# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001133228-25-014254
**Filing Date:** 2025-12
**Character Count:** 286608
**Document Hash:** 3a7e5e1092c6f6cd946a027f7127fd76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014254.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001133228-25-014254

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 251611613

**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 Short Duration Bond Fund (Series ID: S000024274)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000071705 | Class A      |  |
| C000071707 | Class C      |  |
| C000071709 | Class R      |  |
| C000071710 | Class Y      |  |
| C000118004 | Class R6     |  |

?xml version='1.0' encoding='ASCII'? 2025-11-1874200166200_PutnamShortDurationBondFund_ClassA_TSRAnnual

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, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

Date of reporting period: **October 31, 2025**

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 Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PARTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $64 | 0.62% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Putnam Short Duration Bond Fund returned 5.41%. The Fund compares its performance to the ICE BofA 1-3 Year U.S. Corporate Index and the Putnam Short Duration Bond Linked Benchmark†, which both returned 5.67% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single Asset Single Borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement, and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no significant detractors from performance. |

---

Putnam Short Duration Bond Fund PAGE 1 39113-ATSA-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5827img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.41 | 2.56 | 2.69 |
| **Class A (with sales charge)**  | 3.04 | 2.10 | 2.45 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA 1-3 Year U.S. Corporate Index**  | 5.67 | 2.43 | 2.67 |
| **Putnam Short Duration Bond Linked Benchmark**<sup>†</sup>  | 5.67 | 2.43 | 2.44 |

---

† The
 Putnam Short Duration Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through May 31, 2018, and the performance of the ICE
 BofA 1-3 Year U.S. Corporate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to June 1, 2018, has been restated to reflect the current maximum sales charge, which is higher than the maximum sales charge prior to that date.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through November 2019 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1352169104 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 515 |
| **Total Management Fee Paid** | $4970299 |
| **Portfolio Turnover Rate** | 33% |

---

Putnam Short Duration Bond Fund PAGE 2 39113-ATSA-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5827img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality. However, the Fund will not invest in securities that are rated lower than B or its equivalent by each rating agency rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The Fund will not necessarily sell an investment if its rating is reduced (or increased) after purchase."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025 the portfolio managers primarily responsible for the day-to-day management of the Fund are Andrew C. Benson, Albert W. Chan, Joanne M. Driscoll and Michael J. Lima.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Short Duration Bond Fund PAGE 3 39113-ATSA-1225

9775990210258104421094111227113691071111211120871274110000104371053110315115021221412155102491028611370120711000010233104121048711095115431163110958114391231513013100001003310103102581085311291113781071911190120461273055.38.57.05.33.02.52.20.30.215.7 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PARQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $140 | 1.37% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Putnam Short Duration Bond Fund returned 4.63%. The Fund compares its performance to the ICE BofA 1-3 Year U.S. Corporate Index and the Putnam Short Duration Bond Linked Benchmark†, which both returned 5.67% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single Asset Single Borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement, and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no significant detractors from performance. |

---

Putnam Short Duration Bond Fund PAGE 1 39113-ATSC-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5828img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.63 | 1.80 | 2.06 |
| **Class C (with sales charge)**  | 3.63 | 1.80 | 2.06 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA 1-3 Year U.S. Corporate Index**  | 5.67 | 2.43 | 2.67 |
| **Putnam Short Duration Bond Linked Benchmark**<sup>†</sup>  | 5.67 | 2.43 | 2.44 |

---

† The
 Putnam Short Duration Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through May 31, 2018, and the performance of the ICE
 BofA 1-3 Year U.S. Corporate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through November 2019 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1352169104 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 515 |
| **Total Management Fee Paid** | $4970299 |
| **Portfolio Turnover Rate** | 33% |

---

Putnam Short Duration Bond Fund PAGE 2 39113-ATSC-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5828img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality. However, the Fund will not invest in securities that are rated lower than B or its equivalent by each rating agency rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The Fund will not necessarily sell an investment if its rating is reduced (or increased) after purchase."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025 the portfolio managers primarily responsible for the day-to-day management of the Fund are Andrew C. Benson, Albert W. Chan, Joanne M. Driscoll and Michael J. Lima.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Short Duration Bond Fund PAGE 3 39113-ATSC-1225

100001005310325104371085511055111231039910792116361226510000104371053110315115021221412155102491028611370120711000010233104121048711095115431163110958114391231513013100001003310103102581085311291113781071911190120461273055.38.57.05.33.02.52.20.30.215.7 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PRARX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $89 | 0.87% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Putnam Short Duration Bond Fund returned 5.12%. The Fund compares its performance to the ICE BofA 1-3 Year U.S. Corporate Index and the Putnam Short Duration Bond Linked Benchmark†, which both returned 5.67% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single Asset Single Borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement, and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no significant detractors from performance. |

---

Putnam Short Duration Bond Fund PAGE 1 39113-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5829img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 5.12 | 2.31 | 2.42 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA 1-3 Year U.S. Corporate Index**  | 5.67 | 2.43 | 2.67 |
| **Putnam Short Duration Bond Linked Benchmark**<sup>†</sup>  | 5.67 | 2.43 | 2.44 |

---

† The
 Putnam Short Duration Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through May 31, 2018, and the performance of the ICE
 BofA 1-3 Year U.S. Corporate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through November 2019 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1352169104 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 515 |
| **Total Management Fee Paid** | $4970299 |
| **Portfolio Turnover Rate** | 33% |

---

Putnam Short Duration Bond Fund PAGE 2 39113-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5829img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality. However, the Fund will not invest in securities that are rated lower than B or its equivalent by each rating agency rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The Fund will not necessarily sell an investment if its rating is reduced (or increased) after purchase."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025 the portfolio managers primarily responsible for the day-to-day management of the Fund are Andrew C. Benson, Albert W. Chan, Joanne M. Driscoll and Michael J. Lima.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Short Duration Bond Fund PAGE 3 39113-ATSR-1225

100001009010429105941107011330114571076111234120801269810000104371053110315115021221412155102491028611370120711000010233104121048711095115431163110958114391231513013100001003310103102581085311291113781071911190120461273055.38.57.05.33.02.52.20.30.215.7 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PRREX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $38 | 0.37% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Putnam Short Duration Bond Fund returned 5.65%. The Fund compares its performance to the ICE BofA 1-3 Year U.S. Corporate Index and the Putnam Short Duration Bond Linked Benchmark†, which both returned 5.67% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single Asset Single Borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement, and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no significant detractors from performance. |

---

Putnam Short Duration Bond Fund PAGE 1 39113-ATSR6-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5830img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.65 | 2.81 | 2.94 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA 1-3 Year U.S. Corporate Index**  | 5.67 | 2.43 | 2.67 |
| **Putnam Short Duration Bond Linked Benchmark**<sup>†</sup>  | 5.67 | 2.43 | 2.44 |

---

† The
 Putnam Short Duration Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through May 31, 2018, and the performance of the ICE
 BofA 1-3 Year U.S. Corporate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through November 2019 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1352169104 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 515 |
| **Total Management Fee Paid** | $4970299 |
| **Portfolio Turnover Rate** | 33% |

---

Putnam Short Duration Bond Fund PAGE 2 39113-ATSR6-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5830img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality. However, the Fund will not invest in securities that are rated lower than B or its equivalent by each rating agency rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The Fund will not necessarily sell an investment if its rating is reduced (or increased) after purchase."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025 the portfolio managers primarily responsible for the day-to-day management of the Fund are Andrew C. Benson, Albert W. Chan, Joanne M. Driscoll and Michael J. Lima.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Short Duration Bond Fund PAGE 3 39113-ATSR6-1225

100001015510548107681130811631118081115611703126461336110000104371053110315115021221412155102491028611370120711000010233104121048711095115431163110958114391231513013100001003310103102581085311291113781071911190120461273055.38.57.05.33.02.52.20.30.215.7 ------

---

| | |
|:---|:---|
| **Putnam Short Duration Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PARYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Short Duration Bond Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y | $38 | 0.37% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class Y shares of Putnam Short Duration Bond Fund returned 5.56%. The Fund compares its performance to the ICE BofA 1-3 Year U.S. Corporate Index and the Putnam Short Duration Bond Linked Benchmark†, which both returned 5.67% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Commercial mortgage-backed securities (CMBS) contributed to performance. Availability of financing for commercial borrowers has improved as floating-rate private label CMBS (Single Asset Single Borrower 'SASB') and private credit have helped fill the void left by regional banks, commercial real estate fundamentals have shown signs of improvement, and rising transaction volumes are providing more price transparency. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no significant detractors from performance. |

---

Putnam Short Duration Bond Fund PAGE 1 39113-ATSY-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 10/31/2015 — 10/31/2025

![image](ts5831img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 5.56 | 2.80 | 2.94 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |
| **ICE BofA 1-3 Year U.S. Corporate Index**  | 5.67 | 2.43 | 2.67 |
| **Putnam Short Duration Bond Linked Benchmark**<sup>†</sup>  | 5.67 | 2.43 | 2.44 |

---

† The
 Putnam Short Duration Bond Linked Benchmark represents the performance of the ICE BofA U.S. Treasury Bill Index through May 31, 2018, and the performance of the ICE
 BofA 1-3 Year U.S. Corporate Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 28, 2025, the Fund adopted its current investment strategy.

The Fund had performance fee adjustments through November 2019 that may have had a positive or negative impact on returns.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1352169104 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 515 |
| **Total Management Fee Paid** | $4970299 |
| **Portfolio Turnover Rate** | 33% |

---

Putnam Short Duration Bond Fund PAGE 2 39113-ATSY-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5831img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund instituted a 5% limit for investment in below-investment-grade securities. As a result, the Fund's prospectus was amended to include the following: "The Fund may invest up to 5% of its total assets in debt investments rated below BBB or its equivalent (also known as below-investment-grade securities) at the time of purchase by each rating agency rating such investments, or in unrated investments that the Investment Manager believes are of comparable quality. However, the Fund will not invest in securities that are rated lower than B or its equivalent by each rating agency rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The Fund will not necessarily sell an investment if its rating is reduced (or increased) after purchase."

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025 the portfolio managers primarily responsible for the day-to-day management of the Fund are Andrew C. Benson, Albert W. Chan, Joanne M. Driscoll and Michael J. Lima.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Short Duration Bond Fund PAGE 3 39113-ATSY-1225

100001015510549107591130011635118121115911696126541335810000104371053110315115021221412155102491028611370120711000010233104121048711095115431163110958114391231513013100001003310103102581085311291113781071911190120461273055.38.57.05.33.02.52.20.30.215.7 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending October 31, 2024 and October 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $175,434 in October 31, 2024 and $152,824 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in October 31, 2024 and $0 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $25,322 in October 31, 2024 and $30,537 in October 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in October 31, 2024 and $0 in October 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,744,072 in October 31, 2024 and $1,820,011 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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

#### Short

#### Duration

#### Bond

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

October

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 28
Notes

to

Financial

Statements

#### 32
Report

of

Independent

Registered

Public

Accounting

Firm

#### 46
Tax

Information

#### 47
Changes

In

and

Disagreements

with

Accountants

#### 48
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

#### Short

#### Duration

#### Bond

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.86

$9.55

$9.42

$10.18

$10.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.37 0.34 0.28 0.17 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.39 0.16 (0.76)

(0.03)

Total

from

investment

operations

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

0.52 0.73 0.44 (0.59)

0.13 Less

distributions

from:

Net

investment

income

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

(0.39)

(0.42)

(0.31)

(0.16)

(0.16)

Net

realized

gains

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

—

—

—

(0.01)

—

Total

distributions

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

(0.39)

(0.42)

(0.31)

(0.17)

(0.16)

Net

asset

value,

end

of

year

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

$9.99

$9.86

$9.55

$9.42

$10.18

Total

return

c

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

5.41%

7.82%

4.66%

(5.79)%

1.27%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.62%

e

0.62%

0.62%

0.62%

0.62%

Net

investment

income

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

3.73%

3.51%

2.90%

1.70%

1.52%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$453,222

$482,697

$485,453

$729,336

$1,383,392

Portfolio

turnover

rate

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

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.83

$9.52

$9.40

$10.16

$10.18

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.29 0.27 0.21 0.10 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.16 0.39 0.14 (0.76)

(0.02)

Total

from

investment

operations

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

0.45 0.66 0.35 (0.66)

0.06 Less

distributions

from:

Net

investment

income

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

(0.32)

(0.35)

(0.23)

(0.09)

(0.08)

Net

realized

gains

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

—

—

—

(0.01)

—

Total

distributions

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

(0.32)

(0.35)

(0.23)

(0.10)

(0.08)

Net

asset

value,

end

of

year

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

$9.96

$9.83

$9.52

$9.40

$10.16

Total

return

c

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

4.63%

7.03%

3.78%

(6.51)%

0.61%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

1.37%

e

1.37%

1.37%

1.37%

1.37%

Net

investment

income

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

2.98%

2.76%

2.16%

0.97%

0.77%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$17,040

$17,306

$17,469

$20,267

$29,701

Portfolio

turnover

rate

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

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.91

$9.60

$9.47

$10.24

$10.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.35 0.32 0.26 0.15 0.13 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.39 0.15 (0.77)

(0.02)

Total

from

investment

operations

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

0.50 0.71 0.41 (0.62)

0.11 Less

distributions

from:

Net

investment

income

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

(0.37)

(0.40)

(0.28)

(0.14)

(0.13)

Net

realized

gains

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

—

—

—

(0.01)

—

Total

distributions

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

(0.37)

(0.40)

(0.28)

(0.15)

(0.13)

Net

asset

value,

end

of

year

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

$10.04

$9.91

$9.60

$9.47

$10.24

Total

return

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

5.12%

7.53%

4.39%

(6.08)%

1.12%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.87%

d

0.87%

0.87%

0.87%

0.87%

Net

investment

income

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

3.49%

3.36%

2.62%

1.47%

1.26%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$1,229

$911

$301

$864

$1,265

Portfolio

turnover

rate

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

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.90

$9.59

$9.46

$10.22

$10.25

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.40 0.37 0.31 0.20 0.18 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.39 0.15 (0.76)

(0.02)

Total

from

investment

operations

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

0.55 0.76 0.46 (0.56)

0.16 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.45)

(0.33)

(0.19)

(0.19)

Net

realized

gains

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

—

—

—

(0.01)

—

Total

distributions

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

(0.42)

(0.45)

(0.33)

(0.20)

(0.19)

Net

asset

value,

end

of

year

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

$10.03

$9.90

$9.59

$9.46

$10.22

Total

return

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

5.65%

8.06%

4.91%

(5.52)%

1.52%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.37%

d

0.37%

0.37%

0.37%

0.37%

Net

investment

income

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

3.98%

3.78%

3.20%

2.00%

1.78%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$11,120

$15,158

$7,702

$5,403

$6,941

Portfolio

turnover

rate

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

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Financial

Highlights

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.88

$9.56

$9.44

$10.20

$10.23

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.40 0.37 0.31 0.20 0.18 Net

realized

and

unrealized

gains

(losses)

...........

0.14 0.40 0.14 (0.76)

(0.02)

Total

from

investment

operations

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

0.54 0.77 0.45 (0.56)

0.16 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.45)

(0.33)

(0.19)

(0.19)

Net

investment

income

and

net

foreign

currency

gains

..

—

—

—

(0.01)

—

Total

distributions

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

(0.42)

(0.45)

(0.33)

(0.20)

(0.19)

Net

asset

value,

end

of

year

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

$10.00

$9.88

$9.56

$9.44

$10.20

Total

return

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

5.56%

8.19%

4.81%

(5.53)%

1.52%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.37%

d

0.37%

0.37%

0.37%

0.37%

Net

investment

income

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

3.98%

3.76%

3.16%

2.01%

1.76%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$869,558

$742,260

$711,012

$1,000,635

$1,077,719

Portfolio

turnover

rate

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

33%

41%

20%

26%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Funds

Trust

Schedule

of

Investments,

October

31,

2025

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 2.6%

#### Capital

#### Markets

#### 2.6%
a

Franklin

Ultra

Short

Bond

ETF

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

United

States

1,367,280

$

34,291,382

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $34,024,973)
..................

#### 34,291,382

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 55.2%

#### Aerospace

#### &

#### Defense

#### 2.2%
b

BAE

Systems

plc

,

Senior

Note

,

144A,

5.125 %

,

3/26/29

.......

United

Kingdom

3,760,000

3,875,602

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

448,000

423,162

Senior

Note,

2.75%,

2/01/26

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

United

States

10,330,000

10,289,989

Senior

Note,

6.259%,

5/01/27

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

United

States

858,000

881,932

Senior

Note,

6.298%,

5/01/29

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

United

States

9,354,000

9,926,194

General

Electric

Co.

,

Senior

Note

,

4.3 %

,

7/29/30

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

United

States

1,025,000

1,033,000

Howmet

Aerospace,

Inc.

,

Senior

Note

,

%

,

1/15/29

..........

United

States

2,599,000

2,512,213

28,942,092

#### Automobiles

#### 0.9%
b

Hyundai

Capital

America

,

Senior

Note,

144A,

5.3%,

1/08/29

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

United

States

8,255,000

8,473,468

Senior

Note,

144A,

6.5%,

1/16/29

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

United

States

2,590,000

2,748,374

Senior

Note,

144A,

5.35%,

3/19/29

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

United

States

1,288,000

1,323,694

Senior

Note,

144A,

4.55%,

9/26/29

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

United

States

170,000

170,434

12,715,970

#### Banks

#### 9.5%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

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

Netherlands

4,100,000

4,173,224

Banco

Bilbao

Vizcaya

Argentaria

SA

,

Senior

Preferred

Note

,

5.381 %

,

3/13/29

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

Spain

3,800,000

3,931,113

Banco

Santander

SA

,

Senior

Non-Preferred

Note

,

1.722%

to

9/13/26,

FRN

thereafter

,

9/14/27

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

Spain

19,600,000

19,179,760

Bank

of

America

Corp.

,

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

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

United

States

8,601,000

8,946,465

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

1.604 %

,

10/04/26

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

France

5,000,000

4,889,347

Barclays

plc

,

Senior

Note,

6.496%

to

9/12/26,

FRN

thereafter,

9/13/27

....

United

Kingdom

2,300,000

2,342,554

Senior

Note,

5.367%

to

2/24/30,

FRN

thereafter,

2/25/31

....

United

Kingdom

1,550,000

1,599,110

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

5.975%

to

1/17/26,

FRN

thereafter

,

1/18/27

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

France

1,415,000

1,418,810

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

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

Spain

2,960,000

2,981,836

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

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

Spain

1,295,000

1,346,577

Citibank

NA

,

Senior

Note

,

4.914 %

,

5/29/30

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

United

States

3,470,000

3,570,971

Citigroup,

Inc.

,

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

3,710,000

3,715,308

Sub.

Bond,

4.45%,

9/29/27

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

United

States

10,945,000

10,981,957

b

Credit

Agricole

SA

,

Senior

Non-Preferred

Note

,

144A,

5.335%

to

1/09/29,

FRN

thereafter

,

1/10/30

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

France

1,880,000

1,935,280

b

Danske

Bank

A/S

,

Senior

Preferred

Note

,

144A,

1.549%

to

9/09/26,

FRN

thereafter

,

9/10/27

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

Denmark

2,111,000

2,063,436

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

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

Canada

1,925,000

1,936,224

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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)

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

880,000

$

925,354

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

2,000,000

2,028,644

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

6,917,000

7,165,402

ING

Groep

NV

,

Senior

Note,

6.083%

to

9/10/26,

FRN

thereafter,

9/11/27

....

Netherlands

4,000,000

4,060,847

Senior

Note,

4.858%

to

3/24/28,

FRN

thereafter,

3/25/29

....

Netherlands

1,900,000

1,925,650

b

Intesa

Sanpaolo

SpA

,

Sub.

Bond

,

144A,

5.71 %

,

1/15/26

......

Italy

3,750,000

3,757,172

JPMorgan

Chase

&

Co.

,

Senior

Bond,

3.54%

to

4/30/27,

FRN

thereafter,

5/01/28

....

United

States

6,250,000

6,196,532

Senior

Note,

1.47%

to

9/21/26,

FRN

thereafter,

9/22/27

.....

United

States

3,250,000

3,173,773

Lloyds

Banking

Group

plc

,

Senior

Note

,

4.818%

to

6/12/28,

FRN

thereafter

,

6/13/29

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

United

Kingdom

8,410,000

8,530,388

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

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

United

Kingdom

1,765,000

1,773,358

b,c

NatWest

Markets

plc

,

Senior

Note

,

144A,

4.412 %

,

11/06/30

....

United

Kingdom

2,375,000

2,374,658

PNC

Bank

NA

,

Sub.

Bond

,

4.05 %

,

7/26/28

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

United

States

6,300,000

6,289,359

Santander

Holdings

USA,

Inc.

,

Senior

Note

,

2.49%

to

1/05/27,

FRN

thereafter

,

1/06/28

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

United

States

4,000,000

3,906,464

127,119,573

#### Biotechnology

#### 0.4%
Amgen,

Inc.

,

Senior

Note

,

5.15 %

,

3/02/28

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

United

States

4,720,000

4,826,202

#### Capital

#### Markets

#### 7.7%
Ares

Capital

Corp.

,

Senior

Note,

2.15%,

7/15/26

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

United

States

4,299,000

4,233,297

Senior

Note,

7%,

1/15/27

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

United

States

765,000

785,895

Senior

Note,

2.875%,

6/15/27

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

United

States

4,581,000

4,468,451

Bank

of

New

York

Mellon

(The)

,

Senior

Note

,

4.729%

to

4/19/28,

FRN

thereafter

,

4/20/29

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

United

States

1,615,000

1,641,465

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

1,482,000

1,454,660

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

2.129%

to

11/23/25,

FRN

thereafter,

11/24/26

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

Germany

5,270,000

5,262,904

Senior

Non-Preferred

Note,

2.311%

to

11/15/26,

FRN

thereafter,

11/16/27

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

Germany

5,921,000

5,802,677

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Note,

1.431%

to

3/08/26,

FRN

thereafter,

3/09/27

....

United

States

4,000,000

3,958,946

Senior

Note,

1.948%

to

10/20/26,

FRN

thereafter,

10/21/27

..

United

States

15,000,000

14,673,964

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

3,964,000

3,952,903

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5 %

,

11/15/29

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

United

States

3,500,000

3,403,804

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

2,015,000

2,024,454

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

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

United

States

399,000

425,681

Senior

Note,

5.2%,

3/15/30

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

United

States

358,000

365,880

b

Senior

Note,

144A,

4.625%,

11/15/27

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

United

States

2,000,000

1,994,022

Morgan

Stanley

,

Senior

Note,

4.21%

to

4/19/27,

FRN

thereafter,

4/20/28

.....

United

States

6,435,000

6,442,407

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

2,445,000

2,495,936

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

1,672,000

1,703,358

I,

Senior

Note,

4.133%

to

10/17/28,

FRN

thereafter,

10/18/29

United

States

1,420,000

1,416,899

Sub.

Bond,

3.95%,

4/23/27

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

United

States

10,000,000

9,980,019

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

b

MSCI,

Inc.

,

Senior

Bond,

144A,

4%,

11/15/29

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

United

States

3,200,000

$

3,122,983

Senior

Bond,

144A,

3.625%,

9/01/30

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

United

States

432,000

411,181

UBS

AG

,

Senior

Note,

1.25%,

8/07/26

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

Switzerland

887,000

869,196

Senior

Note,

7.5%,

2/15/28

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

Switzerland

3,164,000

3,413,028

UBS

Group

AG

,

Senior

Note,

4.55%,

4/17/26

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

Switzerland

5,586,000

5,597,022

b

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

10,500,000

10,421,234

b

Senior

Note,

144A,

5.428%

to

2/07/29,

FRN

thereafter,

2/08/30

Switzerland

5,750,000

5,950,963

106,273,229

#### Chemicals

#### 1.2%
Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

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

United

States

10,693,000

10,423,446

Senior

Note,

6.665%,

7/15/27

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

United

States

515,000

528,991

b

CF

Industries,

Inc.

,

Senior

Bond

,

144A,

4.5 %

,

12/01/26

.......

United

States

5,369,000

5,373,222

16,325,659

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

900,000

932,009

#### Communications

#### Equipment

#### 0.2%
Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

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

United

States

1,106,000

1,001,454

Senior

Note,

4.85%,

8/15/30

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

United

States

1,284,000

1,310,011

2,311,465

#### Consumer

#### Finance

#### 4.4%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note,

2.45%,

10/29/26

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

Ireland

2,900,000

2,855,894

Senior

Note,

6.1%,

1/15/27

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

Ireland

10,000,000

10,205,400

Ally

Financial,

Inc.

,

Senior

Note,

4.75%,

6/09/27

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

United

States

2,715,000

2,732,238

Sub.

Bond,

5.75%,

11/20/25

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

United

States

10,200,000

10,198,133

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

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

Ireland

5,414,000

5,616,004

Senior

Note,

144A,

4.9%,

10/10/30

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

Ireland

1,790,000

1,799,146

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

3,555,000

3,529,887

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

.......

United

States

8,280,000

8,375,221

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

1.5%,

6/10/26

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

United

States

11,250,000

11,067,408

Senior

Note,

4.2%,

10/27/28

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

United

States

440,000

439,015

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

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

United

Kingdom

932,000

943,479

57,761,825

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

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

United

States

4,302,000

4,033,770

Walmart,

Inc.

,

Senior

Note

,

4.35 %

,

4/28/30

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

United

States

1,285,000

1,304,159

5,337,929

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Containers

#### &

#### Packaging

#### 1.3%
Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

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

United

States

10,380,000

$

10,048,656

Senior

Secured

Note,

5.5%,

4/15/28

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

United

States

870,000

895,076

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

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

United

States

3,000

3,000

b

Graphic

Packaging

International

LLC

,

Senior

Secured

Note

,

144A,

1.512 %

,

4/15/26

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

United

States

7,461,000

7,358,212

18,304,944

#### Diversified

#### REITs

#### 0.7%
VICI

Properties

LP

,

Senior

Note

,

4.75 %

,

2/15/28

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

United

States

2,339,000

2,359,862

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

4.5%,

9/01/26

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

United

States

1,410,000

1,410,926

Senior

Note,

144A,

3.75%,

2/15/27

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

United

States

876,000

867,685

Senior

Note,

144A,

4.5%,

1/15/28

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

United

States

2,935,000

2,935,748

Senior

Note,

144A,

3.875%,

2/15/29

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

United

States

1,365,000

1,334,246

8,908,467

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.125%,

5/01/27

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

United

States

3,680,000

3,661,084

Senior

Bond,

144A,

5%,

2/01/28

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

United

States

2,000,000

1,981,177

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

1,484,000

1,594,674

7,236,935

#### Electric

#### Utilities

#### 2.9%
American

Electric

Power

Co.,

Inc.

,

N

,

Senior

Note

,

%

,

11/01/25

United

States

4,000,000

4,000,000

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.125 %

,

9/30/28

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

Italy

745,000

743,076

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

1,000,000

1,025,956

FirstEnergy

Corp.

,

B

,

Senior

Bond

,

3.9 %

,

7/15/27

...........

United

States

3,500,000

3,479,021

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note,

4.685%,

9/01/27

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

United

States

755,000

763,359

Senior

Note,

5.05%,

3/15/30

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

United

States

2,540,000

2,618,092

b

NRG

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/02/25

..

United

States

2,000,000

1,993,655

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

3%,

6/15/28

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

United

States

8,686,000

8,377,040

Senior

Note,

6.1%,

1/15/29

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

United

States

785,000

819,189

b

Palomino

Funding

Trust

I

,

Senior

Secured

Note

,

144A,

7.233 %

,

5/17/28

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

United

States

1,320,000

1,397,706

Southern

Co.

(The)

,

Senior

Bond,

3.25%,

7/01/26

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

United

States

4,950,000

4,921,533

Senior

Note,

5.5%,

3/15/29

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

United

States

1,960,000

2,038,645

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Note,

144A,

5.05%,

12/30/26

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

United

States

4,250,000

4,281,850

Senior

Secured

Note,

144A,

4.3%,

10/15/28

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

United

States

2,105,000

2,098,377

Wisconsin

Electric

Power

Co.

,

Senior

Note

,

4.15 %

,

10/15/30

...

United

States

1,120,000

1,116,391

39,673,890

#### Electrical

#### Equipment

#### 0.4%
Regal

Rexnord

Corp.

,

Senior

Note

,

6.05 %

,

4/15/28

..........

United

States

2,460,000

2,545,287

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

2,796,000

2,757,176

5,302,463

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
c

Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

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

United

States

985,000

$

980,632

#### Entertainment

#### 0.4%
b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

..........

United

States

5,659,000

5,910,388

#### Financial

#### Services

#### 1.1%
Block,

Inc.

,

Senior

Note

,

2.75 %

,

6/01/26

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

United

States

10,575,000

10,460,899

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.65 %

,

4/05/27

.......

United

States

4,715,000

4,676,402

b

Nationwide

Building

Society

,

Senior

Non-Preferred

Note

,

144A,

4.649%

to

7/13/28,

FRN

thereafter

,

7/14/29

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

United

Kingdom

890,000

897,259

16,034,560

#### Food

#### Products

#### 1.5%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

472,000

443,279

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

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

United

States

1,660,000

1,591,990

b

JDE

Peet's

NV

,

Senior

Note

,

144A,

1.375 %

,

1/15/27

.........

Netherlands

680,000

656,491

Kellanova

,

B

,

Senior

Bond

,

7.45 %

,

4/01/31

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

United

States

300,000

345,448

b

Mars,

Inc.

,

Senior

Note,

144A,

4.6%,

3/01/28

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

United

States

1,620,000

1,639,308

Senior

Note,

144A,

4.8%,

3/01/30

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

United

States

6,470,000

6,610,764

Senior

Note,

144A,

4.65%,

4/20/31

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

United

States

157,000

160,110

b

Mondelez

International

Holdings

Netherlands

BV

,

Senior

Note

,

144A,

1.25 %

,

9/24/26

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

United

States

10,000,000

9,760,343

21,207,733

#### Ground

#### Transportation

#### 1.0%
b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

1.5 %

,

8/12/26

......

United

Kingdom

9,275,000

9,074,670

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

1.2 %

,

11/15/25

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

United

States

1,385,000

1,383,252

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

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

Ireland

3,195,000

3,284,900

13,742,822

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

610,000

622,563

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.1%
Centene

Corp.

,

Senior

Note

,

3.375 %

,

2/15/30

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

United

States

230,000

211,733

CVS

Health

Corp.

,

Senior

Note

,

5.4 %

,

6/01/29

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

United

States

7,750,000

8,021,984

HCA,

Inc.

,

Senior

Note

,

5.2 %

,

6/01/28

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

United

States

4,800,000

4,915,564

Icon

Investments

Six

DAC

,

Senior

Secured

Note,

5.809%,

5/08/27

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

United

States

1,267,000

1,293,835

Senior

Secured

Note,

5.849%,

5/08/29

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

United

States

543,000

567,463

15,010,579

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.4%
b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

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

United

States

1,905,000

1,929,741

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

184,000

189,640

Senior

Secured

Note,

144A,

4%,

8/01/28

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

United

States

8,243,000

8,114,082

Hyatt

Hotels

Corp.

,

Senior

Note,

5.75%,

1/30/27

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

United

States

3,362,000

3,420,847

Senior

Note,

5.05%,

3/30/28

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

United

States

2,055,000

2,091,846

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.5 %

,

8/18/26

.........

United

States

1,763,000

1,749,827

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5 %

,

8/31/26

United

States

1,185,000

$

1,188,569

18,684,552

#### Household

#### Durables

#### 0.6%
DR

Horton,

Inc.

,

Senior

Note

,

1.3 %

,

10/15/26

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

United

States

5,320,000

5,185,011

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

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

United

States

287,000

287,936

Senior

Bond,

3.8%,

11/01/29

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

United

States

2,140,000

2,099,026

7,571,973

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.8%
AES

Corp.

(The)

,

Senior

Note

,

1.375 %

,

1/15/26

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

United

States

6,000,000

5,962,470

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

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

United

States

2,165,000

2,313,031

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

3,000,000

3,101,388

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25 %

,

10/01/30

........

United

States

650,000

646,524

12,023,413

#### Insurance

#### 2.0%
b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

2,580,000

2,622,471

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

660,000

674,118

b

Athene

Global

Funding

,

Secured

Note

,

144A,

1.73 %

,

10/02/26

.

United

States

12,044,000

11,780,843

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.7 %

,

6/23/28

...........

United

States

2,885,000

2,912,758

b

CNO

Global

Funding

,

Secured

Note,

144A,

1.75%,

10/07/26

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

United

States

3,340,000

3,265,439

Secured

Note,

144A,

2.65%,

1/06/29

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

United

States

403,000

382,488

Secured

Note,

144A,

4.95%,

9/09/29

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

United

States

500,000

509,321

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

2,230,000

2,329,732

Willis

North

America,

Inc.

,

Senior

Note

,

4.65 %

,

6/15/27

.......

United

States

2,635,000

2,652,135

27,129,305

#### Interactive

#### Media

#### &

#### Services

#### 0.3%
Meta

Platforms,

Inc.

,

Senior

Note,

4.2%,

11/15/30

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

United

States

3,045,000

3,042,516

Senior

Note,

4.6%,

11/15/32

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

United

States

1,160,000

1,166,171

4,208,687

#### IT

#### Services

#### 0.6%
b

Gartner,

Inc.

,

Senior

Note

,

144A,

4.5 %

,

7/01/28

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

United

States

8,368,000

8,301,124

#### Leisure

#### Products

#### 0.1%
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

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

United

States

2,248,000

1,956,680

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

1,067,000

1,070,056

#### Media

#### 0.2%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Note

,

2.25 %

,

1/15/29

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

United

States

1,000,000

930,590

Paramount

Global

,

Senior

Bond,

4.2%,

6/01/29

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

United

States

700,000

685,766

Senior

Note,

3.7%,

6/01/28

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

United

States

794,000

778,741

2,395,097

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Metals

#### &

#### Mining

#### 0.5%
b

Glencore

Funding

LLC

,

Senior

Note,

144A,

1.625%,

4/27/26

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

Australia

2,500,000

$

2,468,267

Senior

Note,

144A,

5.4%,

5/08/28

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

Australia

1,429,000

1,467,485

Senior

Note,

144A,

6.125%,

10/06/28

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

Australia

2,500,000

2,627,182

6,562,934

#### Multi-Utilities

#### 0.3%
Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

2,575,000

2,603,464

Southern

Co.

Gas

Capital

Corp.

,

A

,

Senior

Note

,

4.05 %

,

9/15/28

United

States

725,000

723,958

3,327,422

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.9%
Boardwalk

Pipelines

LP

,

Senior

Bond

,

5.95 %

,

6/01/26

........

United

States

3,805,000

3,825,528

b

Canadian

Natural

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

12/15/29

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

Canada

2,389,000

2,441,046

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

5,380,000

5,383,131

Coterra

Energy

Operating

Co.

,

Senior

Bond

,

3.9 %

,

5/15/27

....

United

States

3,874,000

3,716,565

Diamondback

Energy,

Inc.

,

Senior

Note

,

5.15 %

,

1/30/30

......

United

States

2,195,000

2,253,318

Enbridge,

Inc.

,

Senior

Note

,

1.6 %

,

10/04/26

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

Canada

1,900,000

1,857,533

Energy

Transfer

LP

,

Senior

Note,

6.05%,

12/01/26

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

United

States

5,000,000

5,086,394

Senior

Note,

5.25%,

7/01/29

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

United

States

960,000

988,096

Senior

Note,

5.2%,

4/01/30

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

United

States

430,000

443,572

Occidental

Petroleum

Corp.

,

Senior

Note

,

5.2 %

,

8/01/29

......

United

States

3,245,000

3,315,624

ONEOK,

Inc.

,

Senior

Note

,

5.65 %

,

11/01/28

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

United

States

3,000,000

3,112,003

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note,

4.911%,

9/01/27

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

Canada

1,500,000

1,511,487

Senior

Note,

5.026%,

10/01/29

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

Canada

920,000

929,863

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

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

United

States

3,275,000

3,343,503

Viper

Energy

Partners

LLC

,

Senior

Note

,

4.9 %

,

8/01/30

.......

United

States

1,029,000

1,038,750

39,246,413

#### Paper

#### &

#### Forest

#### Products

#### 0.7%
b

Georgia-Pacific

LLC

,

Senior

Note,

144A,

0.95%,

5/15/26

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

United

States

8,790,000

8,649,583

Senior

Note,

144A,

4.4%,

6/30/28

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

United

States

920,000

926,861

9,576,444

#### Passenger

#### Airlines

#### 0.2%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

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

United

States

2,065,000

2,059,979

#### Personal

#### Care

#### Products

#### 0.3%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

4,040,000

4,005,376

#### Pharmaceuticals

#### 0.4%
Royalty

Pharma

plc

,

Senior

Note,

5.15%,

9/02/29

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

United

States

3,000,000

3,077,705

Senior

Note,

4.45%,

3/25/31

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

United

States

2,140,000

2,126,368

5,204,073

#### Professional

#### Services

#### 0.3%
Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

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

United

States

2,010,000

2,067,301

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Professional

#### Services
(continued)

Verisk

Analytics,

Inc.

,

Senior

Note

,

4.5 %

,

8/15/30

...........

United

States

1,042,000

$

1,047,060

3,114,361

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.9%
Broadcom,

Inc.

,

Senior

Note,

5.05%,

7/12/29

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

United

States

885,000

911,569

Senior

Note,

4.6%,

7/15/30

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

United

States

2,820,000

2,862,275

Senior

Note,

4.2%,

10/15/30

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

United

States

1,810,000

1,807,063

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note,

144A,

5.9%,

1/25/30

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

United

States

2,105,000

2,213,511

Senior

Secured

Note,

144A,

5.5%,

1/25/31

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

United

States

1,180,000

1,224,619

Senior

Secured

Note,

144A,

6.15%,

1/25/32

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

United

States

664,000

708,454

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

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

United

States

1,750,000

1,827,794

Senior

Note,

4.75%,

7/15/30

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

United

States

365,000

369,527

11,924,812

#### Software

#### 1.2%
Oracle

Corp.

,

Senior

Note,

1.65%,

3/25/26

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

United

States

3,400,000

3,367,088

Senior

Note,

4.45%,

9/26/30

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

United

States

825,000

818,379

Synopsys,

Inc.

,

Senior

Note,

4.55%,

4/01/27

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

United

States

2,475,000

2,492,415

Senior

Note,

4.65%,

4/01/28

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

United

States

1,115,000

1,127,710

VMware

LLC

,

Senior

Note

,

1.4 %

,

8/15/26

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

United

States

8,989,000

8,804,835

16,610,427

#### Specialized

#### REITs

#### 0.8%
American

Tower

Corp.

,

Senior

Note,

2.75%,

1/15/27

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

United

States

4,403,000

4,330,187

Senior

Note,

4.9%,

3/15/30

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

United

States

665,000

679,088

Crown

Castle,

Inc.

,

Senior

Note

,

4.9 %

,

9/01/29

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

United

States

3,585,000

3,638,042

Equinix,

Inc.

,

Senior

Note

,

2.9 %

,

11/18/26

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

United

States

718,000

708,855

9,356,172

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55 %

,

10/15/29

.

United

States

5,700,000

5,734,186

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

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

United

States

130,000

132,466

Tapestry,

Inc.

,

Senior

Note

,

5.1 %

,

3/11/30

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

United

States

1,635,000

1,675,398

1,807,864

#### Tobacco

#### 0.6%
Philip

Morris

International,

Inc.

,

Senior

Note,

4.625%,

11/01/29

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

United

States

815,000

827,482

Senior

Note,

5.125%,

2/15/30

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

United

States

3,897,000

4,024,029

Senior

Note,

4.375%,

4/30/30

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

United

States

2,970,000

2,981,983

7,833,494

#### Trading

#### Companies

#### &

#### Distributors

#### 0.6%
Air

Lease

Corp.

,

Senior

Note

,

5.3 %

,

6/25/26

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

United

States

3,426,000

3,448,397

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

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

United

States

2,805,000

2,947,593

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Trading

#### Companies

#### &

#### Distributors
(continued)

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

1,860,000

$

1,904,114

8,300,104

#### Wireless

#### Telecommunication

#### Services

#### 0.9%
Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

4,205,000

4,282,814

T-Mobile

USA,

Inc.

,

Senior

Note

,

1.5 %

,

2/15/26

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

United

States

8,000,000

7,934,176

12,216,990

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $741,766,720)
...................................

#### 745,703,867

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.3%
b

Electricite

de

France

SA

,

Senior

Note,

144A,

5.7%,

5/23/28

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

France

3,500,000

3,614,763

Senior

Note,

144A,

5.65%,

4/22/29

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

France

430,000

447,464

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $3,982,047)
.............

#### 4,062,227

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 5.2%
U.S.

Treasury

Notes

,

3.875%,

5/31/27

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

United

States

70,500,000

70,753,359

d

0.625%,

11/30/27

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

United

States

113,000

106,366

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $70,872,266)
...............

#### 70,859,725

#### Asset-Backed

#### Securities

#### 8.4%

#### Automobiles

#### 0.3%
Volkswagen

Auto

Loan

Enhanced

Trust

,

2023-1,

A3,

5.02%,

6/20/28

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

United

States

415,404

417,771

2023-2,

A2A,

5.72%,

3/22/27

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

United

States

75,960

76,010

2025-1,

A2A,

4.51%,

1/20/28

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

United

States

3,556,489

3,563,482

4,057,263

a

a

a

a

a

a

#### Consumer

#### Finance

#### 2.0%
Capital

One

Prime

Auto

Receivables

Trust

,

2024-1,

A2A,

4.61%,

10/15/27

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

United

States

832,592

833,746

c

2025-1,

A3,

3.85%,

7/15/30

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

United

States

439,000

439,661

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1

,

A3

,

4.66 %

,

2/16/28

.

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

United

States

953,524

955,861

Harley-Davidson

Motorcycle

Trust

,

2025-A

,

A3

,

4.67 %

,

4/15/30

.

United

States

4,230,000

4,280,746

Hyundai

Auto

Receivables

Trust

,

2023-B,

A3,

5.48%,

4/17/28

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

United

States

4,157,846

4,188,008

2024-C,

A3,

4.41%,

5/15/29

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

United

States

1,132,000

1,139,344

2025-B,

A3,

4.36%,

12/17/29

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

United

States

1,675,000

1,690,741

e

2025-C,

A2B,

FRN,

4.584%,

(30-day

SOFR

Average

+

0.35%),

7/17/28

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

United

States

5,595,000

5,599,102

Nissan

Auto

Receivables

Owner

Trust

,

2025-A

,

A3

,

4.49 %

,

12/17/29

.

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

United

States

1,900,000

1,919,392

Toyota

Auto

Receivables

Owner

Trust

,

2023-B,

A3,

4.71%,

2/15/28

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

United

States

1,019,552

1,023,086

2024-A,

A3,

4.83%,

10/16/28

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

United

States

5,331,282

5,361,877

27,431,564

a

a

a

a

a

a

#### Financial

#### Services

#### 6.1%
b,e

AIMCO

CLO

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.207 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

Jersey

1,500,000

1,504,141

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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,e

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.31 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

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

United

States

410,000

$

411,016

b,e

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.983 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

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

United

States

798,339

804,169

b,e

Apidos

CLO

XXXIV

,

2020-34A

,

A1R

,

144A,

FRN

,

5.296 %

,

(3-month

SOFR

+

1.412 %),

1/20/35

.

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

United

States

2,820,000

2,823,493

b,e

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.007 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

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

United

States

1,650,000

1,651,562

b,e

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.488 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

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

United

States

1,020,680

1,021,621

b,e

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.514 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

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

Jersey

1,500,000

1,507,208

b,e

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

5.107 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

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

United

States

854,000

855,011

b,e

BRAVO

Residential

Funding

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

.

........

United

States

1,719,000

1,720,285

Carmax

Auto

Owner

Trust

,

2025-2

,

A2A

,

4.59 %

,

7/17/28

.

.....

United

States

1,455,000

1,458,611

b,e

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1

,

144A,

FRN

,

5.366 %

,

(3-month

SOFR

+

1.482 %),

1/20/35

.

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

United

States

3,790,000

3,794,594

b

Chase

Auto

Owner

Trust

,

2025-1A

,

A3

,

144A,

4.29 %

,

6/25/30

.

..

United

States

2,664,000

2,683,323

b,e

CIFC

Funding

Ltd.

,

2020-1A,

A1R,

144A,

FRN,

5.316%,

(3-month

SOFR

+

1.412%),

7/15/36

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

United

States

3,320,000

3,324,132

2021-7A,

AR,

144A,

FRN,

4.95%,

(3-month

SOFR

+

1.09%),

1/23/35

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

United

States

5,785,000

5,789,152

b

Citizens

Auto

Receivables

Trust

,

2024-1

,

A3

,

144A,

5.11 %

,

4/17/28

.

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

United

States

6,981,091

7,016,969

b,e

Elevation

CLO

Ltd.

,

2018-10A

,

AR

,

144A,

FRN

,

4.804 %

,

(3-month

SOFR

+

0.92 %),

10/20/31

.

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

United

States

307,377

307,712

b,e

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.404 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

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

United

States

1,250,000

1,254,970

b,e

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.264 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

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

United

States

1,750,000

1,755,002

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

690,036

691,542

e

First

Franklin

Mortgage

Loan

Trust

,

2006-FF15

,

A5

,

FRN

,

4.266 %

,

(1-month

SOFR

+

0.274 %),

11/25/36

.

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

United

States

47,403

49,096

Ford

Credit

Auto

Owner

Trust

,

2024-A,

A3,

5.09%,

12/15/28

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

United

States

3,573,000

3,603,794

2024-B,

A3,

5.1%,

4/15/29

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

United

States

1,741,000

1,764,029

b,e

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.396 %

,

(1-month

SOFR

+

1.364 %),

11/16/36

.

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

United

States

1,584,779

1,583,692

b

GM

Financial

Revolving

Receivables

Trust

,

2024-1

,

A

,

144A,

4.98 %

,

12/11/36

.

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

United

States

3,817,000

3,925,476

b,e

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.384 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

1,250,000

1,256,062

e

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.466 %

,

(1-month

SOFR

+

0.474 %),

5/25/36

.

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

United

States

460,712

96,800

Honda

Auto

Receivables

Owner

Trust

,

2024-1

,

A3

,

5.21 %

,

8/15/28

.

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

United

States

5,124,590

5,169,780

b,e

J.P.

Morgan

Mortgage

Trust

,

2023-HE2

,

A1

,

144A,

FRN

,

5.884 %

,

(30-day

SOFR

Average

+

1.7 %),

3/20/54

.

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

United

States

960,818

965,168

b,e

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

5.655 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

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

Jersey

2,100,000

2,107,016

b,e

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.254 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

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

United

States

1,840,000

1,846,900

b,e

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.246 %

,

(1-month

SOFR

+

1.214 %),

7/16/36

.

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

United

States

9,982

9,997

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,e

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.456 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

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

United

States

1,632,946

$

1,634,952

b,e

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2017-25A

,

AR2

,

144A,

FRN

,

5.284 %

,

(3-month

SOFR

+

1.4 %),

7/18/38

.

.....

United

States

2,000,000

2,005,522

b,e

Oaktree

CLO

Ltd.

,

2019-4A,

ARR,

144A,

FRN,

5.394%,

(3-month

SOFR

+

1.51%),

7/20/37

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

United

States

1,250,000

1,254,008

2021-1A,

A1R,

144A,

FRN,

5.255%,

(3-month

SOFR

+

1.35%),

1/15/38

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

United

States

1,270,000

1,272,519

b

OCCU

Auto

Receivables

Trust

,

2025-1A

,

A3

,

144A,

4.81 %

,

11/15/29

.

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

United

States

1,124,000

1,131,327

e

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.156 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

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

United

States

51,584

51,178

b

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

708,000

710,461

b,e

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.765 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

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

United

States

2,243,774

2,250,056

b,e

Prodigy

Finance

DAC

,

2021-1A

,

A

,

144A,

FRN

,

5.356 %

,

(1-month

SOFR

+

1.364 %),

7/25/51

.

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

Ireland

181,174

178,871

b,e

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.408 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

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

United

States

1,500,000

1,507,262

b,e

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.27 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

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

United

States

1,250,000

1,251,495

b,e

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

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

United

States

1,909,025

1,910,082

b,e

Towd

Point

Mortgage

Trust

,

2025-HE1

,

A1A

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

.

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

United

States

706,575

707,210

b,e

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.223 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

.

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

United

States

1,084,697

1,085,484

b,e

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

5.705%,

(3-month

SOFR

+

1.8%),

1/15/37

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

United

States

1,500,000

1,508,101

2024-2A,

A,

144A,

FRN,

5.365%,

(3-month

SOFR

+

1.46%),

7/15/37

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

United

States

1,250,000

1,252,188

82,463,039

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $113,666,250)
............................

#### 113,951,866

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.0%

#### Financial

#### Services

#### 3.0%
BANK

,

f,g

2017-BNK8,

XA,

IO,

FRN,

0.705%,

11/15/50

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

United

States

25,053,753

257,663

f,g

2017-BNK9,

XA,

IO,

FRN,

0.751%,

11/15/54

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

United

States

51,050,302

658,973

2019-BN18,

A2,

3.474%,

5/15/62

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

United

States

1,085,000

1,058,434

Barclays

Commercial

Mortgage

Trust

,

2019-C3

,

A2

,

3.438 %

,

5/15/52

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

United

States

1,317,298

1,298,581

Benchmark

Mortgage

Trust

,

2019-B13

,

A2

,

2.889 %

,

8/15/57

...

United

States

2,165,901

2,088,611

f,g

CD

Mortgage

Trust

,

2016-CD1,

XA,

IO,

FRN,

1.339%,

8/10/49

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

United

States

7,441,217

19,938

2017-CD6,

XA,

IO,

FRN,

0.889%,

11/13/50

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

United

States

15,295,126

184,406

g

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.249%,

12/15/47

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

United

States

52,068

51,337

f

2016-C4,

XA,

IO,

FRN,

1.498%,

5/10/58

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

United

States

17,934,118

41,745

Citigroup

Commercial

Mortgage

Trust

,

2020-GC46

,

A2

,

2.708 %

,

2/15/53

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

United

States

891,485

855,626

COMM

Mortgage

Trust

,

g

2012-LC4,

C,

FRN,

5.506%,

12/10/44

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

United

States

72,528

67,938

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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)

COMM

Mortgage

Trust,

(continued)

g

2013-CR13,

C,

FRN,

4.944%,

11/10/46

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

United

States

140,361

$

138,416

2014-CR16,

B,

4.582%,

4/10/47

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

United

States

1,605,223

1,574,022

g

2014-CR17,

C,

FRN,

4.781%,

5/10/47

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

United

States

1,040,000

961,500

CSAIL

Commercial

Mortgage

Trust

,

f,g

2015-C1,

XA,

IO,

FRN,

0.039%,

4/15/50

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

United

States

2,799,907

g

2015-C2,

B,

FRN,

4.208%,

6/15/57

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

United

States

955,589

923,048

2015-C3,

A4,

3.718%,

8/15/48

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

United

States

31,422

31,352

2016-C6,

AS,

3.346%,

1/15/49

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

United

States

1,876,000

1,846,260

f,g

2018-CX12,

XA,

IO,

FRN,

0.546%,

8/15/51

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

United

States

164,440,594

2,018,015

2019-C18,

A2,

2.845%,

12/15/52

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

United

States

1,093,623

1,064,461

f,g

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.606 %

,

12/15/49

....

United

States

56,340,077

161,319

b,g

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.351 %

,

8/10/44

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

United

States

2,919,682

2,826,521

f,g

GS

Mortgage

Securities

Trust

,

2014-GC24

,

XA

,

IO,

FRN

,

0.285 %

,

9/10/47

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

United

States

5,886,818

b,g

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2011-C3,

B,

144A,

FRN,

5.013%,

2/15/46

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

United

States

728,962

710,132

2012-C6,

E,

144A,

FRN,

4.964%,

5/15/45

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

United

States

532,000

523,297

2012-LC9,

D,

144A,

FRN,

3.57%,

12/15/47

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

United

States

173,000

164,747

g

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

3.94%,

7/15/45

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

United

States

1,444,610

1,391,924

2014-C23,

B,

FRN,

4.537%,

9/15/47

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

United

States

1,513,000

1,469,047

g

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.638%,

8/15/45

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

United

States

1,945,575

1,910,243

2013-C10,

B,

FRN,

3.953%,

7/15/46

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

United

States

1,171,611

1,113,041

b,f

2013-C7,

XB,

IO,

144A,

FRN,

0.116%,

2/15/46

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

United

States

1,173,343

566

2013-C9,

C,

FRN,

3.709%,

5/15/46

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

United

States

3,168,000

2,947,808

b

2013-C9,

D,

144A,

FRN,

3.797%,

5/15/46

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

United

States

1,481,000

1,359,807

2015-C26,

B,

FRN,

4.09%,

10/15/48

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

United

States

1,806,000

1,794,483

f

2016-C32,

XA,

IO,

FRN,

0.635%,

12/15/49

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

United

States

89,072,290

413,652

f

2017-C34,

XA,

IO,

FRN,

0.763%,

11/15/52

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

United

States

219,611,443

2,207,929

f,g

Morgan

Stanley

Capital

I

Trust

,

2016-UB12,

XA,

IO,

FRN,

0.624%,

12/15/49

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

United

States

23,683,781

82,469

2018-H4,

XA,

IO,

FRN,

0.799%,

12/15/51

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

United

States

57,161,310

1,193,002

2018-L1,

XA,

IO,

FRN,

0.497%,

10/15/51

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

United

States

71,622,984

813,759

f,g

UBS

Commercial

Mortgage

Trust

,

2017-C7

,

XA

,

IO,

FRN

,

0.97 %

,

12/15/50

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

United

States

15,838,427

271,239

f,g

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.293 %

,

11/15/48

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

United

States

9,073

g

Wells

Fargo

Commercial

Mortgage

Trust

,

b

2013-LC12,

D,

144A,

FRN,

3.786%,

7/15/46

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

United

States

763,000

437,786

f

2015-LC20,

XB,

IO,

FRN,

0.645%,

4/15/50

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

United

States

1,275,853

f

2016-BNK1,

XA,

IO,

FRN,

1.688%,

8/15/49

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

United

States

20,293,278

118,653

f

2016-C37,

XA,

IO,

FRN,

0.767%,

12/15/49

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

United

States

4,794,846

21,893

f

2017-C41,

XA,

IO,

FRN,

1.151%,

11/15/50

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

United

States

22,427,976

390,292

f

2018-C44,

XA,

IO,

FRN,

0.708%,

5/15/51

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

United

States

66,410,672

949,287

f

2018-C48,

XA,

IO,

FRN,

0.93%,

1/15/52

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

United

States

18,689,182

430,502

f

2019-C50,

XA,

IO,

FRN,

1.404%,

5/15/52

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

United

States

14,987,231

545,069

g

WFRBS

Commercial

Mortgage

Trust

,

b

2011-C4,

D,

144A,

FRN,

4.984%,

6/15/44

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

United

States

762,146

739,924

2012-C10,

C,

FRN,

4.31%,

12/15/45

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

United

States

267,000

236,562

f

2014-C22,

XA,

IO,

FRN,

0.24%,

9/15/57

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

United

States

2,586,968

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

g

WFRBS

Commercial

Mortgage

Trust,

(continued)

f

2014-C23,

XA,

IO,

FRN,

0.069%,

10/15/57

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

United

States

5,943,179

$

40,365,732

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $43,249,846)
..............

#### 40,365,732

#### Mortgage-Backed

#### Securities

#### 0.2%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 0.2%
FNMA,

2.73%,

9/01/29

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

United

States

1,561,532

1,487,884

FNMA,

5.28%,

12/01/28

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

United

States

1,308,000

1,350,728

2,838,612

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $2,721,894)
...........................

#### 2,838,612

#### Residential

#### Mortgage-Backed

#### Securities

#### 7.0%

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
b,e

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

8.033 %

,

(30-day

SOFR

Average

+

3.85 %),

9/25/31

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

United

States

724,000

749,396

#### Financial

#### Services

#### 6.9%
b

A&D

Mortgage

Trust

,

2023-NQM4,

A1,

144A,

7.472%,

9/25/68

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

United

States

4,585,505

4,660,601

2023-NQM5,

A1,

144A,

7.049%,

11/25/68

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

United

States

2,271,399

2,303,835

b

Anchor

Mortgage

Trust

,

2025-RTL1

,

A1

,

144A,

5.718 %

,

5/25/40

United

States

1,813,000

1,819,105

b

Angel

Oak

Mortgage

Trust

,

g

2020-5,

A3,

144A,

FRN,

2.041%,

5/25/65

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

United

States

287,007

277,990

g

2021-5,

A2,

144A,

FRN,

1.208%,

7/25/66

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

United

States

2,785,943

2,440,994

2023-3,

A1,

144A,

4.8%,

9/26/67

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

United

States

691,521

688,725

2024-9,

A1,

144A,

5.138%,

9/25/69

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

United

States

970,365

969,407

b,g

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

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

United

States

321,762

315,554

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

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

United

States

93,724

90,357

e

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

4.706 %

,

(1-month

SOFR

+

0.714 %),

9/25/45

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

United

States

49,295

47,116

b

BRAVO

Residential

Funding

Trust

,

g

2020-NQM1,

A3,

144A,

FRN,

2.406%,

5/25/60

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

United

States

104,422

102,624

2023-NQM8,

A1,

144A,

6.394%,

10/25/63

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

United

States

295,586

298,475

2024-NQM2,

A1,

144A,

6.285%,

2/25/64

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

United

States

1,713,811

1,728,664

b,g

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

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

United

States

3,766,000

3,706,945

b

CAFL

Issuer

LP

,

2025-RRTL1

,

A1

,

144A,

5.684 %

,

5/28/40

.....

United

States

528,000

532,537

e

CHL

Mortgage

Pass-Through

Trust

,

2005-3

,

1A1

,

FRN

,

4.726 %

,

(1-month

SOFR

+

0.734 %),

4/25/35

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

United

States

58,431

55,001

g

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.111 %

,

5/25/35

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

United

States

37,032

36,562

b

Cross

Mortgage

Trust

,

2024-H3,

A1,

144A,

6.272%,

6/25/69

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

United

States

957,020

968,839

2024-H4,

A1,

144A,

6.147%,

7/25/69

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

United

States

5,556,356

5,622,646

g

2025-H1,

A1,

144A,

FRN,

5.735%,

2/25/70

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

United

States

1,647,617

1,663,028

g

2025-H3,

A1,

144A,

FRN,

5.883%,

4/25/70

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

United

States

632,065

640,103

b,e

EFMT

,

2025-NQM4

,

A1F

,

144A,

FRN

,

5.383 %

,

(30-day

SOFR

Average

+

1.2 %),

9/25/70

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

United

States

1,159,361

1,161,445

b,e

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.833%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

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

United

States

71,962

72,131

2021-DNA6,

M2,

144A,

FRN,

5.683%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

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

United

States

555,659

558,091

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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,e

FHLMC

STACR

REMIC

Trust,

(continued)

2021-DNA7,

M2,

144A,

FRN,

5.983%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

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

United

States

1,590,000

$

1,604,286

2022-DNA2,

M1A,

144A,

FRN,

5.483%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

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

United

States

22,179

22,217

2022-DNA3,

M1B,

144A,

FRN,

7.083%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

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

United

States

50,000

51,949

2022-DNA5,

M1A,

144A,

FRN,

7.133%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

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

United

States

1,023,689

1,043,046

2022-DNA6,

M1A,

144A,

FRN,

6.333%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

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

United

States

27,472

27,630

2022-DNA6,

M1B,

144A,

FRN,

7.883%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

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

United

States

46,000

48,250

2022-HQA1,

M1A,

144A,

FRN,

6.283%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

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

United

States

15,543

15,593

2023-DNA1,

M1A,

144A,

FRN,

6.287%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

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

United

States

264,135

268,069

2023-HQA2,

M1A,

144A,

FRN,

6.183%,

(30-day

SOFR

Average

+

2%),

6/25/43

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

United

States

55,118

55,250

2023-HQA3,

A1,

144A,

FRN,

6.033%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

183,207

185,060

2023-HQA3,

M1,

144A,

FRN,

6.033%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

104,134

104,738

2024-DNA1,

A1,

144A,

FRN,

5.533%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

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

United

States

209,626

210,779

2024-DNA2,

A1,

144A,

FRN,

5.433%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

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

United

States

202,439

203,505

2024-DNA2,

M2,

144A,

FRN,

5.883%,

(30-day

SOFR

Average

+

1.7%),

5/25/44

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

United

States

15,000

15,104

2025-DNA1,

A1,

144A,

FRN,

5.133%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

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

United

States

1,975,625

1,978,514

2025-DNA3,

M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

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

United

States

2,419,773

2,422,845

2025-DNA4,

M1,

144A,

FRN,

5.287%,

(30-day

SOFR

Average

+

1.1%),

10/25/45

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

United

States

1,154,000

1,157,606

b,e

FHLMC

STACR

Trust

,

2019-HQA2

,

M2

,

144A,

FRN

,

6.347 %

,

(30-

day

SOFR

Average

+

2.164 %),

4/25/49

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

United

States

3,369

3,425

e

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01,

1M2,

FRN,

11.047%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

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

United

States

798

811

2016-C01,

2M2,

FRN,

11.247%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

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

United

States

14,212

14,456

2016-C03,

2M2,

FRN,

10.197%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

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

United

States

39,413

39,861

2016-C07,

2M2,

FRN,

8.647%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

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

United

States

535,190

549,401

2017-C06,

2M2,

FRN,

7.097%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

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

United

States

647,972

658,814

2017-C06,

2M2C,

FRN,

7.097%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

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

United

States

138,398

140,714

2018-C02,

2M2,

FRN,

6.497%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

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

United

States

43,886

44,558

b

2021-R01,

1M2,

144A,

FRN,

5.733%,

(30-day

SOFR

Average

+

1.55%),

10/25/41

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

United

States

8,179

8,204

b

2021-R03,

1M1,

144A,

FRN,

5.033%,

(30-day

SOFR

Average

+

0.85%),

12/25/41

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

United

States

3,118

3,116

b

2021-R03,

1M2,

144A,

FRN,

5.833%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

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

United

States

524,000

526,845

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

e

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2022-R01,

1M1,

144A,

FRN,

5.183%,

(30-day

SOFR

Average

+

1%),

12/25/41

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

United

States

526,001

$

526,044

b

2022-R02,

2M1,

144A,

FRN,

5.383%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

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

United

States

230,322

230,333

b

2022-R02,

2M2,

144A,

FRN,

7.183%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

2,400,000

2,454,335

b

2022-R03,

1M2,

144A,

FRN

,

7.683%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

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

United

States

241,000

249,136

b

2022-R04,

1M2,

144A,

FRN,

7.283%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

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

United

States

230,000

236,562

b

2022-R09,

2M1,

144A,

FRN,

6.683%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

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

United

States

1,369,336

1,387,610

b

2023-R01,

1M1,

144A,

FRN,

6.583%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

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

United

States

72,975

74,580

b

2023-R02,

1M1,

144A,

FRN,

6.483%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

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

United

States

144,227

147,273

b

2023-R06,

1M1,

144A,

FRN,

5.883%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

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

United

States

67,707

67,976

b

2023-R07,

2M1,

144A,

FRN,

6.133%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

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

United

States

43,619

43,915

b

2024-R02,

1M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

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

United

States

11,807

11,818

b

2024-R03,

2M1,

144A,

FRN,

5.333%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

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

United

States

62,529

62,547

b

2024-R04,

1M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

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

United

States

104,906

104,969

b

2024-R05,

2M1,

144A,

FRN,

5.183%,

(30-day

SOFR

Average

+

1%),

7/25/44

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

United

States

23,094

23,091

b

2024-R06,

1A1,

144A,

FRN,

5.333%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

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

United

States

498,428

500,389

b

2024-R06,

1M1,

144A,

FRN,

5.233%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

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

United

States

55,135

55,147

b

2025-R01,

1A1,

144A,

FRN,

5.133%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

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

United

States

700,637

701,436

b

2025-R01,

1M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

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

United

States

639,250

640,220

b

2025-R02,

1A1,

144A,

FRN,

5.183%,

(30-day

SOFR

Average

+

1%),

2/25/45

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

United

States

556,339

557,683

b

2025-R02,

1M1,

144A,

FRN,

5.333%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

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

United

States

1,399,445

1,401,965

b

2025-R03,

2A1,

144A,

FRN,

5.633%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

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

United

States

611,129

615,420

b

2025-R04,

1A1,

144A,

FRN,

5.183%,

(30-day

SOFR

Average

+

1%),

5/25/45

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

United

States

750,114

751,714

b

2025-R04,

1M1,

144A,

FRN,

5.383%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

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

United

States

1,997,838

2,002,526

b

2025-R06,

1A1,

144A,

FRN,

5.083%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

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

United

States

1,431,000

1,432,339

b,g

Galton

Funding

Mortgage

Trust

,

2020-H1

,

A3

,

144A,

FRN

,

2.617 %

,

1/25/60

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

United

States

1,373,914

1,322,858

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

701,978

686,339

b,g

GS

Mortgage-Backed

Securities

Trust

,

2020-NQM1

,

A3

,

144A,

FRN

,

2.352 %

,

9/27/60

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

United

States

235,055

223,946

b,g

Imperial

Fund

Mortgage

Trust

,

2021-NQM1

,

A3

,

144A,

FRN

,

1.617 %

,

6/25/56

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

United

States

1,310,977

1,157,383

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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

J.P.

Morgan

Mortgage

Trust

,

e

2024-10,

A11,

144A,

FRN,

5.433%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

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

United

States

945,609

$

944,254

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

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

United

States

644,715

649,427

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

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

United

States

1,078,972

1,089,103

b

Legacy

Mortgage

Asset

Trust

,

2021-GS1,

A1,

144A,

5.892%,

10/25/66

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

United

States

3,053,753

3,056,099

2021-GS3,

A1,

144A,

5.75%,

7/25/61

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

United

States

1,444,928

1,445,845

2021-GS4,

A1,

144A,

5.65%,

11/25/60

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

United

States

2,260,331

2,263,133

b,g

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

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

United

States

829,000

835,043

b

MFA

Trust

,

g

2020-NQM1,

A3,

144A,

FRN,

3.3%,

8/25/49

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

United

States

326,680

315,807

2025-NQM3,

A1,

144A,

5.261%,

8/25/70

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

United

States

958,263

961,623

b,g

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.29 %

,

8/26/47

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

United

States

277,047

277,429

b

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

e

2024-3,

AF,

144A,

FRN,

5.533%,

(30-day

SOFR

Average

+

1.35%),

7/25/54

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

United

States

517,536

517,096

2024-NQM1,

A1,

144A,

6.152%,

12/25/68

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

United

States

1,957,289

1,975,201

b

New

Residential

Mortgage

Loan

Trust

,

e

2018-4A,

A1M,

144A,

FRN,

5.006%,

(1-month

SOFR

+

1.014%),

1/25/48

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

United

States

111,370

109,793

g

2019-NQM4,

A2,

144A,

FRN,

2.644%,

9/25/59

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

United

States

415,051

400,148

g

2019-NQM4,

A3,

144A,

FRN,

2.797%,

9/25/59

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

United

States

1,057,005

1,017,574

b

OBX

Trust

,

g

2018-EXP1,

1A3,

144A,

FRN,

4%,

4/25/48

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

United

States

89,815

86,004

2024-NQM2,

A1,

144A,

5.878%,

12/25/63

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

United

States

641,078

646,018

b,g

Onity

Loan

Investment

Trust

,

2024-HB2

,

A

,

144A,

FRN

,

%

,

8/25/37

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

United

States

624,394

623,582

b,e

Radnor

Re

Ltd.

,

2024-1

,

M1A

,

144A,

FRN

,

6.183 %

,

(30-day

SOFR

Average

+

%),

9/25/34

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

United

States

277,775

277,962

b,g

Residential

Mortgage

Loan

Trust

,

2021-1R

,

A1

,

144A,

FRN

,

0.859 %

,

1/25/65

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

United

States

67,040

64,857

b,e

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.915%,

(1-month

SOFR

+

0.9%),

7/23/26

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

United

States

4,786,000

4,859,216

2025-3,

A,

144A,

FRN,

4.915%,

(1-month

SOFR

+

0.9%),

9/23/26

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

United

States

4,920,000

4,936,228

2025-7,

A,

144A,

FRN,

4.891%,

(1-month

SOFR

+

0.9%),

11/24/26

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

United

States

4,841,000

4,852,759

e

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

4.956 %

,

(1-month

SOFR

+

0.964 %),

5/25/47

.........

United

States

362,273

300,984

b

Toorak

Mortgage

Trust

,

2025-RRTL1

,

A1

,

144A,

5.524 %

,

2/25/40

United

States

630,000

633,945

b

Verus

Securitization

Trust

,

2024-1

,

A1

,

144A,

5.712 %

,

1/25/69

.

United

States

735,299

740,293

93,714,398

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $94,932,578)
...............

#### 94,463,794

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 2.2%

#### Financial

#### Services

#### 2.2%
FHLMC

,

3539,

PM,

4.5%,

5/15/37

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

United

States

3,091

2,961

3724,

CM,

5.5%,

6/15/37

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

United

States

8,997

9,445

f,g

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

K737,

X1,

IO,

FRN,

0.608%,

10/25/26

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

United

States

57,953,560

250,174

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

f,g

FHLMC,

Multi-family

Structured

Pass-Through

Certificates,

(continued)

K738,

XAM,

IO,

FRN,

1.373%,

3/25/27

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

United

States

17,882,000

$

297,841

K739,

XAM,

IO,

FRN,

1.567%,

9/25/27

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

United

States

36,816,638

861,980

FNMA

,

2010-81,

AP,

2.5%,

7/25/40

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

United

States

7,427

7,132

2011-60,

PA,

4%,

10/25/39

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

United

States

3,250

3,073

e

2024-89,

FA,

FRN,

5.383%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

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

United

States

8,496,899

8,532,537

e

2024-98,

FA,

FRN,

5.333%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

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

United

States

7,138,846

7,163,060

e

2025-41,

FA,

FRN,

5.333%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

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

United

States

3,174,266

3,186,944

GNMA

,

2009-32,

AB,

4%,

5/16/39

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

United

States

3,293

3,258

f,g

2021-17,

IO,

FRN,

1.053%,

1/16/61

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

United

States

17,026,042

1,359,002

e

2024-78,

QF,

FRN,

5.284%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

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

United

States

8,395,590

8,421,148

30,098,555

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $29,919,799)
.......

#### 30,098,555

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $1,135,136,373)

#### ...........................

#### 1,136,635,760

#### a

#### Short

#### Term

#### Investments

#### 15.6%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 11.5%
b,h

Air

Lease

Corp.

,

144A,

4.415%,

11/06/25

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

United

States

5,175,000

5,171,341

144A,

4.415%,

11/20/25

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

United

States

2,145,000

2,139,806

7,311,147

b,h

Alexandria

Real

Estate

Equities,

Inc.

,

144A,

4.31%

,

11/03/25

...

United

States

9,045,000

9,041,863

b,h

Alimentation

Couche-Tard,

Inc.

,

144A,

4.257%,

11/04/25

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

Canada

1,960,000

1,959,106

144A,

4.255%,

11/13/25

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

Canada

1,990,000

1,987,028

3,946,134

h

American

Honda

Finance

Corp.

,

4.293%

,

12/16/25

..........

United

States

4,055,000

4,033,622

b,h

AutoNation,

Inc.

,

144A,

4.252%

,

11/03/25

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

United

States

13,290,000

13,285,016

b,h

Aviation

Capital

Group

LLC

,

144A,

4.061%

,

11/03/25

.........

United

States

5,770,000

5,768,056

b,h

Bayer

Corp.

,

144A,

4.702%

,

7/20/26

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

United

States

6,940,000

6,737,195

b,h

Bell

Canada

Holdings,

Inc.

,

144A,

4.207%,

11/20/25

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

Canada

1,840,000

1,835,890

144A,

4.287%,

11/05/25

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

Canada

2,055,000

2,053,843

144A,

4.289%,

11/07/25

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

Canada

3,110,000

3,107,533

144A,

4.219%,

11/24/25

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

Canada

2,765,000

2,757,575

9,754,841

b,h

Boston

Properties

LP

,

144A,

4.305%,

11/05/25

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

United

States

2,185,000

2,183,758

144A,

4.285%,

11/06/25

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

United

States

3,045,000

3,042,911

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

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,h

Boston

Properties

LP,

(continued)

144A,

4.311%,

11/24/25

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

United

States

4,485,000

$

4,472,692

9,699,361

b,h

Bunge

Ltd.

Finance

Corp.

,

144A,

4.234%,

11/04/25

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

United

States

2,785,000

2,783,733

144A,

4.251%,

11/10/25

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

United

States

2,760,000

2,756,820

144A,

4.322%,

12/01/25

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

United

States

4,120,000

4,105,380

9,645,933

b,h

CRC

Funding

LLC

,

144A,

4.275%

,

12/16/25

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

United

States

4,965,000

4,940,004

b,h

Enel

Finance

America

LLC

,

144A,

4.242%

,

12/19/25

.........

Italy

2,905,000

2,888,787

b,h

Energy

Transfer

LP

,

144A,

4.031%

,

11/03/25

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

United

States

4,635,000

4,633,429

b,h

Essex

Portfolio

LP

,

144A,

4.229%

,

11/05/25

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

United

States

1,370,000

1,369,222

b,h

Extra

Space

Storage

LP

,

144A,

4.297%,

11/06/25

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

United

States

2,905,000

2,902,970

144A,

4.25%,

11/25/25

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

United

States

2,940,000

2,931,534

5,834,504

b,h

FMC

Corp.

,

144A,

4.502%

,

11/03/25

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

United

States

5,550,000

5,547,822

b,h

Glencore

Funding

LLC

,

144A,

4.446%

,

11/28/25

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

Australia

3,790,000

3,777,783

b,h

Honeywell

International,

Inc.

,

144A,

4.313%

,

12/17/25

........

United

States

5,600,000

5,571,167

b,h

Intercontinental

Exchange,

Inc.

,

144A,

4.22%

,

11/12/25

.......

United

States

4,815,000

4,808,216

b,h

Mid-America

Apartments

LP

,

144A,

4.247%,

11/04/25

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

United

States

2,860,000

2,858,717

144A,

4.247%,

11/10/25

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

United

States

3,145,000

3,141,429

6,000,146

b,h

NiSource,

Inc.

,

144A,

4.229%

,

11/05/25

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

United

States

2,500,000

2,498,580

b,h

Nutrien

Ltd.

,

144A,

4.209%

,

11/28/25

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

Canada

2,945,000

2,935,512

b,h

Oracle

Corp.

,

144A,

4.351%

,

11/17/25

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

United

States

2,990,000

2,984,339

h

Penske

Truck

Leasing

Co.

LP

,

4.245%,

11/12/25

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

United

States

1,930,000

1,927,312

4.194%,

11/21/25

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

United

States

2,020,000

2,015,057

3,942,369

b,h

Phillips

,

144A,

4.205%,

11/19/25

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

United

States

2,755,000

2,749,043

144A,

4.224%,

11/26/25

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

United

States

3,060,000

3,050,885

5,799,928

h

PPG

Industries,

Inc.

,

4.207%

,

11/07/25

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

United

States

1,495,000

1,493,805

h

Ryder

System,

Inc.

,

4.217%,

11/04/25

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

United

States

2,385,000

2,383,924

4.238%,

11/07/25

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

United

States

2,130,000

2,128,285

4,512,209

b,h

Sempra,

Inc.

,

144A,

4.211%,

11/20/25

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

United

States

1,535,000

1,531,509

144A,

4.211%,

11/14/25

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

United

States

3,130,000

3,125,014

4,656,523

b,h

UDR,

Inc.

,

144A,

4.287%

,

11/04/25

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

United

States

2,640,000

2,638,808

#### Total

#### Commercial

#### Papers

#### (Cost

#### $

#### 156,041,252)
................................

#### 156,056,321
a

#### a
Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
h,i

U.S.

Treasury

Bills

,

3.54%,

12/04/25

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

United

States

1,300,000

$

1,295,668

3.61%,

1/20/26

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

United

States

100,000

99,194

1,394,862

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $1,394,284)

#### ................

#### 1,394,862

#### Shares

#### Management

#### Investment

#### Companies

#### 4.0%
a,j

Putnam

Short

Term

Investment

Fund,

Class

P,

4.371%

.......

United

States

53,870,652

53,870,652

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $53,870,652)

#### ..................

#### 53,870,652

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $211,306,188

####)
.............................

#### 211,321,835

#### a

#### Total

#### Investments

#### (Cost

#### $1,346,442,561)

#### 99.7%

#### ................................

#### $1,347,957,595

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.3%

#### ...........................................

#### 4,211,509

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,352,169,104

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

(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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$550,024,463,

representing

40.7%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(c).

d

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

(d).

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

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.

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

The

rate

shown

represents

the

yield

at

period

end.

i

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

October

31,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$1,287,260,

representing

0.1%

net

assets.

j

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

October

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(d).

At

October

31,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(d).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

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

Long

867

$

180,545,977

12/31/25

$

(217,938)

Total

Futures

Contracts

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

$(217,938)

\*

As

of

period

end.

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount

#### a

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating

#### b

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
CMBX.NA.BB.7

.

(5.00)%

Monthly

MLCO

1/17/47

315,000

$

36,766

$

54,646

$

(17,880)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

515,000

22,195

30,480

(8,285)

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CMBX.NA.BB.7

.

5.00%

Monthly

JPHQ

1/17/47

315,000

(36,766)

(154,241)

117,475

Non-

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

514,000

(22,152)

(30,970)

8,818

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

MLCO

5/11/63

1,000

(43) (269) 226

Investment

Grade

Total

OTC

Swap

Contracts

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

$—

$(100,354)

$100,354

Total

Credit

Default

Swap

Contracts

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

$—

$

(100,354)

$100,354

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Funds

Trust

Schedule

of

Investments

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

October

31,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(d).

See

Note 7 regarding

other

derivative

information.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/27

441,759,000

$

987,917

$

797,197

$

190,720

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.63%

....

Annual

9/17/30

126,395,000

(1,245,888)

(811,549)

(434,339)

Receive

Fixed

3.18%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

12/17/30

5,731,000

(54,015)

(38,413)

(15,602)

Total

Interest

Rate

Swap

Contracts

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

$(311,986)

$

(52,765)

$(259,221)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Abbreviations

on

page

45. Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,258,546,936

Cost

-

Non-controlled

affiliates

(Note

g)

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

87,895,625

Value

-

Unaffiliated

issuers

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

$1,259,795,561

Value

-

Non-controlled

affiliates

(Note

g)

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

88,162,034

Cash

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

88,332

Receivables:

Capital

shares

sold

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

3,783,984

Dividends

and

interest

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

10,106,860

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

2,255,290

Variation

margin

on

centrally

cleared

swap

contracts

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

42,617

OTC

swap

contracts

(upfront

payments)

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

85,126

Unrealized

appreciation

on

OTC

swap

contracts

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

126,519

Prepaid

expenses

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

28,576

Total

assets

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

1,364,474,899

Liabilities:

Payables:

Investment

securities

purchased

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

7,999,157

Capital

shares

redeemed

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

3,321,393

Management

fees

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

426,824

Distribution

fees

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

111,130

Transfer

agent

fees

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

18,639

Trustees'

fees

and

expenses

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

42,548

Distributions

to

shareholders

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

53,830

OTC

swap

contracts

(upfront

receipts)

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

185,480

Unrealized

depreciation

on

OTC

swap

contracts

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

26,165

Collateral

on

certain

derivative

contracts,

at

value

(Note

d)

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

106,366

Accrued

expenses

and

other

liabilities

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

14,263

Total

liabilities

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

12,305,795

Net

assets,

at

value

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

$1,352,169,104

Net

assets

consist

of:

Paid-in

capital

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

$1,438,108,092

Total

distributable

earnings

(losses)

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

(85,938,988)

Net

assets,

at

value

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

$1,352,169,104

Putnam

Funds

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$453,222,243

Shares

outstanding

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

45,385,170

Net

asset

value

per

share

a,b

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

$9.99

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

97.75%)

b

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

$10.22

#### Class

#### C:
Net

assets,

at

value

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

$17,040,036

Shares

outstanding

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

1,711,087

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$9.96

#### Class

#### R:
Net

assets,

at

value

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

$1,228,684

Shares

outstanding

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

122,406

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.04

#### Class

#### R6:
Net

assets,

at

value

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

$11,119,672

Shares

outstanding

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

1,108,985

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.03

#### Class

#### Y:
Net

assets,

at

value

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

$869,558,469

Shares

outstanding

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

86,947,929

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.00

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Funds

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

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

$7,381,967

Interest:

Unaffiliated

issuers

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

51,492,956

Total

investment

income

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

58,874,923

Expenses:

Management

fees

(Note

a)

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

5,004,682

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

1,150,635

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

171,681

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

5,120

Interest

expense

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

3,562

Other

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

2,937

Total

expenses

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

6,338,617

Expense

reductions

(Note

4)

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

(5,869)

Expenses

waived/paid

by

affiliates

(Note

3g)

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

(34,383)

Net

expenses

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

6,298,365

Net

investment

income

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

52,576,558

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(1,305,800)

Futures

contracts

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

(70,714)

Swap

contracts

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

(845,809)

Net

realized

gain

(loss)

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

(2,222,323)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

19,879,625

Non-controlled

affiliates

(Note

g)

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

266,409

Futures

contracts

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

(217,938)

Swap

contracts

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

2,251,255

Net

change

in

unrealized

appreciation

(depreciation)

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

22,179,351

Net

realized

and

unrealized

gain

(loss)

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

19,957,028

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$72,533,586

Putnam

Funds

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$52,576,558

$46,077,634

Net

realized

gain

(loss)

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

(2,222,323)

(13,250,568)

Net

change

in

unrealized

appreciation

(depreciation)

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

22,179,351

63,082,207

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

72,533,586

95,909,273

Distributions

to

shareholders:

Class

A

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

(18,098,076)

(21,960,798)

Class

B

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

—

(8,052)

Class

C

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

(547,575)

(625,540)

Class

R

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

(37,547)

(26,805)

Class

R6

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

(544,869)

(485,456)

Class

Y

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

(35,982,295)

(33,305,211)

Total

distributions

to

shareholders

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

(55,210,362)

(56,411,862)

Capital

share

transactions:

(Note

2)

Class

A

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

(35,226,885)

(18,761,580)

Class

B

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

—

(261,836)

Class

C

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

(482,310)

(717,911)

Class

R

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

305,013

589,121

Class

R6

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

(4,208,724)

7,118,089

Class

Y

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

116,126,904

8,678,208

Total

capital

share

transactions

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

76,513,998

(3,355,909)

Net

increase

(decrease)

in

net

assets

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

93,837,222

36,141,502

Net

assets:

Beginning

of

year

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

1,258,331,882

1,222,190,380

End

of

year

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

$1,352,169,104

$1,258,331,882

Putnam

Funds

Trust

Notes

to

Financial

Statements

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of fourteen

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Short

Duration

Bond

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

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

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. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

d. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

7 regarding

other

derivative

information.

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

October

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

12,889,643

$127,886,116

19,927,416

$194,330,497

Shares

issued

in

reinvestment

of

distributions

..........

1,798,243

17,863,433

2,205,882

21,558,833

Shares

redeemed

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

(18,253,640)

(180,976,434)

(24,014,385)

(234,650,910)

Net

increase

(decrease)

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

(3,565,754)

$(35,226,885)

(1,881,087)

$(18,761,580)

#### Class

#### B

#### Shares:

#### \*
Shares

issued

in

reinvestment

of

distributions

..........

—

$—

818

$7,959

Shares

redeemed

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

—

—

(27,352)

(269,795)

Net

increase

(decrease)

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

—

$—

(26,534)

$(261,836)

#### Class

#### C

#### Shares:
Shares

sold

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

424,170

$4,197,234

474,602

$4,626,555

Shares

issued

in

reinvestment

of

distributions

..........

55,320

547,926

63,861

622,286

Shares

redeemed

a

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

(528,266)

(5,227,470)

(612,690)

(5,966,752)

Net

increase

(decrease)

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

(48,776)

$(482,310)

(74,227)

$(717,911)

#### Class

#### R

#### Shares:
Shares

sold

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

38,065

$379,867

105,892

$1,036,220

Shares

issued

in

reinvestment

of

distributions

..........

3,791

37,863

2,704

26,627

Shares

redeemed

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

(11,338)

(112,717)

(48,027)

(473,726)

Net

increase

(decrease)

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

30,518

$305,013

60,569

$589,121

#### Class

#### R6

#### Shares:
Shares

sold

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

649,417

$6,469,066

1,407,683

$13,830,293

Shares

issued

in

reinvestment

of

distributions

..........

43,179

430,773

39,053

383,542

Shares

redeemed

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

(1,114,656)

(11,108,563)

(718,819)

(7,095,746)

Net

increase

(decrease)

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

(422,060)

$(4,208,724)

727,917

$7,118,089

#### Class

#### Y

#### Shares:
Shares

sold

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

41,758,714

$414,220,276

29,732,308

$291,457,899

Shares

issued

in

reinvestment

of

distributions

..........

3,367,071

33,495,647

3,300,472

32,304,788

Shares

redeemed

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

(33,338,971)

(331,589,019)

(32,207,917)

(315,084,479)

Net

increase

(decrease)

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

11,786,814

$116,126,904

824,863

$8,678,208

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers

and/or

trustees of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

monthly

base

fee

equal

to

0.37%

of

the

monthly

average

of

the

Fund's

net

asset

value.

In

return

for

this

fee, Advisers

provides

investment

management

and

investor

servicing

and

bears

the

Fund's

organizational

and

operating

expenses,

excluding

performance

fee

adjustments,

payments

under

the

fund's

distribution

plan,

brokerage,

interest,

taxes,

investment

related

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

These

fees

are

paid

by

Advisors

as

part

of

the

management

contract.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

1.00%

0.50%

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

These

fees

are

being

paid

by

Advisers

as

part

of

the

management

contract.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. These

fees

are

being

paid

by

Advisers

as

part

of

the

management

contract.

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

October

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$10,554

CDSC

retained

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

$25,564

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

October

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

March

10,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

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:

The

tax

character

of

distributions

paid

during

the

years

ended

October

31,

2025

and

2024,

was

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$—

$34,024,973

$—

$—

$266,409

$34,291,382

1,367,280

$954,770

Putnam

Short

Term

Investment

Fund,

Class

P,

4.371%

......

$

152,420,349

$

974,429,028

$

(1,072,978,725)

$

—

$

—

$

53,870,652

53,870,652

$

6,427,197

#### Total

#### Affiliated

#### Securities

#### ...
$152,420,349

$1,008,454,001

$(1,072,978,725)

$—

$266,409

$88,162,034

$7,381,967

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

20,331,279

Long

term

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

62,729,727

Total

capital

loss

carryforwards

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

$83,061,006

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$55,210,362

$56,411,862

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

paydown

losses

and

bond

discounts

and

premiums.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

October

31,

2025,

aggregated

$476,102,483 and

$339,256,472,

respectively.

7. #### Other

#### Derivative

#### Information
At

October

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

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

$1,352,232,691

Unrealized

appreciation

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

$11,704,705

Unrealized

depreciation

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

(16,509,725)

Net

unrealized

appreciation

(depreciation)

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

$(4,805,020)

Distributable

earnings:

Undistributed

ordinary

income

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

$1,980,869

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

—

Variation

margin

on

futures

contracts

$

217,938

a

Variation

margin

on

centrally

cleared

swap

contracts

190,720

a

Variation

margin

on

centrally

cleared

swap

contracts

449,941

a

Credit

contracts

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

OTC

swap

contracts

(upfront

payments)

85,126

OTC

swap

contracts

(upfront

receipts)

185,480

Unrealized

appreciation

on

OTC

swap

contracts

126,519

Unrealized

depreciation

on

OTC

swap

contracts

26,165

Total

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

$402,365

$879,524

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

5. #### Income

#### Taxes
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

For

the

year

ended

October

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

October

31,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

swap

contracts

represented

74,011,034 and

656,147,939,

respectively.

At

October

31,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(70,714)

Futures

contracts

$(217,938)

Swap

contracts

(871,531)

Swap

contracts

2,276,184

Credit

contracts

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

Swap

contracts

25,722

Swap

contracts

(24,929)

Total

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

$(916,523)

$2,033,317

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
Swap

Contracts

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

$

211,645

$

211,645

Total

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

$211,645

$211,645

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

At

October

31,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

At

October

31,

2025,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a,b

#### Cash

#### Collateral

#### Received

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Counterparty
BOFA

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

$

8,818

$

(8,818)

$

—

$

—

$

—

CITI

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

30,480

(8,285)

—

—

22,195

JPHQ

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

117,475

(117,475)

—

—

—

MLCO

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

54,872

(18,149)

(36,723)

—

—

Total

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

$211,645

$(152,727)

$(36,723)

$—

$22,195

$

a

At

October

31,

2025,

the

Fund

received

U.S

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### a,b

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Counterparty
BOFA

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

$

30,970

$

(8,818)

$

—

$

—

$

22,152

CITI

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

8,285

(8,285)

—

—

—

JPHQ

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

154,241

(117,475)

(36,766)

—

—

MLCO

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

18,149

(18,149)

—

—

—

Total

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

$211,645

$(152,727)

$(36,766)

$—

$22,152

a

See

the

accompanying

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

See

Note

1(d)

regarding

derivative

financial

instruments.

See

Abbreviations

on

.

8. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

9. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

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)

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### 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

October

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

10. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

11. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

a

Management

Investment

Companies

.........

$

34,291,382

$

—

$

—

$

34,291,382

Corporate

Bonds

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

—

745,703,867

—

745,703,867

Foreign

Government

and

Agency

Securities

....

—

4,062,227

—

4,062,227

U.S.

Government

and

Agency

Securities

.......

—

70,859,725

—

70,859,725

Asset-Backed

Securities

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

—

113,951,866

—

113,951,866

Commercial

Mortgage-Backed

Securities

......

—

40,365,732

—

40,365,732

Mortgage-Backed

Securities

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

—

2,838,612

—

2,838,612

Residential

Mortgage-Backed

Securities

.......

—

94,463,794

—

94,463,794

Agency

Commercial

Mortgage-Backed

Securities

—

30,098,555

—

30,098,555

Short

Term

Investments

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

53,870,652

157,451,183

—

211,321,835

Total

Investments

in

Securities

...........

$88,162,034

$1,259,795,561

$—

$1,347,957,595

Other

Financial

Instruments:

Swap

Contracts

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

$—

$317,239

$—

$317,239

Total

Other

Financial

Instruments

.........

$—

$317,239

$—

$317,239

#### Liabilities:
Other

Financial

Instruments:

Futures

Contracts

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

$217,938

$—

$—

$217,938

Swap

Contracts

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

—

476,106

—

476,106

Total

Other

Financial

Instruments

.........

$217,938

$476,106

$—

$694,044

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

9. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Funds

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
(continued)

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### CITI
Citibank

NA

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MLCO
Merrill

Lynch

International

&

Co.

#### Index

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

Index

#### Selected

#### Portfolio

#### ETF
Exchange-Traded

Fund

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### GNMA
Government

National

Mortgage

Association

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

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

4.22%

Putnam

Funds

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Funds

Trust

and

Shareholders

of

Putnam

Short

Duration

Bond

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Short

Duration

Bond

Fund

(one

of

the

funds

constituting

Putnam

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

December

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Funds

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amount,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amount,

for

the

fiscal

year

ended

October

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Section

163(j)

Interest

Earned

§163(j)

$47,818,625

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

#### Putnam

#### Short

#### Duration

#### Bond

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board"

or

the

"Trustees")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-

owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### 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

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

(one

of

which

is

your

fund)

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

Under

its

management

contract,

your

fund

pays

a

management

fee

at

a

fixed

rate

of

basis

points

to

the

Advisor.

The

Advisor

is

obligated

to

pay,

out

of

the

management

fee,

all

of

the

fund's

organizational

and

other

operating

expenses

with

limited

exceptions,

which

include

fees,

if

any

payable

under

the

fund's

distribution

plan,

interest,

taxes,

brokerage

commissions

and

other

transaction

costs,

fund

proxy

expenses,

litigation

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. (In

light

of

the

fact

that,

under

your

fund's

management

contract,

the

Advisor

bears

many

of

the

fund's

organizational

and

operating

expenses,

as

a

practical

matter

it

is

unlikely

that

these

expense

limitations

would

become

operative

with

respect

to

your

fund.)

The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

February

28,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

third

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

first

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

information

about

your

fund's

total

return

and

its

performance

relative

to

its

benchmark

over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024. Your

fund's

return,

net

of

fees

and

expenses,

was

positive

and

matched

the

return

of

its

benchmark

over

the

one-year

period

ended

December

31,

2024,

was

positive

and

exceeded

the

return

of

its

benchmark

over

the

three-year

period

ended

December

31,

2024,

and

was

positive

but

trailed

the

return

of

its

benchmark

over

the

five-year

period

ended

December

31,

2024. (When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

Putnam

Funds

Trust

franklintempleton.com

Annual

Report

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

39113-AFSOI

12/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&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) Code of Ethics attached hereto.](psdbf-efp20800_ex99code.htm)

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.](psdbf-efp20800_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.](psdbf-efp20800_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**

---

| | |
|:---|:---|
| By: | /s/Jonathan S. Horwitz |

---

Jonathan S. Horwitz

Principal Executive Officer

Date: December 29, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/Jonathan S. Horwitz |

---

Jonathan S. Horwitz

Principal Executive Officer

Date: December 29, 2025

---

| | |
|:---|:---|
| By: | /s/Jeffrey White |

---

Jeffrey White

Principal Financial Officer

Date: December 29, 2025

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: December 29, 2025

---

| |
|:---|
| /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: December 29, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## 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 **October 31, 2025** (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.

---

| | |
|:---|:---|
| **Principal Executive Officer** <br> Putnam Funds Trust  | **Principal Financial Office**r<br> Putnam Funds Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |

---

Date: December 29, 2025 Date: December 29, 2025

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.