................................................................

$5,558

3. #### Transactions

#### with

#### Affiliates
(continued)

b. #### Administrative

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### 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. These

fees

are

being

paid

by

Advisers

as

part

of

the

management

contract.

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into an

arrangement

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

April

30,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Core

#### Bond

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$27,938,618

$—

$—

$—

$(66,838)

$27,871,780

1,113,980

$585,441

Putnam

Short

Term

Investment

Fund,

Class

P,

3.843%

......

72,763,644

499,675,298

(509,442,728)

—

—

62,996,214

62,996,214

1,120,969

#### Total

#### Affiliated

#### Securities

#### ...
$100,702,262

$499,675,298

$(509,442,728)

$—

$(66,838)

$90,867,994

$1,706,410

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

86,512,857

Long

term

................................................................................

100,275,677

Total

capital

loss

carryforwards

...............................................................

$186,788,534

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

At

April

30,

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

April

30,

2026,

aggregated

$3,278,773,663 and

$3,418,110,912,

respectively.

7. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

April

30,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

8. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

Cost

of

investments

..........................................................................

$1,950,855,720

Unrealized

appreciation

........................................................................

$9,070,412

Unrealized

depreciation

........................................................................

(17,844,709)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(8,774,297)

5. #### Income

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

9. #### 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.

10. #### 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

#### Core

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

a

Management

Investment

Companies

.........

$

27,871,780

$

—

$

—

$

27,871,780

Corporate

Bonds

........................

—

447,820,236

—

447,820,236

Foreign

Government

and

Agency

Securities

....

—

1,049,797

—

1,049,797

U.S.

Government

and

Agency

Securities

.......

—

545,258,966

—

545,258,966

Asset-Backed

Securities

...................

—

128,105,935

—

128,105,935

Commercial

Mortgage-Backed

Securities

......

—

84,357,039

—

84,357,039

Mortgage-Backed

Securities

................

—

433,370,033

—

433,370,033

Residential

Mortgage-Backed

Securities

.......

—

95,421,575

—

95,421,575

Agency

Commercial

Mortgage-Backed

Securities

—

47,180,362

—

47,180,362

Municipal

Bonds

.........................

—

14,642,325

—

14,642,325

Short

Term

Investments

...................

62,996,214

62,214,182

—

125,210,396

Total

Investments

in

Securities

...........

$90,867,994

$1,859,420,450

$—

$1,950,288,444

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

8,207,021

$

—

$

8,207,021

Total

Other

Financial

Instruments

.........

$—

$8,207,021

$—

$8,207,021

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

8. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Core

#### Bond

#### Fund
(continued)

#### Abbreviations

#### Selected

#### Portfolio

#### CLO
Collateralized

Loan

Obligation

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### ETF
Exchange-Traded

Fund

#### ETM
Escrowed

to

Maturity

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### IO
Interest

Only

#### NATL
National

Reinsurance

Corp.

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

Putnam

Funds

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Remuneration

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

39114-SFSOI

06/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pcf-efp25075_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pcf-efp25075_ex99906cert.htm)

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**

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| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 25, 2026 |

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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.

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| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 25, 2026 |

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| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | June 25, 2026 |

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## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam Funds Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: June 25, 2026

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| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam Funds Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

Date: June 25, 2026

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| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Funds Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Funds Trust | Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: June 25, 2026 | Date: June 25, 2026 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.